Fiscal policy

Tax, sovereignty and the EU

How will Europe manage the collision of money, politics and global reform?

Russian fiscal space – In-depth analysis of Russian public debt, constraints to medium-term sustainability, and macroeconomic consequences

How resilient is Russia’s economy after four years of war?

Resilience in Russia’s 2022–25 economy is fading as war spending slows growth, entrenches inflation and amplifies structural fragilities

Is EU tax advice steering reform, or just tracking political moods?

Shifting priorities, slow progress: an analysis of EU tax recommendations

EU tax advice has broadened to new objectives, yet uneven implementation highlights the limits of soft coordination

What will it take to stabilise public debt in advanced countries?

What will it take to stabilise debt in advanced countries?

Debt can be stabilised across advanced economies yet many face sizeable fiscal adjustments and rising vulnerability to market shifts

Sovereign Debt and Fiscal Integration in the European Union

The real obstacle to EU capital market integration is unreformed pension systems

Private pension savings in EU countries are limited by pension system design, meaning far less money than there could be for capital market investment

What Germany’s medium-term fiscal plan means for Europe

EU leniency on Germany’s fiscal plan highlights rule rigidity and the need for reform to support investment

How much of a threat to US debt sustainability is Trump’s One Big Beautiful Bill Act?

The US should start fiscal adjustment as soon as it can if it wants to head off the risk of exploding debt related to Trump’s tax and spending plan