Fiscal policy

The European Commission's fiscal rules proposal: a bold plan with flaws that can be fixed

The European Commission’s proposal for reforming the EU fiscal rules is far-reaching, but its shortcomings need to be addressed.

Is the EU fiscal rules reform going in the right direction?

Reviewing the European Commission’s proposal for reforming the Stability and Growth Pact.

NextGenerationEU: an underused facility?

The RRF has great potential to become an instrument for ‘insuring’ EU countries against common shocks.

European Union fiscal rules: is a better system feasible?

EU countries seem to be converging on a set of reform objectives. But can these be jointly satisfied? Two recent proposals offer some hope.

Debt-for-Climate Swaps: Analysis, Design, and Implementation

This paper compares debt-for-climate swaps to alternative fiscal support instruments.

Legal options for a green golden rule in the European Union’s fiscal framework

Central banks have been too slow in responding to higher inflation

Tackling inflation requires monetary and fiscal policy tightening. It should be done quickly to avoid building up inflationary inertia & stagflation

Fiscal support and monetary vigilance: economic policy implications of the Russia-Ukraine war for the European Union

Policymakers must think coherently about the joint implications of their actions and avoid taking measures that contradict each other.

How to reconcile increased green public investment needs with fiscal consolidation

The EU’s ambitious emissions reduction targets will require a major increase in green investments. This column considers options for increasing public

A role for the Recovery and Resilience Facility in a new fiscal framework

Discussions on reforming European Union fiscal rules must consider a more permanent but targeted role for the Recovery and Resilience fund to meet cli

Fiscal arithmetic and risk of sovereign insolvency

The record-high debt levels in advanced economies increase the risk of sovereign insolvency. Governments should start fiscal consolidation soon in an

Rethinking fiscal policy

A look at the past, present and future of fiscal policy in the European Union with Chief economist of the European Stability Mechanism, Rolf Strauch.

What should public spending look like?

What should we do about the increase in public spending due to COVID-19? Bruegel Director Guntram Wolff and Former Deputy Secretary-General of OECD Lu