129

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Better cooperation against tax fraud and evasion

10-11-2020

This briefing analyses the strengths and weaknesses of the IA accompanying the Commission proposal on better cooperation in the area of taxation of digital platform sellers’ revenues. The IA’s strengths are an overall good problem definition, solid research quality and full transparency regarding the scarcity of relevant data, as well as regarding the methods and assumptions underlying the analysis. Weaknesses concern the objectives of the initiative, which could have been more specific, and the ...

This briefing analyses the strengths and weaknesses of the IA accompanying the Commission proposal on better cooperation in the area of taxation of digital platform sellers’ revenues. The IA’s strengths are an overall good problem definition, solid research quality and full transparency regarding the scarcity of relevant data, as well as regarding the methods and assumptions underlying the analysis. Weaknesses concern the objectives of the initiative, which could have been more specific, and the presentation of the policy options, which lacks clarity and structure. The IA mainly assesses the economic impacts of the actions under the preferred legislative option, concluding that the benefits would significantly exceed the costs. Social and environmental effects are considered briefly, the former namely in terms of tax fairness and transparency, as well as data protection safeguards.

Monetary-Fiscal Nexus After the Crisis

09-11-2020

The severe economic disruption caused by the COVID-19 pandemic required an urgent, massive and coordinated fiscal and monetary policy response. The fiscal measures will lead to substantially higher public debt-to-GDP levels across the euro area. In order to safeguard the effective transmission of monetary policy, the European Central Bank (ECB) further expanded its asset purchases, in particular of government bonds. This growing nexus between monetary and fiscal policy has raised concerns about possible ...

The severe economic disruption caused by the COVID-19 pandemic required an urgent, massive and coordinated fiscal and monetary policy response. The fiscal measures will lead to substantially higher public debt-to-GDP levels across the euro area. In order to safeguard the effective transmission of monetary policy, the European Central Bank (ECB) further expanded its asset purchases, in particular of government bonds. This growing nexus between monetary and fiscal policy has raised concerns about possible future policy constraints and trade-offs. Five papers were prepared by the ECON Committee’s Monetary Expert Panel, discussing the implications of such interlinkages between monetary and fiscal policy. This publication is prepared by Policy Department A for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 19 November 2020.

Ulkopuolinen laatija

Salomon FIEDLER, Klaus-Jürgen GERN, Ulrich STOLZENBURG, Karl WHELAN, Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI, Charles WYPLOSZ, Thomas MARMEFELT

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.

Ulkopuolinen laatija

Zsolt Darvas, Julia Anderson - Bruegel

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

01-09-2020

Focusing the EU fiscal framework on an expenditure rule could help to increase transparency, compliance and ownership. In various other respects, like estimation errors or counter-cyclicality of prescribed fiscal policy, an expenditure rule is similar to a structural balance rule. If the EU decides to go beyond the current focus on fiscal aggregates, a two-rule system aimed at safeguarding specific expenditures could be placed at the centre of the EU fiscal framework. The key challenge is to define ...

Focusing the EU fiscal framework on an expenditure rule could help to increase transparency, compliance and ownership. In various other respects, like estimation errors or counter-cyclicality of prescribed fiscal policy, an expenditure rule is similar to a structural balance rule. If the EU decides to go beyond the current focus on fiscal aggregates, a two-rule system aimed at safeguarding specific expenditures could be placed at the centre of the EU fiscal framework. The key challenge is to define and measure the protected expenditures.

Ulkopuolinen laatija

Wolf Heinrich REUTER

The role of fiscal rules in relation with the green economy

31-08-2020

This study argues that to achieve the necessary green transition in the EU, additional public investment by Member States will need to be mobilised throughout the next decade. In light of the macroeconomic environment of very low interest rates, this calls for a reform of the EU fiscal framework. The paper discusses three approaches for a reform of the fiscal rules to better reflect the need for higher (debt-financed) green public investment: (1) an exemption clause for green public investment; ( ...

This study argues that to achieve the necessary green transition in the EU, additional public investment by Member States will need to be mobilised throughout the next decade. In light of the macroeconomic environment of very low interest rates, this calls for a reform of the EU fiscal framework. The paper discusses three approaches for a reform of the fiscal rules to better reflect the need for higher (debt-financed) green public investment: (1) an exemption clause for green public investment; (2) the implementation of a green golden rule; (3) a country-specific benchmark share of government expenditures dedicated to green public investment recommended by the European Commission.

Ulkopuolinen laatija

Atanas Pekanov, Margit Schratzenstaller

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.

Ulkopuolinen laatija

Daniel GROS, Marvin JAHN

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.

Ulkopuolinen laatija

Paul van den Noord

Implementation of the Stability and Growth Pact - March 2020

03-03-2020

This document provides an overview of key developments under the preventive and corrective arms of the Stability and Growth Pact on the basis of (1) the latest Council decisions and recommendations in the framework of the Stability and Growth Pact; (2) the latest European Commission economic forecasts; and (3) the latest European Commission opinions on the Draft Budgetary Plans of euro area Member States. This document is regularly updated.

This document provides an overview of key developments under the preventive and corrective arms of the Stability and Growth Pact on the basis of (1) the latest Council decisions and recommendations in the framework of the Stability and Growth Pact; (2) the latest European Commission economic forecasts; and (3) the latest European Commission opinions on the Draft Budgetary Plans of euro area Member States. This document is regularly updated.

EU Own Resources

15-01-2020

This Briefing is a background note for the Committee on Budgets public hearing on “EU Own Resources and Fiscal Policy Harmonisation: Untapped potential for Synergies?” held on 23 January 2020. It describes the very specific structure of the EU revenue which come from three types of own resources, i) traditional own resources, ii) VAT-based own resource and iii) GNI-based own resource. State of play of what has been done to improve own resource is provided. Lastly, fiscal policy harmonisation initiatives ...

This Briefing is a background note for the Committee on Budgets public hearing on “EU Own Resources and Fiscal Policy Harmonisation: Untapped potential for Synergies?” held on 23 January 2020. It describes the very specific structure of the EU revenue which come from three types of own resources, i) traditional own resources, ii) VAT-based own resource and iii) GNI-based own resource. State of play of what has been done to improve own resource is provided. Lastly, fiscal policy harmonisation initiatives in force and proposed are listed.

Tulevat tapahtumat

04-03-2021
ICM International Women's Day 2021
Muu tapahtuma -
FEMM
04-03-2021
EPRS online policy roundtable: Unpacking the latest Eurobarometer survey
Muu tapahtuma -
EPRS
15-03-2021
EPRS online Book Talk with Vivien Schmidt: Legitimacy and power in the EU
Muu tapahtuma -
EPRS

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