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Key Macroeconomic Indicators for Cyprus, Greece, Ireland and Portugal

12-05-2020

This document provides a selection of key indicators in Member States that are or have been subject to a Macroeconomic Adjustment Programme. Greece is still under a programme, while Ireland, Portugal and Cyprus have exited their programmes and are now under so-called post-programme surveillance. For more information on the programmes, please see a separate document on Financial Assistance to EU Member States.

This document provides a selection of key indicators in Member States that are or have been subject to a Macroeconomic Adjustment Programme. Greece is still under a programme, while Ireland, Portugal and Cyprus have exited their programmes and are now under so-called post-programme surveillance. For more information on the programmes, please see a separate document on Financial Assistance to EU Member States.

Macro-Financial Assistance to EU Member States - State of Play, November 2019

08-11-2019

This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, EFSF, EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Against the background that since August 2018 all financial assistance programmes to EU Member States have been concluded, the document focuses now on the implementation of the enhanced surveillance framework for Greece and post-programme reviews (including IMF Article IV ...

This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, EFSF, EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Against the background that since August 2018 all financial assistance programmes to EU Member States have been concluded, the document focuses now on the implementation of the enhanced surveillance framework for Greece and post-programme reviews (including IMF Article IV assessments) for Ireland, Portugal, Romania and Spain undertaken by the European Commission (EC) in liaison with the ECB (Post-Programme Surveillance, PPS), the IMF (Post-Programme Monitoring, PPM) and the ESM (Early Warning System, EWS).

Outcome of the informal meeting of EU-27 leaders on 9 May 2019 in Sibiu

13-05-2019

EU-27 Heads of State or Government met on 9 May 2019 in the Romanian city of Sibiu, to discuss the Union’s common future. They adopted the Sibiu Declaration, recalling the achievements and values of the European Union. EU leaders reaffirmed their unity, and recognised the role they have to play to make the EU stronger and the future brighter. They also discussed the forthcoming Strategic Agenda for 2019-2024, which will outline policy priorities for the next five years. The European Council President ...

EU-27 Heads of State or Government met on 9 May 2019 in the Romanian city of Sibiu, to discuss the Union’s common future. They adopted the Sibiu Declaration, recalling the achievements and values of the European Union. EU leaders reaffirmed their unity, and recognised the role they have to play to make the EU stronger and the future brighter. They also discussed the forthcoming Strategic Agenda for 2019-2024, which will outline policy priorities for the next five years. The European Council President, Donald Tusk, suggested a process for the forthcoming appointments to a set of high-level EU positions, and called a special summit for 28 May.

Turkish Cypriot community: Financial support instrument

10-04-2019

The Commission runs an aid programme for the Turkish Cypriot community in order to prepare for and facilitate reunification of Cyprus.

The Commission runs an aid programme for the Turkish Cypriot community in order to prepare for and facilitate reunification of Cyprus.

Brexit: Understanding the withdrawal agreement and political declaration

20-03-2019

In November 2018, the European Union (EU) and the United Kingdom (UK) endorsed, at leaders’ level, an agreement that would ensure an orderly UK withdrawal from the EU on 30 March 2019, as well as a political declaration setting out the main parameters of the future EU-UK relationship. The withdrawal agreement is an extensive legal document aiming, among other things, to preserve the essential rights of UK nationals living in the EU-27 and EU citizens living in the UK; to ensure that all financial ...

In November 2018, the European Union (EU) and the United Kingdom (UK) endorsed, at leaders’ level, an agreement that would ensure an orderly UK withdrawal from the EU on 30 March 2019, as well as a political declaration setting out the main parameters of the future EU-UK relationship. The withdrawal agreement is an extensive legal document aiming, among other things, to preserve the essential rights of UK nationals living in the EU-27 and EU citizens living in the UK; to ensure that all financial commitments vis-à-vis the EU undertaken while the UK was a Member State are respected; and to conclude in an orderly manner ongoing processes in various areas (e.g. circulation of goods already on the market and ongoing judicial procedures). Importantly, the agreement establishes a 21-month transition period, extendable once, to help businesses and citizens to adapt to the new circumstances, and the EU and UK to negotiate their future partnership agreements. During this time, the UK will be treated as a Member State, but without any EU decision-making and representation rights. Furthermore, one of the agreement’s three protocols, the Protocol on Ireland/Northern Ireland contains a legally operational ‘backstop’, aiming to avoid a hard border on the island of Ireland in the future. It has long been the most contested aspect of the withdrawal deal. The political declaration, by contrast, is a non-binding text, providing the basis for future EU-UK economic and security cooperation, taking into account both sides’ red lines and principles. With just days to go to the Brexit deadline, the procedures to approve the withdrawal deal have still not been finalised, due to continuing opposition within the UK Parliament. While extending the Article 50 negotiating period now appears highly likely, all scenarios are still possible, including the UK leaving the EU without a deal at the end of March 2019.

Future EU-Turkey relations

23-10-2018

In June 2018, Recep Tayyip Erdogan was re-elected as president of Turkey, this time with extended powers under the revised Turkish Constitution. Over the previous couple of years, his country's relationship with the EU had been challenged by issues such as the ongoing management of the migration crisis and the EU-Turkey Agreement, the attempted military coup in Istanbul and Ankara, and the ensuing purge, which the EU and international organisations criticised for its disproportionate severity. With ...

In June 2018, Recep Tayyip Erdogan was re-elected as president of Turkey, this time with extended powers under the revised Turkish Constitution. Over the previous couple of years, his country's relationship with the EU had been challenged by issues such as the ongoing management of the migration crisis and the EU-Turkey Agreement, the attempted military coup in Istanbul and Ankara, and the ensuing purge, which the EU and international organisations criticised for its disproportionate severity. With the constitutional referendum and the subsequent parliamentary and presidential elections, President Erdogan further reinforced his position at the helm of the institutional system and raised concerns among the EU and NATO about his commitment to Western institutions. Turkey deepened its relations with Russia, buying military equipment and coordinating with it on Syrian policies on the ground. At the same time, US-Turkish relations worsened due to the Syrian conflict and the imprisonment of a US pastor by Turkey, although he was subsequently released. Negotiations on Turkey's accession to the EU have nevertheless continued, despite an increasingly lively debate in some Member States about whether or not they should be halted. Some have proposed striking an economic agreement with Turkey as an alternative to membership. Others believe the outcome of the negotiations on the UK's future relationship with the EU might also provide a possible model for Turkey. Despite the numerous hurdles before it, accession not only remains the ultimate objective of EU-Turkey relations, endorsed by both the European Council and by Turkey, but it also provides potential for reform and dialogue regarding common standards, not least in the area of civil liberties.

Energy: a shaping factor for regional stability in the Eastern Mediterranean?

16-05-2017

Since 2010 the Eastern Mediterranean region has become a hotspot of international energy discussions due to a series of gas discoveries in the offshore of Israel, Cyprus and Egypt. To exploit this gas potential, a number of export options have progressively been discussed, alongside new regional cooperation scenarios. Hopes have also been expressed about the potential role of new gas discoveries in strengthening not only the regional energy cooperation, but also the overall regional economic and ...

Since 2010 the Eastern Mediterranean region has become a hotspot of international energy discussions due to a series of gas discoveries in the offshore of Israel, Cyprus and Egypt. To exploit this gas potential, a number of export options have progressively been discussed, alongside new regional cooperation scenarios. Hopes have also been expressed about the potential role of new gas discoveries in strengthening not only the regional energy cooperation, but also the overall regional economic and political stability. However, initial expectations largely cooled down over time, particularly due to delays in investment decision in Israel and the downward revision of gas resources in Cyprus. These developments even raised scepticism about the idea of the Eastern Mediterranean becoming a sizeable gas-exporting region. But initial expectations were revived in 2015, after the discovery of the large Zohr gas field in offshore Egypt. Considering its large size, this discovery has reshaped the regional gas outlook, and has also raised new regional cooperation prospects. However, multiple lines of conflict in the region continue to make future Eastern Mediterranean gas activities a major geopolitical issue. This study seeks to provide a comprehensive analysis of all these developments, with the ultimate aim of assessing the realistic implications of regional gas discoveries for both Eastern Mediterranean countries and the EU.

External author

Simone TAGLIAPIETRA

Rules on independence and responsibility regarding auditing, tax advice, accountancy, account certification services and legal services

14-04-2017

This study maps the rules on independence and responsibility that are applicable at national, EU, and international level that govern the service provision by intermediaries such as companies working in auditing, tax advice, accountancy and account certification or by legal advisors (attorneys, solicitors, legal consultants, in-house lawyers, etc.). The mapping forms the basis for policy recommendations to encourage intermediaries to deliver a positive contribution to combatting tax evasion, tax ...

This study maps the rules on independence and responsibility that are applicable at national, EU, and international level that govern the service provision by intermediaries such as companies working in auditing, tax advice, accountancy and account certification or by legal advisors (attorneys, solicitors, legal consultants, in-house lawyers, etc.). The mapping forms the basis for policy recommendations to encourage intermediaries to deliver a positive contribution to combatting tax evasion, tax avoidance and money laundering. This document was prepared for Policy Department A at the request of the Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA).

External author

Ian ROXAN (LSE), Saipriya KAMATH (LSE), Willem Pieter DE GROEN (CEPS) ; Research support: Katharina EHRHART (LSE Enterprise)

THE INSTRUMENTS PROVIDING MACRO-FINANCIAL SUPPORT TO EU MEMBER STATES

12-01-2017

This paper revises the European instruments for macro-financial stability providing financial support to member states. Three instruments, created on an ad-hoc basis during the crisis, are temporary and should gradually disappear. One instrument reserved for non-euro area member states, and others targeted at euro area countries remain in place. In the long term, the European Stability Mechanism is likely to become the only instrument for macro-financial assistance, but its current standing outside ...

This paper revises the European instruments for macro-financial stability providing financial support to member states. Three instruments, created on an ad-hoc basis during the crisis, are temporary and should gradually disappear. One instrument reserved for non-euro area member states, and others targeted at euro area countries remain in place. In the long term, the European Stability Mechanism is likely to become the only instrument for macro-financial assistance, but its current standing outside the EU legal framework needs to be addressed.

External author

Cinzia ALCIDI, David Rinaldi, Jorge Núñez Ferrer, Danel Gros, Centre for European Policy Studies (CEPS)

Amendment of Common Provisions Regulation articles for Member States in financial difficulty

19-10-2016

The implementation of programmes under the European Structural and Investment Funds (ESI Funds) is challenging, not least because of the liquidity problems resulting from the fiscal consolidation efforts being made in various EU Member States. The European Commission is suggesting amendments to the Common Provisions Regulation (CPR), the main regulation covering the ESI Funds, in order to ease the liquidity problems that various countries are facing.

The implementation of programmes under the European Structural and Investment Funds (ESI Funds) is challenging, not least because of the liquidity problems resulting from the fiscal consolidation efforts being made in various EU Member States. The European Commission is suggesting amendments to the Common Provisions Regulation (CPR), the main regulation covering the ESI Funds, in order to ease the liquidity problems that various countries are facing.

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