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What will happen to the euro?
... debts, lenders become hesitant to continue lending and demand greater default premia. When there are doubts about the returns on capital, capital is withdrawn. These events lead to further erosion of confidence in the country's ability to pay and, unchecked, they inevitably lead to the fixed rate be ...
... debts, lenders become hesitant to continue lending and demand greater default premia. When there are doubts about the returns on capital, capital is withdrawn. These events lead to further erosion of confidence in the country's ability to pay and, unchecked, they inevitably lead to the fixed rate be ...
Fiscal Responsibility and Debt Limitation Law
... short term political connotations. Consequently, the debt/GDP ratios for many countries have steadily risen over the years. As a result, there is increasing interest, particularly in the more fiscally responsible developed economies, to legislate automatic, transparent, rule-based “poison pill” mech ...
... short term political connotations. Consequently, the debt/GDP ratios for many countries have steadily risen over the years. As a result, there is increasing interest, particularly in the more fiscally responsible developed economies, to legislate automatic, transparent, rule-based “poison pill” mech ...
Economic Drivers of the European Future
... The alternative – a Greek default or “haircut” – could have been even more expensive for euro area countries. Even after the three-year financial support program, Greece will not be able to manage its debt crisis alone and will need additional help or have to restructure its debt. ...
... The alternative – a Greek default or “haircut” – could have been even more expensive for euro area countries. Even after the three-year financial support program, Greece will not be able to manage its debt crisis alone and will need additional help or have to restructure its debt. ...
EN EN Recommendation for a COUNCIL RECOMMENDATION on
... far-reaching additional policy reforms and policy coordination by signing the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union on 2 March 2012. The entry into force of the so called "Two Pack" regulations5 in 2013 will further deepen budgetary and economic policy c ...
... far-reaching additional policy reforms and policy coordination by signing the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union on 2 March 2012. The entry into force of the so called "Two Pack" regulations5 in 2013 will further deepen budgetary and economic policy c ...
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... on average) or lower growth (1pp per year). The extra debt burden would not be much higher in either case, and when both are combined, the debt ratio would be 7 points higher by 214. The main reason for this result is the size of the deficit numbers, which dominates the effect of growth or debt ...
... on average) or lower growth (1pp per year). The extra debt burden would not be much higher in either case, and when both are combined, the debt ratio would be 7 points higher by 214. The main reason for this result is the size of the deficit numbers, which dominates the effect of growth or debt ...
The eurozone domino effect
... The Irish crisis is far more serious for the euro than the Greek one. The thing that can rescue Ireland is commitment from the other eurozone nations to salvage its economy. Ireland had one of the most successful economies in the world over the past two decades. Its government was never extravagant. ...
... The Irish crisis is far more serious for the euro than the Greek one. The thing that can rescue Ireland is commitment from the other eurozone nations to salvage its economy. Ireland had one of the most successful economies in the world over the past two decades. Its government was never extravagant. ...
Slide 1
... reliance on any such opinion, advice, statement, memorandum, or information shall be at your sole risk. Cairo Amman Bank reserves the right, in its sole discretion, to correct any error or omission in any portion of the report without notice. Cairo Amman Bank may make any other changes to the report ...
... reliance on any such opinion, advice, statement, memorandum, or information shall be at your sole risk. Cairo Amman Bank reserves the right, in its sole discretion, to correct any error or omission in any portion of the report without notice. Cairo Amman Bank may make any other changes to the report ...
Medium Term Fiscal Strategy 2002-2007
... We are now in the critical second phase of the MTFS. There is still much work to be done. Expenditure is still not as well directed as it could be, with too much allocated to non-priority areas and the money allocated to priority areas not being used as effectively as it could be (with too much spen ...
... We are now in the critical second phase of the MTFS. There is still much work to be done. Expenditure is still not as well directed as it could be, with too much allocated to non-priority areas and the money allocated to priority areas not being used as effectively as it could be (with too much spen ...
Action for stability, growth and jobs
... - AT, SE, BE, FR, NL, BG, CY, DK, EE, HU, LU, SK, PL, RO reported to have had a formal and apparently good consultation process. For AT, SE, BE, FR, NL contributions from social partners/stakeholders are annexed to the NRP - LT, SI, FI seemed to have only had a reduced consultation process - CZ, DE, ...
... - AT, SE, BE, FR, NL, BG, CY, DK, EE, HU, LU, SK, PL, RO reported to have had a formal and apparently good consultation process. For AT, SE, BE, FR, NL contributions from social partners/stakeholders are annexed to the NRP - LT, SI, FI seemed to have only had a reduced consultation process - CZ, DE, ...
Snapshot: Economic forecasts of 2013 in Hungary and the
... reducing the reflexivity of chosen correction measures, better assessment of spill-over effects, we need to convince our partners, that our actions are defined not by tactical impulses but with the intention of long-term cooperation ...
... reducing the reflexivity of chosen correction measures, better assessment of spill-over effects, we need to convince our partners, that our actions are defined not by tactical impulses but with the intention of long-term cooperation ...
Single Currency
... free their central banks of political interference. Central banks are now responsible for monetary policy and, as such, determine interest rates in the euro zone. They were also prohibited from financing a budget deficit affecting the European institutions, the governments of the Member States or ot ...
... free their central banks of political interference. Central banks are now responsible for monetary policy and, as such, determine interest rates in the euro zone. They were also prohibited from financing a budget deficit affecting the European institutions, the governments of the Member States or ot ...
Discretionary fiscal policies, automatic stabilisation and economic
... to implement reforms.7 While the causality is often difficult to pin down, it may be the case that governments that opt for short-term activist fiscal policies may lose the focus and resolve required to pursue structural reforms that would be beneficial for potential growth in the medium term. Autom ...
... to implement reforms.7 While the causality is often difficult to pin down, it may be the case that governments that opt for short-term activist fiscal policies may lose the focus and resolve required to pursue structural reforms that would be beneficial for potential growth in the medium term. Autom ...
OECD Accruals Symposium Fiscal Sustainability Tom Allen FASAB
... Provide information to help readers determine whether future budgetary resources will likely be sufficient to sustain public services and to meet obligations as they come due. Enhance understanding of long-term fiscal issues ...
... Provide information to help readers determine whether future budgetary resources will likely be sufficient to sustain public services and to meet obligations as they come due. Enhance understanding of long-term fiscal issues ...
Recommendation for a COUNCIL RECOMMENDATION on the 2017
... On 10 March 2015, the Council recommended France to put an end to the excessive deficit situation by 2017 and to achieve a general government deficit of 2.8% of GDP, consistent with an improvement in the structural balance of 0.9% of GDP, in 2017. Based on the Commission 2017 spring forecast, the he ...
... On 10 March 2015, the Council recommended France to put an end to the excessive deficit situation by 2017 and to achieve a general government deficit of 2.8% of GDP, consistent with an improvement in the structural balance of 0.9% of GDP, in 2017. Based on the Commission 2017 spring forecast, the he ...
Frequently Asked Questions
... What are the criteria to take into account when deciding on the objectives of the fiscal stance in the euro area? Three main elements have to be taken into account when deciding on the appropriate balance between the objective of promoting growth and that of preserving the sustainability of public f ...
... What are the criteria to take into account when deciding on the objectives of the fiscal stance in the euro area? Three main elements have to be taken into account when deciding on the appropriate balance between the objective of promoting growth and that of preserving the sustainability of public f ...
Recommendation for a COUNCIL RECOMMENDATION on the 2016
... Timely and stringent implementation of the reformed budget framework law, the commitment control law and further improvements in revenue collection and expenditure control may significantly contribute to achieving the required fiscal adjustment. Portugal faces the double challenge of achieving the l ...
... Timely and stringent implementation of the reformed budget framework law, the commitment control law and further improvements in revenue collection and expenditure control may significantly contribute to achieving the required fiscal adjustment. Portugal faces the double challenge of achieving the l ...
Europe, You`re Down: Cyclicality and Sovereign Debt
... – Angela Merkel’s fiscal compact may be no better. ...
... – Angela Merkel’s fiscal compact may be no better. ...
Exchange of views on the economic and social crisis in Greece
... Last but not least, Greece needs to address the situation of its banking sector. As a consequence of the debt exchange, most Greek banks are heavily undercapitalised. The programme envisages that banks deemed viable by the Bank of Greece will be recapitalised. Banks that are unable to raise capital ...
... Last but not least, Greece needs to address the situation of its banking sector. As a consequence of the debt exchange, most Greek banks are heavily undercapitalised. The programme envisages that banks deemed viable by the Bank of Greece will be recapitalised. Banks that are unable to raise capital ...
COUNCIL DECISION giving notice to Spain to take
... GDP in 2016 and a 0,5 % of GDP improvement in both 2017 and 2018. These budgetary targets also take into account the need to compensate for second-round effects of fiscal consolidation on public finances, through its impact on the wider economy. ...
... GDP in 2016 and a 0,5 % of GDP improvement in both 2017 and 2018. These budgetary targets also take into account the need to compensate for second-round effects of fiscal consolidation on public finances, through its impact on the wider economy. ...
General government deficit and debt in 2016
... property income and in expenditures for transaction acquisitions less disposals of non-produced assets. Moreover, due to revision of imputed contributions in the general government sector accounts, there was a significant increase in revenues for transaction net social contributions and in expenditu ...
... property income and in expenditures for transaction acquisitions less disposals of non-produced assets. Moreover, due to revision of imputed contributions in the general government sector accounts, there was a significant increase in revenues for transaction net social contributions and in expenditu ...
7_2014_austrian-fiscal-advisory-council
... 1) Calculations are based on the Autumn 2013 Economic Forecast of the European Commission. 2) Under the assumption of a structural improvement by 0.55% of GDP p.a. 3) Difference due to rounding 4) Takes into account, e.g. revisions of potential output growth compared to the growth scenario in the un ...
... 1) Calculations are based on the Autumn 2013 Economic Forecast of the European Commission. 2) Under the assumption of a structural improvement by 0.55% of GDP p.a. 3) Difference due to rounding 4) Takes into account, e.g. revisions of potential output growth compared to the growth scenario in the un ...
30.04.2015 - Expert RA» (RAEX)
... still a number of factors which could have a negative long-term effect on the competitiveness of the country. The latest ECB’s QE programme and the TTIP agreement between the EU and the US are likely to improve Germany’s competitiveness abroad. In contrast, the country’s overall structural position ...
... still a number of factors which could have a negative long-term effect on the competitiveness of the country. The latest ECB’s QE programme and the TTIP agreement between the EU and the US are likely to improve Germany’s competitiveness abroad. In contrast, the country’s overall structural position ...
World Economic Outlook
... Macro-prudential policies need to be strengthened Structural reforms to boost long-term productivity and employment Support for the unemployed (social policies) More international coordination of macro-financial policies Strengthening the global firewall ...
... Macro-prudential policies need to be strengthened Structural reforms to boost long-term productivity and employment Support for the unemployed (social policies) More international coordination of macro-financial policies Strengthening the global firewall ...
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.