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The new economic governance framework: implications for monetary policy

Should the European Union’s fiscal rules bend to accommodate the defence transition?

EU debt rules should not be changed to exempt increased defence spending, but some flexibility could be considered

Has Hungarian obstructionism triggered greater EU fiscal integration?

Viktor Orban, by delaying EU aid to Ukraine, may have inadvertently helped make the case for more EU fiscal federalism

The European Central Bank’s operational framework and what it is missing

This paper attempts to fill in the gaps in the European Central Bank's framework review

Are the European Union’s new fiscal rules in trouble already?

What are the implications of the EU's new fiscal rules?

The implications of the European Union’s new fiscal rules

This policy brief summarises the main features of the new European Union fiscal framework

The European Central Bank must adapt to an environment of inflation volatility

The ECB must adapt its strategy to a new era of supply disruptions

Navigating the treacherous political economy of structural reform

In setting economic policy, politicians should pay attention to the latest economic data and to when they next need to face voters at the polls

Three risks that must be addressed for new European Union fiscal rules to succeed

The reform, completed in April 2024, left implementation unaddressed, or at least open to very different potential outcomes

German pension reform push crystallises challenges faced by many European countries

The burden of pension reform should be shared across generations, even if it is politically difficult

The EU needs a methodology for including reform impacts in fiscal trajectories

Such a methodology, and a governance mechanism for managing associated risks, must be in place before the new fiscal framework kickstarts in September

Incorporating the impact of social investments and reforms in the European Union’s new fiscal framework

This paper proposes an approach for quantifying the impact of public investments and reforms on debt sustainability

A tale of two treatises: the Werner and Delors Reports and the birth of the euro

Focusing on the Werner and Delors Reports, this essay aims to capture key ideas and debates, giving a chronological overview of the EMU process