Europe should stop fetishising fiscal discipline

Sebastian Mang and others write to the Financial Times

Alongside other economists and organisations, Sebastian Mang wrote to the Financial Times, arguing against stricter European fiscal ruels:

A return to austerity would leave the EU unable to make the €520bn a year green investments that the commission says are necessary to meet the EU’s own climate targets, as well as covering the €192bn a year needed for social infrastructure. The cost of climate inaction would lead to a far bigger fiscal burden in the long run as losses from environmental damage mount.”

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