The Covid Crisis has thrown the sustainability of the European Union’s fiscal rules into question. This episode of Macro Bytes discusses the main reform proposals on the table and debates whether a new European fiscal architecture is needed for the post-pandemic world.

Welcome to another week of Macro Bytes. In this episode our co-hosts Stephanie Kelly and Paul Diggle address the motivations for, and problems with, the European Union’s longstanding fiscal rules.

Part 1 outlines what the EU fiscal rules are, why they were needed in the first place, and why they have recently been so heavily criticized.

Part 2 covers the various reform proposals that have been put forward, before discussing the key political players across Germany and Italy that investors should look out for.

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