Policy Contribution
In this Policy Contribution, we compare these two proposals in terms of their treatment under the current EU fiscal rules, and analyse the legal options for their introduction in the EU fiscal framework. We start with a brief review of the rationale for a green golden rule and then discuss legal options.
Policy Contribution
Policymakers must think coherently about the joint implications of their actions, from sanctions on Russia to subsidies and transfers to their own citizens, and avoid taking measures that contradict each other. This is what we try to do in this Policy Contribution, focusing on the macroeconomic aspects of relevance for Europe.
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.
Past Event
Presentation of the Yearbook of the Euro 2022.
Opinion
Discussions on reforming European Union fiscal rules must consider a more permanent but targeted role for the Recovery and Resilience fund to meet climate ambitions.
Past Event
What are the possibilities for shaping the new fiscal policy?
Blog Post
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.
Podcast
A look at the past, present and future of fiscal policy in the European Union with Chief economist of the European Stability Mechanism, Rolf Strauch.
Podcast
What should we do about the increase in public spending due to COVID-19? Bruegel Director Guntram Wolff and Former Deputy Secretary-General of OECD Ludger Schuknecht discuss.
Opinion
The Biden administration's promises to 'think big' and rebuild the country seem like a major historical departure from decades of policy orthodoxy.
Blog Post
International corporate tax reform is coming closer if countries can set aside their differences and work for progress rather than the perfect deal.
Opinion
The pandemic has shown that the EU’s spending framework reflects an outdated economic orthodoxy.
