Praising the ability of the countries of the European Union to tackle the energy crisis, a macroeconomic shock twice as big as the oil shock of the 1970s, the ‘European Fiscal Board’ called for a genuine “normalisation” of national budgetary policies on Wednesday 28 June, when it presented its assessment of the budgetary stance for the euro area in 2024.
According to the Board’s five experts, this normalisation must involve an effort greater than the 0.8% of GDP that the...