Computing the EU’s SURE Interest Savings with an Extended Debt Sustainability Analysis Tool

Pablo Burriel (), Javier Pérez and Iván Kataryniuk
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Pablo Burriel: Banco de España

Hacienda Pública Española / Review of Public Economics, 2023, vol. 245, issue 2, 157-178

Abstract: The EU’s SURE programme provided loans to member states to fund public spending on unemployment schemes during the COVID-19 crisis. Funds were raised through securities issued on capital markets and disbursed as bilateral loans. This paper examines the interest savings from loans for Belgium, Spain, Portugal, and Italy using a Debt Sustainability Analysis tool extended to account for different types of debt. Results show signifcant interest savings under the SURE programme, with potential for even greater savings during periods of market stress.

Keywords: Public debt; Fiscal sustainability; Interest payments; European Union. (search for similar items in EconPapers)
JEL-codes: E44 E61 E62 F36 F45 G14 H63 H68 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:hpe:journl:y:2023:v:245:i:2:p:157-178

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