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This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions

A workshop was organised for the Budgets committee (BUDG) on "The EU borrowing strategy for NGEU: design, challenges and opportunities" on 27 October 2021. This document consists of an In-depth analysis by Bruegel entitled "Next Generation EU borrowing: a first assessment", a policy paper by Sebastian Mack entitled "Don't change horses in midstream: how to make NGEU bonds the euro area's safe asset", biographies of the speakers and the Power Point slides of the Bruegel presentation.

This paper provides an overview of the policy measures applied in the EU to address the COVID-19 crisis and their macroeconomic consequences. It focuses on the macroeconomic impact on labour markets, external balances, financial markets and the corporate sector. The paper also examines the impact on longer-term growth and productivity. Impacts on public finances and debt sustainability are analysed independently, with considerations regarding prospective growth, interest rate and inflation developments ...

The pandemic and the negotiations following Brexit have been a serious challenge for the integrity of the single market, in particular regarding free movement. Growing world tensions and the military aggression against Ukraine by the Russian Federation are now further emphasising the benefits of unity between Member States. Faced with this extremely difficult environment, the EU has responded with unprecedented determination, developing a series of tools and coordination mechanisms, such as common ...

Solidarity and wealth tax

Briefing 13-04-2022

In the wake of the COVID-19 pandemic, the economic costs of the lockdown became apparent. Most countries needed to step up health and social spending, while also introducing stimulus packages as their tax revenues fell. This has led to increased budget deficits and sovereign debt. Additional revenue streams need to be found in the near future in order to pay back this debt.

This study aims to assess how major economies were affected by the Covid-19 pandemic, in particular with respect to economic growth and public debt sustainability. It reviews the heterogeneity of policy measures taken, and aims to identify best practices. A special focus is placed on the euro area and its largest Member States. Principles and practices for ensuring sustained growth and sustainable public finances are discussed.

Executive Vice-President Dombrovskis and Commissioner Gentiloni have been invited to an Economic Dialogue on the fiscal part of the 2022 European Semester autumn package adopted by the Commission in November 2021. The fiscal elements of the package include the Commission Opinions on euro area 2022 Draft Budgetary Plans, the fiscal policy recommendation for the euro area and some elements of the 2022 Alert Mechanism Report. In March 2020, the general escape clause of the Stability and Growth Pact ...

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 looks at the 2022 recommendation on the economic policies of the euro area proposed by the Commission and agreed by the Council. It also provides an overview of the follow up of the 2021 recommendations, making use of public information and based on proxies such as on how the Eurogroup has integrated euro area recommendations’ concerns in their “thematic discussions” and work programmes. In addition, the note provides a review of the euro area recommendations from an institutional perspective ...

This paper conceptualizes an appropriate path for fiscal policy starting from the early phase of the pandemic up to the final transition to a post-pandemic new normal. Using this yardstick, it assesses the initial fiscal response of Member States. It exploits fiscal projections and programme data to analyse the adjustment to the economic recovery. For loan guarantees and short-time work schemes, it identifies programme-specific parameters that improve target precision and identifies examples of different ...