‘The EU’s fiscal rules: principle, policy and reform prospects’

This paper by Menelaos Markakis (assistant professor at Rotterdam University) examines the impact of the pandemic on the EMU’s fiscal policy rules. It first analyses the reforms and measures passed in the field over the past two years (starting with the overall suspension of the Stability and Growth Pact), and assesses how the pandemic has shaken the macroeconomic and constitutional foundations of the EU’s fiscal governance regime. From then on, it considers, in light of the most pressing environmental and geopolitical challenges of the EU, and its new macroeconomic environment, some of the main reform avenues that policy-makers should focus on in the immediate future.