20

result(s)

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Publication type
Policy area
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Date

EU policies – Delivering for citizens: Economic policy

28-06-2019

In the European Union (EU), although economic policy falls within the remit of each Member State, there is, nevertheless, multilateral coordination of economic policies between individual countries. The global financial crisis and the European sovereign debt crisis put this framework severely to the test. Partly as a result, recovery in the EU was slower than recovery in the United States, and was not achieved equally by all Member States. Furthermore, it has to a large extent been based on accommodative ...

In the European Union (EU), although economic policy falls within the remit of each Member State, there is, nevertheless, multilateral coordination of economic policies between individual countries. The global financial crisis and the European sovereign debt crisis put this framework severely to the test. Partly as a result, recovery in the EU was slower than recovery in the United States, and was not achieved equally by all Member States. Furthermore, it has to a large extent been based on accommodative fiscal and monetary policies that only partly hide underlying signs of fiscal or financial fragility in some countries. To remedy this, the European institutions began a twofold process in 2011: initiatives were taken to strengthen the current framework for economic governance and banking supervision in the euro area while, in parallel, discussions began on possible ways to reduce the economic divergences between Member States, provide incentives for risk reduction and risk-sharing, render the governance process more transparent and ensure democratic accountability. In this latter area, several initiatives – that did not require changes to the EU Treaties – were taken between 2015 and 2017. In summer 2017, discussions on deepening the policy framework for economic and monetary union (EMU) intensified. This process, which was advocated in the Five Presidents' Report (the presidents of the main EU institutions) and should be completed by 2025, is now being considered at Member State level. The current state of play points towards two main policy preferences, dividing Member States into two groups: those that prioritise risk-sharing measures (such as France), and those that argue instead for further risk-reduction initiatives (for example, Germany). This lack of consensus has so far meant that the European Council has not been able to reach a breakthrough. This is an update of an earlier briefing issued in advance of the 2019 European elections.

Outcome of the meetings of EU leaders on 28-29 June 2018

02-07-2018

On 28-29 June 2018 Heads of State or Government met, in different formats and constellations (i.e. a formal European Council, an article 50 European Council and a Euro summit), to discuss migration, security and defence, Brexit and the euro area. Migration topped the agenda of the European Council. The Euro Summit discussed further developments in the euro area, including potentially the creation of a special budget for the euro area.

On 28-29 June 2018 Heads of State or Government met, in different formats and constellations (i.e. a formal European Council, an article 50 European Council and a Euro summit), to discuss migration, security and defence, Brexit and the euro area. Migration topped the agenda of the European Council. The Euro Summit discussed further developments in the euro area, including potentially the creation of a special budget for the euro area.

Greece’s financial assistance programme - June 2018

22-06-2018

This briefing provides an overview of the economic situation in Greece and the main developments under the third financial assistance programme. This version updates the briefing published on 3 October 2017.

This briefing provides an overview of the economic situation in Greece and the main developments under the third financial assistance programme. This version updates the briefing published on 3 October 2017.

The ESM and the proposed EMF: a tabular comparison

14-06-2018

This paper presents some aspects of the draft Council Regulation on the establishment of a European Monetary Fund, proposed by the Commission in the context of the Roadmap to deepening Europe’s Economic and Monetary Union of December 2017. The paper includes a full comparison between the European Stabilisation Mechanism (ESM) Treaty and the Statute of the proposed EMF.

This paper presents some aspects of the draft Council Regulation on the establishment of a European Monetary Fund, proposed by the Commission in the context of the Roadmap to deepening Europe’s Economic and Monetary Union of December 2017. The paper includes a full comparison between the European Stabilisation Mechanism (ESM) Treaty and the Statute of the proposed EMF.

The ESM and the IMF: comparison of the main features

27-04-2018

This document provides a comparison of the main objectives, tools and governance structures of the European Stability Mechanism (ESM) and of the International Monetary Fund (IMF). It contributes to the debate on recent proposal regarding the possible evolution of the ESM into a “European Monetary Fund”, in the wider context of the discussions on how to strengthen the governance of Economic and Monetary Union. The note also presents summaries of three external papers prepared in spring 2017, upon ...

This document provides a comparison of the main objectives, tools and governance structures of the European Stability Mechanism (ESM) and of the International Monetary Fund (IMF). It contributes to the debate on recent proposal regarding the possible evolution of the ESM into a “European Monetary Fund”, in the wider context of the discussions on how to strengthen the governance of Economic and Monetary Union. The note also presents summaries of three external papers prepared in spring 2017, upon a request of the Economic and Monetary Committee on this subject.

The ESM and the EIB: comparison of some features

25-04-2018

Following the Commission proposal to transform the European Stability Mechanism into the European Monetary Fund, and the statement by the ESM’s Chair to model the new body similarly to the European Investment Bank, this paper presents in a tabular format the main characteristics of these two institutions.

Following the Commission proposal to transform the European Stability Mechanism into the European Monetary Fund, and the statement by the ESM’s Chair to model the new body similarly to the European Investment Bank, this paper presents in a tabular format the main characteristics of these two institutions.

European Stability Mechanism

12-12-2017

A proposal to transform the European Stability Mechanism (ESM) into a European Monetary Fund (EMF) within EU law was adopted by the Commission on 6 December 2017. The publication of the proposal was announced in Annex I of the 2018 Commission work programme, as one of the actions within the item 'Completing the Economic and Monetary Union'. In the context of the proposal, this briefing provides information on the functioning of the ESM, which recently celebrated its fifth anniversary. The European ...

A proposal to transform the European Stability Mechanism (ESM) into a European Monetary Fund (EMF) within EU law was adopted by the Commission on 6 December 2017. The publication of the proposal was announced in Annex I of the 2018 Commission work programme, as one of the actions within the item 'Completing the Economic and Monetary Union'. In the context of the proposal, this briefing provides information on the functioning of the ESM, which recently celebrated its fifth anniversary. The European Stability Mechanism is an intergovernmental organisation that began operating on 8 October 2012, with the aim of providing financial assistance to euro-area countries experiencing or threatened by severe financing problems, and with a lending capacity of €500 billion. During the last five years, five EU countries: Ireland, Portugal, Greece, Cyprus and Spain have received support from the ESM. Around 33 % of the ESM's lending capacity has been committed.

Economic Dialogue with the President of the Eurogroup - ECON on 7 December 2017

05-12-2017

Jeroen Dijsselbloem, President of the Eurogroup, has been invited to a regular Economic Dialogue, in particular, in accordance with Article 2ab of Regulation 1466/97 as amended. This briefing provides an overview of the ongoing work of the Eurogroup as regards public finances, macro-economic imbalances, financial adjustment programmes and the banking union. Mr Dijsselbloem has been the Eurogroup President since January 2013. As the President of the Eurogroup, he is also chairing the Board of Governors ...

Jeroen Dijsselbloem, President of the Eurogroup, has been invited to a regular Economic Dialogue, in particular, in accordance with Article 2ab of Regulation 1466/97 as amended. This briefing provides an overview of the ongoing work of the Eurogroup as regards public finances, macro-economic imbalances, financial adjustment programmes and the banking union. Mr Dijsselbloem has been the Eurogroup President since January 2013. As the President of the Eurogroup, he is also chairing the Board of Governors of the European Stability Mechanism. His mandate ends on 13 January 2018 when his successor Mário Centeno, Portugal’s Minister of Finance, will take office.

Greece's financial assistance programme (September 2017)

04-10-2017

This briefing provides an overview of the economic situation in Greece and the main elements of the third financial assistance programme. This briefing is regularly updated (this version replaces the version published on 22 June 2017).

This briefing provides an overview of the economic situation in Greece and the main elements of the third financial assistance programme. This briefing is regularly updated (this version replaces the version published on 22 June 2017).

An evolutionary path for a European Monetary Fund?

31-08-2017

The ECON Committee requested the opinion of three external experts on the possible set up of a ‘European Monetary Fund’. This note provides the general background and summarizes the experts’ contributions.

The ECON Committee requested the opinion of three external experts on the possible set up of a ‘European Monetary Fund’. This note provides the general background and summarizes the experts’ contributions.

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