Fiscal policy

A quantitative evaluation of the European Commission’s fiscal governance proposal

This paper focuses on the fiscal adjustment that the first regulation would require of countries with debt above the treaty benchmarks.

Making sense of the European Commission’s fiscal governance reform plan

This Policy Brief offers proposals to enhance institutional self-commitment to implementation, with reputational consequences for non-implementation.

The Russian war economy: macroeconomic performance

The Russian economy has performed better than many expected since the war in Ukraine started, though the financial burden will be felt for some time.

China’s GDP data point to need for stimulus, but will it come?

The main reason for the relatively poor second quarter is lackluster domestic demand.

National fiscal policy responses to the energy crisis

Fiscal rule legislative proposal: what has changed, what has not, what is unclear?

The proposed new fiscal rules constitute a major improvement from the current fiscal framework but missed an opportunity to foster green investment.

The EU’s long-term fiscal challenges

The EU faces a fiscal dilemma in the long-term: fiscal space has likely declined, but public investment needs have gone up.

Sanctions against Russia will worsen its already poor economic prospects

Sanctions, coming on top of longstanding domestic shortcomings, are gradually weakening Russia.

How will member states react to the European Commission's proposals for fiscal governance reform?

The longer-term fiscal challenges facing the European Union

Since 2020, the European Union has suffered two large shocks, which have created new fiscal challenges for the EU.

Fixing Germany’s fixes of the European Commission’s fiscal governance proposal

Germany has valid concerns about Commission’s plan for reforming the fiscal rules. But there are better ways to address them.

The ‘Green Golden Rule’ for the Green Transition

Given the need to reduce large budget deficits, what are some strategies for increasing public climate spending?

Whither EU Fiscal Rulemaking?

Since fiscal discipline is essential for euro stability, any new governance framework must minimize the risk of cross-border negative spillovers.