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Economic Growth in Chile: A Long Term Perspective
... The problem is this: The reforms have stalled and are unlikely to move forward at the required pace; moreover, they will not be as deep as they are needed This is true both for the Euro Zone – and the EU, for that matter -- as a whole, and for individual countries. Unfinished business: unified ...
... The problem is this: The reforms have stalled and are unlikely to move forward at the required pace; moreover, they will not be as deep as they are needed This is true both for the Euro Zone – and the EU, for that matter -- as a whole, and for individual countries. Unfinished business: unified ...
Box 1.2: Growth differences between the US and the euro area
... area. One is related to its structural problems, as gauged, in particular, by very slow growth of total factor productivity. The other is related to financial frictions, which seem to be abating much more slowly in the euro area than in the US. This provides more evidence for the view that cleaning ...
... area. One is related to its structural problems, as gauged, in particular, by very slow growth of total factor productivity. The other is related to financial frictions, which seem to be abating much more slowly in the euro area than in the US. This provides more evidence for the view that cleaning ...
Key Issues in Fiscal Policy
... Not have permanent effects on budget deficits Provide a commitment to fiscal correction, once economic conditions improve Include structural reforms to enhance growth Should firmly commit to clear strategies for health care and pension reforms in countries facing ...
... Not have permanent effects on budget deficits Provide a commitment to fiscal correction, once economic conditions improve Include structural reforms to enhance growth Should firmly commit to clear strategies for health care and pension reforms in countries facing ...
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... The overall conclusion is that the programme envisages reducing the budget deficit over the medium term, but falls short to address timely and effectively the structural imbalances of the Greek economy and reverse the upward trend of public debt. Although the consolidation strategy beyond 2009 relie ...
... The overall conclusion is that the programme envisages reducing the budget deficit over the medium term, but falls short to address timely and effectively the structural imbalances of the Greek economy and reverse the upward trend of public debt. Although the consolidation strategy beyond 2009 relie ...
www.boi.org.il
... An overall budget balance rule with an annual target, or nominal deficit target, has a number of useful features. But, if focussed on annual target, would not provide flexibility with respect to cyclical developments. It cannot prevent procyclicality in good times so it inevitably "imposes" procycli ...
... An overall budget balance rule with an annual target, or nominal deficit target, has a number of useful features. But, if focussed on annual target, would not provide flexibility with respect to cyclical developments. It cannot prevent procyclicality in good times so it inevitably "imposes" procycli ...
ppt presentation
... are required to draft annual budgets. They have to communicate to the General Accounting Office, on a monthly basis, reports including data on expenditures, revenue, financing and liabilities, on a cash basis. The General Accounting Office is required to submit to Parliament and make available t ...
... are required to draft annual budgets. They have to communicate to the General Accounting Office, on a monthly basis, reports including data on expenditures, revenue, financing and liabilities, on a cash basis. The General Accounting Office is required to submit to Parliament and make available t ...
The economic situation in France and the euro area
... Nevertheless, the rules of the market economy continue to apply to each Member State of Monetary Union as well as to the Union as a whole. At the national level therefore, economic policymakers need to be even more vigilant than before regarding the indicators of competitiveness. These data, which f ...
... Nevertheless, the rules of the market economy continue to apply to each Member State of Monetary Union as well as to the Union as a whole. At the national level therefore, economic policymakers need to be even more vigilant than before regarding the indicators of competitiveness. These data, which f ...
R. Beetsma
... ‘pure’ policy or ‘direct’ spillovers. – Have received much less attention than indirect spillovers via the economy – Better information on spill-over effects promote better alignment of national fiscal policies – How can peer pressure be made to work most efficiently? How can countries be motivated ...
... ‘pure’ policy or ‘direct’ spillovers. – Have received much less attention than indirect spillovers via the economy – Better information on spill-over effects promote better alignment of national fiscal policies – How can peer pressure be made to work most efficiently? How can countries be motivated ...
Title of module
... The mere fact of crossing the national borders, furthermore settling down by reasons of work, study or other on the territory of an other Member State implies administrative tasks, financial aspects, the regularisation of social securitiy and health care situation, etc. Therefore it is important to ...
... The mere fact of crossing the national borders, furthermore settling down by reasons of work, study or other on the territory of an other Member State implies administrative tasks, financial aspects, the regularisation of social securitiy and health care situation, etc. Therefore it is important to ...
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... for any single member country makes the EMU project more sustainable than its critics and forecasters of its quick demise would like to see. Nevertheless, there are limits of this sustainability. As discussed above, failure of the European Central Bank (ECB) to keep inflation low and euro stable can ...
... for any single member country makes the EMU project more sustainable than its critics and forecasters of its quick demise would like to see. Nevertheless, there are limits of this sustainability. As discussed above, failure of the European Central Bank (ECB) to keep inflation low and euro stable can ...
Finland - European Commission
... excessive deficit procedure (EDP). This procedure is further specified in Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure1, which is part of the Stability and Growth Pact (SGP). Specific provisions for euro area Member States und ...
... excessive deficit procedure (EDP). This procedure is further specified in Council Regulation (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive deficit procedure1, which is part of the Stability and Growth Pact (SGP). Specific provisions for euro area Member States und ...
Countries with CA deficit
... affecting the relative price of various risks prevailing in the member states, in particular sovereign risk but also bank solvency ...
... affecting the relative price of various risks prevailing in the member states, in particular sovereign risk but also bank solvency ...
12-3
... • State constitutional provisions mandating balanced budgets act as automatic destabilizers. • These states cut spending and raise taxes during recessions and increase spending and cut taxes during expansions. ...
... • State constitutional provisions mandating balanced budgets act as automatic destabilizers. • These states cut spending and raise taxes during recessions and increase spending and cut taxes during expansions. ...
Fiscal policy in the Euro area is currently dominated by austerity
... Source: European Commission (2014b), author’s calculations. It is of course difficult – if not theoretically meaningless – to decide by how much the crisis has really affected potential output (OFCE et al. 2013). However, it seems clear, that the medium term growth prospects were negatively affected ...
... Source: European Commission (2014b), author’s calculations. It is of course difficult – if not theoretically meaningless – to decide by how much the crisis has really affected potential output (OFCE et al. 2013). However, it seems clear, that the medium term growth prospects were negatively affected ...
Evaluating the Efficiency and Effects of Public Spending
... the scenarios assumed the same interest rate and 4 percent annual growth. All figures are adjusted to the current GDP definition. 2 Based on specific measures adopted with the 2004 budget. 3 An estimate based on the measures adopted until early 2004 and actual growth for 2004-2006. ...
... the scenarios assumed the same interest rate and 4 percent annual growth. All figures are adjusted to the current GDP definition. 2 Based on specific measures adopted with the 2004 budget. 3 An estimate based on the measures adopted until early 2004 and actual growth for 2004-2006. ...
EU202 lecture slides 7
... Part of wider peer-monitoring arrangement – calls for every country to submit its budgetary positions for the following 3 years to the Council and the Commission annually Objective is not just deficits below 3% but a budget balance or surplus – leaving room for policy action in case of a modern slow ...
... Part of wider peer-monitoring arrangement – calls for every country to submit its budgetary positions for the following 3 years to the Council and the Commission annually Objective is not just deficits below 3% but a budget balance or surplus – leaving room for policy action in case of a modern slow ...
PowerPoint_Watson
... • € area monetary conditions • National monetary, fiscal, prudential and structural policies ...
... • € area monetary conditions • National monetary, fiscal, prudential and structural policies ...
Slide 1
... – increasing returns to scale (policies may be more effective when carried out on a large scale) ...
... – increasing returns to scale (policies may be more effective when carried out on a large scale) ...
AIReF ENDORSES THE SPANISH GOVERNMENT`S
... of this hypothesis would not be substantial in the short term. The reduction in supply in response to lower prices could be particularly intense. Additionally, although Iran’s return to the crude oil markets could give rise to expectations of more output, any escalation in the existing tensions with ...
... of this hypothesis would not be substantial in the short term. The reduction in supply in response to lower prices could be particularly intense. Additionally, although Iran’s return to the crude oil markets could give rise to expectations of more output, any escalation in the existing tensions with ...
pid - World bank documents
... liabilities management; and (ii) foster productivity in non-extractive sectors by strengthening the policy framework for trade facilitation, investment, competition, business regulation and innovation. The reforms under these two objectives mutually reinforce each other. Both areas of reform are lik ...
... liabilities management; and (ii) foster productivity in non-extractive sectors by strengthening the policy framework for trade facilitation, investment, competition, business regulation and innovation. The reforms under these two objectives mutually reinforce each other. Both areas of reform are lik ...
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... which are key not only to attract foreign direct investment but also to improve the long-term sustainability of public finances, for which Hungary remains at high risk. Such achievements are also crucial in accelerating economic catching up and ultimately moving towards lasting convergence. ...
... which are key not only to attract foreign direct investment but also to improve the long-term sustainability of public finances, for which Hungary remains at high risk. Such achievements are also crucial in accelerating economic catching up and ultimately moving towards lasting convergence. ...
Slide 1
... …the effect of the business cycle on revenue and expenditure did not appear to significantly distort the fiscal analysis during the review period. ...
... …the effect of the business cycle on revenue and expenditure did not appear to significantly distort the fiscal analysis during the review period. ...
The Fiscal Treaty - Citizens Information Board
... reforms which are designed to reduce the deficit. This is called a budgetary and economic partnership programme. The content and format of these programmes will be set out in EU law. They will be monitored by the European Commission and the Council in the same way as the Stability and Growth Pact is ...
... reforms which are designed to reduce the deficit. This is called a budgetary and economic partnership programme. The content and format of these programmes will be set out in EU law. They will be monitored by the European Commission and the Council in the same way as the Stability and Growth Pact is ...
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... of Payments (BoP) assistance in recent years and Plus Pact, agreed by the European Council in the size of the BoP Facility was increased from March 2011 underlines the enhanced role which 12 billion euros to 50 billion euros in 2009. In the European Council intends to play in shaping response to the ...
... of Payments (BoP) assistance in recent years and Plus Pact, agreed by the European Council in the size of the BoP Facility was increased from March 2011 underlines the enhanced role which 12 billion euros to 50 billion euros in 2009. In the European Council intends to play in shaping response to the ...
Top margin 1
... The European Commission adopted today its convergence report 2000 in which it concludes that Greece fulfils the necessary conditions to adopt the single currency, the euro. On the basis of this report and the convergence report issued by the European Central Bank (also published today) the Commissio ...
... The European Commission adopted today its convergence report 2000 in which it concludes that Greece fulfils the necessary conditions to adopt the single currency, the euro. On the basis of this report and the convergence report issued by the European Central Bank (also published today) the Commissio ...
Stability and Growth Pact
![](https://commons.wikimedia.org/wiki/Special:FilePath/Fiscal_Compliance_2014-debt.png?width=300)
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.