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As we feel the limits of our planet, governments must mobilise their regulatory toolkit and all the public resources required for the sustainable transition, to ensure economic resilience and the prosperity of future generations. This means upgrading infrastructure, health and educational systems and supporting the citizens affected by the economic transition.

Public deficits will likely increase, but paradoxically, they are indispensable for public debt sustainability in the long run, and financial markets know it. Public money is required to crowd in private investment and a failure to invest will result in much bigger future fiscal imbalances due to unmitigated climate change and loss of economic and social resilience.

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Report – The debts we need: Reinforcing Debt Sustainability with Future-Oriented Fiscal Rules

Misinformed fear about financial markets and debt sustainability has clouded the debate on Europe’s new fiscal rules. This report unveils interactions between European financial markets and sovereign debt and proposes reforms to the European economic governance framework that preserve debt sustainability and enable public investments crucial to Europe’s future.
Joint statement

Joint Statement – Reaction to Germany’s pushback on debt rules

Finance Watch co-publishes today a joint statement reacting to the proposal from Germany, backed by other so-called “frugal” governments, for a common hard debt reduction rule. This contradicts the logic of the draft European Commission proposal, would limit how much governments are able to invest and hamper a swift just and green transition.
Policy brief

Joint Policy Brief – “Investing in our Future: Seven EU economic governance reforms”

Finance Watch co-publishes today a civil society briefing on how to ensure a reformed European economic governance framework supports the EU’s goals and helps tackling Europe’s multiple crises.
Policy brief

Policy Brief – “Europe’s Fiscal Framework: The People’s View?”

Excessive public spending cuts in the European Union since 2009 have contributed to making citizens €3.000 a year worse-off, according to a new policy brief from the New Economics Foundation and Finance Watch. The research includes polling results that showed most European citizens are worried about the reintroduction of austerity and agree that EU fiscal rules should be reformed.
Policy brief

Policy Brief – “From Maastricht to Paris: Why climate change should be considered in a reformed EU fiscal framework”

Thirty years after the Maastricht treaty and twelve years after the Paris agreement, connections between climate change, debt sustainability, and the reform of the EU economic governance are often overlooked. This joint policy brief of Finance Watch and Climate Action Network Europe seeks to unpack these connections, and formulates key recommendations which can shape the reform of the EU fiscal rules.
Joint statement

Manifesto – NGOs and academics call for fundamental reform of Europe’s fiscal rules

Finance Watch co-publishes today a manifesto demanding a deep reform of Europe’s spending rules. Signed by over 270 prominent academics, unions and civil society organisations from across Europe, it reminds EU finance ministers meeting today in Brussels of the urgent need to upgrade its fiscal framework to meet 21st century challenges.
Policy brief

Policy brief – “Breaking The Stalemate: Upgrading EU economic governance for the challenges ahead”

Thirty years after Maastricht and faced with serious economic, environmental, and social challenges, the time has come for Europe to upgrade its economic governance framework and views of the role played by the public sector: this policy brief outlines a way forward for Europe’s fiscal policy.
Consultation response

Maastricht 2.0: Updating EU economic governance for the challenges ahead


Fiscal Mythology Unmasked

Debunking eight tales about European public debt and fiscal rules. Europe faces serious environmental, economic and social challenges that require a rethink on public intervention. Not free to do as they wish, European governments devise fiscal and socio-economic policies constrained by a self-imposed maze of economic governance rules. Those rules are built on a series of debatable conceptions about public debt and the role played by the state.
Policy brief

One Framework to Rule Them All

The European fiscal framework in five questions. A helpful primer that explores the set of rules within the European fiscal framework that constrain EU Member States’ fiscal policy.
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