Fiscal policy

Fiscal policy is the use made by the state of the budget (planned expenditure and revenue over a fixed period of time) to implement government policies in different areas such as social protection.

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Author: | June 17, 2025

Europe needs new and better fiscal policy rules

Existential challenges, in combination with the shocking U-turn in US security and global trade policy, are a strong reminder of the fact that the Maastricht fiscal policy framework is not fit for duty. At the same time, the fiscal policy turnaround in Germany offers the opportunity to fundamentally review the European framework and widen the concept of sustainability itself. Targeting public debt rates that are stable over the medium term would free policy from the Maastricht fiscal straightjacket and deliver the fiscal headroom for a public investment shock that Europe urgently needs.

Fiscal policy
5 min

Author: | November 5, 2024

Dépenses de pensions : enjeu incertain, mais tout à fait maîtrisable

Le catastrophisme qui règne dans le débat actuel sur la situation financière du système de pension peut être interprété comme un discours qui vise à justifier des coupes dans les transferts sociaux/pensions. En réalité, les projections à très long terme (jusqu’à 50 ans dans le futur) qui sont souvent utilisées pour propager ce catastrophisme sont tout simplement trop incertaines pour justifier ces coupes.

Fiscal policy
Social security
10 min

Author: | June 11, 2024

EU debt rules: a wave of cuts is rolling towards the Eurozone

After years of debates, the Commission, Council, and Parliament have agreed on a reform of the fiscal rules at the last minute before the EU elections. These determine how much debt the Member States are allowed to have – and consequently, how radically they have to cut spending or raise taxes. Due to the rules now in force, a series of billion-euro consolidation packages can be expected by 2028, which are very likely to put the brakes on the economy, the welfare state, and climate protection.

Fiscal policy
10 min