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Implementation of the Stability and Growth Pact (June 2019)

14-06-2019

This document gives an overview of key developments under the preventive and corrective arms of the Stability and Growth Pact (SGP) on the basis of (1) the latest Council decisions and recommendations in the framework of the SGP; (2) the latest European Commission (COM) economic forecast; and (3) the latest COM Opinions on the Draft Budgetary Plans (DBPs) of euro area Member States. The document is regularly updated.

This document gives an overview of key developments under the preventive and corrective arms of the Stability and Growth Pact (SGP) on the basis of (1) the latest Council decisions and recommendations in the framework of the SGP; (2) the latest European Commission (COM) economic forecast; and (3) the latest COM Opinions on the Draft Budgetary Plans (DBPs) of euro area Member States. The document is regularly updated.

European Council conclusions - A rolling check-list of commitments to date

14-06-2019

The role of the European Council – to 'provide the Union with the necessary impetus for its development' and to define its 'general political directions and priorities' – has evolved rapidly over the last decade. Since June 2014, the European Council Oversight Unit within the European Parliamentary Research Service (EPRS), the European Parliament's in-house research service and think tank, has been monitoring and analysing the European Council's delivery on commitments made in the conclusions of ...

The role of the European Council – to 'provide the Union with the necessary impetus for its development' and to define its 'general political directions and priorities' – has evolved rapidly over the last decade. Since June 2014, the European Council Oversight Unit within the European Parliamentary Research Service (EPRS), the European Parliament's in-house research service and think tank, has been monitoring and analysing the European Council's delivery on commitments made in the conclusions of its meetings. This overview of European Council conclusions is a new, updated and more comprehensive edition of the Rolling Check-List, which has been published regularly by the European Council Oversight Unit since 2014. It distinguishes between four types of European Council conclusions (commitments, reviews, endorsements and statements) and indicates the follow-up given to calls for action made by EU leaders. It also offers an introductory analysis of each policy area, highlighting the background to the main orientations given by the European Council, as well as the follow-up to them and the future challenges.

Sovereign Debt Restructuring and Debt Mutualisation in the Euro Area: An Assessment

04-06-2019

Existing proposals for reform in the euro area, including the introduction of an orderly sovereign debt restructuring mechanism and of forms of debt mutualisation, rely on similar implicit or explicit assumptions: The “diabolic loop” between sovereign debt and domestic banks is to be mitigated or avoided; market discipline has to be maintained; and moral hazard has to be avoided. This paper discusses the stated goals of existing proposals, together with their likely anticipated and unanticipated ...

Existing proposals for reform in the euro area, including the introduction of an orderly sovereign debt restructuring mechanism and of forms of debt mutualisation, rely on similar implicit or explicit assumptions: The “diabolic loop” between sovereign debt and domestic banks is to be mitigated or avoided; market discipline has to be maintained; and moral hazard has to be avoided. This paper discusses the stated goals of existing proposals, together with their likely anticipated and unanticipated effects and trade-offs. It recognizes that several of these underlying assumptions and frameworks are at odds with the extant empirical evidence. It concludes by setting forth a three-pronged proposal for reform in the Euro Area. First, it is desirable to have a more explicit seniority structure in sovereign debt, which should be achieved by introducing a junior class of risky sovereign bonds linked to nominal GDP growth. Second, governments with high legacy debt and/or high deficits should be required to access new financing by issuing such junior bonds. Third, the extent of fiscal stabilization and banking union in the Euro area should be increased.

Ulkopuolinen laatija

S. Rossi

Are the current “automatic stabilisers” in the Euro Area Member States sufficient to smooth economic cycles?

27-05-2019

Since 2008, and as the result of central banks reaching the zero-lower bound, fiscal policy has come back as a potential, possibly primary, tool to stabilize business cycles. We present evidence that European countries have historically relied on automatic stabilisers for counter-cyclical policies, while discretionary fiscal policy has been pro-cyclical (unlike in the US). Pro-cyclical fiscal policies became so strong in the years 2010-14 that they completely eliminated the benefits of automatic ...

Since 2008, and as the result of central banks reaching the zero-lower bound, fiscal policy has come back as a potential, possibly primary, tool to stabilize business cycles. We present evidence that European countries have historically relied on automatic stabilisers for counter-cyclical policies, while discretionary fiscal policy has been pro-cyclical (unlike in the US). Pro-cyclical fiscal policies became so strong in the years 2010-14 that they completely eliminated the benefits of automatic stabilisers. Looking forward, there are calls to strengthen automatic stabilisers. We argue in this paper that without addressing the reasons behind the pro-cyclicality of discretionary policy, this cannot be a solution. Strengthening automatic stabilisers faces similar challenges and trade-offs as proposals to make discretionary policy more countercyclical.

Ulkopuolinen laatija

A.Fatas

A feasibility check on core elements needed for "orderly" sovereign debt restructuring and/or debt mutualisation in the Euro Area

24-05-2019

The purpose of this briefing note is to explore the requirements for orderly sovereign debt restructuring or the mutualisation of sovereign debt among the Euro Area Member States. The briefing has three sections. The first provides an overview of the challenges associated with restructuring sovereign debt in the euro area. The second examines the underlying need for sovereign debt restructuring and assesses how much of that need can be addressed or mitigated through the institutions for European ...

The purpose of this briefing note is to explore the requirements for orderly sovereign debt restructuring or the mutualisation of sovereign debt among the Euro Area Member States. The briefing has three sections. The first provides an overview of the challenges associated with restructuring sovereign debt in the euro area. The second examines the underlying need for sovereign debt restructuring and assesses how much of that need can be addressed or mitigated through the institutions for European macroeconomic governance. The third section offers policy recommendations to meet those challenges that remain.

Ulkopuolinen laatija

E.Jones

Are the current “automatic stabilisers” in the Euro Area Member States sufficient to smooth economic cycles?

24-05-2019

Automatic stabilisers refer to items on government budgets that operate in ways that smooth the economic cycle. These are found to have played this role to a considerable extent – possibly halving the amplitude of the cycle – in the first two decades of the single currency in Europe. However, discretionary fiscal policies have frequently overruled the working of the automatic stabilisers, thus muting their smoothing impact, both in good and in bad times. A supranational buffer fund, to which Member ...

Automatic stabilisers refer to items on government budgets that operate in ways that smooth the economic cycle. These are found to have played this role to a considerable extent – possibly halving the amplitude of the cycle – in the first two decades of the single currency in Europe. However, discretionary fiscal policies have frequently overruled the working of the automatic stabilisers, thus muting their smoothing impact, both in good and in bad times. A supranational buffer fund, to which Member States contribute in good times and can draw on in bad times, might help to mitigate these tendencies, if underpinned by strong political legitimacy, clear rules, automaticity when possible, and solid judgment when needed.

Ulkopuolinen laatija

P.Van den Noord

Are the current “automatic stabilisers” in the Euro Area Member States sufficient to smooth economic cycles?

24-05-2019

This report provides a country-specific stocktaking of automatic stabilisers in the Eurozone and analyses the effect of automatic stabilisers in preventing pro-cyclical fiscal policies in good and bad times. The report shows that the size of automatic stabilisers varies greatly across Euro-area Member States. While automatic stabilisers have played an important role in the early phase of the financial and economic crisis in 2008/2009, their countercyclical effect was partly offset in some Member ...

This report provides a country-specific stocktaking of automatic stabilisers in the Eurozone and analyses the effect of automatic stabilisers in preventing pro-cyclical fiscal policies in good and bad times. The report shows that the size of automatic stabilisers varies greatly across Euro-area Member States. While automatic stabilisers have played an important role in the early phase of the financial and economic crisis in 2008/2009, their countercyclical effect was partly offset in some Member States by a pro-cyclical fiscal stance in other years, in particular throughout the period 2011-2016. The report concludes that Euro-area fiscal governance needs to be improved and that it is key to build up fiscal buffers in good economic times so that automatic stabilisers can operate freely in prolonged downturns.

Ulkopuolinen laatija

M.Dolls, C.Fuest, A.Peichl, F.Schleef

Banking resolution challenges ahead in the Banking Union

16-05-2019

This note presents the summaries of three papers requested by the ECON Committee to external authors, to give a topical assessment of the Single Resolution Board’s past performance and a view on future priorities or areas that would call for increased attention.

This note presents the summaries of three papers requested by the ECON Committee to external authors, to give a topical assessment of the Single Resolution Board’s past performance and a view on future priorities or areas that would call for increased attention.

Banking Supervisory challenges ahead in the Banking Union

16-05-2019

This note presents the summaries of four papers requested by the ECON Committee to external authors on ”The next SSM term: Supervisory challenges ahead", given the recent appointment of Andrea Enria as Chair of the Single Supervisory Mechansim (SSM). The experts were asked to briefly look back at how the SSM (part of the ECB) has over the past years performed against the main goals it was supposed to accomplish; look forward at the supervisory challenges ahead; and to reflect upon which modified ...

This note presents the summaries of four papers requested by the ECON Committee to external authors on ”The next SSM term: Supervisory challenges ahead", given the recent appointment of Andrea Enria as Chair of the Single Supervisory Mechansim (SSM). The experts were asked to briefly look back at how the SSM (part of the ECB) has over the past years performed against the main goals it was supposed to accomplish; look forward at the supervisory challenges ahead; and to reflect upon which modified supervisory practices would facilitate the Parliament’s scrutiny work.

Overview of external briefings on the SSM and SRB during the 8th parliamentary term

06-05-2019

To facilitate the parliamentary scrutiny work, the Committee on Economic and Monetary Affairs (including its Banking Union Working Group) has drawn on external experts to provide briefings on topics of relating to both the SSM and SRM. Prior to December 2015, experts had been requested on an ad-hoc basis, while thereafter, ECON could draw on expertise from two standing panels of experts, one panel for supervisory issues, the other for questions related to bank resolution. Topics for the panel of ...

To facilitate the parliamentary scrutiny work, the Committee on Economic and Monetary Affairs (including its Banking Union Working Group) has drawn on external experts to provide briefings on topics of relating to both the SSM and SRM. Prior to December 2015, experts had been requested on an ad-hoc basis, while thereafter, ECON could draw on expertise from two standing panels of experts, one panel for supervisory issues, the other for questions related to bank resolution. Topics for the panel of experts to be provided in advance of each public hearing are chosen by ECON Coordinators. Since their inception, the two standing panels have in total provided 56 concise written briefing papers on 20 different topics.

Tulevat tapahtumat

25-06-2019
Meeting EU energy and climate goals: Energy storage for grids and low-carbon mobility
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