Fiscal policy

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?

The implications of the European Union’s new fiscal rules

This policy brief summarises the main features of the new European Union fiscal framework

The European Central Bank must adapt to an environment of inflation volatility

The ECB must adapt its strategy to a new era of supply disruptions

Navigating the treacherous political economy of structural reform

In setting economic policy, politicians should pay attention to the latest economic data and to when they next need to face voters at the polls

Three risks that must be addressed for new European Union fiscal rules to succeed

The reform, completed in April 2024, left implementation unaddressed, or at least open to very different potential outcomes