Report
How to resolve the euro zone’s public finance problem?
The euro-zone countries will still have huge structural fiscal deficits in 2022. The ECB should be expected to reduce its bond purchases in the future; new European fiscal rules, while less stringent than in the past, are also to be expected. So what options do the euro-zone countries have if they are to reduce their structural fiscal deficits? Rely on growth, but this will take time; Withdraw spending that has been announced (healthcare, reindustrialisation, energy transition, education, research, etc.), which would be very difficult; Improve government efficiency and productivity: there is certainly significant potential here , but results would only be obtained in the long term; Unfortunately, this leaves an increase in the tax burden as the only option.
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Natixis
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Patrick Artus
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