Fiscal policy

Germany’s budget vs the EU: clash coming?

Germany has amended its constitutional debt brake to free up room for much needed defence investments. How does this align with EU law?

Climate change could trigger debt crises, with adaptation providing only partial relief

Climate change is likely to significantly undermine sovereign debt sustainability, especially from the mid-2040s

Dilemmas for the EU in deficit-financing of defence expenditure and maintenance of fiscal discipline

In this paper, we assess the implications of the recourse to the escape clauses of the Stability and Growth Pact

With the US Economy in Disarray, Is This the Euro’s Hour?

The global economic turmoil and the Trump administration’s isolationism means that the euro could step into the limelight

Where are Europe's animal spirits?

A conversation with Peter Praet and Jeromin Zettelmeyer about the global economy

Can Germany afford to take most defence spending out of its debt brake?

Higher German defence spending would be fiscally sustainable, but would require cuts elsewhere and would breach EU fiscal rules

The European Union’s new fiscal framework: a good start, but challenges loom

The new economic governance framework: implications for monetary policy

Should the European Union’s fiscal rules bend to accommodate the defence transition?

EU debt rules should not be changed to exempt increased defence spending, but some flexibility could be considered

Has Hungarian obstructionism triggered greater EU fiscal integration?

Viktor Orban, by delaying EU aid to Ukraine, may have inadvertently helped make the case for more EU fiscal federalism

The European Central Bank’s operational framework and what it is missing

This paper attempts to fill in the gaps in the European Central Bank's framework review

Are the European Union’s new fiscal rules in trouble already?

What are the implications of the EU's new fiscal rules?