The Swiss debt brake served as a model for the new German budget rule. The two tools share the long-term goal of rendering fiscal policy sustainable by stabilising nominal debt as well as the short-term goal of smoothing the economic cycle. Debt brakes thus act as an automatic stabiliser within...

How high would be the opportunity costs of the introduction of a German-style debt brake in other EU member states? The following article calculates these and concludes that they would in many cases be politically unacceptable. The author proposes an alternative solution, a “debt brake light”.

The decline of “natural real interest rates” during the last three decades is a common phenomenon in all advanced economies and can be explained by a number of structural factors: the downward trend in potential growth; population ageing, which has led to higher savings rates in many...

In reaction to disruptions of the Single Market, the European Commission put forward an emergency instrument. It proposes far-reaching measures in order to maintain the proper functioning of the Single Market and ensure the supply and distribution of goods and services. The dirigiste...

After decades of relative peace and security, Europe is faced with a conflict on its doorstep that threatens to upend the recent stability and shift geopolitical order. Russia's war of aggression in Ukraine has forced Europe to confront its shortcomings with regard to providing its own security...