Rethinking the European Union’s fiscal framework ...Qatar

Soon after the Covid-19 pandemic hit in spring 2020, the European Union activated the Stability and Growth Pact’s general escape clause, thereby suspending the Union’s limits on member states’ fiscal deficits and government debt. The clause envisages an almost automatic return to the SGP’s rules once the crisis is over, but EU policymakers should chart a different course. The economic desirability of the SGP – which caps countries’ budget deficits at 3% of GDP, and public debt at 60% of GDP – has come under increasing scrutiny during the pandemic. Two broad camps have emerged. One advocates reforming and simplifying the fiscal rules. The second favours moving from rules to qualitative stand

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