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The economy and coronavirus: Weekly Picks 09/07/2020

09-07-2020

This paper provides a summary of recent analyses of the economic and budgetary effects of the coronavirus, the preparations of the next European Council on the recovery instruments, the German Presidency priorities in the area of ECOFIN and of some policy recommendations made in the public domain to mitigate the negative economic effects of the pandemic.

This paper provides a summary of recent analyses of the economic and budgetary effects of the coronavirus, the preparations of the next European Council on the recovery instruments, the German Presidency priorities in the area of ECOFIN and of some policy recommendations made in the public domain to mitigate the negative economic effects of the pandemic.

Composition of Public Expenditures in the EU

06-07-2020

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 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.

The role of fiscal rules in relation with the green economy - A new start after the outbreak

06-07-2020

According to this study the fiscal framework in principle provides sufficient flexibility to accommodate the call on government budgets from the European Green Deal – even in the very challenging fiscal landscape that is currently unfolding. However, it also observes that for this to hold in practice a number of conditions must be met, including a strong design of policies, a careful assessment of their budgetary impact and the integration of the relevant governance processes.

According to this study the fiscal framework in principle provides sufficient flexibility to accommodate the call on government budgets from the European Green Deal – even in the very challenging fiscal landscape that is currently unfolding. However, it also observes that for this to hold in practice a number of conditions must be met, including a strong design of policies, a careful assessment of their budgetary impact and the integration of the relevant governance processes.

Vanjski autor

Paul van den Noord

European economic recovery

03-07-2020

A more united Europe has the potential to deliver greater benefits for its citizens, more effectively and efficiently, by offering a level of strategic scale and depth that no individual Member State, or even group of Member States, can achieve on their own. In particular, the combination of Europe's single market and economic and monetary union, used to their full potential and complemented by progress in other policy areas, such as the Green Deal, could prove to be key assets for a strong European ...

A more united Europe has the potential to deliver greater benefits for its citizens, more effectively and efficiently, by offering a level of strategic scale and depth that no individual Member State, or even group of Member States, can achieve on their own. In particular, the combination of Europe's single market and economic and monetary union, used to their full potential and complemented by progress in other policy areas, such as the Green Deal, could prove to be key assets for a strong European recovery from the serious economic shock recently administered by the coronavirus pandemic. An intensive debate has therefore opened up about the potential benefits of moving towards a higher degree of risk-sharing and collective 'strategic autonomy' for the Union, based on stronger and deeper common policies at EU level. The recent European Commission proposal for a 'Next Generation EU' recovery plan is likely to prove an important staging-point in this process. In practice, the size of the recovery response, the policy areas chosen for deepening, the financing options available to support them, and the degree to which they are matched by a greater willingness of the Union to 'act as one' on the international stage, are all likely to be determining factors in the outcome. This paper analyses some of the issues arising specifically in the economic field in the aftermath of the coronavirus crisis and looks at a range of policy initiatives that could help build a broadly based and sustainable European economic recovery and a more resilient European Union.

Just Transition Fund

03-07-2020

The EU aims to cut greenhouse gas emissions by 50-55 % by 2030, and achieve climate neutrality by 2050. This will require a socio-economic transformation in regions relying on fossil fuels and carbon intensive industries. As part of the European Green Deal, on 14 January 2020, the European Commission adopted a proposal for a regulation to create the Just Transition Fund, aimed at supporting EU regions most affected by the transition to a low carbon economy. In the context of recovery from the coronavirus ...

The EU aims to cut greenhouse gas emissions by 50-55 % by 2030, and achieve climate neutrality by 2050. This will require a socio-economic transformation in regions relying on fossil fuels and carbon intensive industries. As part of the European Green Deal, on 14 January 2020, the European Commission adopted a proposal for a regulation to create the Just Transition Fund, aimed at supporting EU regions most affected by the transition to a low carbon economy. In the context of recovery from the coronavirus pandemic, an amended proposal on the Just Transition Fund (JTF) was published on 28 May 2020, increasingly the previously proposed JTF budget from €7.5 to €40 billion (in 2018 prices, with €10 billion under the core EU budget and €30 billion from Next Generation EU). Funding will be available to all Member States, while focusing on regions with the biggest transition challenges. The proposed budget for the Just Transition Fund is to be complemented with resources from cohesion policy funds and national co financing. The Fund will be part of a Just Transition Mechanism, which also includes resources under InvestEU and a public-sector loan facility. Total funding mobilised under the mechanism is expected to reach at least €150 billion. In the European Parliament, the file has been entrusted to the Committee on Regional Development (REGI). The rapporteur's draft report was published on 23 March and presented on 12 May. The REGI committee is due to vote on the report on 6 July, with a view to fixing Parliament's position for trilogue negotiations.

Covid-19 Newsletter 2: Exit strategy

03-07-2020

As EU Member States embark on a cautious de-confinement path, the economy slides into recession and the question of the proportionality of public health-related measures and their economic consequences is increasingly present in the public debate. As long as a vaccine (or an effective treatment) for the Covid-19 disease is not found and deployed, post-Covid-19 societies will have to coexist with the virus, and find an equilibrium between the social constraints resulting from health protecting measures ...

As EU Member States embark on a cautious de-confinement path, the economy slides into recession and the question of the proportionality of public health-related measures and their economic consequences is increasingly present in the public debate. As long as a vaccine (or an effective treatment) for the Covid-19 disease is not found and deployed, post-Covid-19 societies will have to coexist with the virus, and find an equilibrium between the social constraints resulting from health protecting measures and the need to mitigate as much as possible a huge economic shock, which if not addressed adequately, could have unpredictable social and political consequences. The Covid-19 crisis has shown above all the importance of joint European action. Although public health is primarily the competence of the Member States, the European Parliament has called on the Commission and the Member States to act together and to rise to the challenge and ensure that the Union emerges stronger from this crisis. In particular, a differentiated but coordinated post-lockdown approach in the EU should be ensured, in order to avoid a resurgence of the virus. The present Covid-19 Newsletter focuses on the de-confinement strategies and EU measures to support the economic recovery. An update of ongoing Covid-19 related expertise work for the ECON, EMPL, ENVI, ITRE and IMCO committees is provided at the end of this document.

Economic and monetary union

02-07-2020

Launched almost three decades ago, economic and monetary union (EMU) represents a very important step in the process of European economic integration. However, the recent sovereign debt crisis highlighted its incomplete design and some inherent instabilities. A series of measures were therefore taken to deepen EMU and thereby to increase its resilience. They can be grouped in three main categories: monetary measures, measures intended to complete the single market, and measures aimed at strengthening ...

Launched almost three decades ago, economic and monetary union (EMU) represents a very important step in the process of European economic integration. However, the recent sovereign debt crisis highlighted its incomplete design and some inherent instabilities. A series of measures were therefore taken to deepen EMU and thereby to increase its resilience. They can be grouped in three main categories: monetary measures, measures intended to complete the single market, and measures aimed at strengthening the economic union dimension of EMU. The current coronavirus pandemic has shown the urgency of many of them; recently submitted important proposals could lead to a noteworthy evolution in the architecture of EMU. This Briefing groups and highlights some of these proposals. The table at the end features a number of additional proposals in summary form.

Implementation of Country Specific Recommendations under the MIP - July 2020

02-07-2020

This note provides an overview of the implementation rate of Country-Specific Recommendations (CSRs) issued under the Macroeconomic Imbalance Procedure (see a separate EGOV note for details on the MIP procedure). Figures presented in this overview refer only to Member States experiencing macroeconomic imbalances and are based on the implementation assessments performed by the Commission in its annual Country Reports.

This note provides an overview of the implementation rate of Country-Specific Recommendations (CSRs) issued under the Macroeconomic Imbalance Procedure (see a separate EGOV note for details on the MIP procedure). Figures presented in this overview refer only to Member States experiencing macroeconomic imbalances and are based on the implementation assessments performed by the Commission in its annual Country Reports.

The economy and coronavirus: Weekly Picks 01/07/2020

01-07-2020

This paper provides a summary of recent analyses of the economic and financial effects of the coronavirus, an overview of the proposed new temporary European Union Recovery Instrument, and some policy recommendations made in the public domain to mitigate the negative economic effects of the pandemic.

This paper provides a summary of recent analyses of the economic and financial effects of the coronavirus, an overview of the proposed new temporary European Union Recovery Instrument, and some policy recommendations made in the public domain to mitigate the negative economic effects of the pandemic.

EU/EA measures to mitigate the economic, financial and social effects of coronavirus - State-of-play 1 July 2020

01-07-2020

This document compiles information, obtained from public sources, on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid19. It will be regularly updated, following new developments.

This document compiles information, obtained from public sources, on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid19. It will be regularly updated, following new developments.

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