"The debate about what, whether and when fiscal rules should be reinstated is of existential relevance for the European Union for at least two main reasons. First, the recovery is, or should be, a public good that governments must take care of (Shapiro, 2019). Previous attempts to privatise the burden of recovery have failed and a quick return to austerity entails serious economic, social, environmental, and probably political risks. Second, the European fiscal framework impacts much more than just the size of the budget deficit. It influences defining aspects of the social contract, including universal access to healthcare, pensions, inheritance taxes and social mobility, youth employment and the gender divide. ..."

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