Eurozone could improve fiscal pact – ECB paper

ECB headquarters

A working paper published by the European Central Bank suggests ways to improve the eurozone’s fiscal framework by making it less procyclical.

In Post-Covid fiscal rules: a central bank perspective, Sebastian Hauptmeier et al look at proposals to reform the European Stability and Growth Pact. All eurozone members have signed the SGP, which limits the ability of member countries to run fiscal deficits.

The governments of some European Union countries, especially Germany, have long been strong

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