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Poverty and Social Impact Analysis (PSIA)
... One of the few policy measures we know to raise national savings (a critical element to reduce vulnerabilities) is to increase public savings ...
... One of the few policy measures we know to raise national savings (a critical element to reduce vulnerabilities) is to increase public savings ...
The Restructuring and Resolution of External
... Country risk suddenly disappeared with the adoption of the common currency, while the Treaty did not consider bailout provisions or any form of debt “mutualization” Countries and markets behaved as if sovereign debt had an implicit guarantee from the Union To no surprise, capital inflows poured into ...
... Country risk suddenly disappeared with the adoption of the common currency, while the Treaty did not consider bailout provisions or any form of debt “mutualization” Countries and markets behaved as if sovereign debt had an implicit guarantee from the Union To no surprise, capital inflows poured into ...
An assessment of the economic
... What doe this inconsistent triangle imply? • Fiscal consolidation is necessary, but will take time – And will not reassure financial markets in the short term ...
... What doe this inconsistent triangle imply? • Fiscal consolidation is necessary, but will take time – And will not reassure financial markets in the short term ...
Document
... whole at 12% (2013Q3). The Bank Solvency Support Facility still has € 6.4 billion at its disposal in case of need ...
... whole at 12% (2013Q3). The Bank Solvency Support Facility still has € 6.4 billion at its disposal in case of need ...
Notes on the European Monetary Union Elements of the EMU: free
... Euro Group is seen as extremely powerful. It meets before the Council meets, and is seen as an ante-chamber for discussing all questions of economy policy within the Union, pre-empting decisions that might subsequently be taken in the Council. It is also the place where most political feedback or pr ...
... Euro Group is seen as extremely powerful. It meets before the Council meets, and is seen as an ante-chamber for discussing all questions of economy policy within the Union, pre-empting decisions that might subsequently be taken in the Council. It is also the place where most political feedback or pr ...
THE IMPACT OF FISCAL POLICY ON GROSS DOMESTIC PRODUCT IN
... ABSTRACT: In our research, we intend to observe the influence of fiscal policy together with the interest rate and inflation rate on economic growth in the European Union member states. Therefore, our goal is to identify the impact of the main instruments of fiscal policy, using an unrestricted pane ...
... ABSTRACT: In our research, we intend to observe the influence of fiscal policy together with the interest rate and inflation rate on economic growth in the European Union member states. Therefore, our goal is to identify the impact of the main instruments of fiscal policy, using an unrestricted pane ...
Chapter 17 - Patrick M. Crowley
... The Stability and Growth Pact (SGP) 1. ‘excessive deficit’; deficits are excessive when above 3% of GDP; countries in the monetary union commit themselves to a mediumterm budgetary stance ‘close to balance or in surplus’; ‘exceptional circumstances’ when provisions are automatically suspended; 2. p ...
... The Stability and Growth Pact (SGP) 1. ‘excessive deficit’; deficits are excessive when above 3% of GDP; countries in the monetary union commit themselves to a mediumterm budgetary stance ‘close to balance or in surplus’; ‘exceptional circumstances’ when provisions are automatically suspended; 2. p ...
Slide 1
... The Stability and Growth Pact (SGP) 1. ‘excessive deficit’; deficits are excessive when above 3% of GDP; countries in the monetary union commit themselves to a mediumterm budgetary stance ‘close to balance or in surplus’; ‘exceptional circumstances’ when provisions are automatically suspended; 2. p ...
... The Stability and Growth Pact (SGP) 1. ‘excessive deficit’; deficits are excessive when above 3% of GDP; countries in the monetary union commit themselves to a mediumterm budgetary stance ‘close to balance or in surplus’; ‘exceptional circumstances’ when provisions are automatically suspended; 2. p ...
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. ...
Faes Foundation Madrid April 26 2012
... President and preparatory committee with Brussels based staff • European Parliament: co-legislator and has scrutiny role with quarterly hearings with ECB President and economic dialogue with European Commissioner ...
... President and preparatory committee with Brussels based staff • European Parliament: co-legislator and has scrutiny role with quarterly hearings with ECB President and economic dialogue with European Commissioner ...
Fiscal Rules
... The Use of Fiscal Rules in other Countries The rules vary among countries: The rules refer to the public sector as a whole or to the central government budget. The rules focus on the size of the deficit, on public debt, size of public expenditure etc. Some countries set rules for one year, so ...
... The Use of Fiscal Rules in other Countries The rules vary among countries: The rules refer to the public sector as a whole or to the central government budget. The rules focus on the size of the deficit, on public debt, size of public expenditure etc. Some countries set rules for one year, so ...
Stephanie-Kelton-fin..
... A range of measures will be introduced to achieve social welfare savings of €2.8bn. ...
... A range of measures will be introduced to achieve social welfare savings of €2.8bn. ...
A STRATEGY FOR CONTINUED FISCAL CONSOLIDATION
... 4.0%, i.e. 0.3% lower than estimated. Second, positive economic data has been released, which reflects a brighter growth outlook for Europe as a whole, and France in particular, although the rate of recovery still needs to be bolstered. Taking these changes into account, France’s chosen adjustment p ...
... 4.0%, i.e. 0.3% lower than estimated. Second, positive economic data has been released, which reflects a brighter growth outlook for Europe as a whole, and France in particular, although the rate of recovery still needs to be bolstered. Taking these changes into account, France’s chosen adjustment p ...
DOC - Europa.eu
... public expenditures to identify savings necessary to meet the 2013-2014 deficit targets. These measures aim at rationalizing and modernizing public administration, improving the sustainability of the pension system, and achieving additional cost savings across ministries. To anchor the credibility o ...
... public expenditures to identify savings necessary to meet the 2013-2014 deficit targets. These measures aim at rationalizing and modernizing public administration, improving the sustainability of the pension system, and achieving additional cost savings across ministries. To anchor the credibility o ...
Folie 1
... Economic Policy in the Euro Zone Based on articles of the Maastricht Treaty the Stability and Growth Pact (SGP) in 1997 aims at fiscal discipline: Member states adopting the euro have to meet the Maastricht convergence criteria, and the SGP ensures that they continue to observe them: • The medium-t ...
... Economic Policy in the Euro Zone Based on articles of the Maastricht Treaty the Stability and Growth Pact (SGP) in 1997 aims at fiscal discipline: Member states adopting the euro have to meet the Maastricht convergence criteria, and the SGP ensures that they continue to observe them: • The medium-t ...
European Monetary Integration, Optimum Currency Areas
... The euro 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 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. ...
10. Economic and Monetary Union
... Participation in the ERM II is voluntary for the non eurozone MS. The exchange rate can fluctuate within a band, normally set at +/- 15% around the central rate. All other currencies are floating freely against the euro. ...
... Participation in the ERM II is voluntary for the non eurozone MS. The exchange rate can fluctuate within a band, normally set at +/- 15% around the central rate. All other currencies are floating freely against the euro. ...
Stability and Growth Pact - An Overview
... used for assessing ‘effective action’ taken by Member States in response to Council recommendations. To this end, all relevant data used by the Commission, including data on the yields of discretionary fiscal measures, will be shared with the Member States in a timely manner, enabling them to replic ...
... used for assessing ‘effective action’ taken by Member States in response to Council recommendations. To this end, all relevant data used by the Commission, including data on the yields of discretionary fiscal measures, will be shared with the Member States in a timely manner, enabling them to replic ...
Greek crisis
... Euro area: the worst has been avoided, but new challenges must be faced "The euro area's governance and coordination of economic policies must be improved. This will involve both deepening and broadening economic surveillance arrangements to guide fiscal policy over the cycle and in the long term a ...
... Euro area: the worst has been avoided, but new challenges must be faced "The euro area's governance and coordination of economic policies must be improved. This will involve both deepening and broadening economic surveillance arrangements to guide fiscal policy over the cycle and in the long term a ...
Diapositiva 1 - Banco de España
... At the level of European institutions: • The new procedures that arose from the governance reform were firmly established (European Semester, Macroeconomic Imbalance Procedure) • The budget deficit targets were revised to attune them more closely to the cyclical conditions of each economy. • The des ...
... At the level of European institutions: • The new procedures that arose from the governance reform were firmly established (European Semester, Macroeconomic Imbalance Procedure) • The budget deficit targets were revised to attune them more closely to the cyclical conditions of each economy. • The des ...
EN EN Recommendation for a COUNCIL RECOMMENDATION on
... marking the start of the second European Semester of ex-ante and integrated policy coordination, which is anchored in the Europe 2020 strategy. On 14 February 2012, the Commission, on the basis of Regulation (EU) No 1176/2011, adopted the Alert Mechanism Report6, in which it identified Belgium as on ...
... marking the start of the second European Semester of ex-ante and integrated policy coordination, which is anchored in the Europe 2020 strategy. On 14 February 2012, the Commission, on the basis of Regulation (EU) No 1176/2011, adopted the Alert Mechanism Report6, in which it identified Belgium as on ...
Mitja Košmrl (EC)
... • Additional measures are likely to be needed for 2013 to ensure the correction of the excessive deficit • Many consolidation measures have expiry dates so they will need to be replaced with permanent ones • Public finance challenges of a more structural nature: 1. Long-term sustainability 2. Medium ...
... • Additional measures are likely to be needed for 2013 to ensure the correction of the excessive deficit • Many consolidation measures have expiry dates so they will need to be replaced with permanent ones • Public finance challenges of a more structural nature: 1. Long-term sustainability 2. Medium ...
PAKISTAN UNDER EMBARGO UNTIL 07.00 GMT, WEDNESDAY, 6 AUGUST 2014
... Accommodative macroeconomic policy stance ...
... Accommodative macroeconomic policy stance ...
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.