fiscal rules

  Keep your eye on one thing and one thing only: how much government is spending, because that’s the true tax. … If you’re not paying for it in the form of explicit taxes, you’re paying for it indirectly in the form of inflation or in the form of borrowing. The thing you should keep […]

  In the post-pandemic era, governments around the world are again struggling with high debt loads and persistent annual deficits in a kind of twisted homage to the post-2008 fiscal crises. As history stumbles toward repeating itself, the period following the global financial crisis can be instructive for policymakers grappling with new budgetary realities. Responding […]

  For more than three years now, all the basic rules of budgetary responsibility in the European Union have been effectively switched off. In March 2020, at the beginning of the Covid-19 pandemic, the EU activated the so-called general escape clause from the application of budgetary rules. But let us not be fooled. It has […]