Legislative Proposals on EU Economic Governance : What is Missing within and beyond ?

15-11-2010

The extensive legislative package introduced by the Commission on 29 September 2010 is the "most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic and Monetary Union. Broader and enhanced surveillance of fiscal policies, but also macroeconomic policies and structural reforms is sought in the light of the shortcomings of the existing legislation. New enforcement mechanisms are foreseen for non-compliant Member States". The novelty for the legislative process is that in a large part of this package, the European Parliament is a co-legislator (in the ordinary legislative procedure). In line with this increased responsibility, work in the EP has started without delay. This compilation includes five briefing papers from the ECON Monetary Expert Panel as reactions to the legislative package. Experts were asked on the one hand, help the European Parliament identify critical missing or redundant/unworkable elements within the Commission package, and, on the other hand, identify what (if anything) is missing outside and beyond the proposals in order to make the whole package of governance reform complete and workable.

The extensive legislative package introduced by the Commission on 29 September 2010 is the "most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic and Monetary Union. Broader and enhanced surveillance of fiscal policies, but also macroeconomic policies and structural reforms is sought in the light of the shortcomings of the existing legislation. New enforcement mechanisms are foreseen for non-compliant Member States". The novelty for the legislative process is that in a large part of this package, the European Parliament is a co-legislator (in the ordinary legislative procedure). In line with this increased responsibility, work in the EP has started without delay. This compilation includes five briefing papers from the ECON Monetary Expert Panel as reactions to the legislative package. Experts were asked on the one hand, help the European Parliament identify critical missing or redundant/unworkable elements within the Commission package, and, on the other hand, identify what (if anything) is missing outside and beyond the proposals in order to make the whole package of governance reform complete and workable.

Externí autor

Daniel GROS (CEPS), Stefan GERLACH (University of Frankfurt and CEPR), Sylvester EIJFFINGER (Tilburg University and CEPR), Karl WHELAN (University College Dublin) and Ansgar BELKE (DIW Berlin and University of Duisburg-Essen)