Haushaltspolitik

Haushaltspolitik, commonly translated as fiscal policy, refers to the set of government decisions and actions concerning the state budget—its revenue, expenditure, and debt management. The goal is to influence macroeconomic conditions, finance public services, and address equity and sustainability. It is distinct from monetary policy, which is typically conducted by a central bank and affects money supply and interest rates.

Core instruments include taxation, spending, transfers, and public investment; the budgetary process (planning, approval, execution, and reporting); and debt management. Tools may be discretionary countercyclical measures or automatic stabilizers, and may target short-term stabilization during recessions as well as long-run structural adjustment to improve growth and fiscal soundness.

Outcomes are typically measured by deficits or surpluses, debt-to-GDP, public investment levels, and distributional effects. Institutions involved include the finance ministry, the parliament or budget committee, and auditing agencies. Rules such as debt brakes or balanced-budget provisions, and external constraints like international fiscal rules, shape how policy is formulated and implemented.

Policy debates center on balancing stabilization with debt sustainability, promoting growth and efficiency, and ensuring fair distribution of fiscal burdens. In federations or units with regional governments, coordination across levels adds complexity and can influence the design and effectiveness of budgetary policy.