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.
Past Event
How could shifting the tax burden from labour to pollution and resources help the EU reach its climate goals?
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.
Policy Contribution
This policy contribution assesses how the trading system has changed over the last five years – roughly coinciding with the start of the Trump administration and one year of President Biden – and sets out scenarios for how the situation might evolve.
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.
Working Paper
This paper contributes to the measurement of monthly consumer price index-based real effective exchange rates with two main novelties.
External Publication
Après une année troublée par Kaboul et AUKUS, qu'avons-nous retenu de l'an I de la présidence Biden ? Maria Demertzis revient sur les évènements marquants de l'année 2021 pour la relation entre les États-Unis et l'Union européenne.
Blog Post
Disappointment at the lack of fresh cash from European Union global connectivity strategy is short-sighted: Europe supports global development more than any other country in the world. Using existing funds more strategically is the right priority for now.
Podcast
Is there a need for systemic reform of global economic governance?
External Publication
Chapter from 'Storms Ahead: the Future Geoeconomic world order' on the expectations from the next five years of Chinese economic policy, published on 27 October 2021.