The EMU’s Long Search for New Fiscal Rules: What Have We Learnt?

The second decade of the Euro has flushed to the surface the vast dysfunctionalities of the eurozone. Yet, while the lack of economic growth, public investments, and inflation endangered the single market and Europe’s economic outlook, the room for maneuver to counteract was severely limited by the vast regime of fiscal rules. In this workshop, we explore the different strategies of carving out leeway/scope for addressing the side effects of the eurozone architecture, i.e., through unconventional monetary policy, off-balance sheet policymaking, and new alliances exploring loopholes from the straightjacket of the highly technical fiscal rules.