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Implementation of the Stability and Growth Pact under pandemic times

22-03-2021

This document provides an overview of key developments under the preventive and corrective arms of the Stability and Growth Pact on the basis of the latest Council decisions and recommendations in the framework of the Stability and Growth Pact and the latest European Commission economic forecast. 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 the latest Council decisions and recommendations in the framework of the Stability and Growth Pact and the latest European Commission economic forecast. This document is regularly updated.

Thinking Beyond the Pandemic: Monetary Policy Challenges in the Medium- to Long-Term

12-03-2021

The economic characteristics of the COVID-19 crisis differ from those of previous crises. It is a combination of demand- and supply-side constraints which led to the formation of a monetary overhang that will be unfrozen once the pandemic ends. Monetary policy must take this effect into consideration, along with other pro-inflationary factors, in the post-pandemic era. It must also think in advance about how to avoid a policy trap coming from fiscal dominance. This paper was provided by the Policy ...

The economic characteristics of the COVID-19 crisis differ from those of previous crises. It is a combination of demand- and supply-side constraints which led to the formation of a monetary overhang that will be unfrozen once the pandemic ends. Monetary policy must take this effect into consideration, along with other pro-inflationary factors, in the post-pandemic era. It must also think in advance about how to avoid a policy trap coming from fiscal dominance. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 18 March 2021.

Údar seachtarach

Marek DABROWSKI

The Challenging Cliff-Edge

01-03-2021

From an economic policy viewpoint, the harder part will come once the pandemic is over. The crisis will leave many scars that are likely to significantly slow growth down. Countering these effects will require continuous and well-targeted fiscal policy support. Monetary policy, which provided adequate support during the crisis, will have to eventually normalise its interest rates. The ECB could play a crucial role in reducing the large debts that fragilize several member countries. This paper was ...

From an economic policy viewpoint, the harder part will come once the pandemic is over. The crisis will leave many scars that are likely to significantly slow growth down. Countering these effects will require continuous and well-targeted fiscal policy support. Monetary policy, which provided adequate support during the crisis, will have to eventually normalise its interest rates. The ECB could play a crucial role in reducing the large debts that fragilize several member countries. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 18 March 2021.

Údar seachtarach

Charles WYPLOSZ

The ECB’s Measures in Support of the COVID-19 Crisis

01-03-2021

This paper illustrates and discusses the monetary policies activated in response to the COVID-19 crisis. We argue that these policy measures have stabilised the European economic and financial system by incentivising banks’ lending to households and businesses and by indirectly creating short-term fiscal capacity also for those Member States of the euro area that have a very high government debt/GDP ratio. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life ...

This paper illustrates and discusses the monetary policies activated in response to the COVID-19 crisis. We argue that these policy measures have stabilised the European economic and financial system by incentivising banks’ lending to households and businesses and by indirectly creating short-term fiscal capacity also for those Member States of the euro area that have a very high government debt/GDP ratio. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 18 March 2021.

Údar seachtarach

Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI

Economic Dialogue with the European Commission on EU Fiscal Surveillance

01-03-2021

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

Vice-President Dombrovskis and Commissioner Gentiloni have been invited to an Economic Dialogue on the fiscal part of the European Semester autumn package adopted by the Commission in November 2020. The fiscal elements of the package include the Commission Opinions on euro area 2021 Draft Budgetary Plans, the fiscal policy recommendation for the euro area and some elements of the 2021 Alert Mechanism Report. In March 2020, the general escape clause of the Stability and Growth Pact was activated and the Commission and the Council are expected to reassess its duration soon. The Commission has announced that it will publish on 3 March guidance for the related discussions (“One year since the outbreak of COVID-19: fiscal policy response”).

When and how to deactivate the SGP general escape clause?

15-01-2021

The unprecedented level of economic uncertainty requires clarifying the European fiscal rules. To avoid repeating the mistakes of the last crisis, the deactivation of the General Escape Clause should be state-dependent, not time-dependent and should take place only when 1) a reform of the SGP has been agreed upon, 2) the EU has returned to its pre-crisis level in terms of GDP per capita or employment. The state-dependent strategy should also apply at the country level.

The unprecedented level of economic uncertainty requires clarifying the European fiscal rules. To avoid repeating the mistakes of the last crisis, the deactivation of the General Escape Clause should be state-dependent, not time-dependent and should take place only when 1) a reform of the SGP has been agreed upon, 2) the EU has returned to its pre-crisis level in terms of GDP per capita or employment. The state-dependent strategy should also apply at the country level.

Údar seachtarach

Philippe MARTIN, Xavier RAGOT

When and how to deactivate the SGP general escape clause?

15-12-2020

This paper analyses the conditions under which to lift the SGP general escape clause (GEC). It is advisable that the timing for lifting the GEC be Member State-specific and contingent to the Member State’s return to its pre-Covid-19 output gap or real GDP level. Medium-Term Budgetary Objectives should be redesigned to take into account the debt-to-GDP level and the interest rate-growth differential. Maintaining government debt yields at low levels after the pandemic would make debt reduction less ...

This paper analyses the conditions under which to lift the SGP general escape clause (GEC). It is advisable that the timing for lifting the GEC be Member State-specific and contingent to the Member State’s return to its pre-Covid-19 output gap or real GDP level. Medium-Term Budgetary Objectives should be redesigned to take into account the debt-to-GDP level and the interest rate-growth differential. Maintaining government debt yields at low levels after the pandemic would make debt reduction less costly in terms of output.

Údar seachtarach

Luisa LAMBERTINI

Independent fiscal institutions in the EU: Guardians of sound public finances

08-12-2020

'Independent fiscal institutions', or in some cases 'fiscal institutions', are an integral part of the EU's economic governance framework. This paper provides an introduction to these bodies and their role, the EU legal framework that underpins them, and a summary of the recent discussion around them in the context of the review of the wider economic governance framework in the European Union.

'Independent fiscal institutions', or in some cases 'fiscal institutions', are an integral part of the EU's economic governance framework. This paper provides an introduction to these bodies and their role, the EU legal framework that underpins them, and a summary of the recent discussion around them in the context of the review of the wider economic governance framework in the European Union.

Key Macroeconomic Indicators in the Euro Area and the United States

18-11-2020

Latest forcest by EC, IMF and OECD.

Latest forcest by EC, IMF and OECD.

The Euro Area After COVID-19

18-11-2020

The COVID-19 pandemic will leave the euro area economy quite weak. It will be essential that both fiscal and monetary policies remain mobilised to achieve a sustainable recovery. Having indirectly financed a large share of new public debts, the ECB will have to tread a fine line between its price stability mandate and the need to avoid disrupting debt markets. The solution for the ECB is to use its announced strategy review to provide more clarity, both to its objectives and to its procedures. This ...

The COVID-19 pandemic will leave the euro area economy quite weak. It will be essential that both fiscal and monetary policies remain mobilised to achieve a sustainable recovery. Having indirectly financed a large share of new public debts, the ECB will have to tread a fine line between its price stability mandate and the need to avoid disrupting debt markets. The solution for the ECB is to use its announced strategy review to provide more clarity, both to its objectives and to its procedures. This includes adopting average inflation targeting, a formal relationship with member governments and the issuance of its own debt instruments. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 19 November 2020.

Údar seachtarach

Charles Wyplosz

Imeachtaí atá ar na bacáin

25-10-2021
European Gender Equality Week - October 25-28, 2021
Imeacht eile -
FEMM AFET DROI SEDE DEVE BUDG CONT ECON EMPL ITRE TRAN AGRI PECH CULT JURI PETI
25-10-2021
Ninth meeting of the Joint Parliamentary Scrutiny Group on Europol, 25-26 October
Imeacht eile -
LIBE
26-10-2021
Investment Policy and Investment Protection Reform
Éisteacht -
INTA

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