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Squaring the circle: How to guarantee fiscal space and debt sustainability with a European Debt Agency

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Listed:
  • Massimo Amato
  • Francesco Saraceno

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

This paper contributes to the debate on European macroeconomic governance. What is at stake is creating fiscal space for eurozone countries, while ensuring the sustainability of large public debts. Whether fiscal space is created through the reform of fiscal rules, the creation of a central fiscal capacity, or a mix of the two, the question of public debt management, past and future, is paramount...

Suggested Citation

  • Massimo Amato & Francesco Saraceno, 2022. "Squaring the circle: How to guarantee fiscal space and debt sustainability with a European Debt Agency," Working Papers hal-03554212, HAL.
    • Handle: RePEc:hal:wpaper:hal-03554212
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03554212
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    References listed on IDEAS

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    Cited by:

    1. Micossi, Stefano, 2022. "Managing sovereign debts held by the ESCB: Operational and legal constraints," CEPS Papers 35443, Centre for European Policy Studies.
    2. Afonso, António & Alves, José, 2025. "Does government spending efficiency improve fiscal sustainability?," European Journal of Political Economy, Elsevier, vol. 90(PA).
    3. Guoqiang Ma & Yiniu Cui, 2025. "An Analysis of the Sustainability Issues of U.S. Treasury Bonds—A Study Based on the Vector Error Correction Model and Trend Forecasting," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(1), pages 713-738, March.
    4. Massimo Amato & Everardo Belloni & Carlo A. Favero & Lucio Gobbi & Francesco Saraceno, 2024. "Stabilising market expectations through a market tool: a proposal for an enhanced TPI," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 41(2), pages 597-615, July.
    5. Andrea Bacchiocchi & Alessandro Bellocchi & Gian Italo Bischi & Giuseppe Travaglini, 2024. "A non-linear model of public debt with bonds and money finance," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 41(2), pages 457-498, July.
    6. Stefano Deriu & Marcello Signorelli & Claudio Socci & Rosita Pretaroli & Francesca Severini & Ludovica Almonti, 2024. "The impact of shocks and policies on debt-to-GDP ratio dynamics: a multisectoral approach," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 41(2), pages 417-438, July.
    7. Jérôme Creel & Francesco Saraceno, 2024. "Economic governance in the next EU legislature. What agenda for fiscal and monetary policy?," Sciences Po Economics Publications (main) hal-04816678, HAL.
    8. Greco, Luciano & Pintus, Francesco Jacopo & Raggi, Davide, 2025. "When fiscal discipline meets macroeconomic stability: The Euro-stability bond," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 103(C).
    9. Alessandro Bellocchi & Giuseppe Travaglini, 2024. "Nonlinearity, Endogeneity, and Interaction: Implications for European Reform of Budgetary Rules," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 10(2), pages 519-550, July.

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