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Country Specific Recommendations for 2016 and 2017 - A comparison and an overview of implementation

23-05-2017

This document presents: • The Country Specific Recommendations for 2016 generally endorsed by the European Council on 28/29 June 2016 and adopted by the Council on 12 July 2016; • The assessment of the implementation of 2016 Country Specific Recommendations based on the European Commission Country Reports as published on 22 February 2017; • The Draft Country Specific Recommendations for 2017 proposed by the European Commission (COM) on 22 May 2017 and to be adopted by the Council in July 2017; ...

This document presents: • The Country Specific Recommendations for 2016 generally endorsed by the European Council on 28/29 June 2016 and adopted by the Council on 12 July 2016; • The assessment of the implementation of 2016 Country Specific Recommendations based on the European Commission Country Reports as published on 22 February 2017; • The Draft Country Specific Recommendations for 2017 proposed by the European Commission (COM) on 22 May 2017 and to be adopted by the Council in July 2017; and • The Council Recommendation on the economic policy of the euro area approved by the Council on 21 March 2017.

The role of macro-prudential policy in the prevention and correction of imbalances in the euro area

19-05-2017

The euro area suffers from economic and financial imbalances between its members. Macro-prudential policy can help remedy this in as much as it can be deployed both at euro area level and Member State level. A macro-prudential policy framework to regulate financial cycles at Member State level and improve the resilience of systemic groups at euro area level would improve the economic and financial stability of the euro area and each of its members. Drawing on an inventory of the current practices ...

The euro area suffers from economic and financial imbalances between its members. Macro-prudential policy can help remedy this in as much as it can be deployed both at euro area level and Member State level. A macro-prudential policy framework to regulate financial cycles at Member State level and improve the resilience of systemic groups at euro area level would improve the economic and financial stability of the euro area and each of its members. Drawing on an inventory of the current practices and the teachings of recent academic work, we have formulated 15 proposals which aim to identify effective macro-prudential instruments to achieve this stability and, in a context of institutional transformation (Banking Union, Brexit, etc.) likely to facilitate changes, to streamline the institutional framework.

External author

Jézabel Couppey-Soubeyran, Salim Dehmej