A targeted golden rule for public investments? : a comparative analysis of possible accounting methods in the context of the review of the SGP

The Communication by the European Commission to reform the Economic Governance Framework offers welcome headspace for public investment, while avoiding the de jure adoption of a 'targeted Golden Rule' as this could conflict with national accounting conventions. However, even with this reform, EU-strategic goals for public investment risk to be missed once the Recovery and Resilience Facility (RRF) runs out. Making a RRF-like instrument a permanent feature of the EU's fiscal landscape could be a way forward.