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This document presents selected indicators on public finance for the Euro Area Member States and the Euro Area as a whole. For each indicator, it provides a short explanation and the data sources. The final section presents a short overview of the main indicators used by the European and other international institutions to assess debt sustainability.

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 ...

Reform of the EU own resources

Išsami analizė 01-03-2021

This document was prepared by Policy Department for Budgetary Affairs for the Committee on Budgets as a background paper for the Public Hearing on ‘Financing the EU budget: new own resources and possible other revenue’. It provides a summary of the system of EU own resources in the light of the agreement on its revision reached during the negotiations of the 2021-27 MFF. It shows the rationale for the reform including the need to find sources to finance the repayment of the EU borrowing in the framework ...

Sovereign bonds, the most common form of sovereign debt, have specific characteristics. They are issued by national debt management offices on the primary market and subsequently traded on secondary markets. Loan agreements signed at the issuance of sovereign bonds on the primary market may include collective action clauses (CACs) aimed at making restructuring more orderly and predictable. CACs have been included in loan agreements and bond contracts since the 1990s. These clauses enable a 'supermajority ...

Existing proposals for reform in the euro area, including the introduction of an orderly sovereign debt restructuring mechanism and of forms of debt mutualisation, rely on similar implicit or explicit assumptions: The “diabolic loop” between sovereign debt and domestic banks is to be mitigated or avoided; market discipline has to be maintained; and moral hazard has to be avoided. This paper discusses the stated goals of existing proposals, together with their likely anticipated and unanticipated ...

The purpose of this briefing note is to explore the requirements for orderly sovereign debt restructuring or the mutualisation of sovereign debt among the Euro Area Member States. The briefing has three sections. The first provides an overview of the challenges associated with restructuring sovereign debt in the euro area. The second examines the underlying need for sovereign debt restructuring and assesses how much of that need can be addressed or mitigated through the institutions for European ...

In November 2018, the EGOV unit published two external briefing papers on “Debt Sustainability Analysis: the State of the Art”, upon request of the ECON Committee. Authors were Cinzia Alcidi and Daniel Gros (CEPS) and Giancarlo Corsetti (University of Cambridge). This note presents some background information and provides the summaries of these two papers.

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 paper revises the European instruments for macro-financial stability providing financial support to member states. Three instruments, created on an ad-hoc basis during the crisis, are temporary and should gradually disappear. One instrument reserved for non-euro area member states, and others targeted at euro area countries remain in place. In the long term, the European Stability Mechanism is likely to become the only instrument for macro-financial assistance, but its current standing outside ...

The on-going discussion on Crisis Management in the EU is incomplete and on particular issues misguided and ill-informed. This is true both of the longer term discussion on designing a Crisis Management Framework for the EU as well as the immediate and on-going efforts to put the fire out. This Policy Paper has three parts: Part I maps out the structure of a complete Crisis Management framework for the EU. Part II offers detailed suggestions on improving the current Crisis Mitigation framework in ...