In this paper, we describe key problems of the current EU's fiscal framework and offer constructive alternatives to reforming it. A comprehensive reassessment of the rules is necessary, as the development of the rules has reached an impasse for both political and technical reasons. In our view,...

In this paper, we describe key problems of the current EU's fiscal framework and offer constructive alternatives to reforming it. A comprehensive reassessment of the rules is necessary, as the development of the rules has reached an impasse for both political and technical reasons. In our view,...

Tax cuts create simultaneously a lack of tax receipts and more savings ready to be changed into public bonds and compensate this shortage of tax revenue. A part of tax resources is replaced by borrowing and those who are enjoying tax cuts are also receiving interest from government. The...