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Ημερομηνία

Key Macroeconomic Indicators in the Euro Area and the United States

18-11-2020

Latest forcest by EC, IMF and OECD.

Latest forcest by EC, IMF and OECD.

The Macroeconomic Imbalance Procedure: An introduction

28-10-2020

What is the macroeconomic imbalance procedure? What are the elements of its scoreboard? Once those elements are taken into account, how does the procedure evolve in the wider context of the European Semester? This paper attempts to put these elements in context and provides an introduction to the subject, as well as a flavour of the debate driven by academia and European institutions, in view of the general discussion on European economic governance, taking place in 2020 and 2021.

What is the macroeconomic imbalance procedure? What are the elements of its scoreboard? Once those elements are taken into account, how does the procedure evolve in the wider context of the European Semester? This paper attempts to put these elements in context and provides an introduction to the subject, as well as a flavour of the debate driven by academia and European institutions, in view of the general discussion on European economic governance, taking place in 2020 and 2021.

Selected Euro Area Macroeconomic Indicators

23-10-2020

This note provides a comparison of some key macroeconomic forecast indicators for the Euro Area as a whole published by the Commission, IMF, ECB and OECD.

This note provides a comparison of some key macroeconomic forecast indicators for the Euro Area as a whole published by the Commission, IMF, ECB and OECD.

New life for an old framework: redesigning the European Union's expenditure and golden fiscal rules

07-10-2020

In the context of the review of the EU economic governance framework, this study recommends a multi-year ahead expenditure rule anchored in an appropriate public debt target, augmented with an asymmetric golden rule that provides extra fiscal space only in times of a recession. An improved governance framework should strengthen national fiscal councils and include a European fiscal council, while financial sanctions should be replaced with instruments related to surveillance, positive incentives, ...

In the context of the review of the EU economic governance framework, this study recommends a multi-year ahead expenditure rule anchored in an appropriate public debt target, augmented with an asymmetric golden rule that provides extra fiscal space only in times of a recession. An improved governance framework should strengthen national fiscal councils and include a European fiscal council, while financial sanctions should be replaced with instruments related to surveillance, positive incentives, market discipline and increased political cost of non-compliance.

Εξωτερικός συντάκτης

Zsolt Darvas, Julia Anderson - Bruegel

Benefits and drawbacks of an “expenditure rule”, as well as of a "golden rule", in the EU fiscal framework

20-07-2020

Given the current crisis, all fiscal rules have been suspended. When the economy recovers, both expenditure and structural balance rules will be more difficult to apply as the level and growth of potential output will become more uncertain. Focussing on reducing high debt levels might at that point be more appropriate. The economic argument for a golden rule is that debt can be used to finance the creation of public capital. But this implies that any golden rule should only exempt net investment ...

Given the current crisis, all fiscal rules have been suspended. When the economy recovers, both expenditure and structural balance rules will be more difficult to apply as the level and growth of potential output will become more uncertain. Focussing on reducing high debt levels might at that point be more appropriate. The economic argument for a golden rule is that debt can be used to finance the creation of public capital. But this implies that any golden rule should only exempt net investment, which is much lower than the gross investment.

Εξωτερικός συντάκτης

Daniel GROS, Marvin JAHN

External Imbalances in the Euro Area - July 2020

16-07-2020

This note provides a short overview of the latest data related to external imbalances in euro area Member States, with specific reference to some indicators included in the scoreboard of the Macroeconomic Imbalances Procedure.

This note provides a short overview of the latest data related to external imbalances in euro area Member States, with specific reference to some indicators included in the scoreboard of the Macroeconomic Imbalances Procedure.

The role of fiscal rules in relation with the green economy - A new start after the outbreak

06-07-2020

According to this study the fiscal framework in principle provides sufficient flexibility to accommodate the call on government budgets from the European Green Deal – even in the very challenging fiscal landscape that is currently unfolding. However, it also observes that for this to hold in practice a number of conditions must be met, including a strong design of policies, a careful assessment of their budgetary impact and the integration of the relevant governance processes.

According to this study the fiscal framework in principle provides sufficient flexibility to accommodate the call on government budgets from the European Green Deal – even in the very challenging fiscal landscape that is currently unfolding. However, it also observes that for this to hold in practice a number of conditions must be met, including a strong design of policies, a careful assessment of their budgetary impact and the integration of the relevant governance processes.

Εξωτερικός συντάκτης

Paul van den Noord

Banks' exposures to Home sovereign bonds

15-06-2020

This background document summarises information that was published by the European Banking Authority and that sheds some light on the status quo of the 'sovereign-bank' nexus, in view of the fact that the link between sovereign and bank credit risk has been identified as a risk to financial stability.

This background document summarises information that was published by the European Banking Authority and that sheds some light on the status quo of the 'sovereign-bank' nexus, in view of the fact that the link between sovereign and bank credit risk has been identified as a risk to financial stability.

The economy and coronavirus - Weekly Picks 12/05/2020

12-05-2020

This paper provides a summary of some recent analyses of the macroeconomic effects of the coronavirus and some policy recommendations made in the public domain to mitigate these negative effects.

This paper provides a summary of some recent analyses of the macroeconomic effects of the coronavirus and some policy recommendations made in the public domain to mitigate these negative effects.

A recipe for a sustainable and legitimate new EU/EA fiscal instrument

14-04-2020

This note sets out proposals to find a more sustainable and limited new EU fiscal instrument that would be under the full control of the Member States. This would involve a Treaty change (under the simplified procedure) and agreeing on the modalities of a more effective and fairer tax base for EU companies benefitting most of the internal market, EU trade policy and the euro exchange rate (for companies established in euro area Member States) and use such proceeds to finance EU projects, such as ...

This note sets out proposals to find a more sustainable and limited new EU fiscal instrument that would be under the full control of the Member States. This would involve a Treaty change (under the simplified procedure) and agreeing on the modalities of a more effective and fairer tax base for EU companies benefitting most of the internal market, EU trade policy and the euro exchange rate (for companies established in euro area Member States) and use such proceeds to finance EU projects, such as the proposed new EU recovery fund. This note is provided as food for thought for EU policy makers in the spirit to broaden the debate to balance short term needs and long term interest of the EU as a whole.

Προσεχείς εκδηλώσεις

20-01-2021
EPRS online policy roundtable with the World Bank: Where next for the global economy
Άλλη δραστηριότητα -
EPRS
25-01-2021
Public Hearing on "Gender aspects of precarious work"
Ακρόαση -
FEMM
26-01-2021
Hearing on Co-management of EU fisheries at local level
Ακρόαση -
PECH

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