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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.

Externe auteur

Philippe MARTIN, Xavier RAGOT

Macro-Financial Assistance to EU Member States -January 2021

14-01-2021

This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, the EFSF, the EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Since August 2018 all financial assistance programmes to EU Member States have been concluded; therefore, the document focuses on the implementation of the enhanced surveillance framework for Greece and post-programme reviews for Ireland, Portugal, Romania, Cyprus ...

This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, the EFSF, the EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Since August 2018 all financial assistance programmes to EU Member States have been concluded; therefore, the document focuses on the implementation of the enhanced surveillance framework for Greece and post-programme reviews for Ireland, Portugal, Romania, Cyprus and Spain undertaken by the European Commission (EC) in liaison with the ECB (Post-Programme Surveillance, PPS), the IMF (Post-Programme Monitoring, PPM, and Article IV assessments) and the ESM (Early Warning System, EWS).

Policy Departments’ Monthly Highlights - January 2020

13-01-2021

The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

Review of the bank crisis management and deposit insurance frameworks Banking Union Working Group

11-01-2021

This briefing summarises key elements of the intended initiative, based on the information that the Commission provided on 10 November 2020 in its related public consultation and additional public sources. The briefing also briefly focuses on other related issues, namely, misalignments between state-aid and resolution and some European Court of Justice decisions with impact on the crisis management framework, and a box focusing on rele-vant aspects of the Commission’s recently released NPL Action ...

This briefing summarises key elements of the intended initiative, based on the information that the Commission provided on 10 November 2020 in its related public consultation and additional public sources. The briefing also briefly focuses on other related issues, namely, misalignments between state-aid and resolution and some European Court of Justice decisions with impact on the crisis management framework, and a box focusing on rele-vant aspects of the Commission’s recently released NPL Action Plan (an Annex lists most recent EGOV briefings and external papers relevant for these matters). The briefing has been prepared in view of a discussion of the Banking Union Working Groupof the European Parliament on the Commission's revision of the bank crisis management framework.

EU economic developments and projections

08-01-2021

This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions

This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions

Ten issues to watch in 2021

06-01-2021

This is the fifth edition of an annual EPRS publication aimed at identifying and framing some of the key issues and policy areas that are likely to feature prominently on the political agenda of the European Union over the coming year. The topics analysed are: the Covid-19 race for a vaccine; the recovery plan; access to food; inequality; challenges for culture and the performing arts; a digital boost for the circular economy; critical raw materials; border controls; Turkey and the eastern Mediterranean ...

This is the fifth edition of an annual EPRS publication aimed at identifying and framing some of the key issues and policy areas that are likely to feature prominently on the political agenda of the European Union over the coming year. The topics analysed are: the Covid-19 race for a vaccine; the recovery plan; access to food; inequality; challenges for culture and the performing arts; a digital boost for the circular economy; critical raw materials; border controls; Turkey and the eastern Mediterranean; and the new US administration.

Implementation of the Macroeconomic Imbalance Procedure: State of play December 2020

06-01-2021

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

The public sector loan facility under the Just Transition Mechanism

21-12-2020

The public sector loan facility is the third pillar of the Just Transition Mechanism (JTM), along with the Just Transition Fund and just transition scheme under Invest EU. The facility will consist of a grant and a loan component. With the contribution of €1.525 billion for the grant component from the Union budget and EIB lending of €10 billion from its own resources, the aim is for the public sector loan facility to mobilise between €25 and 30 billion in public investment over the 2021-2027 period ...

The public sector loan facility is the third pillar of the Just Transition Mechanism (JTM), along with the Just Transition Fund and just transition scheme under Invest EU. The facility will consist of a grant and a loan component. With the contribution of €1.525 billion for the grant component from the Union budget and EIB lending of €10 billion from its own resources, the aim is for the public sector loan facility to mobilise between €25 and 30 billion in public investment over the 2021-2027 period. Funding will be available to all Member States, while focusing on the regions with the biggest transition challenges. In the European Parliament, the Committee on Budgets (BUDG) and the Committee on Economic and Monetary Affairs (ECON) have joint responsibility for this file. Their report was adopted at a joint sitting of the two committees on 16 October 2020. Parliament subsequently confirmed the committees' mandate to open trilogue negotiations. First edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

EU/EA measures to mitigate the economic, financial and social effects of coronavirus State-of-play 18 December 2020

18-12-2020

This document compiles information, obtained from public sources, on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid19. It will be regularly updated, following new developments.

This document compiles information, obtained from public sources, on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid19. It will be regularly updated, following new developments.

Addressing the VAT gap in the EU

17-12-2020

Among indirect taxes, value added tax (VAT) has the highest share in the Member States' indirect taxation revenues and is an important source of income for the EU budget too. Therefore, estimations and actions to narrow the difference between expected and actual VAT revenues – the VAT gap – are important. According to the European Commission, the EU VAT gap stood at €140 billion in 2018 and could fall below €130 billion in 2019. However, Covid-19-related containment measures have hurt Member States ...

Among indirect taxes, value added tax (VAT) has the highest share in the Member States' indirect taxation revenues and is an important source of income for the EU budget too. Therefore, estimations and actions to narrow the difference between expected and actual VAT revenues – the VAT gap – are important. According to the European Commission, the EU VAT gap stood at €140 billion in 2018 and could fall below €130 billion in 2019. However, Covid-19-related containment measures have hurt Member States' economies and eroded the VAT base. As a result, the VAT gap may reach over €164 billion in 2020. A broad VAT gap requires urgent action for improving voluntary compliance, achieving better administrative cooperation and enhancing the performance of national tax administrations. Recent EU legislative initiatives have addressed these needs, while also seeking to adapt the VAT system to the challenges of the modern economy. The VAT e-commerce package applicable from 2021 is a good example of these efforts. Another is the adoption in July 2020 of a tax package aimed to combat tax fraud. The package includes a Tax action plan, a communication on 'Good Tax Governance' and a proposal to amend Directive 2011/16/EU on administrative cooperation in the field of taxation. The European Union is a global leader in the digitalisation of VAT compliance, and its work on drawing up the legislative framework for applying VAT in the digital economy spans a number of years. Noteworthy is the requirement for non-EU businesses providing digital services to private consumers in the EU Member States to register for VAT and charge VAT based on destination, which set an example to emulate by other non-EU countries.

Toekomstige activiteiten

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

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