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This paper conceptualizes an appropriate path for fiscal policy starting from the early phase of the pandemic up to the final transition to a post-pandemic new normal. Using this yardstick, it assesses the initial fiscal response of Member States. It exploits fiscal projections and programme data to analyse the adjustment to the economic recovery. For loan guarantees and short-time work schemes, it identifies programme-specific parameters that improve target precision and identifies examples of different ...

The new definition of price stability is a step in the right direction, even though the ECB could have gone further toward the Fed's average inflation targeting. This definition can become most helpful as the central bank navigates new uncertainties. Yet, the review does not deal with some daunting challenges that are already visible. It will need more than a few principles about price stability to deal with such issues as high and rising public debts, financial stability, or climate change. This ...

The United Kingdom's withdrawal from the European Union has had a significant impact on several sectors, including EU fisheries, which face a 25 % reduction of their catch value in UK waters. To mitigate the short-term impact on the worst affected countries and sectors, the Commission proposed a €5 billion fund, the Brexit adjustment reserve. In a political agreement on the proposal, now to be formally confirmed by both, the co legislators included Parliament’s proposal to earmark a minimum level ...

Focusing the EU fiscal framework on an expenditure rule could help to increase transparency, compliance and ownership. In various other respects, like estimation errors or counter-cyclicality of prescribed fiscal policy, an expenditure rule is similar to a structural balance rule. If the EU decides to go beyond the current focus on fiscal aggregates, a two-rule system aimed at safeguarding specific expenditures could be placed at the centre of the EU fiscal framework. The key challenge is to define ...

This briefing provides an overview of the structure of public expenditures across EU Member States, by delving into their composition according to the classification of the functions of government provided by Eurostat. The overview aims at identifying similarities and differences among EU Members States in 2018 and spotting possible trends of convergence and divergence since 2008. This note is regularly updated.

This study evaluates the objectives of legislative actions in the area of public procurement during the 7th and 8th legislature and assesses the contribution of current initiatives to the achievement of EU objectives. This document provides for a critical analysis of the legal framework of the public procurement regime and identifies the future potential of European public procurement.. This document was prepared by Policy Department A: Economic and Scientific Policy, at the request of the Committee ...

In 2015, a record number of migrants reached the European Union, prompting urgent discussion of the Common European Asylum System, the responsibility and solidarity of Member States, and the impact of migration on our societies. But this discussion is neither new nor unknown elsewhere, leading to the possibility to share experiences and learn from each other. This note has been prepared for the European Youth Event, taking place in Strasbourg in May 2016. Please click here for the full publication ...

The distribution of poverty, inequality and social exclusion varies significantly across EU Member States. Based on 2014 data, this infographic shows who is at risk, how equally disposable income is distributed, and how much EU countries spend on specific measures to combat poverty and social exclusion. This is an update of a document published in December 2014, PE 542.174.

Myanmar/Burma: The next tiger?

Lühitutvustus 22-10-2015

Decades of economic mismanagement have left formerly wealthy Myanmar/Burma one of the poorest countries in the world. However, prospects have brightened recently – foreign trade and investment are booming, growth is accelerating and decrepit infrastructure is being rebuilt, giving the country a chance of becoming the next south-east Asian 'tiger' economy.

Summary of the Study "Economic Governance Structures in the United States" (author: J.Kirkegaard, Peterson Institute of International Economics).