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Country-specific recommendations: An overview (September 2019)

11-09-2019

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 (2012-2019), including from the legal base perspective. Finally, it shows how recommendations were implemented over the 2012-2018 European Semester cycles. The note is updated on a regular basis.

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 (2012-2019), including from the legal base perspective. Finally, it shows how recommendations were implemented over the 2012-2018 European Semester cycles. The note is updated on a regular basis.

Euro Area Scrutiny: External expertise on economic governance issues during the 8th Parliamentary term

24-06-2019

This document provides the summaries of all external experts papers published during the 8th parliamentary term (2014-2019) by the Economic Governance Support Unit, aimed at supporting the scrutiny work on the functioning of the Euro Area, especially in view of the bi-annual Economic Dialogues with the President of the Eurogroup.

This document provides the summaries of all external experts papers published during the 8th parliamentary term (2014-2019) by the Economic Governance Support Unit, aimed at supporting the scrutiny work on the functioning of the Euro Area, especially in view of the bi-annual Economic Dialogues with the President of the Eurogroup.

Regional inequalities in the EU

17-05-2019

The issue of inequality has gained increasing importance in the public and political agenda in the aftermath of the financial and economic crisis, and in the context of political movements representing the 'places left behind'. Inequality may relate to income and wealth, but also to a variety of aspects such as access to basic services, education and infrastructure. In the context of regional disparities, it may also refer to differing levels of socio-economic development. Common inequality measures ...

The issue of inequality has gained increasing importance in the public and political agenda in the aftermath of the financial and economic crisis, and in the context of political movements representing the 'places left behind'. Inequality may relate to income and wealth, but also to a variety of aspects such as access to basic services, education and infrastructure. In the context of regional disparities, it may also refer to differing levels of socio-economic development. Common inequality measures have revealed that, while regional disparities have been decreasing when considering the EU as a whole, they have been increasing within some countries. A number of persistently low-growth regions exist in southern Europe, as do many low-income regions in eastern Europe. Every Member State has a number of 'inner peripheries', which are habitually located in post-industrial or rural areas and often characterised by high levels of unemployment, poor infrastructure, lack of skilled workforce and hampered accessibility. Strengthening social, economic and territorial cohesion, and reducing regional disparities is the main goal of EU cohesion policy. As a major EU tool to address regional inequalities, this policy provides a wide range of support for businesses and activities in areas such as research, environment, transport, employment, social inclusion, education and institutional capacity-building. Such support is crucial for addressing the underlying problems of many lagging regions, helping them create better living conditions, retain and attract talent, encourage investment, improve productivity and develop regional innovation systems. Together with economic governance frameworks and EU support for structural reform, EU cohesion policy can play an important role in reducing inequality, in a comprehensive and multidimensional way. While traditionally, GDP per capita has been used to assess regional convergence, a variety of new indicators tracking progress on issues correlated with inequality are available for this purpose today. Moreover, the proposals for the EU's post-2020 policy framework include new additional funding allocation criteria such as youth unemployment, education levels, climate change, and the reception and integration of migrants. These changes possibly indicate a shift towards a more comprehensive view of territorial convergence in the EU.

Implementation of Country Specific Recommendations under the MIP - March 2019

27-03-2019

This note provides an overview of the implementation rate of Country-Specific Recommendations (CSRs) issued under the Macroeconomic Imbalance Procedure (see a separate EGOV note for details on the MIP procedure). Figures presented in this overview refer only to Member States experiencing macroeconomic imbalances and are based on the implementation assessments performed by the Commission in its annual Country Reports.

This note provides an overview of the implementation rate of Country-Specific Recommendations (CSRs) issued under the Macroeconomic Imbalance Procedure (see a separate EGOV note for details on the MIP procedure). Figures presented in this overview refer only to Member States experiencing macroeconomic imbalances and are based on the implementation assessments performed by the Commission in its annual Country Reports.

Country Specific Recommendations for 2017 and 2018 - A tabular comparison and an overview of implementation

20-03-2019

This study presents the 2017 Country-Specific Recommendations generally endorsed by the European Council of 22/23 June 2017 and adopted by the Council of 11 July 2017; the assessment of the implementation of 2017 Country-Specific Recommendations based on the Commission Country Reports published on 7 March 2018; the 2018 Country-Specific Recommendations proposed by the European Commission on 23 May 2018 and adopted by the Council on 13 July 2018; the European Commission’s assessments of the implementation ...

This study presents the 2017 Country-Specific Recommendations generally endorsed by the European Council of 22/23 June 2017 and adopted by the Council of 11 July 2017; the assessment of the implementation of 2017 Country-Specific Recommendations based on the Commission Country Reports published on 7 March 2018; the 2018 Country-Specific Recommendations proposed by the European Commission on 23 May 2018 and adopted by the Council on 13 July 2018; the European Commission’s assessments of the implementation of the 2018 Country-Specific Recommendations based on its Country Reports published on 27 February 2019; the Council Recommendation on the economic policy of the euro area approved by the Council of 23 January 2018.

Reform Support Programme 2021-2027

13-03-2019

The European Commission adopted the proposal on the establishment of the Reform Support Programme on 31 May 2018, as part of the package for the upcoming multiannual financial framework for 2021-2027. The programme will provide financial and technical support for Member States to implement reforms aimed at increasing the resilience of their economies and modernising them, including priority reforms identified in the European Semester. The overall budget for the programme is €25 billion. It comprises ...

The European Commission adopted the proposal on the establishment of the Reform Support Programme on 31 May 2018, as part of the package for the upcoming multiannual financial framework for 2021-2027. The programme will provide financial and technical support for Member States to implement reforms aimed at increasing the resilience of their economies and modernising them, including priority reforms identified in the European Semester. The overall budget for the programme is €25 billion. It comprises three elements: a reform delivery tool (financial support); a Technical Support Instrument (technical expertise, building on the current Structural Reform Support Programme 2017-2020); and a convergence facility (preparation for adopting the euro). The Reform Support Programme will be open to all Member States on a voluntary basis, with no co-financing required. In the European Parliament, the Committee on Economic and Monetary Affairs (ECON) and Committee on Budgets (BUDG) are working jointly on this file under Rule 55 of Parliament's Rules of Procedure. A vote in the joint committee meeting is expected on 1 April 2019, with a vote in plenary thereafter, during the second April 2019 part-session. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Thematic overview: Member States whose 2019 DBPs are "at risk of non-compliance" with the Stability and Growth Pact

07-12-2018

This briefing gives an overview of recent European Commission (COM) opinions on the budgetary situation of five Member States (Belgium, Spain, France, Portugal and Slovenia) whose 2019 Draft Budgetary Plans (DBPs) are assessed to be “at risk of non-compliance” with their obligations under the Stability and Growth Pact (SGP) and of one country (Italy) whose 2019 DBP is considered to be in particularly serious non-compliance with its obligations under the SGP. This briefing will be updated as further ...

This briefing gives an overview of recent European Commission (COM) opinions on the budgetary situation of five Member States (Belgium, Spain, France, Portugal and Slovenia) whose 2019 Draft Budgetary Plans (DBPs) are assessed to be “at risk of non-compliance” with their obligations under the Stability and Growth Pact (SGP) and of one country (Italy) whose 2019 DBP is considered to be in particularly serious non-compliance with its obligations under the SGP. This briefing will be updated as further assessments by the COM become available during spring 2019.

Does a single monetary policy need a single fiscal counterpart?

29-11-2018

The absence of a single fiscal policy in the euro area does not necessarily constitute a problem for the ECB. In a deep financial crisis poorly coordinated national fiscal policies are likely to be insufficient. But outside crisis periods spill-over effects of fiscal policy are likely to be small and of uncertain sign. Moreover, fiscal policy is always subject to policy errors and other shocks. With many different national policies, individual errors and shocks would tend to cancel out each other ...

The absence of a single fiscal policy in the euro area does not necessarily constitute a problem for the ECB. In a deep financial crisis poorly coordinated national fiscal policies are likely to be insufficient. But outside crisis periods spill-over effects of fiscal policy are likely to be small and of uncertain sign. Moreover, fiscal policy is always subject to policy errors and other shocks. With many different national policies, individual errors and shocks would tend to cancel out each other, at least partially, thus delivering a more stable policy in the aggregate, which should facilitate the task of the ECB to maintain price stability. EMU reform efforts should thus not aim at creating a unified fiscal policy. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

Zunanji avtor

Daniel Gros, CEPS

Reform Support Programme

23-10-2018

Among the legislative proposals for the spending programmes of the MFF 2021-2027, the European Commission has proposed to establish a Reform Support Programme for structural reforms. The IA accompanying the proposal provides a good review of the baseline scenario, the problem to tackle and the objectives to achieve. However, it concentrates on the expected positive effects of the programme, rather than assessing thoroughly the impacts of alternative options against the baseline scenario like a standard ...

Among the legislative proposals for the spending programmes of the MFF 2021-2027, the European Commission has proposed to establish a Reform Support Programme for structural reforms. The IA accompanying the proposal provides a good review of the baseline scenario, the problem to tackle and the objectives to achieve. However, it concentrates on the expected positive effects of the programme, rather than assessing thoroughly the impacts of alternative options against the baseline scenario like a standard IA. The presentation of the delivery mechanisms is mostly qualitative, with a couple of quantified references that could have been better explained and substantiated. The IA remains vague on the precise scope of the voluntary programme and several implementation details and implies that its impacts depend to a large extent on the implementation by the Member States, which makes an ex-ante assessment challenging.

Economic Dialogue with the European Commission on the European Semester Spring 2018 Package

27-06-2018

Vice-President Dombrovskis, Commissioner Moscovici and Commissioner Thyssen have been invited to an Economic Dialogue on the European Semester Spring 2018 package in line with the relevant EU law. This briefing note covers the 2018 CSRs proposed by the Commission, the implementation of CSRs over the period 2012-2017 and recent decisions related to the implementation of the Stability and Growth Pact and the Macro-economic Imbalance Procedure. It also includes elements related to the on-going work ...

Vice-President Dombrovskis, Commissioner Moscovici and Commissioner Thyssen have been invited to an Economic Dialogue on the European Semester Spring 2018 package in line with the relevant EU law. This briefing note covers the 2018 CSRs proposed by the Commission, the implementation of CSRs over the period 2012-2017 and recent decisions related to the implementation of the Stability and Growth Pact and the Macro-economic Imbalance Procedure. It also includes elements related to the on-going work to strengthen the governance and the resilience of the Economic and Monetary Union.

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