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.
External Publication
Review of 'Monetary policy in times of crisis: a tale of two decades of the European Central Bank' published in the Central Banking.
Past Event
Presentation of the Yearbook of the Euro 2022.
Past Event
What can we learn from the experiences of Asia and Europe with regard to NPLs during the financial crisis to help us weather the current and future ones?
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
At this event Marco Buti talks to Maria Demertzis, André Sapir and Guntram Wolff about his new book, in which he gives an insiders look at European policy making.
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.
Book/Special report
Study for the German Federal Foreign Office produced by Bruegel, the Kiel Institute for the World Economy and DIW Berlin.
Past Event
How can European countries phase out the COVID-19 support measures without having a negative impact on productivity and financial stability?