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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.

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.

Is-Semestru Ewropew: il-passi ewlenin fil-livell tal-UE

07-05-2019

Is-Semestru Ewropew għall-Koordinazzjoni tal-Politika Ekonomika: il-passi u l-atturi ewlenin.

Is-Semestru Ewropew għall-Koordinazzjoni tal-Politika Ekonomika: il-passi u l-atturi ewlenin.

Country Specific Recommendations for 2017 and 2018 - A tabular comparison and an overview of implementation

20-03-2019

This study presents the 2017 Country-Specific Recommendations generally endorsed by the European Council of 22/23 June 2017 and adopted by the Council of 11 July 2017; the assessment of the implementation of 2017 Country-Specific Recommendations based on the Commission Country Reports published on 7 March 2018; the 2018 Country-Specific Recommendations proposed by the European Commission on 23 May 2018 and adopted by the Council on 13 July 2018; the European Commission’s assessments of the implementation ...

This study presents the 2017 Country-Specific Recommendations generally endorsed by the European Council of 22/23 June 2017 and adopted by the Council of 11 July 2017; the assessment of the implementation of 2017 Country-Specific Recommendations based on the Commission Country Reports published on 7 March 2018; the 2018 Country-Specific Recommendations proposed by the European Commission on 23 May 2018 and adopted by the Council on 13 July 2018; the European Commission’s assessments of the implementation of the 2018 Country-Specific Recommendations based on its Country Reports published on 27 February 2019; the Council Recommendation on the economic policy of the euro area approved by the Council of 23 January 2018.

Debt Sustainability Assessments: The state of the art

15-11-2018

The approach to Debt Sustainability Assessments (DSAs) has substantially evolved after the global crisis, consistent with the goal of improving detection of high and low frequency risks. DSAs cover an increasing number of indicators, systematically look into implicit and contingent liabilities, and use statistical methods to quantify “tail events”. They also operationalize debt limits, by adopting thresholds for debt and payment flows to single out enhanced vulnerability. While these developments ...

The approach to Debt Sustainability Assessments (DSAs) has substantially evolved after the global crisis, consistent with the goal of improving detection of high and low frequency risks. DSAs cover an increasing number of indicators, systematically look into implicit and contingent liabilities, and use statistical methods to quantify “tail events”. They also operationalize debt limits, by adopting thresholds for debt and payment flows to single out enhanced vulnerability. While these developments mark true progress, this paper focuses on liquidity risk, contagion risk and the identification of debt limits as critical areas limiting DSA effectiveness, explains why DSA should embed potentially available official support and how an incomplete lending architecture is a hurdle for DSA. The paper concludes with a comparative assessment of current standard DSAs, suggests directions for further improvement and discusses the correct use of DSAs in light of the strengths and weaknesses inherent in the underlying methodologies..

Awtur estern

Giancarlo Corsetti

Debt Sustainability Assessments: The state of the art

14-11-2018

Awtur estern

Cinzia ALCIDI and Daniel GROS

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.

Il-governanza ekonomika

01-04-2018

Il-governanza ekonomika tirreferi għas-sistema ta' istituzzjonijiet u proċeduri stabbilita biex jintlaħqu l-objettivi tal-Unjoni fil-qasam ekonomiku, jiġifieri l-koordinazzjoni tal-politiki ekonomiċi għall-promozzjoni tal-progress ekonomiku u soċjali għall-UE u għaċ-ċittadini tagħha. Il-kriżi finanzjarja, fiskali u ekonomika li bdiet fl-2008 wriet li l-UE kellha bżonn mudell ta' governanza ekonomika aktar effikaċi mill-koordinazzjoni ekonomika u fiskali fis-seħħ sa dak iż-żmien. L-iżviluppi fil-qasam ...

Il-governanza ekonomika tirreferi għas-sistema ta' istituzzjonijiet u proċeduri stabbilita biex jintlaħqu l-objettivi tal-Unjoni fil-qasam ekonomiku, jiġifieri l-koordinazzjoni tal-politiki ekonomiċi għall-promozzjoni tal-progress ekonomiku u soċjali għall-UE u għaċ-ċittadini tagħha. Il-kriżi finanzjarja, fiskali u ekonomika li bdiet fl-2008 wriet li l-UE kellha bżonn mudell ta' governanza ekonomika aktar effikaċi mill-koordinazzjoni ekonomika u fiskali fis-seħħ sa dak iż-żmien. L-iżviluppi fil-qasam tal-governanza ekonomika jinkludu t-tisħiħ tal-koordinazzjoni u s-sorveljanza tal-politiki fiskali u makroekonomiċi u t-twaqqif ta' qafas għall-ġestjoni tal-kriżijiet finanzjarji.

Avvenimenti fil-ġejjieni

10-12-2019
EU institutional dynamics: Ten years after the Lisbon Treaty
Avveniment ieħor -
EPRS
11-12-2019
Take-aways from 2019 and outlook for 2020: What Think Tanks are Thinking
Avveniment ieħor -
EPRS

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