Reforming the Stability and Growth Pact has become a decisive issue for the European Union’s future. There is broad consensus on the impossibility of maintaining fiscal rules designed for an economic era that will not return, but not on how and with what criteria to replace them. At Elcano Royal Institute, we seek to contribute to this debate with a document that proposes a set of ambitious and realistic reforms. “A proposal to reform the EU’s fiscal rules”.


  1. Pablo Hernández de Cos, Governor, Banco de España | @BancoDeEspana
  2. Cristina Herrero, President,  Independent Authority for Fiscal Responsibility (AIReF), Spain | @AIReF_es
  3. Carlos Martínez Mongay, former Deputy Director-General for Economic and Financial Affairs, European Commission; co-author
  4. Enrique Feás, Senior Analyst, Elcano Royal Institute; co-author | @EnriqueFeas

Moderator: José Juan Ruiz, Chairman, Elcano Royal Institute | @ElcanoJjRuiz

See also: A proposal to reform the EU’s fiscal rules