Increasing green public investment while consolidating deficits will be a central challenge of this decade. A green fiscal pact would address this tension, but difficult trade-offs remain.
European Union institutions and national fiscal authorities should incorporate climate risk in debt sustainability analysis.
Negative rate cuts are not that different from ‘standard’ rate cuts. Like them, they reduce banks’ margins, but this effect does not appear to be amplified below 0%.
The EU will become into a major issuer of safe assets in the coming years. How will this interact with the debt issuance of European sovereign debts?
Emphasis will be placed on greening monetary policy and clarifying the ECB's price stability objective, but is this enough?
There is concern in Germany about rising prices, but expectations and wage data show no sign of excess pressures; German inflation should exceed 2% to support euro-area rebalancing but is unlikely to do so on sustained basis.
This paper explores the potential effects (and side effects) of negative rates in theory and examines the evidence to determine what these effects have been in practice in the euro area.
Use of Emergency Liquidity Assistance to prop up euro-area banks needs to be more transparent; available evidence suggests its use has not always been within the rules.
The pandemic has shown that the EU’s spending framework reflects an outdated economic orthodoxy.
What does strategic sovereignty mean to and for Europe?
Plans for spending European Union recovery funds submitted by the four largest EU countries reflect rather different priorities. So far, only Italy is interested in borrowing from the EU.
Why, despite the increase in public debt levels around the world have sovereign ratings been largely unaffected by the COVID-19 crisis?