Directorate General for Economic and Financial Affairs (ECFIN), European Commission
Events in Spring 2010 have exposed the urgency of addressing the fiscal challenge in the euro area and the EU, as the high and rising public debts raised concerns on governments' solvency. Sovereign risk premia shot up to levels unprecedented in EMU in Member States with perceived high budgetary and macro-financial risks.
This year's edition of the Report on Public Finances reviews how Member States' fiscal policies have evolved in the wake of the financial and economic crisis. It assesses the prospects for public finances and policy needs ahead.