The article discusses how European countries are trying to balance austerity measures with calls for more spending to boost the economy. The European Central Bank and European Council want to increase public investment while still following strict fiscal rules. The paper argues that there is room for countries to spend more within the existing rules, especially by adjusting for economic cycles. By using this approach, countries could potentially increase spending by 2-3% of the Euro area's GDP for a few years, leading to a more sensible fiscal policy.