[48] European Fiscal Board, “Assessment of the EU fiscal rules with a focus on the six and two-pack legislation”, August 2019. [49]  de Jong et al (2017), op. cit. If the investment in public capital is not productive, then the net effect on GDP is zero after the stimulus ends.
In particular, the importance of a stringent approach to prudential supervision is widely accepted, such that the post-Brexit evolution of the European financial system cannot involve any dilution in the capacity of supervisors to ensure effective regulation of international financial firms, in relation both to firm-specific and systemic risk.