1513

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Selected Euro Area Macroeconomic Indicators

24-05-2019

This table prepared by the Economic Governance Support Unit includes Euro Area key indicators and latest forecasts from the Commission, IMF, ECB and OECD.

This table prepared by the Economic Governance Support Unit includes Euro Area key indicators and latest forecasts from the Commission, IMF, ECB and OECD.

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.

Externe auteur

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.

Externe auteur

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.

Externe auteur

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.

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.

Het Europees semester: de belangrijkste stappen op EU-niveau

07-05-2019

Het Europees semester voor economische beleidscoördinatie: belangrijkste stappen en deelnemers.

Het Europees semester voor economische beleidscoördinatie: belangrijkste stappen en deelnemers.

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.

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.

Toekomstige activiteiten

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