Fiscal policy

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.

Concessional climate finance: the Bridgetown Initiative

Don’t look only to Brussels to increase the supply of safe assets in the European Union

A sufficient supply of safe assets denominated in euros is critical if the European Union is to achieve a full banking and capital markets union.

Conditionality in the global financial architecture

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