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Country-specific recommendations: An overview (September 2019)

11-09-2019

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2019), including from the legal base perspective. Finally, it shows how recommendations were implemented over the 2012-2018 European Semester cycles. The note is updated on a regular basis.

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2019), including from the legal base perspective. Finally, it shows how recommendations were implemented over the 2012-2018 European Semester cycles. The note is updated on a regular basis.

Economic Dialogue with the European Commission on the European Semester Spring 2018 Package

27-06-2018

Vice-President Dombrovskis, Commissioner Moscovici and Commissioner Thyssen have been invited to an Economic Dialogue on the European Semester Spring 2018 package in line with the relevant EU law. This briefing note covers the 2018 CSRs proposed by the Commission, the implementation of CSRs over the period 2012-2017 and recent decisions related to the implementation of the Stability and Growth Pact and the Macro-economic Imbalance Procedure. It also includes elements related to the on-going work ...

Vice-President Dombrovskis, Commissioner Moscovici and Commissioner Thyssen have been invited to an Economic Dialogue on the European Semester Spring 2018 package in line with the relevant EU law. This briefing note covers the 2018 CSRs proposed by the Commission, the implementation of CSRs over the period 2012-2017 and recent decisions related to the implementation of the Stability and Growth Pact and the Macro-economic Imbalance Procedure. It also includes elements related to the on-going work to strengthen the governance and the resilience of the Economic and Monetary Union.

Country-Specific Recommendations for 2018

26-06-2018

The table overleaf compares the draft 2018 Country Specific Recommendations (CSRs) proposed by the Commission on 23 May 2018 with the 2018 CSRs agreed on the Council Committee level and approved by the Council (ECOFIN) on 22 June 2018. These CSRs are to be generally endorsed by the European Council on 28-29 June 2018 and formally adopted by the Council (ECOFIN) on 13 July 2018.

The table overleaf compares the draft 2018 Country Specific Recommendations (CSRs) proposed by the Commission on 23 May 2018 with the 2018 CSRs agreed on the Council Committee level and approved by the Council (ECOFIN) on 22 June 2018. These CSRs are to be generally endorsed by the European Council on 28-29 June 2018 and formally adopted by the Council (ECOFIN) on 13 July 2018.

The role of national fiscal bodies: State of play (April 2018)

10-04-2018

This briefing provides an overview of the role played by national fiscal institutions in the preparations of forthcoming budgets in EU Member States. As part of the scrutiny of the implementation of the economic governance framework in the European Union, the objective of the briefing is twofold: 1) to give and overview of the extent to which the Stability or Convergence Programmes and the Draft Budgetary Plans contain information about the involvement of independent national fiscal bodies in the ...

This briefing provides an overview of the role played by national fiscal institutions in the preparations of forthcoming budgets in EU Member States. As part of the scrutiny of the implementation of the economic governance framework in the European Union, the objective of the briefing is twofold: 1) to give and overview of the extent to which the Stability or Convergence Programmes and the Draft Budgetary Plans contain information about the involvement of independent national fiscal bodies in the preparation of these programmes/plans; and 2) to give an overview of the current set-up and role of these independent fiscal bodies based on the most recent assessment by the European Commission.

Note on the interactions between payment systems and monetary policy

15-02-2018

This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the ECB and, on the other hand, Post-Trading-Financial Market Infrastructures. Its basic conclusion is that Payment Systems are critical for monetary policy while Central Counter Parties (CCPs) are critical for financial stability. However, in stressed conditions CCPs can be the source of risks also for monetary policy.

This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the ECB and, on the other hand, Post-Trading-Financial Market Infrastructures. Its basic conclusion is that Payment Systems are critical for monetary policy while Central Counter Parties (CCPs) are critical for financial stability. However, in stressed conditions CCPs can be the source of risks also for monetary policy.

Autore esterno

Francesco PAPADIA, Bruegel

La Banca centrale europea (BCE)

01-02-2018

La Banca centrale europea (BCE) è l'istituzione centrale dell'Unione economica e monetaria e dal 1O°gennaio 1999 è incaricata di condurre la politica monetaria della zona euro. La BCE e le banche centrali nazionali di tutti gli Stati membri dell'Unione costituiscono il Sistema europeo di banche centrali. L'obiettivo principale del Sistema europeo di banche centrali è il mantenimento della stabilità dei prezzi. Dal 4 novembre 2014 la BCE è competente a svolgere compiti specifici in merito alle politiche ...

La Banca centrale europea (BCE) è l'istituzione centrale dell'Unione economica e monetaria e dal 1O°gennaio 1999 è incaricata di condurre la politica monetaria della zona euro. La BCE e le banche centrali nazionali di tutti gli Stati membri dell'Unione costituiscono il Sistema europeo di banche centrali. L'obiettivo principale del Sistema europeo di banche centrali è il mantenimento della stabilità dei prezzi. Dal 4 novembre 2014 la BCE è competente a svolgere compiti specifici in merito alle politiche in materia di vigilanza prudenziale degli enti creditizi nel quadro del meccanismo di vigilanza unico. In quanto autorità di vigilanza bancaria la BCE svolge altresì un ruolo consultivo nella valutazione dei piani di risoluzione degli enti creditizi.

Politica monetaria europea

01-02-2018

Il Sistema europeo di banche centrali (SEBC) comprende la BCE e le banche centrali nazionali di tutti gli Stati membri dell'UE. L'obiettivo principale del SEBC è il mantenimento della stabilità dei prezzi. Per raggiungere il proprio obiettivo primario, il consiglio direttivo della BCE basa le sue decisioni su una strategia di politica monetaria a due pilastri e le attua ricorrendo a misure convenzionali e non convenzionali di politica monetaria. Gli strumenti principali della politica monetaria convenzionale ...

Il Sistema europeo di banche centrali (SEBC) comprende la BCE e le banche centrali nazionali di tutti gli Stati membri dell'UE. L'obiettivo principale del SEBC è il mantenimento della stabilità dei prezzi. Per raggiungere il proprio obiettivo primario, il consiglio direttivo della BCE basa le sue decisioni su una strategia di politica monetaria a due pilastri e le attua ricorrendo a misure convenzionali e non convenzionali di politica monetaria. Gli strumenti principali della politica monetaria convenzionale della BCE sono le operazioni di mercato aperto, le operazioni attivabili su iniziativa delle controparti e la detenzione di riserve obbligatorie. Come risposta alla crisi finanziaria, la BCE ha altresì modificato la sua strategia di comunicazione fornendo indicazioni prospettiche sul futuro percorso della politica della BCE in materia di tassi di interesse in funzione della prospettiva della stabilità dei prezzi, inoltre ha adottato una serie di misure non convenzionali di politica monetaria. Tra queste figurano gli acquisti di attivi e titoli di Stato sul mercato secondario, con l'obiettivo di salvaguardare la stabilità dei prezzi e l'efficacia del meccanismo di trasmissione della politica monetaria.

Design and sequencing of exit from non-standard monetary policy measures: What should the ECB “new normal” look like?

15-11-2017

This paper discusses 1) the design and sequencing of exiting from unconventional monetary policy measures, which the ECB has undertaken to achieve price stability and support the euro area economy and 2) the new normal—namely, how the future operational framework of the ECB should look and to what extent it will resemble the pre-crisis state of affairs. We argue that the exit from unconventional measures should be gradual and accompanied by transparent communication, and that the exit should precede ...

This paper discusses 1) the design and sequencing of exiting from unconventional monetary policy measures, which the ECB has undertaken to achieve price stability and support the euro area economy and 2) the new normal—namely, how the future operational framework of the ECB should look and to what extent it will resemble the pre-crisis state of affairs. We argue that the exit from unconventional measures should be gradual and accompanied by transparent communication, and that the exit should precede interest rate hikes. The new normal for the ECB is likely to be different from what we know from pre-crisis times (prior to 2008). It is likely to be characterised by the continuation of an extended balance sheet, more active communication measures towards the public, and a greater emphasis on financial stability issues.

Autore esterno

Roman Horvath (CASE)

ECB’s unconventional monetary policy - Tapering or Extension? Options on the table

21-11-2016

In advance of the decision of the European Central Bank (ECB), expected on 8 December 2016, regarding the Asset Purchase Programme (APP, often referred as Quantitative Easing – QE) this note provides an insight to possible policy options for the ECB. It also looks at the ECB’s options to address the scarcity of eligible assets; if not addressed, scarcity of eligible assets could put at risk the proper functioning of the APP.

In advance of the decision of the European Central Bank (ECB), expected on 8 December 2016, regarding the Asset Purchase Programme (APP, often referred as Quantitative Easing – QE) this note provides an insight to possible policy options for the ECB. It also looks at the ECB’s options to address the scarcity of eligible assets; if not addressed, scarcity of eligible assets could put at risk the proper functioning of the APP.

Why Has ECB’s Very Accommodative Monetary Policy Not Yet Triggered a Rebound of Investment?

15-06-2016

This compilation of notes requested by the Committee on Economic and Monetary Affairs (ECON) for the June 2016 Monetary Dialogue looks into the key factors which are holding back investment in the euro area notwithstanding a very loose monetary policy stance.

This compilation of notes requested by the Committee on Economic and Monetary Affairs (ECON) for the June 2016 Monetary Dialogue looks into the key factors which are holding back investment in the euro area notwithstanding a very loose monetary policy stance.

Autore esterno

Christophe BLOT, Jérôme CREEL, Paul HUBERT and Fabien LABONDANCE (OFCE, Observatoire Français des Conjonctures Économiques, France) ; Christopher HARTWELL (CASE, Centre for Social and Economic Research) ; Nils JANNSEN and Martin PLÖDT (Kiel Institute for the World Economy, Germany) ; Jacob KIRKEGAARD PIIE (Peterson Institute for International Economics) ; Karl WHELAN (University of Dublin, Ireland)

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