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Europe needs a strong macroeconomic policy core—but not a Six (or Two) Pack

A conceptual and institutional solution is required to permit member states to finance through borrowing those expenditures that raise potential output and create publicly owned assets, particularly where these are clearly in line with common EU goals. There are more or less ambitious ways to achieve this, ranging from a general exemption for (suitably defined) public investment (a golden rule), to more specific exemptions (such as for national measures under the European Green Deal), to solutions involving resource-pooling from which member states can finance agreed projects.

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