In recent years, many countries have sought to transform their fiscal frameworks, with the aim of rendering their public finances more sustainable and preventing the emergence of fiscal problems. This report presents the findings of comparative research into the fiscal frameworks of five...

The EU's finances have become more complex because of a proliferation of off‑budget mechanisms alongside the traditional budget. Most of these new mechanisms involve borrowing and lending activities. The agreement of the Next Generation EU response to the pandemic accentuates the trend...

The current financial, economic and fiscal crisis is among other things characterised by complex interrelations between financial, fiscal, macroeconomic and political instability. One instability breeds another, with feedback loops generating self-reinforcing adverse cycles: The financial crisis...

The trade-off between risk reduction and risk sharing has been at the heart of debates concerning EU economic governance over the last five years, but there are few signs as yet of a solution being reached.

In March, the European Commission released its Europe 2020 strategy proposal, which strives for smart, sustainable and inclusive growth and greater policy coordination between the EU and national governments. While the document was greeted with scepticism in some quarters, others believe it lays...