国际货币基金组织：2026年欧洲的财政紧缩：应对不断上升的支出压力报告（英文版）

European governments are confronted with an unprecedented financing challenge. Countries are facing rapidly growing demands on public spending from aging populations, energy transition, and defense. Spending is expected to increase by close to 5 percent of GDP on average in the region by 2040. At the same time, public debt is elevated in many countries, and political appetite for higher taxation, lower spending, or privatization remains limited. How can European governments pay for growing ne