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Fiscal policy and rules after the pandemic

What are the possibilities for shaping the new fiscal policy?


Michel Heijdra

Director of International Financial Affairs Directorate, Ministry of Finance, The Netherlands

Video and audio recordings

European fiscal rules are expected to be reinstated from 2023, after being suspended in spring 2020 when the COVID-19 pandemic hit Europe. European countries provided unprecedented fiscal support to mitigate the adverse effects of the pandemic, which also resulted in increased budget deficits and debts. What should be the desirable course of fiscal policy from 2023 and should EU fiscal rules be reformed before being reinstated?

The public debate on the review of the EU economic governance has been relaunched by the European Commission in October 2021, seeking answers to crucial related questions, such as ensuring responsible fiscal policies for long-term sustainability, while allowing for short-term macroeconomic stabilisation and incentivising green public investments; simplifying the EU fiscal framework and improving its transparency, and improving surveillance and enforcement of the rules.

This event was organised with financial support from the 2021 Slovenian Presidency of the Council of the European Union.