Proponent: Jean Pisani-Ferry (Tommaso Padoa Schioppa Chair at the European University Institute)
Opponent: Volker Wieland (Endowed Chair for Monetary Economics at the Institute for Monetary and Financial Stability)
Moderator: Maria Ana Barata (Research Associate, Florence School of Banking and Finance)

Recording of the event held on 16 September 2021

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The third event of the #FBFDiscuss! series will develop around the motion: “Should the Stability and Growth Pact’s 3% deficit rule be abandoned?” The Stability and Growth Pact (SGP) aims to ensure that Member States pursue sound public finances, while coordinating their fiscal policies. Given their crucial role in avoiding potential spillovers between countries, SGP rules constantly cause controversies and hit the headlines. In the present times of economic downturn, during which the EU activated general escape clauses, different voices in policy and academic circles have questioned the maintenance of a deficit requirement within the SGP framework. Is the current Covid-19 setting the time to rethink the EU fiscal framework, in particular the consequences of not complying with the 3% GDP Treaty reference value? How will greater fiscal flexibility impact the economic recovery?

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