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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.

Euro Area Scrutiny: External expertise on economic governance issues during the 8th Parliamentary term

24-06-2019

This document provides the summaries of all external experts papers published during the 8th parliamentary term (2014-2019) by the Economic Governance Support Unit, aimed at supporting the scrutiny work on the functioning of the Euro Area, especially in view of the bi-annual Economic Dialogues with the President of the Eurogroup.

This document provides the summaries of all external experts papers published during the 8th parliamentary term (2014-2019) by the Economic Governance Support Unit, aimed at supporting the scrutiny work on the functioning of the Euro Area, especially in view of the bi-annual Economic Dialogues with the President of the Eurogroup.

The Macroeconomic Imbalance Procedure – Overview

14-05-2019

The Macroeconomic Imbalance Procedure (MIP) is a policy tool introduced within the reinforced economic governance framework adopted in 2011. The MIP aims at preventing and correcting macroeconomic imbalances in Member States, with specific attention to imbalances with potential spillovers effects on other Member States.

The Macroeconomic Imbalance Procedure (MIP) is a policy tool introduced within the reinforced economic governance framework adopted in 2011. The MIP aims at preventing and correcting macroeconomic imbalances in Member States, with specific attention to imbalances with potential spillovers effects on other Member States.

Country-specific recommendations: An overview (April 2019)

02-05-2019

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 looks how these recommendations evolved over time, including from the legal base perspective. Finally, it discusses 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 looks how these recommendations evolved over time, including from the legal base perspective. Finally, it discusses how recommendations were implemented over the 2012-2018 European Semester cycles. The note is updated on a regular basis.

Economic Dialogue with Spain - ECON on 22 January 2019

21-01-2019

This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Nadia Calviño, Minister of Economía y Empresa in Spain, in the ECON committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic governance framework. The last Economic Dialogue with the Spanish authorities took place in January 2014 and an exchange of views took place in November 2016 ...

This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Nadia Calviño, Minister of Economía y Empresa in Spain, in the ECON committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic governance framework. The last Economic Dialogue with the Spanish authorities took place in January 2014 and an exchange of views took place in November 2016.

Economic Dialogue and Exchange of Views with the President of the Council (ECOFIN)

18-01-2019

Eugen Orlando TEODOROVICI, Minister of Public Finance, is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the Romanian Presidency (January - July 2019). According to the Treaty of the Union “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”. This briefing provides an overview of the Romanian Presidency priorities in ECON matters and the Council work programme on the European ...

Eugen Orlando TEODOROVICI, Minister of Public Finance, is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the Romanian Presidency (January - July 2019). According to the Treaty of the Union “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”. This briefing provides an overview of the Romanian Presidency priorities in ECON matters and the Council work programme on the European Semester for economic coordination during spring 2019. Reference is also made to further reading relating to the state-of-play on the implementation of the Stability and Growth Pact and the Macroeconomic Imbalance Procedure under the European Semester.

Recommendations on the economic policy of the euro area under the European Semester - January 2019

17-01-2019

This note presents information on the Eurogroup’s policy actions in relation to the 2018 euro area recommendations and provides an overview of the recommendations addressed to the euro area as a whole under the European Semester for 2019.

This note presents information on the Eurogroup’s policy actions in relation to the 2018 euro area recommendations and provides an overview of the recommendations addressed to the euro area as a whole under the European Semester for 2019.

2018: Challenges and choices [What Think Tanks are thinking]

20-12-2018

After 2017 brought optimism for the European Union, 2018 has proved a year of tougher challenges and choices. It was a time of slower growth, with the spectre of a global trade war. Turbulent negotiations on Brexit brought an agreement, but the chances of its approval by the UK House of Commons look unpromising. It was a year of uncertainty for transatlantic ties and for US global leadership. Tensions re-emerged over migration. Progress in overhauling the euro-area was limited. The simmering Russia-Ukrainian ...

After 2017 brought optimism for the European Union, 2018 has proved a year of tougher challenges and choices. It was a time of slower growth, with the spectre of a global trade war. Turbulent negotiations on Brexit brought an agreement, but the chances of its approval by the UK House of Commons look unpromising. It was a year of uncertainty for transatlantic ties and for US global leadership. Tensions re-emerged over migration. Progress in overhauling the euro-area was limited. The simmering Russia-Ukrainian conflict erupted again. These and other developments form the backdrop for the European elections in 2019. This note offers links to recent selected commentaries, studies and reports from major international think tanks on the state of the EU in 2018 and its outlook in several important areas.

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

12-12-2018

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 is designed to review the degree of progress in achieving the goals that the European Council has set itself and to assist the Parliament in exercising its important oversight role in this field.

Economic Dialogue with the European Commission on the 2019 European Semester Cycle

07-12-2018

Vice-President Dombrovskis and Commissioner Moscovici have been invited to an Economic Dialogue and Exchange of Views on the launch of the 2019 European Semester and the Commission opinions on the 2019 Draft Budgetary Plans of the Euro Area Member States, in line with the relevant EU law. This briefing note covers the main elements of the 2019 European Semester Package, proposed by the Commission, and the 2019 Draft Budgetary Plans of the Euro Area Member States, including the specific situation ...

Vice-President Dombrovskis and Commissioner Moscovici have been invited to an Economic Dialogue and Exchange of Views on the launch of the 2019 European Semester and the Commission opinions on the 2019 Draft Budgetary Plans of the Euro Area Member States, in line with the relevant EU law. This briefing note covers the main elements of the 2019 European Semester Package, proposed by the Commission, and the 2019 Draft Budgetary Plans of the Euro Area Member States, including the specific situation of Italy. It gives an overview of the implementation of the previous Semester Cycles and of the on-going work to strengthen the governance and the resilience of EMU.

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