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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 2020

14-12-2020

This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent Committee of the European Parliament since September 2019 under the European Semester Cycles. It also includes an overview of the respective legal bases for these dialogues. For an overview Economic Dialogues between January 2014 and January 2019, please see separate document.

This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent Committee of the European Parliament since September 2019 under the European Semester Cycles. It also includes an overview of the respective legal bases for these dialogues. For an overview Economic Dialogues between January 2014 and January 2019, please see separate document.

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.

Vanjski autor

Zsolt Darvas, Julia Anderson - Bruegel

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.

Vanjski autor

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.

Potential Output Estimates and their Role in the EU Fiscal Policy Surveillance

11-02-2020

The surveillance of fiscal policies of EU Members States makes extensive use of estimates of the potential output and related concepts, including output gap and structural balance. This note provides an overview of these concepts, of their use and of the main issues related to them .

The surveillance of fiscal policies of EU Members States makes extensive use of estimates of the potential output and related concepts, including output gap and structural balance. This note provides an overview of these concepts, of their use and of the main issues related to them .

Thematic Digest on Economic Governance in the EU - December 2019

06-12-2019

This document presents a selection of thematic briefings in the area of EU economic governance recently published by the Economic Governance Support Unit of the European Parliament. They are notably related to the implementation of the European Semester for economic policy coordination. These thematic documents are drafted and kept updated on a regular basis, following relevant developments. All papers published by EGOV are available on the ECON homepage.

This document presents a selection of thematic briefings in the area of EU economic governance recently published by the Economic Governance Support Unit of the European Parliament. They are notably related to the implementation of the European Semester for economic policy coordination. These thematic documents are drafted and kept updated on a regular basis, following relevant developments. All papers published by EGOV are available on the ECON homepage.

Buduća događanja

20-01-2021
EPRS online policy roundtable with the World Bank: Where next for the global economy
Drugo događanje -
EPRS
25-01-2021
Public Hearing on "Gender aspects of precarious work"
Saslušanje -
FEMM
27-01-2021
Public hearing on AI and Green Deal
Saslušanje -
AIDA

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