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Should the Stability and Growth Pact’s 3% deficit rule be abandoned? #FBFDiscuss!

September 16, 2021 @ 1:00 pm – 2:00 pm Europe/Rome Timezone
FBF Secretariat
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Register here The third event of the #FBFDiscuss! series will develop around the motion: “Should the Stability and Growth Pact’s 3% deficit rule be abandoned?” The Stability and Growth Pact (SGP) aims to ensure that Member States pursue sound public finances, while coordinating their fiscal policies. Given their crucial role in avoiding potential spillovers between countries, SGP rules constantly cause controversies and hit the headlines. In the present times of economic downturn, during which the EU activated general escape clauses, different voices in policy and academic circles have questioned the maintenance of a deficit requirement within the SGP framework. Is the current Covid-19 setting the time to rethink the EU fiscal framework, in particular the consequences of not complying with the 3% GDP Treaty reference value? How will greater fiscal flexibility impact the economic recovery?  


Jean Pisani-Ferry (Tommaso Padoa Schioppa Chair at the European University Institute) Prof. Jean Pisani-Ferry holds the Tommaso Padoa Schioppa Chair of the European University Institute. He is a Senior Fellow at Bruegel, the European think tank, and a Non-Resident Senior Fellow at the Peterson Institute (Washington DC). He is also a Professor of Economics with Sciences Po (Paris).



Volker Wieland (Endowed Chair for Monetary Economics at the Institute for Monetary and Financial Stability), Prof. Volker Wieland, Ph.D. holds the Endowed Chair of Monetary Economics at the Institute for Monetary and Financial Stability since March 2012. Since June 2012, he serves as Managing Director of the IMFS. Previously, he was Professor of Monetary Theory and Policy at Goethe University Frankfurt (2000-2012) and a Founding Professor of the IMFS. From 2003 until 2009 Wieland was Director of the Center for Financial Studies.



Maria Ana Barata (EUI, FBF) is a Research Associate at the Florence School of Banking and Finance, part of the Robert Schuman Centre at the European University Institute (EUI), in Florence, Italy, since January 2020. Maria defended her Ph.D. thesis in June 2021 at the EUI Law Department on ‘“Between a Rock and a Hard Place. The Tensions between Banking Competition and Financial Stability within EU Resolution Law.”, and the key findings are available here. Before her PhD, she completed her Law degree at Faculdade de Direito de Lisboa in Portugal (2013) and a LLM in Comparative, European and International Laws from the EUI (2017). Between 2013 and 2016 Maria worked as a corporate lawyer for three years at Linklaters LLP in Lisbon, where she also prepared her admission to the bar. Her research interests cover Financial Stability, Banking Law, Bank Resolution Law, and State Aid.  


    • H. Badinger H. Reuter, ‘The case for fiscal rules’, Economic Modelling, Vol. 60, pp. 334-343, jan. 2017, link
    • L. Feld, C. Schmidt, I. Schnabel, V. Wieland, ‘Refocusing the European fiscal framework’, VoxEU post, Sept. 2018, link
    • German Council of Economic Experts, ‘Gemeinsam gestärkt aus der Krise hervorgehen’,  Annual Report 2020/2021, Chapter 3, pp 175-186 Translated in English at this link
    • P. Martin, J. Pisani-Ferry, X. Ragot, ‘A new template for the European fiscal framework’, VoxEU post, May 2021, link
#FBFDiscuss! is a new Oxford-Union style debate format that will bring together two contestants from academia to debate a specific motion. After the opening statements, the event will see the direct participation of the public who will have the chance to pose their questions and vote for their favourite opinion. Join the discussion! Follow #FBFDiscuss on Twitter!