In this contribution, I use the fiscal theory of the price level as a backdrop for a discussion on the risks that expansionary fiscal policies may pose on debt sustainability. I recall that a regime of fiscal dominance does not lead to macroeconomic instability. I also review a few empirical papers on fiscal sustainability and I conclude, also based upon own estimates, that it is not a major concern, at least in the short to mid-run. Finally, I argue that Europeans should continue on the fiscal impetus they contributed to in 2020 by fostering coordination and transparency on EU fiscal policies. To achieve this objective, I revisit the idea of an enhanced dialogue on fiscal matters at the European Parliament and propose to establish a Fiscal Dialogue with the EU Member States.

在这篇文章中，我使用价格水平的财政理论作为讨论扩张性财政政策可能对债务可持续性构成的风险的背景。我记得财政主导体制不会导致宏观经济不稳定。我还回顾了一些关于财政可持续性的实证论文，并根据自己的估计得出结论，这不是主要问题，至少在中短期内是这样。最后，我认为欧洲人应该通过促进欧盟财政政策的协调和透明度来继续推动他们在 2020 年做出的贡献。为了实现这一目标，我重新审视了在欧洲议会加强财政事务对话的想法，并提议与欧盟成员国建立财政对话。