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The public sector loan facility (PSLF) is the third pillar of the Just Transition Mechanism, along with the Just Transition Fund and just transition scheme under InvestEU. The PSLF consists of a grant and a loan component. With the contribution of €1.525 billion for the grant component from the Union budget and European Investment Bank lending of €10 billion from its own resources, the aim is to mobilise between €25 and 30 billion in public investment over the 2021-2027 period (in 2018 prices). Funding ...

In the context of the review of the EU economic governance framework, this study recommends a multi-year ahead expenditure rule anchored in an appropriate public debt target, augmented with an asymmetric golden rule that provides extra fiscal space only in times of a recession. An improved governance framework should strengthen national fiscal councils and include a European fiscal council, while financial sanctions should be replaced with instruments related to surveillance, positive incentives, ...

This paper discusses the analytical basis for facilitating green public investment under the Stability and Growth Pact fiscal rules. It concludes that additional public debt created by deficit-financed green public investment is likely to increase fiscal sustainability risks. However, such additional risks could be justified to avoid the economic damages (which would also have long run consequences for public finances) arising in the absence of sufficient green public investment. Tre trade off could ...

This study argues that to achieve the necessary green transition in the EU, additional public investment by Member States will need to be mobilised throughout the next decade. In light of the macroeconomic environment of very low interest rates, this calls for a reform of the EU fiscal framework. The paper discusses three approaches for a reform of the fiscal rules to better reflect the need for higher (debt-financed) green public investment: (1) an exemption clause for green public investment; ( ...

Given the current crisis, all fiscal rules have been suspended. When the economy recovers, both expenditure and structural balance rules will be more difficult to apply as the level and growth of potential output will become more uncertain. Focussing on reducing high debt levels might at that point be more appropriate. The economic argument for a golden rule is that debt can be used to finance the creation of public capital. But this implies that any golden rule should only exempt net investment ...

According to this study the fiscal framework in principle provides sufficient flexibility to accommodate the call on government budgets from the European Green Deal – even in the very challenging fiscal landscape that is currently unfolding. However, it also observes that for this to hold in practice a number of conditions must be met, including a strong design of policies, a careful assessment of their budgetary impact and the integration of the relevant governance processes.

The European Commission has proposed to establish a European Investment Stabilisation Function. The accompanying IA focusses on the expected positive effects of the proposal, rather than providing a balanced assessment of different policy options and all their relevant impacts. The mostly qualitative analysis is complemented by some quantifications that are, to the Commission’s own admission, based on uncertain assumptions. The caveats, methods and models of the IA could have been better explained ...

The idea behind the Commission's proposed European Investment Stabilisation Function is to use dedicated financial means from the EU budget to help Member States stabilise their economies in the event of a major asymmetric shock. The Commission would borrow on the financial markets and then lend to the country concerned, which would use the money to finance public investment. Once the crisis was over, the Member State would reimburse the debt. The Commission hopes the other Member States would agree ...

Productivity has a key role to play in the EU's long-term economic growth. The recent economic recovery has reversed the negative trend but concerns remain about long-term prospects. Productivity varies across the EU, with newer Member States reaching only about half the level of the older ones (EU-15) when measured in terms of gross domestic product (GDP) per hour worked, but showing a higher growth dynamic. The recent poor productivity growth in the EU raises a number of important policy questions ...

Public infrastructure consists of the basic physical assets and structures that support economic activity. Investment in such assets is markedly different from other types of capital expenditure, due to the heavy involvement of the public sector and the significant positive spill-over that it generates throughout the economy. Yet the same characteristics that underlie infrastructure investment can also result in its under-provision over time, due to factors such as fiscal constraints. In the European ...