Most countries have reached record levels of public debt to sustain their economies during covid and the energy crisis following Russia’s invasion of Ukraine. This high level of spending risks fueling inflation, and the European Commission is seeking a return of fiscal discipline. But fiscal rules have to be adapted to the new reality.
Questions to be addressed include:
- Is fiscal policy out of control and how to rein in back in?
- How to manage the tensions between demand for support from businesses and households with the need to keep debt in check?
- The Commission asked member states to curb spending. Are they overheating the European economy? What fiscal policies should be going forward given current European Central Banking measures to respond to rising inflation?
- If there is no deal before the mandate, what happens then? Is there enough political pressure to reach one?
- What are the virtues and limitations of the Commission’s proposed new fiscal rules? What will be the key battle lines?
- Few months after EU leaders backed fiscal rules reform, this POLITICO Spotlight will convene high-level experts to discuss the future of Europe’s economy and the new fiscal order.
This POLITICO Spotlight is organized within Fundação Francisco Manuel dos Santos’ event “A very European puzzle: balancing budgets and promoting growth”. Check out the full program of the event here.
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