Now What About Fiscal Sustainability?
Last month, the European Commission published a paper on the long-term sustainability of public finances. It is a timely effort to kick off a broad public debate on this key issue, which will occupy policymakers for decades to come. If the Commission is smart and wants to exert real pressure on Europe's member states to get their fiscal house in order, a look to the past might be a useful reminder of how to direct the forthcoming public debate.
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