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

Author

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  • 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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    1. Francesco Saraceno, 2017. "When Keynes Goes to Brussels: A New Fiscal Rule for the EMU?," Annals of the Fondazione Luigi Einaudi. An Interdisciplinary Journal of Economics, History and Political Science, Fondazione Luigi Einaudi, Torino (Italy), vol. 51(2), pages 131-157, December.
    2. Francesco Saraceno & Martin Wolf, 2018. "La scienza inutile. Tutto quello che non abbiamo voluto imparare dall'economia," Post-Print hal-03232430, HAL.
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    6. Francesco Saraceno, 2017. "When Keynes goes to Brussels : a new fiscal rule for the EMU : is it desirable ?," Post-Print hal-03389109, HAL.
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    10. Olivier Blanchard & Alvaro Leandro & Jeromin Zettelmeyer, 2021. "Redesigning EU fiscal rules: from rules to standards," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 36(106), pages 195-236.
    11. Charles Goodhart & Manoj Pradhan, 2020. "The Great Demographic Reversal," Economic Affairs, Wiley Blackwell, vol. 40(3), pages 436-445, October.
    12. Massimo Amato & Everardo Belloni & Paolo Falbo & Lucio Gobbi, 2021. "Europe, public debts, and safe assets: the scope for a European Debt Agency," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 38(3), pages 823-861, October.
    13. Lawrence H Summers, 2014. "U.S. Economic Prospects: Secular Stagnation, Hysteresis, and the Zero Lower Bound," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 49(2), pages 65-73, April.
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    Citations

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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. Luciano Greco & Francesco Jacopo Pintus & Davide Raggi, 2023. "When Fiscal Discipline meets Macroeconomic Stability: the Euro-stability Bond," "Marco Fanno" Working Papers 0300, Dipartimento di Scienze Economiche "Marco Fanno".
    3. António Afonso & José Alves, 2022. "Does government spending efficiency improve fiscal sustainability?," Working Papers REM 2022/0226, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.

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