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This document provides regularly updated information on EU Member States which have received financial assistance from the ESM, the EFSF, the EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Since August 2018, all financial assistance programmes to EU Member States have been concluded; therefore, the document focuses on the implementation of the enhanced surveillance framework for Greece and post-programme reviews for Ireland, Portugal, Cyprus, Spain and Romania ...

This table provides a regular update on Member States invited for an Economic Dialogue in the competent Committee of the European Parliament and an overview of the respective legal base.

A new database on exceptional fiscal spending adopted during the COVID-19 crisis is presented for 14 EU countries. The composition and evolution of fiscal measures differ across countries. We analyse (a) whether national economic characteristics determined the type of fiscal response adopted and (b) how the different fiscal measures affected the macroeconomic outcomes and consumer confidence. We assess whether measures have been sufficiently targeted and make recommendations as to which adjustments ...

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure (MIP), taking into account the most recent assessments and decisions by the European Commission and the Council. It presents the relations between the MIP and the Recovery and Resilience Facility, and the MIP in the context of the review of the EU economic governance. It also gives an overview of relevant positions taken on the MIP by EU institutions. A separate EGOV note summarises the Macroeconomic ...

In this study we analyse the provisions of the EU-Mercosur trade agreement (EUMETA) in its form presented by the European Commission. Our analysis covers the potential macroeconomic effects of the agreement that are based on the analysis of the extent of trade liberalisation through the lens of a computable general simulation model, as well as more detailed analysis of trade structure, tariff structure, non-tariff protection and the trade-related provisions of the agreement including trade in services ...

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

This contribution reviews the ECB measures since the start of the COVID-19 crisis, i.e. the extension of APP and the introduction of PEPP. We show that APP announcements have helped steer inflation expectations upward. We also show that PEPP has alleviated fragmentation risk. Finally, we show that since the mid-2000s, ECB measures have had real effects on euro area unemployment rates, nominal effects on inflation rates and financial effects on banking stability. This paper was provided by the Policy ...

Latest forcest by EC, IMF and OECD.

Uncertainty and the Pandemic Shocks

In-Depth Analysis 18-11-2020

The COVID-19 pandemic shocks are a significant source of uncertainty in several aspects. In particular, these shocks influence the landscape, in which policymakers operates, and create further uncertainty about policy decisions and about their effectiveness. The aim of this paper is to offer some relative measures of the uncertainty caused by the pandemic, and to discuss the impact of this uncertainty on the possible evolution of European economies during the second wave of COVID-19. Emphasis will ...

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.