The European Fiscal Board is not convinced of the need to extend the activation of the general escape clause of the Stability and Growth Pact until the end of 2023, as suggested by the European Commission at the end of May due to the uncertainty caused by the Russian invasion of Ukraine (see EUROPE B12958A1).
Indeed, the experts believe that the economic circumstances that allowed for fiscal rules to be frozen during the outbreak of the Covid-19 pandemic in the European Union are no longer...