Public debt

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

Shinzo Abe’s economic legacy: a glass half full

Abenomics has fallen short in many ways, but Japan has still largely coped with an aging society while maintaining a high level of income equality.

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

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

How rate increases could impact debt ratios in the euro area’s most-indebted countries

Debt-to-GDP ratios should continue to fall in euro-area countries despite rising interest rates, post 2023 the situation might vary across countries

A new European tool to deal with unjustified rising spreads

The ECB needs a new tool to prevent the current rise in spreads, triggered by monetary policy tightening, from escalating into a new euro-area crisis.

Sovereign Debt Sustainability and Central Bank Credibility

This article surveys the literature on sovereign debt sustainability from its origins in the mid-1980s to the present, focusing on four debates.

EU borrowing—time to think of the generation after next

Financing post-pandemic recovery via EU borrowing has proved remarkably straightforward. So why keep it temporary?

The Global Gateway: a real step towards a stronger Europe in the world?

Disappointment at the lack of fresh cash from European Union global connectivity strategy is short-sighted: Europe supports global development more th

The future of the stability and growth pact

Testimony given to a Tweede Kamer der Staten-Generaal roundtable discussion on the future of the stability and growth pact.

Next Generation EU borrowing: a first assessment

What is new about NGEU is not just the increase in the EU’s borrowing power, but also the nature of the expenditure.

Can EU fiscal rules jump on the green bandwagon?

By and large, setting a new green golden rule would be a useful addition to the existing EU fiscal framework.

A world recovery fund to overcome developing countries’ post-covid debt woes?

Proposal to set up a World Recovery Fund (WRF), aimed at addressing some of the key problems with the design of the DSSI and more generally the existi

A green fiscal pact

How can the European Union increase green public investment while consolidating budget deficits?

A green fiscal pact: climate investment in times of budget consolidation

A fiscal exit strategy must be put in place when the EU is pursuing the major goal of cutting its emissions

The risks from climate change to sovereign debt in Europe

European Union institutions and national fiscal authorities should incorporate climate risk in debt sustainability analysis.