12

eredmény(ek)

Szó/szavak
Kiadványtípus
Szakpolitikai terület
Kérdésfeltevő
Dátum

Member States with Excessive Macroeconomic Imbalances

07-11-2019

This note provides an overview of the surveillance of the three Member States that have been assessed as experiencing excessive macroeconomic imbalances in the context of the 2019 European Semester cycle and according to the Macroeconomic Imbalance Procedure (MIP). Separate notes describe the state of play of the MIP implementation and the MIP procedure.

This note provides an overview of the surveillance of the three Member States that have been assessed as experiencing excessive macroeconomic imbalances in the context of the 2019 European Semester cycle and according to the Macroeconomic Imbalance Procedure (MIP). Separate notes describe the state of play of the MIP implementation and the MIP procedure.

How could the Stability and Growth Pact be simplified?

23-04-2018

The complexity of the SGP, which may have contributed to its limited effectiveness, reflects largely the conflict between the need to make the original SGP rules more stringent and the desire to allow flexibility with respect to various country circumstances. Now that the effects of the largest economic shock since the 1930s are fading away, a major simplification of the system could be achieved by removing some margins of flexibility, while possibly relaxing some of the SGP long-term parameters. ...

The complexity of the SGP, which may have contributed to its limited effectiveness, reflects largely the conflict between the need to make the original SGP rules more stringent and the desire to allow flexibility with respect to various country circumstances. Now that the effects of the largest economic shock since the 1930s are fading away, a major simplification of the system could be achieved by removing some margins of flexibility, while possibly relaxing some of the SGP long-term parameters. The coexistence of the MTO rule and the expenditure benchmark could also be reconsidered. A more radical solution would involve shifting to a single rule in which an “operational target” would respond to deviations of public debt from its long-term objective.

Külső szerző

Carlo Cotterelli

Thematic Overview: Member States whose 2017 Draft Budgetary Plans Were Assessed To Be "At Risk of Non-Compliance" with the Stability and Growth Pact

29-05-2017

This briefing gives an overview of recent European Commission (COM) assessments of the budgetary situation of seven Member States (Portugal, Italy, Belgium, Cyprus, Lithuania, Slovenia and Finland) whose 2017 Draft Budgetary Plans (DBPs) were considered to be “at risk of non-compliance” with their obligations under the Stability and Growth Pact (SGP). This briefing may be updated pending new COM and Council decisions.

This briefing gives an overview of recent European Commission (COM) assessments of the budgetary situation of seven Member States (Portugal, Italy, Belgium, Cyprus, Lithuania, Slovenia and Finland) whose 2017 Draft Budgetary Plans (DBPs) were considered to be “at risk of non-compliance” with their obligations under the Stability and Growth Pact (SGP). This briefing may be updated pending new COM and Council decisions.

Servicing government debt: The impact of rising interest rates

02-03-2017

Interest rates are at historically low levels, both in the European Union and worldwide. For the euro area, a reason for low market interest rate levels is the accommodative monetary policy of the European Central Bank (ECB), which endeavours to increase inflation levels. Most of the time, central banks have to fight inflationary tendencies, but recently inflation was almost non-existent in the euro area, even leading to occasional dips into deflation. For some time, inflation was very far from the ...

Interest rates are at historically low levels, both in the European Union and worldwide. For the euro area, a reason for low market interest rate levels is the accommodative monetary policy of the European Central Bank (ECB), which endeavours to increase inflation levels. Most of the time, central banks have to fight inflationary tendencies, but recently inflation was almost non-existent in the euro area, even leading to occasional dips into deflation. For some time, inflation was very far from the ECB’s 'below but close to 2 %' aim. With clear indication that inflation is picking up, an end to the accommodative monetary policy may be in sight. Should this impact long-term interest rates for government bonds, then it might lead to detrimental effects for governments. An increase in interest rates is generally thought to harm public finances, as the servicing of debt becomes more onerous. This briefing shows that the increase in interest rates does not immediately and fully translate into higher costs for the state, as debt management strategies were put into place that will effectively reduce the short- and medium-term impact on the state’s coffers. However, in the long term, governments cannot escape the effects of market interest rate increases. It could lead to an increase in overall debt, and in certain cases might result in the neutralisation of past fiscal consolidation efforts. Please click here for the full publication in PDF format

Sovereign debt restructuring Main drivers and mechanism

28-02-2017

This briefing provides an overview of the main issues relating to the restructuring of sovereign debt, and outlines the factors which impact the decision as to whether or not to proceed with debt restructuring. Restructuring is a complex issue – it involves positive and negative aspects, which need to be analysed in order to be able to determine whether it can deliver any added value. ‘A sovereign debt restructuring can be defined as an exchange of outstanding sovereign debt instruments, such as ...

This briefing provides an overview of the main issues relating to the restructuring of sovereign debt, and outlines the factors which impact the decision as to whether or not to proceed with debt restructuring. Restructuring is a complex issue – it involves positive and negative aspects, which need to be analysed in order to be able to determine whether it can deliver any added value. ‘A sovereign debt restructuring can be defined as an exchange of outstanding sovereign debt instruments, such as loans or bonds, for new debt instruments or cash through a legal process’. The current situation in the euro area, characterised by high levels of debt and the continuing trend of many Member States to run budget deficits, combined with a low growth environment, raises the issue of debt sustainability. In addition, the low level of inflation recorded in recent years (and deflation in some cases) has played an important role in the increase of debt burdens. The lack of an EU - level transparent framework for sovereign debt restructuring could potentially entail higher additional costs. As part of the EU’s financial stability management instruments, sovereign debt restructuring could form a part of the EU toolbox.

Ad-hoc exchange of views with the President of the Eurogroup and the Managing Director of the ESM on Greece

06-11-2015

Eurogroup President Jeroen Dijsselbloem and Managing Director of the ESM Klaus Regling have been invited for an ad hoc Exchange of views relating to the macro-economic adjustment programme for Greece. Jeroen Dijsselbloem has been Eurogroup President since 21 January 2013. He was re-appointed for a second term on 13 July 2015. As the President of the Eurogroup, he is also chairing the Board of Governors of the European Stability Mechanism (ESM). Klaus Regling has been Managing Director of the ESM ...

Eurogroup President Jeroen Dijsselbloem and Managing Director of the ESM Klaus Regling have been invited for an ad hoc Exchange of views relating to the macro-economic adjustment programme for Greece. Jeroen Dijsselbloem has been Eurogroup President since 21 January 2013. He was re-appointed for a second term on 13 July 2015. As the President of the Eurogroup, he is also chairing the Board of Governors of the European Stability Mechanism (ESM). Klaus Regling has been Managing Director of the ESM since its inauguration on 8 October 2012. His term of office lasts for 5 years and may be renewed only once. Note that the Eurogroup is to discuss the state of play regarding the implementation of Greece's economic adjustment programme at its meeting of 9 November 2015.

Austerity or growth?

04-07-2012

Government debt has reached unsustainable levels in a number of Member States (MS). This is because economic recession since 2008 has led to increased government budget deficits through rising spending (e.g. unemployment benefits) whilst tax revenues have decreased. Also private debt has been transferred to governments through forced nationalisations of, for example, under-capitalised banks. These deficits have added to public debt, which has been increasing since the 1970s.

Government debt has reached unsustainable levels in a number of Member States (MS). This is because economic recession since 2008 has led to increased government budget deficits through rising spending (e.g. unemployment benefits) whilst tax revenues have decreased. Also private debt has been transferred to governments through forced nationalisations of, for example, under-capitalised banks. These deficits have added to public debt, which has been increasing since the 1970s.

A short history of the eurozone crisis

29-03-2012

When the economic crisis started in 2008, a number of eurozone Member States had growing budget deficits and government debts, along with competiveness problems. Monetary union without fiscal union may be the seed of the current difficulties.

When the economic crisis started in 2008, a number of eurozone Member States had growing budget deficits and government debts, along with competiveness problems. Monetary union without fiscal union may be the seed of the current difficulties.

Greek debt restructuring

16-03-2012

Greece has recently secured a deal with private-sector lenders to ease its financial situation. Implementing this deal will make it possible for Greece to receive further bailout funds from the European Union (EU) and the International Monetary Fund (IMF).

Greece has recently secured a deal with private-sector lenders to ease its financial situation. Implementing this deal will make it possible for Greece to receive further bailout funds from the European Union (EU) and the International Monetary Fund (IMF).

Member States' austerity measures

05-05-2011

Now that economies are growing again, Member States are looking to reduce their debts / budget deficits by effecting plans for rapidly reduced expenditure and increasing tax revenues.

Now that economies are growing again, Member States are looking to reduce their debts / budget deficits by effecting plans for rapidly reduced expenditure and increasing tax revenues.

Partnerek

Kövessen minket!

email update imageE-mailen küldött friss hírek

Az elektronikus előrejelző rendszer, amely közvetlenül az ön elektronikus címére küldi a legfrissebb információkat, lehetővé teszi, hogy figyelemmel kísérjen a Parlamenttel kapcsolatban álló minden személyt és eseményt, többek között a képviselőkre vonatkozó legfrissebb híreket, az információs szolgáltatásokat vagy a Think Tanket.

A rendszer mindenütt hozzáférhető a Parlament weboldalán keresztül. Ahhoz, hogy bejelentkezzen és megkapja a Think Tank értesítéseit, elég, ha megadja elektronikus címét, kiválasztja a témát, amely érdekli, megadja a gyakoriságot (naponta, hetente vagy havonta), valamint rákattintva az e-mailban küldött hivatkozásra, megerősíti jelentkezését.

RSS imageRSS-hírfolyamok

Az RSS csatorna segítségével ne maradjon le a Parlament weboldalán közölt semmilyen információról vagy a frissítésekről.

Csatornája beállításához kattintson az alábbi hivatkozásra.