The call for a European fiscal framework overhaul, already outlined by the EU’s Economic Governance review, has been strengthened by the economic and social impact of the pandemic. Building on the EU objective to achieve a green and just transition, we operationalise and compare two options...

The Great Financial Crisis caused a deep recession and led to very large public deficits. When financial market tensions erupted, many European countries were forced to reduce their deficits. This 'austerity' is often credited with the disappointingly slow recovery during the years after the...