This issue of Economia Italiana – editors Lorenzo Codogno, LSE, and Pietro Reichlin, Luiss – deals with public debt sustainability and fiscal rules. Many beliefs about the benefits of current fiscal and monetary policies could change because of the risks associated with the energy crisis, the war in Ukraine, the return of inflation and the green transition. The volume contains several contributions by leading experts on the following questions: Is debt sustainability a cause of concern within the Euro Area? How should we consider revising the Stability and Growth Pact in the European Union? Are the energy transition and the pandemic risks good reasons to build up EU-level fiscal capacity? In the introduction to this monograph, the Editors touch upon some of these issues and discuss why they are important.
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