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Article History

Received: 30 May 2022

Accepted: 22 February 2023

First Online: 18 May 2023

Declarations

:

: The authors have no relevant financial or non-financial interests to disclose. This article has been written when the authors were working at the European Commission (DG ECFIN). No other funding has been received to assist with the preparation of the manuscript.

: This research did not involve Human Participants and/or Animals.

: A previous version of this article has been included in a non-academic publication: European Commission, 2020. Public finances in EMU, Report on Public Finances in EMU 2019, Institutional Paper 133, July, 105–132. It is permitted to include figures, tables and text passages already published, for both the print and online formats. The contribution, including figures, tables, or text passages is licensed under CC BY 4.0.