16

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Country Specific Recommendations for 2017 and 2018 - A tabular comparison and an overview of implementation

20-03-2019

This study presents the 2017 Country-Specific Recommendations generally endorsed by the European Council of 22/23 June 2017 and adopted by the Council of 11 July 2017; the assessment of the implementation of 2017 Country-Specific Recommendations based on the Commission Country Reports published on 7 March 2018; the 2018 Country-Specific Recommendations proposed by the European Commission on 23 May 2018 and adopted by the Council on 13 July 2018; the European Commission’s assessments of the implementation ...

This study presents the 2017 Country-Specific Recommendations generally endorsed by the European Council of 22/23 June 2017 and adopted by the Council of 11 July 2017; the assessment of the implementation of 2017 Country-Specific Recommendations based on the Commission Country Reports published on 7 March 2018; the 2018 Country-Specific Recommendations proposed by the European Commission on 23 May 2018 and adopted by the Council on 13 July 2018; the European Commission’s assessments of the implementation of the 2018 Country-Specific Recommendations based on its Country Reports published on 27 February 2019; the Council Recommendation on the economic policy of the euro area approved by the Council of 23 January 2018.

Thematic overview: Member States whose 2019 DBPs are "at risk of non-compliance" with the Stability and Growth Pact

07-12-2018

This briefing gives an overview of recent European Commission (COM) opinions on the budgetary situation of five Member States (Belgium, Spain, France, Portugal and Slovenia) whose 2019 Draft Budgetary Plans (DBPs) are assessed to be “at risk of non-compliance” with their obligations under the Stability and Growth Pact (SGP) and of one country (Italy) whose 2019 DBP is considered to be in particularly serious non-compliance with its obligations under the SGP. This briefing will be updated as further ...

This briefing gives an overview of recent European Commission (COM) opinions on the budgetary situation of five Member States (Belgium, Spain, France, Portugal and Slovenia) whose 2019 Draft Budgetary Plans (DBPs) are assessed to be “at risk of non-compliance” with their obligations under the Stability and Growth Pact (SGP) and of one country (Italy) whose 2019 DBP is considered to be in particularly serious non-compliance with its obligations under the SGP. This briefing will be updated as further assessments by the COM become available during spring 2019.

Debt Sustainability Assessments: The state of the art

15-11-2018

The approach to Debt Sustainability Assessments (DSAs) has substantially evolved after the global crisis, consistent with the goal of improving detection of high and low frequency risks. DSAs cover an increasing number of indicators, systematically look into implicit and contingent liabilities, and use statistical methods to quantify “tail events”. They also operationalize debt limits, by adopting thresholds for debt and payment flows to single out enhanced vulnerability. While these developments ...

The approach to Debt Sustainability Assessments (DSAs) has substantially evolved after the global crisis, consistent with the goal of improving detection of high and low frequency risks. DSAs cover an increasing number of indicators, systematically look into implicit and contingent liabilities, and use statistical methods to quantify “tail events”. They also operationalize debt limits, by adopting thresholds for debt and payment flows to single out enhanced vulnerability. While these developments mark true progress, this paper focuses on liquidity risk, contagion risk and the identification of debt limits as critical areas limiting DSA effectiveness, explains why DSA should embed potentially available official support and how an incomplete lending architecture is a hurdle for DSA. The paper concludes with a comparative assessment of current standard DSAs, suggests directions for further improvement and discusses the correct use of DSAs in light of the strengths and weaknesses inherent in the underlying methodologies..

Autor externo

Giancarlo Corsetti

Debt Sustainability Assessments: The state of the art

14-11-2018

Autor externo

Cinzia ALCIDI and Daniel GROS

Country Specific Recommendations for 2016 and 2017 - A comparison and an overview of implementation

12-03-2018

This document presents the Country Specific Recommendations for 2016 and 2017 as well as the assessment of the implementation of 2016 Country Specific Recommendations.

This document presents the Country Specific Recommendations for 2016 and 2017 as well as the assessment of the implementation of 2016 Country Specific Recommendations.

Thematic overview: Member States whose 2018 Draft Budgetary Plans are "at risk of non-compliance" with the Stability and Growth Pact

24-01-2018

This briefing gives an overview of recent European Commission (COM) assessments of the budgetary situation of six Member States (Belgium, France, Italy, Austria, Portugal and Slovenia) whose 2018 Draft Budgetary Plans (DBPs) are considered to be “at risk of non-compliance” with their obligations under the Stability and Growth Pact (SGP). This briefing will be updated as further assessments by the COM become available during spring 2018.

This briefing gives an overview of recent European Commission (COM) assessments of the budgetary situation of six Member States (Belgium, France, Italy, Austria, Portugal and Slovenia) whose 2018 Draft Budgetary Plans (DBPs) are considered to be “at risk of non-compliance” with their obligations under the Stability and Growth Pact (SGP). This briefing will be updated as further assessments by the COM become available during spring 2018.

Economic Dialogue with the Commission on 2018 Draft Budgetary Plans

24-11-2017

ECON on 27 November 2017 Vice-president Dombrovskis and Commissioner Moscovici have been invited to an Economic Dialogue on the European Commission Opinions on the 2018 Draft Budgetary Plans of the Euro Area Member States based on Articles 7 and 15 of EU Regulation 473/2013.

ECON on 27 November 2017 Vice-president Dombrovskis and Commissioner Moscovici have been invited to an Economic Dialogue on the European Commission Opinions on the 2018 Draft Budgetary Plans of the Euro Area Member States based on Articles 7 and 15 of EU Regulation 473/2013.

Country Specific Recommendations for 2016 and 2017

13-09-2017

A comparison and an overview of implementation of CSR for 2016 and 2017.

A comparison and an overview of implementation of CSR for 2016 and 2017.

The UK 'rebate' on the EU budget: An explanation of the abatement and other correction mechanisms

18-02-2016

The UK 'abatement', 'rebate' or 'correction' is the ad hoc mechanism that is applied to lower the UK's contribution to the EU budget, by reimbursing 66% of the country's budgetary imbalance (the difference between payments and receipts). In 2014, the rebate amounted to almost €6.1 billion, reducing the UK's national contribution by 35% – to €11.34 billion – leaving it the fourth largest national contribution. All Member States but the UK cover the costs of the rebate. Introduced in 1985, it has remained ...

The UK 'abatement', 'rebate' or 'correction' is the ad hoc mechanism that is applied to lower the UK's contribution to the EU budget, by reimbursing 66% of the country's budgetary imbalance (the difference between payments and receipts). In 2014, the rebate amounted to almost €6.1 billion, reducing the UK's national contribution by 35% – to €11.34 billion – leaving it the fourth largest national contribution. All Member States but the UK cover the costs of the rebate. Introduced in 1985, it has remained unchanged in its basic concept, and is best understood with reference to some features of the UK economy and of the common budget at that time. Each year, the amount of the rebate is determined by a complex calculation, linked to several variables and which has evolved over time to take into account developments in the EU and its financing system. Included in the Own Resources Decision, modification of which requires unanimity of the Member States, the rebate is de facto a permanent mechanism. Following the creation of the rebate, other Member States argued that their EU budgetary burden was excessive, asking for reductions in their contributions, including to their financing of the UK rebate itself. This has led to a complex system of ad hoc permanent and temporary corrections. For 2014-2020, Member States other than the UK benefiting from explicit corrections on the revenue side of the EU budget are: Austria, Denmark, Germany, the Netherlands and Sweden. Correction mechanisms have attracted a number of criticisms, not least that they make the finances of the EU more complex, less transparent, less fair and harder to reform. Past proposals to replace the existing ad hoc mechanisms with a single new one, open to any Member State meeting defined conditions in terms of budgetary imbalances, have not been successful.

Public Finances in Euro Area Member States

21-11-2014

This note gives a short overview of the developments of public finances in the Euro Area Member States; it will be regularly updated, in particular after the release of new macroeconomic forecasts. The data are based on the concepts of the new European System of Accounts (ESA 2010) which came into force this autumn.

This note gives a short overview of the developments of public finances in the Euro Area Member States; it will be regularly updated, in particular after the release of new macroeconomic forecasts. The data are based on the concepts of the new European System of Accounts (ESA 2010) which came into force this autumn.

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