Energy and Environmental Challenges in the European Union and Green Bonds

Georgios Maris () and Marios Psychalis
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Georgios Maris: Department of Mediterranean Studies, University of the Aegean, 85132 Rhodes, Greece
Marios Psychalis: Department of History, Politics and International Studies, Neapolis University Pafos, Paphos 8042, Cyprus

Social Sciences, 2024, vol. 13, issue 1, 1-10

Abstract: Could the European Union mitigate the negative effects of economic, pandemic and environmental crises using only one tool? The answer is positive, by implementing “green” fiscal expansion financed by “green” common debt, such as issuing green bonds. In this paper, we connect the independent responses to different crises into a single response that could end them. The European Union’s theoretical background is based on new-classical models, but current research findings doubt new-classical orthodoxy, underling the importance of economic federalism for sustainable economic and green growth. We argue that the Economic and Monetary Union has to speed up fiscal federalism by establishing a powerful European Union common budget using green Eurobonds and implementing fiscal transfers as a mechanism to address the consequences of the triple crisis.

Keywords: green bonds; European Union Green Deal; fiscal federalism; Eurobonds (search for similar items in EconPapers)
JEL-codes: A B N P Y80 Z00 (search for similar items in EconPapers)
Date: 2024
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