Thursday , May 19 2022
Home / D'Amico, Giavazzi, Guerrieri, Lorenzoni, Weymuller

D'Amico, Giavazzi, Guerrieri, Lorenzoni, Weymuller



Articles by D'Amico, Giavazzi, Guerrieri, Lorenzoni, Weymuller

Revising the European fiscal framework, part 2: Debt management

January 15, 2022

Leonardo D’Amico, Francesco Giavazzi, Veronica Guerrieri, Guido Lorenzoni, Charles-Henri Weymuller 15 January 2022

Editors’ note: This is the second column in a two-part series. Read the first part here.
In a previous column (D’Amico et al. 2021), we discussed a recent proposal regarding changes to the fiscal rules of the Stability and Growth Pact. In this column, we discuss the second element of our proposal: the plan to move a portion of national debts under the umbrella of a European Debt Management Agency (EDA).
In the last decade, there have been many proposals aimed at addressing a basic issue for the EU, namely, the lack of a large central fiscal entity issuing euro-denominated government debt.1 There are various dimensions to this problem, on

Read More »

Revising the European fiscal framework, part 1: Rules

January 14, 2022

Leonardo D’Amico, Francesco Giavazzi, Veronica Guerrieri, Guido Lorenzoni, Charles-Henri Weymuller 14 January 2022

The severity of the Covid-19 pandemic and its adverse effects on the economy have induced Europe to suspend the rules of the Stability and Growth Pact by activating the general escape clause. In January 2023, the escape clause will expire and, if nothing changes, the old rules will be back in place, possibly forcing painful fiscal adjustments in countries that are already struggling. Over the last few years, there has been a growing consensus that the current rules are outdated, too complicated, and not countercyclical enough. At the same time, there have been positive developments in the ability of Europe to pursue investment to address

Read More »