The EU needs a new fund to help manage downturns in its member states and pay for green investments, the International Monetary Fund said, as it called for an urgent overhaul of the way the bloc handles public finances amid rising economic hazards.
Warning that the union’s current economic framework had “failed” in its basic task of containing budgetary risks, the IMF said in a policy proposal that the EU needed to create a new “fiscal capacity” funded by common debt issuance and new income streams, building on the experience of the temporary €800bn Covid-19 recovery fund.
This would come on top of a revamp of the EU’s fiscal rules to deliver sounder public finances alongside better flexibility to tackle economic crises, the IMF proposed.
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