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The purpose of this document is to show the differences between some key indicators of the 2021 Stability and Convergence Programmes (SCP) of the EU Member States and the Spring 2021 economic forecast of the European Commission. In accordance with Art. 4 of Council Directive 2011/85/EU, the budgetary planning of the Member States “shall be based on the most likely macrofiscal scenario or on a more prudent scenario. (…). Significant dif¬fe¬ren¬ces between the chosen macrofiscal scenario and the (most ...

This note presents summaries of four papers on the conditions and timing for the future deactivation of the general escape clause of the Stability and Growth Pact, which is in force since March 2020. The papers, written by external experts, were requested by the ECON Committee of the European Parliament.

Based on a brief assessment of the current EU fiscal framework, the paper discusses when and how fiscal surveillance should be enacted again, and investigates possible options for reform. The general escape clause should be lifted as soon as epidemiological conditions allow for economic activity to normalise, probably by 2022. We propose a transitory arrangement if the discussion on a broader reform of the fiscal framework remains inconclusive while the general escape clause is in force.

'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.

This paper provides a framework for considering when and how to deactivate the general escape clause of the Stability and Growth Pact (SGP). That framework takes into account the goals of the SGP, the desire to avoid pro-cyclical policy influences that might stifle Europe’s economic recovery, and the necessity not to endanger fiscal sustainability in the medium term. The framework also considers the variation in performance across countries and the indicators that might be used to map transitional ...

This document compares key figures included in the 2021 Draft Budgetary Plans (DBPs), as submitted by the Euro Area Member States by mid of October 2020, with those of the autumn 2020 forecasts by the European Commission (EC) and the key figures included in the 2020 Stability Programmes (SPs), as submitted by the Euro Area Member States by end of April 2020, with the those of the 2020 spring forecasts by the EC. The DBPs and the SPs are available on the Commission homepage (here: DBPs and SPs ). ...

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2020), including from the legal base perspective. Finally, it gives insights on the level of implementation of recommendations issued under the 2012-2019 European Semester cycles. The note is updated on a regular basis.

This paper discusses the analytical basis for facilitating green public investment under the Stability and Growth Pact fiscal rules. It concludes that additional public debt created by deficit-financed green public investment is likely to increase fiscal sustainability risks. However, such additional risks could be justified to avoid the economic damages (which would also have long run consequences for public finances) arising in the absence of sufficient green public investment. Tre trade off could ...

The purpose of this document is to show the differences between some key indicators of the 2020 Stability and Convergence Programmes of the EU Member States and the spring 2020 forecast of the European Commission. In accordance with Art. 4 of Council Directive 2011/85/EU, the budgetary planning of the Member States “shall be based on the most likely macrofiscal scenario or on a more prudent scenario. (…). Significant dif¬fe¬ren¬ces between the chosen macrofiscal scenario and the (most recent) Commission ...

The budgetary instrument for convergence and competitiveness is part of the Eurogroup December 2018 “comprehensive plan to strengthen the Euro’’, and may gain prominence also as part of the response to the corona crisis. This note presents its main features, as known on the basis of public sources. It addresses its connection with the European Semester and the more general framework of economic policy coordination. On 22 and 24 April, draft reports for the BICC governance proposal and the Reform ...