The European Commission methodology for computing the cyclically adjusted government budget balance provides a robust measurement of the fiscal position of the Member States. The fiscal semi-elasticities at the core of this method are structural parameters, mostly of fiscal nature, not linked to...

For the first seven years of this decade, the Baltic countries experienced very rapid GDP growth. In 2007, though, the boom period turned to bust as country-specific factors such as the slowdown in credit growth dampened domestic demand growth. This was followed by the international financial...

This paper presents an analysis of the implications of Greece's intense and long-lasting fi scal and external imbalances for the potential efficacy of a discretionary fiscal policy response to the current recession. It argues that, given recent developments in interest rate spreads and the...

European governance is in a state of upheaval. Due to the impact of the coronaviruspandemic, the Russian war of aggression in Ukraine and the energy price crisis, Europeanfiscal policy has come under increasing pressure. In this complex situation, the EuropeanCommission considers a return to the...