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Normal fiscal rules don’t apply in abnormal times

Just before the War in Ukraine broke out, the European Commission was about to publish detailed guidance for fiscal policy and the reform of fiscal rules. This publication has been postponed because of the uncertainty of the current situation. Interviewed at the CEPR’s June 2022 Paris Symposium, Jean Pisani-Ferry says that, although this is a time when standard recipes do not apply, it is an opportunity for policymakers to be open and creative.