Public debt

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

Jeromin Zettelmeyer

Updated assessment: Memo to the commissioner responsible for the European Union budget

Zsolt Darvas

Are bad governments a threat to sovereign defaults? The effects of political risk on debt sustainability

In this paper, we ask whether the level of political risk in a country threatens its debt sustainability

Samantha Ajovalasit, Andrea Consiglio, Giovanni Pagliardi and Stavros Zenios

Incorporating political risk into analysis of sovereign debt sustainability

Political risk is not taken into account when assessing whether countries can manage their debts, but it could be and should be

Samantha Ajovalasit, Andrea Consiglio, Giovanni Pagliardi and Stavros Zenios

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

Lucio Pench

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

Jacob Funk Kirkegaard

Draghi’s message: sharing economic sovereignty is hard but possible

European public goods should be the linchpin of a new political and institutional contract

Marco Buti and Marcello Messori

Financing European air defence through European Union debt

In this paper, we propose the creation of an EU funding mechanism to internalise the positive externalities provided by national air-defence systems

Armin Steinbach and Guntram B. Wolff

Memo to the commissioner responsible for tax policy

Pascal Saint-Amans

Memo to the commissioner responsible for the European Union budget

Marco Buti, Zsolt Darvas and Armin Steinbach

Debt financing European air defence

A case can be made for financing European air defence through issuance of EU debt

Armin Steinbach and Guntram B. Wolff

Tough trade-offs: the big strategic issues for the next EU term

Three overarching economic policy trade-offs will set the context for the new Commission from the beginning of its mandate

Marco Buti and Marcello Messori

European Union debt will boost air defense

Guntram B. Wolff

European Union debt to boost European air defence

European Union borrowing could help fund air defence for the continent, while taking pressure off national defence budgets

Guntram B. Wolff