318

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What role for the European Semester in the recovery plan?

15-10-2020

This briefing paper argues that the political imperative to ensure that the economic stimulus from the EU’s new commonly funded facilities is provided expeditiously will prevail against desires to create a robust governance framework for these funds within the European Semester process. The pandemic-related suspension of the Stability and Growth Pact creates a need to reform the Pact ahead of its future reintroduction. This presents an opportunity to incorporate more of the Semester’s reform implementation ...

This briefing paper argues that the political imperative to ensure that the economic stimulus from the EU’s new commonly funded facilities is provided expeditiously will prevail against desires to create a robust governance framework for these funds within the European Semester process. The pandemic-related suspension of the Stability and Growth Pact creates a need to reform the Pact ahead of its future reintroduction. This presents an opportunity to incorporate more of the Semester’s reform implementation agenda directly into the Pact’s policy prescriptions.

Autore esterno

Jacob Funk KIRKEGAARD

How to provide political guidance to the Recovery and Resilience Facility?

14-10-2020

The Recovery and Resilience Facility (RRF) constitutes an unprecedented EU-wide resource to address the impact of the COVID-19 crisis on the EU economies. As the governance of the RRF is integrated in the European Semester, it fundamentally changes its character from a non-binding structure for policy coordination to a vehicle for the allocation of a major economic impetus. In light of this, this paper analyses the ways that parliamentary control and oversight of the RRF can be best secured at the ...

The Recovery and Resilience Facility (RRF) constitutes an unprecedented EU-wide resource to address the impact of the COVID-19 crisis on the EU economies. As the governance of the RRF is integrated in the European Semester, it fundamentally changes its character from a non-binding structure for policy coordination to a vehicle for the allocation of a major economic impetus. In light of this, this paper analyses the ways that parliamentary control and oversight of the RRF can be best secured at the EU-level.

Autore esterno

Ben CRUM

Background Reader On The European Semester Autumn 2020 Edition

08-10-2020

This fourth edition of the background reader on the European Semester, prepared by the Economic Governance Support Unit (EGOV) in the Directorate for Economic and Scientific Policies of the European Parliament, provides an overview of publications related to the European Semester from a parliamentary perspective. It aims at further increasing the links between Members of the European Parliament and national Parliaments, notably during inter-parliamentary meetings.

This fourth edition of the background reader on the European Semester, prepared by the Economic Governance Support Unit (EGOV) in the Directorate for Economic and Scientific Policies of the European Parliament, provides an overview of publications related to the European Semester from a parliamentary perspective. It aims at further increasing the links between Members of the European Parliament and national Parliaments, notably during inter-parliamentary meetings.

New life for an old framework: redesigning the European Union's expenditure and golden fiscal rules

07-10-2020

In the context of the review of the EU economic governance framework, this study recommends a multi-year ahead expenditure rule anchored in an appropriate public debt target, augmented with an asymmetric golden rule that provides extra fiscal space only in times of a recession. An improved governance framework should strengthen national fiscal councils and include a European fiscal council, while financial sanctions should be replaced with instruments related to surveillance, positive incentives, ...

In the context of the review of the EU economic governance framework, this study recommends a multi-year ahead expenditure rule anchored in an appropriate public debt target, augmented with an asymmetric golden rule that provides extra fiscal space only in times of a recession. An improved governance framework should strengthen national fiscal councils and include a European fiscal council, while financial sanctions should be replaced with instruments related to surveillance, positive incentives, market discipline and increased political cost of non-compliance.

Autore esterno

Zsolt Darvas, Julia Anderson - Bruegel

Country-specific recommendations: An overview - September 2020

22-09-2020

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2020), including from the legal base perspective. Finally, it gives insights on the level of implementation of recommendations issued under the 2012-2019 European Semester cycles. The note is updated on a regular basis.

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2020), including from the legal base perspective. Finally, it gives insights on the level of implementation of recommendations issued under the 2012-2019 European Semester cycles. The note is updated on a regular basis.

The legal nature of Country-Specific Recommendations

17-09-2020

The Country-Specific Recommendations (CSRs) are annually adopted by the Council based on the Commission (COM) proposals within the framework of the European Semester. The CSRs provide integrated guidance on macro-fiscal and macro-structural measures based on the COM assessment of Member States' medium-term budgetary plans and national reform programmes in light of broad policy priorities endorsed by the European Council or adopted by the Council on th basis of the Annual Growth Survey. The Council ...

The Country-Specific Recommendations (CSRs) are annually adopted by the Council based on the Commission (COM) proposals within the framework of the European Semester. The CSRs provide integrated guidance on macro-fiscal and macro-structural measures based on the COM assessment of Member States' medium-term budgetary plans and national reform programmes in light of broad policy priorities endorsed by the European Council or adopted by the Council on th basis of the Annual Growth Survey. The Council also adopts policy recommendations to the euro area as a whole in accordance with Article 136 of the Treaty on the Functioning of the European Union (TFEU) following a COM proposal. Table 1 displays the development of the number of CSRs and the minimum and maximum number per Member State.

Economic Dialogue with the other EU Institutions under the European Semester Cycles during the 9th legislative term State of play - September 2020

09-09-2020

This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent Committee of the European Parliament since September 2019 under the European Semester Cycles. It also includes an overview of the respective legal bases for these dialogues. For an overview Economic Dialogues between January 2014 and January 2019, please see separate document.

This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent Committee of the European Parliament since September 2019 under the European Semester Cycles. It also includes an overview of the respective legal bases for these dialogues. For an overview Economic Dialogues between January 2014 and January 2019, please see separate document.

Implementation of the Macroeconomic Imbalance Procedure: State of play August 2020

27-08-2020

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

How to make the European Semester more effective and legitimate?

24-07-2020

The Commission has launched an assessment and revision of the so-called six-pack and two-pack legislative packages. This paper assesses the successes and shortcomings of the European Semester with a focus on legitimacy, effectiveness and ownership. It argues that in order to address these problems, the framework should be redesigned from a new starting point, which builds on existing divisions of competence and clear decision making structures. This would help to restore the honesty and credibility ...

The Commission has launched an assessment and revision of the so-called six-pack and two-pack legislative packages. This paper assesses the successes and shortcomings of the European Semester with a focus on legitimacy, effectiveness and ownership. It argues that in order to address these problems, the framework should be redesigned from a new starting point, which builds on existing divisions of competence and clear decision making structures. This would help to restore the honesty and credibility of the Semester, which should be geared at supporting accountability at the national level.

Autore esterno

Päivi LEINO-SANDBERG, Fernando LOSADA FRAGA

External Imbalances in the Euro Area - July 2020

16-07-2020

This note provides a short overview of the latest data related to external imbalances in euro area Member States, with specific reference to some indicators included in the scoreboard of the Macroeconomic Imbalances Procedure.

This note provides a short overview of the latest data related to external imbalances in euro area Member States, with specific reference to some indicators included in the scoreboard of the Macroeconomic Imbalances Procedure.

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