1. Published Plan: strict rule
Zero ordinary structural deficit and narrowly drafted exceptions. Clear, but the 2% crisis cap fails a simple 2009/2020 stress screen.
BUDGET · STRESS TEST · ACCOUNTABILITY
Three fiscal-rule models: strict, Swiss or hybrid?
A methodical comparison of three fiscal architectures designed to prevent chronic deficits while preserving crisis capacity.
Three architectures
2. Swiss debt brake
The spending ceiling is tied to cyclically adjusted receipts. Ex-post deviations feed a compensation account, while extraordinary expenditure is tracked in an amortisation account.
3. hybrid
Ordinary structural balance + spending path + EU compatibility + correction account + certified escape clause + future amortisation + accountability register.
Why combine indicators?
A purely nominal rule can become pro-cyclical. A purely structural rule relies on revisable model estimates. The hybrid therefore cross-checks structural balance, spending, actual execution and debt dynamics.