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Making EU Economic Governance Fit for Purpose: Investing in the Future and Reforming the Fiscal Rules While Decentralizing and Democratizing

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  • Vivien A. Schmidt

Abstract

The EU needs a permanent EU debt facility to address its many existential challenges, including climate change, energy, inequality, and security related to the Ukraine crisis The EU’s fiscal rules need to be fit for purpose, meaning that rather than primarily targeting debt-reduction they need to be focused on investment to meet the EU’s many challenges Germany is the elephant in the room when it comes to obstacles to fit-for-purpose fiscal rules and EU level investment capacity The European Semester should be decentralized and democratized at the national level to ensure effective national “ownership” and legitimacy. The EU’s economic governance should also be democratized through strategic dialogues focused on macroeconomic policy and industrial policy The dangers of populist extremism can be addressed only by developing common solutions that recognize the interdependence of the EU’s economies and the need to address the EU’s many existential challenges through EU solidarity, including EU leveldebt and fit-for-purpose fiscal rules

Suggested Citation

  • Vivien A. Schmidt, 2023. "Making EU Economic Governance Fit for Purpose: Investing in the Future and Reforming the Fiscal Rules While Decentralizing and Democratizing," EconPol Forum, CESifo, vol. 24(04), pages 38-44, July.
    • Handle: RePEc:ces:epofor:v:24:y:2023:i:04:p:38-44
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    Cited by:

    1. Skyrman, Viktor, 2024. "Industrial policy, progressive derisking, and the financing of Europe's green transition," Working Papers 78, Austrian Foundation for Development Research (ÖFSE).
    2. Yurii Kharazishvili & Oleksandr Sukhodolia & Gennadii Riabtsev & Oleksandr Kalinin & Galyna Us & Yevhen Lunov, 2025. "Enhancing Security in Sustainable Energy Systems for Central European Business: An Adaptive Response Methodology under National Economy," Central European Business Review, Prague University of Economics and Business, vol. 2025(4), pages 25-63.
    3. Aneta Spendzharova, 2023. "Gouvernement Économique, but Not Like in the 1990s: The Commission and the ECB's Policies Advancing the ‘Green Transition’," Journal of Common Market Studies, Wiley Blackwell, vol. 61(S1), pages 136-146, September.

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