EU Fiscal Rules and Public Investment in the Green and Digital Transitions
References
- Angers, E., Arsenev, A., & Holzner, M. (2023). The emissions reduction potential for freight transport on a high-speed rail line along the ‘European Silk Road’. wiiw Research Report, No. 472.
- Ball, I., Detter, D., Manuelides, Y., & Yan, W. (2021). Why public assets are key to debt sustainability: A moral goal. IMF PFM Blog Public Financial Management.
- Beetsma, R., & Buti, M. (2024). Promoting European public goods. Econ-Pol Forum, 25(3), 37–41.
- Blesse, S., Dorn, F., & Lay, M. (2023). A targeted golden rule for public investments?, in-depth analysis requested by the ECON committee of the European Parliament, PE 741.492.
- Boivin, N., & Darvas, Z. (2025). The European Union’s new fiscal framework: A good start, but challenges loom. Bruegel Policy Brief, No. 06/25.
- Chai, H., Harris, J., & Tieman, A. (2024). Beyond debt: net worth fiscal anchors. IMF Working Paper, No. 2024/137.
- Cornago, E., & Springford, J. (2021). Why the EU’s recovery fund should be permanent. CER Policy Brief.
- Creel, J., Holzner, M., Saraceno, F., Watt, A., & Wittwer, J. (2020). How to spend it: A proposal for a European Covid-19 recovery programme. wiiw Policy Report, No. 38, wiiw.
- Darvas, Z., & Wolff, G. (2023). A green fiscal pact for the EU: increasing climate investments while consolidating budgets. Climate Policy, 23(4), 409–417.
- Darvas, Z., Welslau, L., & Zettelmeyer, J. (2024). The implications of the European Union’s new fiscal rules. Bruegel Policy Brief.
- Draghi, M. (2024). The Future of European Competitiveness. European Commission.
- European Commission. (2026). 2026 European Semester – Spring package, COM (2026) 200 final.
- Fournier, J. (2016). The positive effect of public investment on potential growth. OECD Economics Department Working Paper, No. 1347.
- Gottschalk, S., von Wangenheim, S., Batut, C., Dabrowski, C., Gökten, M., Heimberger, P., Holappa, L., Schuster-Johnson, F., Schütz, B., Suttor-Sorel, L., Welslau, L., Zezza, F., Ziesemer, V., & Kyyrönen, O. (2025). Making fiscal space policy-responsive: Reform proposal for potential output estimation in the DSA. European Macro Policy Network Policy Brief.
- Hansum, R., Lindner, J., Redeker, N., & Rubio, E. (2025). Ripe for reform – what’s in the EU budget proposal and what should come next. Hertie School – Jacques Delors Centre Policy Brief.
- Heimberger, P., & Lichtenberger, A. (2024). A permanent EU investment fund to promote the green transition in light of EU fiscal rules. European Journal of Economics and Economic Policies: Intervention, 22(2), 181–188.
- Heimberger, P., & Schratzenstaller, M. (2024). Shaping the EU’s financial architecture for the future. Heinrich-Böll-Stiftung Policy Paper. Heimberger, P., Welslau, L., Gechert, S., Guarascio, D., & Zezza, F. (2024).
- Debt sustainability analysis in reformed EU fiscal rules: The effect of fiscal consolidation on growth and public debt ratios. Intereconomics, 59(5), 276–283.
- Heimberger, P. (2026). Boosting public spending for the twin transition under the new EU fiscal rules. In Raza, W., Schlager, C., Skyrman, V., Soder, M. (ed.), Progressive Industrial Policy in Europe, Routledge, 198–212.
- Heimberger, P., Gökten, M., & Unger, J. (2026). Macroeconomic and fiscal implications of structurally higher defence spending in the European Union, study requested by the ECON committee of the European Parliament, PE 784.024.
- Heimberger, P., & Matzner, A. (2026). Fiscal consolidation and political instability. wiiw Working Paper, No. 274.
- IMF. (2025). Long-term spending pressures in Europe. IMF Departmental Paper.
- Jacques, O. (2021). Austerity and the path of least resistance: How fiscal consolidations crowd out long-term investments. Journal of European Public Policy, 28(4), 551–570.
- Pekanov, A., & Schratzenstaller, M. (2023). A targeted golden rule for public investments? A comparative analysis of possible accounting methods in the context of the review of the Stability and Growth Pact, in-depth analysis requested by the ECON committee of the European Parliament, PE 733.760.
- Schütz, B., & Heimberger, P. (2026). The future financing of the European Union: an analysis of options for new own resources in the EU budget 2028-2034. wiiw Policy Notes and Reports, No. 108.
- Suresh, N., Ghaw, R., Obeng-Psei, R., & Wickstead, T. (2024). Public investment and potential output. Office for Budget Responsibility Discussion Paper, No. 5.
- Truger, A. (2016). The golden rule of public investment – a necessary and sufficient reform of the EU fiscal framework? IMK Working Paper, No. 168.
Language: English
Page range: 255 - 259
Published online: Oct 25, 2026
Published in print: Sep 1, 2026
Published by: ZBW – Leibniz-Informationszentrum Wirtschaft
In partnership with: Paradigm Publishing Services
Publication frequency: 6 issues per year
Related subjects:
© 2026 Philipp Heimberger, published by ZBW – Leibniz-Informationszentrum Wirtschaft
This work is licensed under the Creative Commons Attribution 4.0 License.