Public debt

Bypassing the German debt brake and continuing climate spending

There are ways around Germany’s debt brake, which limits government borrowing and is seen as a threat to the climate transition.

What will it cost the European Union to pay its economic recovery debt?

Servicing the EU debt until 2058 seems feasible, despite increased borrowing costs, but member countries must make choices about budget funding

European Union debt financing: leeway and barriers from a legal perspective

The paper investigates the legal feasibility of the EU borrowing on the capital market to finance European public goods.

An Economic Analysis of Debt‑for‑Climate Swaps

This paper examines the economic case for debt-for-climate swaps: partial debt relief in return for climate investment/policies by the debtor country

Debt dynamics: Exploring EU borrowing in changing times

As interest costs rise, the EU should review how they are accounted for in its budget and financial framework.

The rising cost of European Union borrowing and what to do about it

Interest rates on the EU debt have risen substantially since 2022: what are the main drivers and implications and what to do about it?

Internationale Staatsverschuldung, Schuldenrestrukturierungen und mögliche Handlungsoptionen für das BMZ

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.

Are We Heading for Another Debt Crisis in Low-Income Countries? Debt Vulnerabilities: Today vs the pre-HIPC Era

There are concerns that 25 years after the launch of the HIPC debt relief initiative, many low-income countries are facing high debt vulnerabilities.

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.

If it doesn’t trade, is it really marketable debt?

Europe’s bond markets are essential infrastructure, just like the power grid.

Europe’s Green Investment Requirements and the Role of NextGenerationEU

The EU countries’ priorities on climate and environmental spending, as reflected in the allocations of the Recovery and Resilience funds are assessed.

Geneva 25: Climate and Debt

Geneva Reports on the World Economy

Should the European Union turn to financial markets to finance its programs?

Greeniums in sovereign bond markets

In this paper, we analyse whether green sovereign bonds are systematically priced differently to conventional sovereign bonds in the secondary markets