below 1990 levels by 2030 and 95 percent by 2050. These targets and the likely new EU-wide targets under the recent EU Green …

space. We build on the model by Berger and others (2019) to compare gains from alternative mechanisms of EU fiscal … integration in the presence of moral hazard. We show that any EU response strategy to the COVID-19 crisis excluding mutual … in presence of increasing sovereign default risk of some EU member countries. The moral hazard created by risk sharing …