Lucio Pench
Lucio Pench is a Non-resident Fellow at Bruegel. He specialises in economic governance, particularly in the context of European integration, from a macroeconomic and institutional perspective.
He covers the European Union’s fiscal rules and domestic fiscal frameworks, the reform of EU fiscal rules and the implications of defence and transition spending on fiscal discipline. He also researches the European Commission's fiscal strategies and the challenges posed by macroeconomic risks.
He speaks English, French and Italian.
He is also an Adjunct Professor at the Università Cattolica del Sacro Cuore (Milan). Previously, he was Director for macroeconomic policies in the European Commission from 2011–2023. He was in charge of the negotiations for the 2011 reform of the Stability and Growth Pact and later again for the design of the 2024 reform. He holds a master’s in International Relations from the Fletcher School of Law and Diplomacy
Disclosure of interests
Featured work
Europe should build on France’s nuclear deterrent extension offer
Though not a proper European deterrent, a nuclear strategy partnership between France and other countries marks a new phase as the US wavers
European Union fiscal rules: it’s already time to reform the reform
The EU should tweak its recent fiscal rule reform, capitalising on new realities to make improvements
Dilemmas for the EU in deficit-financing of defence expenditure and maintenance of fiscal discipline
In this paper, we assess the implications of the recourse to the escape clauses of the Stability and Growth Pact
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
Three risks that must be addressed for new European Union fiscal rules to succeed
The reform, completed in April 2024, left implementation unaddressed, or at least open to very different potential outcomes
To unblock fiscal rule reform, the EU should reinstate its excessive deficit procedure
Reapplying the excessive deficit procedure could create space for European Union countries to decide on longer-term rule change
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.
All work
First Glance
16 March 2026
Europe should build on France’s nuclear deterrent extension offer
Though not a proper European deterrent, a nuclear strategy partnership between France and other countries marks a new phase as the US wavers
Analysis
15 July 2025
European Union fiscal rules: it’s already time to reform the reform
The EU should tweak its recent fiscal rule reform, capitalising on new realities to make improvements
Working paper
31 March 2025
Dilemmas for the EU in deficit-financing of defence expenditure and maintenance of fiscal discipline
In this paper, we assess the implications of the recourse to the escape clauses of the Stability and Growth Pact
Analysis
23 October 2024
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
Policy Brief
16 May 2024
Three risks that must be addressed for new European Union fiscal rules to succeed
The reform, completed in April 2024, left implementation unaddressed, or at least open to very different potential outcomes
First Glance
17 October 2023
To unblock fiscal rule reform, the EU should reinstate its excessive deficit procedure
Reapplying the excessive deficit procedure could create space for European Union countries to decide on longer-term rule change
Event
08 November 2023
Taking stock: 25 years of EMU
Closed-door conference jointly organized with De Nederlandsche Bank
Policy Brief
04 September 2023
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.
Event
12 September 2018
Reforming Europe's fiscal framework
This event will discuss reforming Europe's fiscal framework in order to make it less complex and more effective.
Event
15 December 2016
A fiscal stance for the euro area? The current recommendation of the EC and the reform of EMU in light of the five presidents' report
An off-the-record debate on the fiscal stance in the euro area and the recent recommendation of the Commission.