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This document presents: • The 2019 Country-Specific Recommendations (CSRs) adopted by the Council, in the framework of the European Semester, on 9 July 2019 (on the basis of European Commission proposals of 5 June 2019). • The European Commission’s assessments of the implementation of the 2019 CSRs based on its Country Reports published on 26 February 2020. • The 2020 CSRs adopted by the Council, in the framework of the European Semester, on 20 July 2020 (on the basis of European Commission proposals ...

Economic Dialogue with Spain

Grinnanailís 09-07-2021

This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Nadia Calviño, Minister of Economic Affairs and Digital Transformation in Spain, in the ECON committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic governance framework. The last exchange of views with the Spanish authorities took place in November 2012, January 2014, November ...

This paper situates the EU’s fiscal response to the pandemic (suspending the Stability and Growth Pact, creating the SURE and Recovery and Resilience Facility) within longstanding debates on reforming EU fiscal governance and offers recommendations on the way forward, specifically the SGP reforms needed prior to returning to its rules and creating a budget with a stabilisation capacity.

Amending budget No 3/2021: 2020 surplus

Sracfhéachaint 01-07-2021

Draft Amending Budget No 3/2021 (DAB 3/2021) to the European Union's 2021 general budget aims to enter as revenue in the 2021 budget the surplus resulting from the implementation of the 2020 budget. The 2020 surplus totals almost €1.77 billion (as compared to €3.2 billion in 2019, €1.8 billion in 2018 and €0.56 billion in 2017). It consists mostly of higher than expected revenues, plus under-spending on the expenditure side. Inclusion of the surplus will reduce the gross national income (GNI) contributions ...

The main legacy of the post-Covid-19-crisis euro area fiscal framework should be the development of a unique integrated fiscal policy and of a permanent and independent Fiscal Fund to implement it. To arrive at this conclusion, we analyse the challenges and build on current research on the optimal design of a fiscal fund. We characterise the fiscal policy, and the development of the Fund, together with the role and form that the Stability and Growth Pact can take in the new fiscal framework.

Executive Vice-President Dombrovskis and Commissioners Schmit and Gentiloni have been invited to an Economic Dialogue on the 2021 European Semester package, in line with the relevant EU law. This briefing note covers the main elements of the Semester Package, the latest developments under the Semester surveillance framework, the state-of-play on the recovery and resilience plans under the Recovery and Resilience Facility, and on-going work to strengthen the governance and the resilience of Economic ...

The euro area response to the Covid crisis avoided a financial crisis. In the short term, the withdrawal of fiscal stimulus should be guided by unemployment, output gap and inflation data. Over the medium term, reducing public debt ratios will require maintaining the growth of primary spending below the (higher) GDP growth rate to be achieved through structural reforms. Over the longer term, creating a central fiscal capacity, strengthening the enforcement of fiscal rules in good times and completing ...

The main thrust of fiscal and monetary responses to the pandemic in the EU and the US are contrasted. Estimates of the spillovers from US fiscal policy to Europe are estimated. They are found to be significant but economically modest. Consequences for debt and debt sustainability in the long-run are also examined. Concerns over debt sustainability in the EU and the US are warranted. Observers advocating much higher debt levels need to consider lessons from history. This paper was provided by the ...

The United States (US) have responded to the COVID-19 shock with a massive fiscal stimulus in 2020 and 2021. At the same time, the Federal Reserve (Fed) has maintained a highly accommodative monetary policy stance. However, the Fed’s new average inflation targeting regime is being put to the test by the spike in inflation observed in recent months. Due to the global influence of the US economy and interlinkages with the euro area, questions arise over the possibility of significant spillovers from ...

This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Constantinos Petrides, Cyprus Finance Minister, in the ECON committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic governance framework. The last exchange of views with the Cypriot authorities took place on 25 January 2016.