EPICENTER

In Interez.sk, the Slovak retail chain Billa reported a loss of nearly €8 million in 2025 despite rising revenues, citing the impact of the national transaction tax, higher costs and increased thefts. The article also highlights analysis from INESS, as part of the Epicenter network’s Alternative EU Budget project, showing that the proposed new EU corporate resource (CORE) would require Billa to pay approximately €750,000 to the EU budget even while making a loss. The analysis warns that such a turnover-based levy would apply regardless of profitability, further undermine European competitiveness and encroach on national tax competences.

In SeznamZpravy.cz, Michael Fanta, Chief Analyst at the Centre for Economic and Market Analyses (CETA) and part of the Epicenter network, argued that the planned EU budget for 2028–2034 is large and important for Czechia, but that Europe needs a functioning Single Market more than simply more money. Fanta stressed that redistribution alone does not guarantee prosperity and highlighted the risks of new own resources and the normalisation of joint EU borrowing, consistent with the findings of Epicenter’s Alternative EU Budget study.

In NEGlobal.eu, Petar Ganev from the Institute for Market Economics (IME), as part of the Epicenter network, criticised the European Commission’s push for new “own resources” in the next Multiannual Financial Framework (2028–2034). Ganev argued that proposals for EU-level revenues linked to corporations, carbon emissions, tobacco, and environmental levies represent a shift toward permanent EU taxing capacity, detaching fiscal decisions from national democratic accountability. The article presents Epicenter’s Alternative Multiannual Financial Framework, which caps EU spending at roughly 1% of GNI and shows that treaty obligations, support for Ukraine, research, and cohesion can be met without granting Brussels new permanent revenue streams, while calling for simplicity, fiscal neutrality, and clear limits on centralisation.

In RP.pl, Mateusz Michnik, economic analyst at the Civil Development Forum (FOR) and part of the Epicenter network, argued that Poland needs a liberal form of euro-enthusiasm that defends EU membership while ceasing to treat the Union merely as a source of subsidies. Michnik stressed that the benefits of the Single Market far outweigh financial transfers and that Poland’s eventual status as a net contributor should be seen as a success. Drawing on Epicenter’s Alternative EU Budget report, he called for a smaller, more focused Multiannual Financial Framework prioritising the completion of the Single Market, competitiveness and the removal of barriers over redistribution and industrial policy that creates privileged interest groups.

In Kathimerini.gr, the Centre for Liberal Studies (KEFiM), as part of the Epicenter network, presented a study showing that Greece’s “hidden” pension debt – future pension liabilities without corresponding accumulated savings – stands at 403% of GDP. The analysis argues that official Maastricht debt criteria systematically underestimate the real fiscal burden across the EU by excluding these unfunded obligations, with similarly high levels recorded in Spain (496%), Austria (450%) and Italy (429%). KEFiM highlights that countries with capitalised pension systems face structurally lower hidden liabilities and greater fiscal resilience, and calls for wider adoption of funded pension schemes alongside the recognition of pension commitments in official debt figures.

In LaStampa.it, Serena Sileoni of the Istituto Bruno Leoni, part of the Epicenter network, warned that the European Commission’s decision to grant flexibility on energy-related spending risks becoming more than a one-off concession. While the measure responds to Italian requests and allows limited extra deficit spending for the energy transition, Sileoni argued that it signals a growing willingness by the Commission to accommodate national pressures rather than enforce fiscal discipline. She linked the decision to the broader debate on the next Multiannual Financial Framework, noting that Epicenter’s Alternative EU Budget study shows the proposed expansion of EU spending is politically understandable but inconsistent with the Union’s founding logic, raising democratic as well as fiscal concerns.

In TaNea.gr, the Centre for Liberal Studies (KEFiM), as part of the Epicenter network, presented its study “Fiscal Challenges and Prospects: Greece and the European Union,” welcoming Greece’s exit from the European Commission’s list of countries with macroeconomic imbalances while warning against complacency. The analysis highlights Greece’s fiscal turnaround from a 15.4% deficit in 2009 to a 1.3% surplus in 2024, but stresses ongoing pressures from rising pension spending, defence obligations and limited fiscal flexibility. KEFiM underlines that Europe’s high “hidden” pension debt (403% of GDP in Greece) and the lag in private pension savings (€19.7 trillion behind the US) mean that any expansion of common EU borrowing must be accompanied by strict rules, transparency and accountability, with resources directed towards productive investment rather than short-term spending.

In LePoint.fr, Nicolas Marques, Director General of the Institut économique Molinari and part of the Epicenter network, argued that the European Union does not need a record Multiannual Financial Framework of €1,763 billion for 2028–2034. Marques questioned the 39% increase justified by geopolitical, climate and digital challenges, stressing that the EU has expanded far beyond its core mission of promoting the Single Market. Drawing on Epicenter’s Alternative EU Budget study, he noted that spending could be reduced by 13% (€220 billion) by refocusing on essential competences, while warning that new own resources would strengthen Brussels’ fiscal autonomy at the expense of member states and further undermine European competitiveness.

In Linkiesta.it, the Istituto Bruno Leoni, as part of the Epicenter network, argued that pensions should serve as a lever for economic growth rather than merely a source of public revenue. The editorial highlights that Europe, and especially Italy, holds substantial pension savings locked in low-productivity assets, while funded systems in the United States mobilise the equivalent of 150% of GDP compared with only 25% in the EU. Drawing on analysis from the IBL-Epicenter study on the next Multiannual Financial Framework, it notes that only Denmark, Sweden and the Netherlands have successfully turned pension systems into a driver of growth, and calls for greater freedom for pension funds to invest productively, full accountability of fund managers to workers, and the removal of tax disincentives that favour government bonds over productive assets.