The aim of this paper is to contribute to the ongoing debate regarding the reform of the EU fiscal framework, with a special focus on fiscal sustainability for Greece. Our key policy proposals for the EU fiscal rules draw on lessons from past experience, the conclusions of relevant studies and...

Despite four year of unprecedented fiscal consolidation efforts, Greece does not yet have (national) numerical fiscal rules, which could help contain primary expenditure and anchor expectations about public finances in Greece. This paper examines practical aspects associated with the...

This paper proposes a central fiscal capacity for the euro area that generates transfers in response to eurozone, country, and region-specific shocks. The main novelty of this fiscal capacity is that it allows a joint response to these three types of shocks within a single scheme. Based on NUTS3...