Implementation of Commission communication strategy
... deficit < 3% of GDP, unless it has declined and reached a level close to 3% or the excess is small, exceptional (‘severe economic downturn’) and temporary debt < 60% of GDP, or should be on a decreasing trend and approaching 60% at a satisfactory pace ...
... deficit < 3% of GDP, unless it has declined and reached a level close to 3% or the excess is small, exceptional (‘severe economic downturn’) and temporary debt < 60% of GDP, or should be on a decreasing trend and approaching 60% at a satisfactory pace ...
Council Decision of 27 April 2009 on the existence of an excessive
... The excessive deficit procedure (EDP) under Article 104, as clarified by Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implemen tation of the excessive deficit procedure (1) (which is part of the Stability and Growth Pact), provides for a decision on the existe ...
... The excessive deficit procedure (EDP) under Article 104, as clarified by Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implemen tation of the excessive deficit procedure (1) (which is part of the Stability and Growth Pact), provides for a decision on the existe ...
Glossary
... Budget balance: The balance between total public expenditure and revenue in a specific year, with a positive balance indicating a surplus and a negative balance indicating a deficit. Cyclical adjustment: The adjustment of figures such as GDP, government spending, tax revenues, or the budget deficit ...
... Budget balance: The balance between total public expenditure and revenue in a specific year, with a positive balance indicating a surplus and a negative balance indicating a deficit. Cyclical adjustment: The adjustment of figures such as GDP, government spending, tax revenues, or the budget deficit ...
Document
... • Start with the full implementation of the recent governance changes and needed national reforms • Mutualisation schemes ultimately to be proportioned to the level of accepted integration • Political integration in line with the increased centralisation ...
... • Start with the full implementation of the recent governance changes and needed national reforms • Mutualisation schemes ultimately to be proportioned to the level of accepted integration • Political integration in line with the increased centralisation ...
Focus 7 Fexibility within the Stability and Growth Pact
... Under Article 5(1) of Regulation (EU) No 1466/1997, which lays down the provisions for EU countries under the SGP’s preventive arm, Member States which have not yet reached their medium-term budgetary objective (MTO) are required to pursue an annual improvement in their structural budget balance of ...
... Under Article 5(1) of Regulation (EU) No 1466/1997, which lays down the provisions for EU countries under the SGP’s preventive arm, Member States which have not yet reached their medium-term budgetary objective (MTO) are required to pursue an annual improvement in their structural budget balance of ...
DOC - Europa.eu
... Romania: Statement at the Conclusion of the IMF and EC Staff Visit Teams from the International Monetary Fund and the European Commission visited Bucharest during January 21-February 4 to conduct discussions on the combined first and second reviews under the IMF Stand-By Agreement (SBA) and on the s ...
... Romania: Statement at the Conclusion of the IMF and EC Staff Visit Teams from the International Monetary Fund and the European Commission visited Bucharest during January 21-February 4 to conduct discussions on the combined first and second reviews under the IMF Stand-By Agreement (SBA) and on the s ...
1. The May 2015 package What`s in the May Package?
... taking into account the allowed deviation for the implementation of major structural reforms. Swiftly and thoroughly implement the privatisation programme and use windfall gains to make further progress towards putting the general government debt ratio on an appropriate downward path. Implement the ...
... taking into account the allowed deviation for the implementation of major structural reforms. Swiftly and thoroughly implement the privatisation programme and use windfall gains to make further progress towards putting the general government debt ratio on an appropriate downward path. Implement the ...
Macroeconomic Policy and the Euro Area after the Crisis
... Figure 4 General Government Balance Before and After the Crisis ...
... Figure 4 General Government Balance Before and After the Crisis ...
PDF Download
... the background of present and prospective demographic changes is actually stronger than ever before. ...
... the background of present and prospective demographic changes is actually stronger than ever before. ...
Economic_policy_challenges
... macroeconomic imbalances in the euro area Regulation (EU) No 1175/2011 amending Council Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies Regulation (EU) No 1176/2011 on the prevention and correction ...
... macroeconomic imbalances in the euro area Regulation (EU) No 1175/2011 amending Council Regulation (EC) No 1466/97 on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies Regulation (EU) No 1176/2011 on the prevention and correction ...
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... United States. Some EU member states were not in favour of fiscal expansion. Co-ordination problems may have played a role. As stimulus in one country increases demand in another, one country may want to free ride on the others’ fiscal expansion. When coordination fails the level of fiscal stimulus ...
... United States. Some EU member states were not in favour of fiscal expansion. Co-ordination problems may have played a role. As stimulus in one country increases demand in another, one country may want to free ride on the others’ fiscal expansion. When coordination fails the level of fiscal stimulus ...
The 6-pack: tools for a stronger economic governance
... New sanctions for euro-area MS both in the preventive and the corrective arm. Preventive arm: interest-bearing deposit in case of ...
... New sanctions for euro-area MS both in the preventive and the corrective arm. Preventive arm: interest-bearing deposit in case of ...
Stability or instability
... 104 (9). Commission officials are not impressed. “It's like when you are playing a game with your kids,” says one. “If they begin to lose they want to start all over again.” More substantively, the commission points out that the Schröder government is proposing to cut taxes next year, so it can hard ...
... 104 (9). Commission officials are not impressed. “It's like when you are playing a game with your kids,” says one. “If they begin to lose they want to start all over again.” More substantively, the commission points out that the Schröder government is proposing to cut taxes next year, so it can hard ...
European Commission MEMO Brussels, 28 May 2014 The EU`s e
... Swifter sanctions: For euro area Member States in the Excessive Deficit Procedure, financial penalties kick in earlier and can be gradually stepped up. Failure to reduce the deficit can result in fines of 0.2% of GDP. Fines can rise to a maximum of 0.5% if statistical fraud is detected. Penalties ca ...
... Swifter sanctions: For euro area Member States in the Excessive Deficit Procedure, financial penalties kick in earlier and can be gradually stepped up. Failure to reduce the deficit can result in fines of 0.2% of GDP. Fines can rise to a maximum of 0.5% if statistical fraud is detected. Penalties ca ...
Austerity in Recession: A Terribly Damaging
... • IMF: Fiscal consolidation typically has a contractionary effect on output. A fiscal consolidation equal to 1 percent of GDP typically reduces GDP by about 0.5 percent within two years and raises the ...
... • IMF: Fiscal consolidation typically has a contractionary effect on output. A fiscal consolidation equal to 1 percent of GDP typically reduces GDP by about 0.5 percent within two years and raises the ...
Opening Statement
... SGP. At the same time, the government's decision to use a large part of volatile, and therefore still uncertain, corporate tax intakes to allocate additional expenditure in 2016 is not in line with Council recommendations in the context of the European Semester which ask Ireland to use windfall gain ...
... SGP. At the same time, the government's decision to use a large part of volatile, and therefore still uncertain, corporate tax intakes to allocate additional expenditure in 2016 is not in line with Council recommendations in the context of the European Semester which ask Ireland to use windfall gain ...
What Role Does Fiscal Policy Play in Promoting
... repay its debts? How do lenders react when they begin to doubt the credit worthiness of a borrower? If a borrower simply cannot repay its debts, what happens? Does it matter if the borrower is a sovereign nation? What is meant by financial contagion? How does being a member of a monetary union affec ...
... repay its debts? How do lenders react when they begin to doubt the credit worthiness of a borrower? If a borrower simply cannot repay its debts, what happens? Does it matter if the borrower is a sovereign nation? What is meant by financial contagion? How does being a member of a monetary union affec ...
Slide 1
... for strong sustainable growth conducive to employment creation. It is also necessary to ensure that national budgetary policies support stability oriented monetary policies. Adherence to the objective of sound budgetary positions close to balance or in surplus will allow all Member States to deal wi ...
... for strong sustainable growth conducive to employment creation. It is also necessary to ensure that national budgetary policies support stability oriented monetary policies. Adherence to the objective of sound budgetary positions close to balance or in surplus will allow all Member States to deal wi ...
Rome, 17th May 2016 Dear Valdis, Dear Pie1Te, I received your
... fiscal situation. Both the Commission and the Italian Government forecast a recovery which is strengthening in Italy as well in the Eurozone albeit not at a fully satisfactory pace. This highlights the need to make all possible efforts - in domestic policies and in the Eurozone policy mix - to relau ...
... fiscal situation. Both the Commission and the Italian Government forecast a recovery which is strengthening in Italy as well in the Eurozone albeit not at a fully satisfactory pace. This highlights the need to make all possible efforts - in domestic policies and in the Eurozone policy mix - to relau ...
EU – Between the Nobel Prize and the
... parties will be bound once they adopt the euro or earlier if they wish (they are allowed to choose provisions they wish to comply with). The fiscal part of the TSCG is referred to as "Fiscal Compact". Requires contracting parties to respect/ensure convergence towards the country-specific medium-term ...
... parties will be bound once they adopt the euro or earlier if they wish (they are allowed to choose provisions they wish to comply with). The fiscal part of the TSCG is referred to as "Fiscal Compact". Requires contracting parties to respect/ensure convergence towards the country-specific medium-term ...
the Stability and Growth Pact
... • The policing of the Golden Rule at national level through socalled ‘debt brakes’ • The policing of national budgetary control at supranational level through a stricter excessive deficit procedure, including legal penalties and control by the European Court of Justice • New institutional architectu ...
... • The policing of the Golden Rule at national level through socalled ‘debt brakes’ • The policing of national budgetary control at supranational level through a stricter excessive deficit procedure, including legal penalties and control by the European Court of Justice • New institutional architectu ...
Short-Run Costs
... Enables the continuity of budgetary discipline efforts after the introduction of the Euro Sets medium term objective of budgetary positions close to balance or in surplus ...
... Enables the continuity of budgetary discipline efforts after the introduction of the Euro Sets medium term objective of budgetary positions close to balance or in surplus ...
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.