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Barbados_en.pdf
... and salaries fell by 8.4% year on year in the second quarter. Public consumption (-1.2%) and transfers and subsidies (-11.4%) both contracted. Barbados: main economic indicators, 2012-2014 ...
... and salaries fell by 8.4% year on year in the second quarter. Public consumption (-1.2%) and transfers and subsidies (-11.4%) both contracted. Barbados: main economic indicators, 2012-2014 ...
fiscal policy as an stabilizer of business cycle fluctuations in the euro
... now, too optimistic. The problem for both countries is that, as they are close to elections, they have introduced some discretionary expansionary measures. In this context, the main and optimal collective objective should be to let the automatic stabilizers do their full compensatory work, and, at t ...
... now, too optimistic. The problem for both countries is that, as they are close to elections, they have introduced some discretionary expansionary measures. In this context, the main and optimal collective objective should be to let the automatic stabilizers do their full compensatory work, and, at t ...
The Future of Europe
... a surplus that would finally reach 2% of GDP. This dynamics, still required by the FC rule in order to reduce the debt/GDP ratio to the reference value of 60%, would imply a budget surplus even excessive in relation to what is required by the Treaty itself (balanced structural budget or deficit equa ...
... a surplus that would finally reach 2% of GDP. This dynamics, still required by the FC rule in order to reduce the debt/GDP ratio to the reference value of 60%, would imply a budget surplus even excessive in relation to what is required by the Treaty itself (balanced structural budget or deficit equa ...
New Fiscal Rule - Israel Ministry of Finance
... importance for maintaining the fiscal stability of the State of Israel, by setting limitations on both the deficit level and the rate of growth of government expenditure. The existing legislation contributed to the reduction of the deficit in the last few years, and consequently, to a decline of the ...
... importance for maintaining the fiscal stability of the State of Israel, by setting limitations on both the deficit level and the rate of growth of government expenditure. The existing legislation contributed to the reduction of the deficit in the last few years, and consequently, to a decline of the ...
Economic, financial and monetary stability in Europe: reinforcing our
... institutions or sovereigns, the delegation of fiscal tasks to monetary policy endangers the central bank’s primary mandate of ensuring price stability. A central bank may find itself overburdened with the task of providing sufficient liquidity to the financial sector on the one hand, and maintainin ...
... institutions or sovereigns, the delegation of fiscal tasks to monetary policy endangers the central bank’s primary mandate of ensuring price stability. A central bank may find itself overburdened with the task of providing sufficient liquidity to the financial sector on the one hand, and maintainin ...
Macroeconomic Strategies from a Human Rights Perspective: How
... legislative, administrative, budgetary, judicial and other measures towards the full realization of such rights. • The obligation of conduct requires action reasonably calculated to realize the enjoyment of a particular right. • The obligation of result requires States to achieve specific targets to ...
... legislative, administrative, budgetary, judicial and other measures towards the full realization of such rights. • The obligation of conduct requires action reasonably calculated to realize the enjoyment of a particular right. • The obligation of result requires States to achieve specific targets to ...
See Ms. Sorsa`s presentation "Economic Challenges of Bulgaria"
... Progress with structural reform important for the budget as well (World Bank lead in this area) ...
... Progress with structural reform important for the budget as well (World Bank lead in this area) ...
View Here - Hunt Partners
... Councils (CCA - SMC - ALFA - ALEC AMIC) representing cattle and sheep producers, lot feeders, live exporters, processors and butchers with: ...
... Councils (CCA - SMC - ALFA - ALEC AMIC) representing cattle and sheep producers, lot feeders, live exporters, processors and butchers with: ...
Recommendation for a COUNCIL IMPLEMENTING DECISION
... strong commitment to correct the excessive deficit in 2016, including the commitment to adopt measures when necessary to correct budgetary deviations, and to implement a fiscal adjustment in 2017 in line with the fiscal country specific recommendation adopted by the Council on 12 July 2016. Portugal ...
... strong commitment to correct the excessive deficit in 2016, including the commitment to adopt measures when necessary to correct budgetary deviations, and to implement a fiscal adjustment in 2017 in line with the fiscal country specific recommendation adopted by the Council on 12 July 2016. Portugal ...
The Fiscal Council`s response to the request of the Department of
... proposed revision of the Fiscal Code approved by the Government and sent to Parliament. The Fiscal Council could not endorse the legislative proposal in question, considering the extremely high probability of a major deviation from the medium-term budgetary targets following the implementation of it ...
... proposed revision of the Fiscal Code approved by the Government and sent to Parliament. The Fiscal Council could not endorse the legislative proposal in question, considering the extremely high probability of a major deviation from the medium-term budgetary targets following the implementation of it ...
www.plan.be
... 2. Contribution of the 2005 SGP reform 3. Ways forward for ensuring the conduct of sound fiscal policies in the EU ...
... 2. Contribution of the 2005 SGP reform 3. Ways forward for ensuring the conduct of sound fiscal policies in the EU ...
Italy: Time to walk the walk
... general government budget deficit close to 3.0% of GDP this year and next. • The government should be mindful of the potential risks attached to discretionary fiscal easing. Growth-friendly fiscal adjustment is credible only if part of a medium-term fiscal consolidation strategy which includes cuts ...
... general government budget deficit close to 3.0% of GDP this year and next. • The government should be mindful of the potential risks attached to discretionary fiscal easing. Growth-friendly fiscal adjustment is credible only if part of a medium-term fiscal consolidation strategy which includes cuts ...
The exceptional 26.3 per cent real GDP growth rate for 2015 had
... (2) By leaving the initial output gap level and projected changes in this relatively unchanged compared to estimates prior to the sharp revisions to real GDP. The adjustments help mitigate risks to fiscal policy from changes in the fiscal rules, though some issues remain. In particular, the 25 per c ...
... (2) By leaving the initial output gap level and projected changes in this relatively unchanged compared to estimates prior to the sharp revisions to real GDP. The adjustments help mitigate risks to fiscal policy from changes in the fiscal rules, though some issues remain. In particular, the 25 per c ...
Slides
... The tasks of the Fiscal Policy Council 1. To evaluate whether fiscal policy meets its objectives: ...
... The tasks of the Fiscal Policy Council 1. To evaluate whether fiscal policy meets its objectives: ...
What Is Fiscal Policy
... states related to their conduct of fiscal policy, to facilitate and maintain Economic and Monetary Union of the European Union. It is based on Articles 99 and 104 of the European Community Treaty (with the amendments adopted in 1993 in Maastricht), and related decisions. It consists of enforcement p ...
... states related to their conduct of fiscal policy, to facilitate and maintain Economic and Monetary Union of the European Union. It is based on Articles 99 and 104 of the European Community Treaty (with the amendments adopted in 1993 in Maastricht), and related decisions. It consists of enforcement p ...
November 2012 - Economic Update Post Election
... Democrats gained 2 seats, control Senate. Republicans still have majority in the House. Basically, nothing changed. Expect same policies as last 4 years – large deficits, more regulation, higher taxes, easy monetary policy with money printing. • Recipe for economic malaise with inflation. ...
... Democrats gained 2 seats, control Senate. Republicans still have majority in the House. Basically, nothing changed. Expect same policies as last 4 years – large deficits, more regulation, higher taxes, easy monetary policy with money printing. • Recipe for economic malaise with inflation. ...
Rules of Origin under EPAs Niel Joubert tralac researcher
... Public sector wages will not govern private sector behaviour Streamlining the number of persons employed in the public sector Improving business environment and adopting a Better Regulation ...
... Public sector wages will not govern private sector behaviour Streamlining the number of persons employed in the public sector Improving business environment and adopting a Better Regulation ...
European Monetary Integration, Optimum Currency Areas
... The EMU elites had to know that someday a member country would face a debt crisis. In early 2010 they should have viewed Greece as a good opportunity to set a precedent for moral hazard: – The fault egregiously lay with Greece itself, unlike Ireland or Spain, which had done much right. ...
... The EMU elites had to know that someday a member country would face a debt crisis. In early 2010 they should have viewed Greece as a good opportunity to set a precedent for moral hazard: – The fault egregiously lay with Greece itself, unlike Ireland or Spain, which had done much right. ...
The Euro Crisis & Greece
... The EMU elites had to know that someday a member country would face a debt crisis. In early 2010 they should have viewed Greece as a good opportunity to set a precedent for moral hazard: – The fault egregiously lay with Greece itself. Unlike Ireland or Spain, which had done much right. ...
... The EMU elites had to know that someday a member country would face a debt crisis. In early 2010 they should have viewed Greece as a good opportunity to set a precedent for moral hazard: – The fault egregiously lay with Greece itself. Unlike Ireland or Spain, which had done much right. ...
EN EN Recommendation for a COUNCIL RECOMMENDATION on
... curtailing private consumption and a potential deterioration in the international environment that could affect trade and investment. The Convergence Programme does not include a medium-term budgetary objective as foreseen by the Stability and Growth Pact. The government has continued with its fisca ...
... curtailing private consumption and a potential deterioration in the international environment that could affect trade and investment. The Convergence Programme does not include a medium-term budgetary objective as foreseen by the Stability and Growth Pact. The government has continued with its fisca ...
Commission Services` Country Report on Belgium 2015
... Outline of the art. 126 (3) report Art. 126 (3) TFEU: "If a MS does not fulfil the requirements under one or both of these criteria [with regard to the deficit and debt ratio], the Commission shall prepare a report. The report of the Commission shall […] take into account all other relevant factors ...
... Outline of the art. 126 (3) report Art. 126 (3) TFEU: "If a MS does not fulfil the requirements under one or both of these criteria [with regard to the deficit and debt ratio], the Commission shall prepare a report. The report of the Commission shall […] take into account all other relevant factors ...
a well-defined analytical concept or one more arbitrary straightjacket?
... balanced SB means neutral fiscal policy. The rule from Bruxelles (max. ½ pct. structural deficit) is severely to restrict the use of (expansionary) fiscal policy in the short run! – independently of the rate of unemployment and ...
... balanced SB means neutral fiscal policy. The rule from Bruxelles (max. ½ pct. structural deficit) is severely to restrict the use of (expansionary) fiscal policy in the short run! – independently of the rate of unemployment and ...
Is the Euro Crisis Over? - International Center for Monetary and
... measure of 4 key medium-term adjustment criteria: ...
... measure of 4 key medium-term adjustment criteria: ...
Portugal given an extra year to correct its deficit
... stimulus from external demand and the impact of further budgetary consolidation. However, exports are set to record further gains in market share. Portugal has been the subject of the EU's excessive deficit procedure since December 2009, when the Council initially set out measures to correct its def ...
... stimulus from external demand and the impact of further budgetary consolidation. However, exports are set to record further gains in market share. Portugal has been the subject of the EU's excessive deficit procedure since December 2009, when the Council initially set out measures to correct its def ...
Stability and Growth Pact
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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.