ECB Executive Board Member Philip Lane discusses the outlook for Euro area economies.
What is the current state of pensions policy in Europe and how are independent workers treated compared with their traditionally employed counterparts?
The EU’s ambitious emissions reduction targets will require a major increase in green investments. This column considers options for increasing public green investment when major consolidations are needed after the fiscal support provided during the pandemic. The authors make the case for a green golden rule allowing green investment to be funded by deficits that would not count in the fiscal rules. Concerns about ‘greenwashing’ could be addressed through a narrow definition of green investments and strong institutional scrutiny, while countries with debt sustainability concerns could initially rely only on NGEU for their green investment.
An annual review of the euro published jointly by Fundación ICO and Fundación de Estudios Financieros to expand knowledge, raise awareness of the single currency, and suggest ideas and proposals for strengthening its acceptance and sustainability.
Presentation of the Yearbook of the Euro 2022.
The lowest income households are suffering disproportionally from the current inflation increase, with rising energy prices the main culprit.
A well-functioning euro reflects a degree of unity that allows the EU to credibly claim a position at the global table and therefore help shape the policies that will deal with global problems. That is a decisive success.
What are the economic priorities for the new year?
The euro’s advocates hoped that the single currency would deliver economic and financial integration, policy convergence, political amalgamation, and global influence. While these predictions were often wide of the mark, the euro has arguably proven to be a wise investment.
Discussions on the fiscal framework should aim to correct its procyclical nature with a view to promoting more cooperative outcomes.
Policy focus should be on tackling uncertainties by being able to tackle as many scenarios as possible.
The record-high debt levels in advanced economies increase the risk of sovereign insolvency. Governments should start fiscal consolidation soon in an environment of low nominal and real interest rates and post-COVID growth.