BRUSSELS—So often the source of disputes between its members, the European Union starts reviewing its rules for national budgets on Oct. 19 to fit a post-pandemic reality of higher public debt and the huge costs of transitioning to a zero-emissions economy.
During the landmark review—likely to take until the end of 2022 at least—governments, economists, and academics will also debate how to simplify the so-called Stability and Growth Pact, which has grown so complex that few people fully understand it.
