Moj povzetek treh predlogov, izraženih danes v konzultaciji z Evropsko komisijo:
- »Green« fiscal rule (see Mrak, 2021) is fine as a principle, but not enough. To strengthen the future growth (and shift the potential growth trajectory upwards), all investment into green and digital transition and just transformation as well as into traditional and social infrastructure is substantial. Hence, all investment should be exempted from the fiscal rule, but capped at e.g. 5% GDP.
- To support the first proposal, it is essential to make the NextGen and Eurobonds that finance it permanent. It requires creation of new EU own resources. This would reduce the burden on national budgets and hence ease the balancing of the budgets. On the other hand, transparent »Green-digital-just« national programs confirmed by the European Commission and annual reviews will introduce the required discipline.
- New, simple GOLDEN rule (PAYGO rule in terms of the headline deficit) (see Ubide, 2021). Increases in current discretionary spending or tax cuts should be ‘paid for’ (offset with lower spending or higher taxes) on a five-year forward basis. The rule should be suspended during the economic downturns. The PAYGO rule introduces discipline and the five-year forward period allows for a gradual adjustment. In addition, the process of finding offsetting measures typically leads to improvements in efficiency.