Document
... deficits under the SGP • The European Union will have less and less the financial means to implement its policies ...
... deficits under the SGP • The European Union will have less and less the financial means to implement its policies ...
del04-vonhagen 223944 en
... of the deficit to GDP the ratio of public debt to GDP. The two reference values are set at three and 60 percent, respectively (Protocol on the EDP). If a member state does not comply with these reference values, and unless the deficit and the debt are approaching their reference values in a satisfac ...
... of the deficit to GDP the ratio of public debt to GDP. The two reference values are set at three and 60 percent, respectively (Protocol on the EDP). If a member state does not comply with these reference values, and unless the deficit and the debt are approaching their reference values in a satisfac ...
Results - Fiskalrat
... In 2015, Austria was one of nine EU countries (together with Germany, Estonia, Lithuania, Luxembourg, Romania, Sweden, the Czech Republic, and Cyprus) that reached their “medium-term budgetary objective (MTO)” and largely adhered to the various EU-wide fiscal rules5. In 2015, for the first time sinc ...
... In 2015, Austria was one of nine EU countries (together with Germany, Estonia, Lithuania, Luxembourg, Romania, Sweden, the Czech Republic, and Cyprus) that reached their “medium-term budgetary objective (MTO)” and largely adhered to the various EU-wide fiscal rules5. In 2015, for the first time sinc ...
Post-Programme Surveillance for Portugal. Autumn 2014 Report (9
... In principle a Member State remains under PPS until a minimum of 75% of the financial assistance received from the EFSM, EFSF/ESM or other Member States has been repaid. (1) In view of the average maturity of loans between 15 and 25 years, PPS will thus apply for a significant period of time. Under ...
... In principle a Member State remains under PPS until a minimum of 75% of the financial assistance received from the EFSM, EFSF/ESM or other Member States has been repaid. (1) In view of the average maturity of loans between 15 and 25 years, PPS will thus apply for a significant period of time. Under ...
Fundamental Determinants of the Effects of Fiscal Policy
... a.) Fiscal adjustment: revenue/expenditure based— effects on output, consumption, investment, trade and financial markets, and debt; b.) Cooperative action: spillover effects of fiscal adjustment (trade and financial market channels) in light of “global” aging pressures; benefits and costs c.) Lisbo ...
... a.) Fiscal adjustment: revenue/expenditure based— effects on output, consumption, investment, trade and financial markets, and debt; b.) Cooperative action: spillover effects of fiscal adjustment (trade and financial market channels) in light of “global” aging pressures; benefits and costs c.) Lisbo ...
gap» between the United States and the euro area?
... Another important factor in the current divergence is the policy mix. In 2011-2012, the fiscal consolidation was milder in the United States than in the euro area, where it intensified during the sovereign debt crisis owing to the constraints of fiscal rules and pressures from financial markets. M ...
... Another important factor in the current divergence is the policy mix. In 2011-2012, the fiscal consolidation was milder in the United States than in the euro area, where it intensified during the sovereign debt crisis owing to the constraints of fiscal rules and pressures from financial markets. M ...
A Preliminary Assessment on Fiscal Insurance for OECS
... 1/Damage is valued at the year of the event Source: World Bank (2002)c. and OFDA/CRED International Disaster Database (EM-DAT) 2002. Hurricane Lenny Recovery in the Eastern Caribbean. ...
... 1/Damage is valued at the year of the event Source: World Bank (2002)c. and OFDA/CRED International Disaster Database (EM-DAT) 2002. Hurricane Lenny Recovery in the Eastern Caribbean. ...
Slovenia: Euro Area Member Presiding the EU
... Prudent fiscal policy track record and steady competitiveness position Low government debt with low borrowing requirement in the future Sound banking system with low exposure to toxic assets Solid economic fundamentals and adequate policy response to crisis to ...
... Prudent fiscal policy track record and steady competitiveness position Low government debt with low borrowing requirement in the future Sound banking system with low exposure to toxic assets Solid economic fundamentals and adequate policy response to crisis to ...
Brian Olden (IMF)
... • They are also associated with higher macroeconomic volatility, perhaps because capacity to respond to future shocks is constrained • Implications of having so many high debt countries at once are uncertain, and market response may be sudden and decisive Source IMF Fiscal Monitor –May 2010 ...
... • They are also associated with higher macroeconomic volatility, perhaps because capacity to respond to future shocks is constrained • Implications of having so many high debt countries at once are uncertain, and market response may be sudden and decisive Source IMF Fiscal Monitor –May 2010 ...
Macroeconomic Policy Framework for Structural Transformation of
... MPs should be embedded in national/regional strategic planning for building strong nation states in regional/continental coordination Coordination and coherence with other policies in a dynamic setting in a system of endogenously evolved institutions There are multi-layer feedback loops in the insti ...
... MPs should be embedded in national/regional strategic planning for building strong nation states in regional/continental coordination Coordination and coherence with other policies in a dynamic setting in a system of endogenously evolved institutions There are multi-layer feedback loops in the insti ...
The fiscal stimulus of 2009-10
... exchange-rate depreciation. In Aizenman and Jinjarak (2011), we study the response heterogeneity of countries during the crisis, identifying the associations of economic structure (trade openness, fiscal capacity, etc), the size of fiscal stimuli, and the exchange-rate depreciations during the crisi ...
... exchange-rate depreciation. In Aizenman and Jinjarak (2011), we study the response heterogeneity of countries during the crisis, identifying the associations of economic structure (trade openness, fiscal capacity, etc), the size of fiscal stimuli, and the exchange-rate depreciations during the crisi ...
Macroeconomics of the Government Budget: (Things
... what is the real constraint on government spending? We ignore asset depletion as a source of financing in the discussion below. Taxation is also inherently limited by the fact that you cannot tax more than 100% of income and wealth – and the economic effects are likely to be highly negative well bel ...
... what is the real constraint on government spending? We ignore asset depletion as a source of financing in the discussion below. Taxation is also inherently limited by the fact that you cannot tax more than 100% of income and wealth – and the economic effects are likely to be highly negative well bel ...
ROMANIA'S REAL CONVERGENCE TO THE EUROPEAN UNION
... convergence criteria set at Maastricht on the inflation rate, long-term interest rates, deficit and debt, and the nominal exchange rate stability. According to European Central Bank, during April 2007 - March 2008, Romania registered an average annual rate of HICP inflation of 5.9%, significantly hi ...
... convergence criteria set at Maastricht on the inflation rate, long-term interest rates, deficit and debt, and the nominal exchange rate stability. According to European Central Bank, during April 2007 - March 2008, Romania registered an average annual rate of HICP inflation of 5.9%, significantly hi ...
2. Fiscal Decentralization
... Decentralization should involve the transfer to local government institutions those powers and functions necessary to enable them to: (i) provide services for the local population efficiently and effectively; (ii) provide a conducive environment for local economic development; and (iii) develop and ...
... Decentralization should involve the transfer to local government institutions those powers and functions necessary to enable them to: (i) provide services for the local population efficiently and effectively; (ii) provide a conducive environment for local economic development; and (iii) develop and ...
Jeffrey Frankel Carlos A. Vegh Guillermo Vuletin 23 June 2011, VOX
... risky than so-called “advanced” countries. This column examines why this is the case and finds that the cyclicality of a country’s fiscal policy – a sign of its riskiness – is inversely correlated with the quality of the country’s institutions. Fiscal policy is taking centre stage. Among advanced co ...
... risky than so-called “advanced” countries. This column examines why this is the case and finds that the cyclicality of a country’s fiscal policy – a sign of its riskiness – is inversely correlated with the quality of the country’s institutions. Fiscal policy is taking centre stage. Among advanced co ...
the sustainability of the fiscal-budgetary policy in the context
... The fiscal policies are those policies that don’t lead to the excessive growth of the country’s debt degree or following which there aren’t adopted measures of tax increase, drastic reduction of public expenses, monetization of budgetary deficit or public debt repudiation – (Blanchard,1990). General ...
... The fiscal policies are those policies that don’t lead to the excessive growth of the country’s debt degree or following which there aren’t adopted measures of tax increase, drastic reduction of public expenses, monetization of budgetary deficit or public debt repudiation – (Blanchard,1990). General ...
Lessons from the European Economic and Financial Great Crisis: A
... balance of the countries under stress were in deficit, with the exception of Italy - During the crisis, the absolute size of individual items in the BoP increased and its composition changed significantly. The main changes were in the financial accounts - The reversal of foreign investments in domes ...
... balance of the countries under stress were in deficit, with the exception of Italy - During the crisis, the absolute size of individual items in the BoP increased and its composition changed significantly. The main changes were in the financial accounts - The reversal of foreign investments in domes ...
Fiscal consolidation in Ukraine: Why it Policy Paper Series [PP/03/2013]
... grew by 4.7 p.p. to 80.9% between 2008 and 2012 due to changes in the structure of the economy, differences in the methodology of fiscal revenues, increases in the rates of excise duties and rent payments, and increased efforts in tax administration. VAT revenues remain the major tax revenue source ...
... grew by 4.7 p.p. to 80.9% between 2008 and 2012 due to changes in the structure of the economy, differences in the methodology of fiscal revenues, increases in the rates of excise duties and rent payments, and increased efforts in tax administration. VAT revenues remain the major tax revenue source ...
Geert Langenus
... (statistically: fund creared within the federal government and, according to its mandate. buying only specific federal government bonds; so essentially just a reduction of gross consolidated public debt) ...
... (statistically: fund creared within the federal government and, according to its mandate. buying only specific federal government bonds; so essentially just a reduction of gross consolidated public debt) ...
This PDF is a selection from a published volume from... Bureau of Economic Research Volume Title: NBER International Seminar on Macroeconomics
... to lagged debt to GDP ratio. This point is illustrated in their figure 2, reproduced as figure 1 below. Second, market-based indicators of default risk, namely CDS spreads on government debt, seem to be much more closely linked to debt / tax revenue ratios than to other measures of fiscal space, suc ...
... to lagged debt to GDP ratio. This point is illustrated in their figure 2, reproduced as figure 1 below. Second, market-based indicators of default risk, namely CDS spreads on government debt, seem to be much more closely linked to debt / tax revenue ratios than to other measures of fiscal space, suc ...
National debt brakes and convergence in the European
... the EU by tightening the rules of the Stability and Growth Pact (SGP) as part of the EuroPlus-Pact and introducing a new fiscal compact, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG) (see EU-Memo/11/ 647, TSCG, 2012). 2 While the revised version of th ...
... the EU by tightening the rules of the Stability and Growth Pact (SGP) as part of the EuroPlus-Pact and introducing a new fiscal compact, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG) (see EU-Memo/11/ 647, TSCG, 2012). 2 While the revised version of th ...
EN EN 1. Introduction Due to general elections, which took place on
... by less dynamic revenues from other sources. The revenue ratio is therefore projected to remain unchanged from 2013 to 2014. This is also reflected in the total amount of revenues in nominal terms being projected to be lower in 2014 by about EUR 700 million compared to what was included in the DBP s ...
... by less dynamic revenues from other sources. The revenue ratio is therefore projected to remain unchanged from 2013 to 2014. This is also reflected in the total amount of revenues in nominal terms being projected to be lower in 2014 by about EUR 700 million compared to what was included in the DBP s ...
Macroeconomics of the Government Budget
... what is the real constraint on government spending? We ignore asset depletion as a source of financing in the discussion below. Taxation is also inherently limited by the fact that you cannot tax more than 100% of income and wealth – and the economic effects are likely to be highly negative well bel ...
... what is the real constraint on government spending? We ignore asset depletion as a source of financing in the discussion below. Taxation is also inherently limited by the fact that you cannot tax more than 100% of income and wealth – and the economic effects are likely to be highly negative well bel ...
COM COM(2009)
... finances cannot be fully determined. However, given the large impact of the crisis on public debt, this communication provides a timely input at a stage where, in line with the European Council position: ‘fiscal policies must progressively be reoriented towards sustainability’ and ‘exit strategies n ...
... finances cannot be fully determined. However, given the large impact of the crisis on public debt, this communication provides a timely input at a stage where, in line with the European Council position: ‘fiscal policies must progressively be reoriented towards sustainability’ and ‘exit strategies n ...
Stability and Growth Pact
The Stability and Growth Pact (SGP) is an agreement, among the 28 Member states of the European Union, to facilitate and maintain the stability of the Economic and Monetary Union (EMU). Based primarily on Articles 121 and 126 of the Treaty on the Functioning of the European Union, it consists of fiscal monitoring of members by the European Commission and the Council of Ministers, and the issuing of a yearly recommendation for policy actions to ensure a full compliance with the SGP also in the medium-term. If a Member State breaches the SGP's outlined maximum limit for government deficit and debt, the surveillance and request for corrective action will intensify through the declaration of an Excessive Deficit Procedure (EDP); and if these corrective actions continue to remain absent after multiple warnings, the Member State can ultimately be issued economic sanctions. The pact was outlined by a resolution and two council regulations in July 1997. The first regulation ""on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies"", known as the ""preventive arm"", entered into force 1 July 1998. The second regulation ""on speeding up and clarifying the implementation of the excessive deficit procedure"", known as the ""dissuasive arm"", entered into force 1 January 1999.The purpose of the pact was to ensure that fiscal discipline would be maintained and enforced in the EMU. All EU member states are automatically members of both the EMU and the SGP, as this is defined by paragraphs in the EU Treaty itself. The fiscal discipline is ensured by the SGP by requiring each Member State, to implement a fiscal policy aiming for the country to stay within the limits on government deficit (3% of GDP) and debt (60% of GDP); and in case of having a debt level above 60% it should each year decline with a satisfactory pace towards a level below. As outlined by the ""preventive arm"" regulation, all EU member states are each year obliged to submit a SGP compliance report for the scrutiny and evaluation of the European Commission and the Council of Ministers, that will present the country's expected fiscal development for the current and subsequent three years. These reports are called ""stability programmes"" for eurozone Member States and ""convergence programmes"" for non-eurozone Member States, but despite having different titles they are identical in regards of the content. After the reform of the SGP in 2005, these programmes have also included the Medium-Term budgetary Objectives (MTO's), being individually calculated for each Member State as the medium-term sustainable average-limit for the country's structural deficit, and the Member State is also obliged to outline the measures it intends to implement to attain its MTO. If the EU Member State does not comply with both the deficit limit and the debt limit, a so-called ""Excessive Deficit Procedure"" (EDP) is initiated along with a deadline to comply, which basically includes and outlines an ""adjustment path towards reaching the MTO"". This procedure is outlined by the ""dissuasive arm"" regulation.The SGP was initially proposed by German finance minister Theo Waigel in the mid-1990s. Germany had long maintained a low-inflation policy, which had been an important part of the German economy's strong performance since the 1950s. The German government hoped to ensure the continuation of that policy through the SGP, which would ensure the prevalence of fiscal responsibility, and limit the ability of governments to exert inflationary pressures on the European economy. As such, it was also described to be a key tool for the Member States adopting the euro, to ensure that they did not only meet the Maastricht convergence criteria at the time of adopting the euro, but kept on to comply with the fiscal criteria for the following years.