Blog Post
Does the war in Ukraine call for a new Next Generation EU?
The European Union should take significant economic measures in response to the war in Ukraine, but a new Next Generation EU is not needed yet.
Blog Post
The European Union should take significant economic measures in response to the war in Ukraine, but a new Next Generation EU is not needed yet.
External Publication
Article published in the Journal of Economic Policy Reform.
Opinion
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.
Blog Post
Discussions on the fiscal framework should aim to correct its procyclical nature with a view to promoting more cooperative outcomes.
Parliamentary Testimony
Testimony given to a Tweede Kamer der Staten-Generaal roundtable discussion on the future of the stability and growth pact.
Opinion
By and large, setting a new green golden rule would be a useful addition to the existing EU fiscal framework.
Policy Contribution
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.
Parliamentary Testimony
Testimony before the European Parliament on the subject of EU fiscal policies.
External Publication
This briefing paper focuses on two aspects of the EU fiscal framework: whether an expenditure rule would be more reliable than a structural budget balance rule and the possible benefits and drawbacks of introducing a golden rule to exclude certain types of investment from the operational fiscal rule.
External Publication
In this paper, the author looks at the implications arising from the focus of the Recovery and Resilience Plans in the context of the European Semester.
Opinion
In 2011, the EU introduced stricter rules to monitor the implementation of country-specific policy recommendations. Using a new dataset, this column investigates whether these new laws have increased national compliance. There is no evidence that these stricter processes matter for implementation rates, whereas macroeconomic fundamentals and market pressure are important determinants of implementation progress. These results suggest ways to improve the effectiveness of European policy coordination that go beyond stronger legal processes.
Working Paper
The authors use a newly-compiled dataset to investigate whether and why European Union countries implement the economic policy recommendations they receive from the EU.
