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This paper situates the EU’s fiscal response to the pandemic (suspending the Stability and Growth Pact, creating the SURE and Recovery and Resilience Facility) within longstanding debates on reforming EU fiscal governance and offers recommendations on the way forward, specifically the SGP reforms needed prior to returning to its rules and creating a budget with a stabilisation capacity.

Balanced Withdrawal of Policy Support to Avoid Cliff Effects

Задълбочен анализ 01-03-2021

The COVID-19 crisis has triggered unprecedented concerted economic policy response. The paper investigates potential cliff effects that may arise from the temporary nature of the measures adopted and their different phase-out schedules. It finds that the concern that premature policy tightening could jeopardise the recovery are overblown. The major challenges for economic policy lie in the medium term. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life ...

The coronavirus pandemic (COVID-19) is having a major negative impact on employment. As part of the EU’s response to the crisis, the European Commission has proposed the creation of SURE, a temporary instrument to complement national efforts to protect employees and the self-employed from the risk of unemployment and loss of income. Under the scheme, the EU would be able to provide financial support worth up to €100 billion to 'short-time work' schemes and other national measures that have this objective ...

The outbreak of the coronavirus pandemic hits all Member States, not all in the same way but the impact can spill over on to those Member States not (yet) so much affected. A common STW for the EU 27 can support/reinsure the existing national STW’s. This scheme would limit severe economic crisis, through its stabilising effect on disposable income. It would strengthen the social dimension of EU 27 and demonstrate European solidarity bringing support directly to the citizens.

Small and medium-sized enterprises (SMEs) are the backbone of the European economy. This study reviews the effect of the current crisis on Europe’s economy, as well as measures taken by governments and social partners to support SMEs in the crisis. The study discusses in detail the experience and potential of two main types of measures (short-time working arrangements and skills development and training) for a number of Member States. Most of them have implemented measures in the form of packages ...