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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

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  • Atanas Pekanov

    (WIFO)

  • Margit Schratzenstaller

Abstract

The necessary green transition in the EU requires substantial additional green public investment (GPI) by member countries throughout this decade and beyond. This briefing paper discusses four approaches for a reform of EU fiscal rules to better accommodate higher (debt-financed) GPI: (1) an exemption clause for GPI, (2) the implementation of a green golden rule, (3) a country-specific benchmark share of government expenditures dedicated to GPI recommended by the European Commission, and (4) an EU Climate Fund. We also discuss these options in relation to the recent Commission proposal from November 2022. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.

Suggested Citation

  • Atanas Pekanov & Margit Schratzenstaller, 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," WIFO Studies, WIFO, number 70628, April.
    • Handle: RePEc:wfo:wstudy:70628
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    File URL: https://www.wifo.ac.at/wwa/pubid/70628
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    Cited by:

    1. Atanas Pekanov & Margit Schratzenstaller, 2023. "Options to Align the EU Fiscal Framework to Green Public Investment Needs," WIFO Research Briefs 2, WIFO.
    2. Kantorowicz, Jaroslaw & Collewet, Marion & DiGiuseppe, Matthew & Vrijburg, Hendrik, 2024. "How to finance green investments? The role of public debt," Energy Policy, Elsevier, vol. 184(C).
    3. Skyrman, Viktor, 2024. "Industrial policy, progressive derisking, and the financing of Europe's green transition," Working Papers 78, Austrian Foundation for Development Research (ÖFSE).

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