93

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Economic Dialogue with the other EU Institutions under the European Semester Cycles during the 9th legislative term - State of play September 2021

09-09-2021

This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent committee(s) of the European Parliament since September 2019 under the European Semester for economic policy coordination. It also lists the Recovery and Resilience Dialogues with the European Commission as undertaken by the competent committee(s) since the entry of force of the Recovery and Resilience Facility in 2021. It also includes an overview of the ...

This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent committee(s) of the European Parliament since September 2019 under the European Semester for economic policy coordination. It also lists the Recovery and Resilience Dialogues with the European Commission as undertaken by the competent committee(s) since the entry of force of the Recovery and Resilience Facility in 2021. It also includes an overview of the respective legal bases for these dialogues.

Economic dialogue with the President of the Eurogroup

22-01-2021

Paschal Donohoe has been invited to his first Economic Dialogue in the ECON Committee since his election as President of the Eurogroup in July 2020. The previous dialogue with Mário Centeno took place on 21 April 2020. The exchange of views with Members of the ECON Committee will cover the ongoing work of the Eurogroup, notably short term policy measures intended to combat the economic, financial and social consequences of COVID-19, medium term policies to support a sustainable recovery and increase ...

Paschal Donohoe has been invited to his first Economic Dialogue in the ECON Committee since his election as President of the Eurogroup in July 2020. The previous dialogue with Mário Centeno took place on 21 April 2020. The exchange of views with Members of the ECON Committee will cover the ongoing work of the Eurogroup, notably short term policy measures intended to combat the economic, financial and social consequences of COVID-19, medium term policies to support a sustainable recovery and increase resilience of the Euro Area and longer term objectives relating to the robustness of the EMU governance framework, including completing the Banking Union. This briefing covers the following issues: the Eurogroup work programme until June 2021 (Section 1); Economic situation and developments (Section 2); the Recovery and Resilience Facility and the 2021 European Semester Cycle (Section 3); EU/EA policy measures taken to mitigate the economic effects of the pandemic (Section 4); Financial assistance programmes and reform of European Stability Mechanism (Section 5) and Banking Union developments (Section 6). For an overview of the role of the President of the Eurogroup, please see Briefing: The role (and accountability) of the President of the Eurogroup.

Thematic Digest on EU Economic Governance Review

08-10-2020

This document presents the summaries of some papers in the area of EU economic governance, recently published by the European Parliament upon a request of the Economic and Monetary Committee (ECON). The thematic papers presented in this digest provides hopefully information and suggestions which will be useful for the on-going debate among policy makers, namely on the review of the EU legal framework for economic governance. They are written by external experts and supervised by the Economic Governance ...

This document presents the summaries of some papers in the area of EU economic governance, recently published by the European Parliament upon a request of the Economic and Monetary Committee (ECON). The thematic papers presented in this digest provides hopefully information and suggestions which will be useful for the on-going debate among policy makers, namely on the review of the EU legal framework for economic governance. They are written by external experts and supervised by the Economic Governance Support Unit.

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.

External author

Zsolt Darvas, Julia Anderson - Bruegel

How to make the European Semester more effective and legitimate?

24-07-2020

The Commission has launched an assessment and revision of the so-called six-pack and two-pack legislative packages. This paper assesses the successes and shortcomings of the European Semester with a focus on legitimacy, effectiveness and ownership. It argues that in order to address these problems, the framework should be redesigned from a new starting point, which builds on existing divisions of competence and clear decision making structures. This would help to restore the honesty and credibility ...

The Commission has launched an assessment and revision of the so-called six-pack and two-pack legislative packages. This paper assesses the successes and shortcomings of the European Semester with a focus on legitimacy, effectiveness and ownership. It argues that in order to address these problems, the framework should be redesigned from a new starting point, which builds on existing divisions of competence and clear decision making structures. This would help to restore the honesty and credibility of the Semester, which should be geared at supporting accountability at the national level.

External author

Päivi LEINO-SANDBERG, Fernando LOSADA FRAGA

Outlook for the European Council video-conference of 23 April 2020

21-04-2020

The European Council video-conference meeting on 23 April 2020 is expected to shift EU leaders’ attention away from immediate and short-term priorities, such as limiting the spread of the coronavirus, to a longer-term strategic approach focused on a recovery strategy for the European Union, and the financing thereof. The recovery strategy could be based on four pillars: 1) the internal market, including the Green Deal, the digital agenda and the EU’s strategic autonomy; 2) an investment strategy, ...

The European Council video-conference meeting on 23 April 2020 is expected to shift EU leaders’ attention away from immediate and short-term priorities, such as limiting the spread of the coronavirus, to a longer-term strategic approach focused on a recovery strategy for the European Union, and the financing thereof. The recovery strategy could be based on four pillars: 1) the internal market, including the Green Deal, the digital agenda and the EU’s strategic autonomy; 2) an investment strategy, to be included in the next seven-year EU budget and reflected in the work programme of the European Investment Bank; 3) a global recovery strategy reinforcing the external responsibility of the EU and promoting multilateralism; and 4) strengthening resilience and governance for a stronger EU after the crisis. As the EU’s Multiannual Financial Framework (MFF) for the seven years from 2021 to 2027, which has yet to be agreed, touches upon all four pillars of the recovery strategy, EU leaders will engage in a strategic discussion on the MFF during their video-conference.

The ESM and the EIB: comparison of some features

07-04-2020

This paper presents in a tabular format the main characteristics of the European Stability Mechanism and the European Investment Bank. Both institutions collect funds on capital markets. The ESM provides loans to Member States, while the EIB provides loans and venture capital to private and public institutions. Both institutions have been called on to take initiatives in the context of EU reaction to the economic crisis due to the Covid-19 pandemic.

This paper presents in a tabular format the main characteristics of the European Stability Mechanism and the European Investment Bank. Both institutions collect funds on capital markets. The ESM provides loans to Member States, while the EIB provides loans and venture capital to private and public institutions. Both institutions have been called on to take initiatives in the context of EU reaction to the economic crisis due to the Covid-19 pandemic.

Benefits outweigh costs of flexibility in EU multiannual financial framework

20-03-2020

Budget flexibility can be defined as the capacity to reorient resources quickly to meet changed circumstances, unexpected events or new policy priorities. There are three different ways of introducing flexibility in the budgetary process: by relaxing constraints on annual budgets and enhancing the capacity of legislative bodies to set annual spending priorities (legislative flexibility), by giving more discretion to executive units on how to execute their allocations (executive flexibility), and ...

Budget flexibility can be defined as the capacity to reorient resources quickly to meet changed circumstances, unexpected events or new policy priorities. There are three different ways of introducing flexibility in the budgetary process: by relaxing constraints on annual budgets and enhancing the capacity of legislative bodies to set annual spending priorities (legislative flexibility), by giving more discretion to executive units on how to execute their allocations (executive flexibility), and by setting up specific mechanisms to deal with large, unforeseen expenditure needs (e.g. contingency reserves for natural disasters and crises). A comparison of flexibility practices at the national and EU level reveals that the EU budget suffers from both limited legislative flexibility (little discretion given to the Council and the Parliament to set annual spending priorities) and executive flexibility (limited capacity conferred on the European Commission to adjust allocations according to needs and circumstances). Debates on EU budget flexibility tend to focus on the first problem and underestimate the second. Any attempt to enhance EU legislative budget flexibility requires reconsideration of the structural aspects of the multiannual financial framework (MFF). To date, focus has been on changing the rules related to the use of budgetary margins, but there are other ways to give EU budgetary authorities more capacity to set annual spending priorities, such as shortening the duration of the MFF, reconsidering the length of spending programmes, allowing for some adjustment of annual ceiling on payments or institutionalising a MFF mid-term review. Enhancing executive budget flexibility demands changes to the design of EU spending programmes, particularly the establishment of less detailed allocation rules and the creation of in-programme flexibility tools (such as performance or programme reserves). Finally, any discussion about enhancing EU budget flexibility must take into account the possible implications or 'costs' in terms of budgetary control and budgetary stability.

External author

This paper was drafted as a contribution to the EPRS expert seminar on 'EU Budget 2021-27: Challenges and opportunities', held on 28 January 2020. Its author is Eulalia Rubio, Institut Jacques Delors.

EGOV Annual Activity Report 2019

11-03-2020

This activity report covers the year 2019 and presents an overview of the expertise provided by the Unit in the area of economic governance and banking union, supporting the related scrutiny activities in the competent committee(s).

This activity report covers the year 2019 and presents an overview of the expertise provided by the Unit in the area of economic governance and banking union, supporting the related scrutiny activities in the competent committee(s).

2020 Recommendations on the economic policy of the Euro Area: A comparison of Commission and Council texts (the ‘comply or explain’ principle)

03-03-2020

This document compares the draft 2020 Recommendation for the economic policy of the Euro Area proposed by the European Commission on 17 December 2019 with the 2020 Euro Area recommendation approved by the Council (ECOFIN) on 18 February 2020.

This document compares the draft 2020 Recommendation for the economic policy of the Euro Area proposed by the European Commission on 17 December 2019 with the 2020 Euro Area recommendation approved by the Council (ECOFIN) on 18 February 2020.

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