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Introduction to the European Semester: Coordinating and monitoring economic and fiscal policies in the EU

11-12-2019

The European Semester is a framework for the coordination of economic policies across the European Union that was established after the European sovereign debt crisis. This paper aims to provide a simple but comprehensive introduction, explaining the main steps of the Semester from November to July each year. It also provides a short review of the academic and institutional debates around the Semester, before closing with the priorities in the relevant areas identified by the new European Commission ...

The European Semester is a framework for the coordination of economic policies across the European Union that was established after the European sovereign debt crisis. This paper aims to provide a simple but comprehensive introduction, explaining the main steps of the Semester from November to July each year. It also provides a short review of the academic and institutional debates around the Semester, before closing with the priorities in the relevant areas identified by the new European Commission President, Ursula von der Leyen.

Linking cohesion policy and the European Semester: Partnership and multi-level governance to boost investment and structural reforms

06-12-2019

Multi-level governance requires the involvement of all levels of government, central, regional and local, in decision-making. Obstacles to appropriate and adequate involvement may lead to infringements of the principles of subsidiarity. However, under the cycle of EU economic and fiscal policy coordination known as the European Semester, local and regional administrations are considered to be 'stakeholders' – that is, they are not categorised as part of general government. Recent extension of the ...

Multi-level governance requires the involvement of all levels of government, central, regional and local, in decision-making. Obstacles to appropriate and adequate involvement may lead to infringements of the principles of subsidiarity. However, under the cycle of EU economic and fiscal policy coordination known as the European Semester, local and regional administrations are considered to be 'stakeholders' – that is, they are not categorised as part of general government. Recent extension of the European Semester to aspects of cohesion policy may consequently strengthen a top-down policy approach. A Code of Conduct, such as that proposed by the European Committee of the Regions, may help correct this imbalance.

Structural Budget Balances in EU Member States - November 2019

14-11-2019

Structural budget balances play an important role in the fiscal policy frameworks of the EU both as part of the application of the Stability and Growth Pact (SGP) and in the implementation of the balanced budget rule by the contracting parties of the intergovernmental Treaty on Stability, Coordination and Governance in the EMU (the fiscal section of the Treaty is called “Fiscal Compact”). This document provides a short overview of the concept and application of the structural balance rule(s) in ...

Structural budget balances play an important role in the fiscal policy frameworks of the EU both as part of the application of the Stability and Growth Pact (SGP) and in the implementation of the balanced budget rule by the contracting parties of the intergovernmental Treaty on Stability, Coordination and Governance in the EMU (the fiscal section of the Treaty is called “Fiscal Compact”). This document provides a short overview of the concept and application of the structural balance rule(s) in the EU. It will be regularly updated, in particular, the Annex that shows progress made (based on the latest Commission forecast) by Member States in reaching their structural budget commitments under the preventive arm of the SGP.

Member States with Excessive Macroeconomic Imbalances

07-11-2019

This note provides an overview of the surveillance of the three Member States that have been assessed as experiencing excessive macroeconomic imbalances in the context of the 2019 European Semester cycle and according to the Macroeconomic Imbalance Procedure (MIP). Separate notes describe the state of play of the MIP implementation and the MIP procedure.

This note provides an overview of the surveillance of the three Member States that have been assessed as experiencing excessive macroeconomic imbalances in the context of the 2019 European Semester cycle and according to the Macroeconomic Imbalance Procedure (MIP). Separate notes describe the state of play of the MIP implementation and the MIP procedure.

Economic Dialogues and Exchanges of Views with the Member States under the European Semester Cycles - State-of-Play (October 2019)

03-10-2019

This table provides a regular update on Member States invited for an Economic Dialogue in the competent Committee of the European Parliament and an overview of the respective legal base.

This table provides a regular update on Member States invited for an Economic Dialogue in the competent Committee of the European Parliament and an overview of the respective legal base.

An overview of the Stability and Growth Pact - September 2019

10-09-2019

The Stability and Growth Pact (SGP) is the legal framework (based on primary and secondary EU law) that seeks to ensure sustainable public finances in the interest of the stability of the Economic and Monetary Union (EMU). It consists of two main building blocks: the preventive arm and the corrective arm. Stylised overviews, including on flexibility provisions (endorsed by the Council) within the existing rules of the SGP, are provided in the annexes. The main sources used in this briefing are primary ...

The Stability and Growth Pact (SGP) is the legal framework (based on primary and secondary EU law) that seeks to ensure sustainable public finances in the interest of the stability of the Economic and Monetary Union (EMU). It consists of two main building blocks: the preventive arm and the corrective arm. Stylised overviews, including on flexibility provisions (endorsed by the Council) within the existing rules of the SGP, are provided in the annexes. The main sources used in this briefing are primary Union law (Articles 121 and 126 of the Treaty on the Functioning of the European Union), secondary Union law (the amended Regulations (EC) 1466/97 and 1467/97 as well as the Regulation (EU) No 1173/2011), the Code of Conduction on the implementation of the SGP and the Commission Communication entitled ‘Making the best use of flexibility within the existing rules of the SGP’.

EU policies – Delivering for citizens: Economic policy

28-06-2019

In the European Union (EU), although economic policy falls within the remit of each Member State, there is, nevertheless, multilateral coordination of economic policies between individual countries. The global financial crisis and the European sovereign debt crisis put this framework severely to the test. Partly as a result, recovery in the EU was slower than recovery in the United States, and was not achieved equally by all Member States. Furthermore, it has to a large extent been based on accommodative ...

In the European Union (EU), although economic policy falls within the remit of each Member State, there is, nevertheless, multilateral coordination of economic policies between individual countries. The global financial crisis and the European sovereign debt crisis put this framework severely to the test. Partly as a result, recovery in the EU was slower than recovery in the United States, and was not achieved equally by all Member States. Furthermore, it has to a large extent been based on accommodative fiscal and monetary policies that only partly hide underlying signs of fiscal or financial fragility in some countries. To remedy this, the European institutions began a twofold process in 2011: initiatives were taken to strengthen the current framework for economic governance and banking supervision in the euro area while, in parallel, discussions began on possible ways to reduce the economic divergences between Member States, provide incentives for risk reduction and risk-sharing, render the governance process more transparent and ensure democratic accountability. In this latter area, several initiatives – that did not require changes to the EU Treaties – were taken between 2015 and 2017. In summer 2017, discussions on deepening the policy framework for economic and monetary union (EMU) intensified. This process, which was advocated in the Five Presidents' Report (the presidents of the main EU institutions) and should be completed by 2025, is now being considered at Member State level. The current state of play points towards two main policy preferences, dividing Member States into two groups: those that prioritise risk-sharing measures (such as France), and those that argue instead for further risk-reduction initiatives (for example, Germany). This lack of consensus has so far meant that the European Council has not been able to reach a breakthrough. This is an update of an earlier briefing issued in advance of the 2019 European elections.

Euro Area Scrutiny: External expertise on economic governance issues during the 8th Parliamentary term

24-06-2019

This document provides the summaries of all external experts papers published during the 8th parliamentary term (2014-2019) by the Economic Governance Support Unit, aimed at supporting the scrutiny work on the functioning of the Euro Area, especially in view of the bi-annual Economic Dialogues with the President of the Eurogroup.

This document provides the summaries of all external experts papers published during the 8th parliamentary term (2014-2019) by the Economic Governance Support Unit, aimed at supporting the scrutiny work on the functioning of the Euro Area, especially in view of the bi-annual Economic Dialogues with the President of the Eurogroup.

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.

Thematic Digest: Economic Governance

20-09-2018

The Economic Governance Support Unit (EGOV) provides expertise to support the European Parliament and its relevant committees and bodies, notably in their scrutiny-related activities on the economic governance and banking union frameworks.

The Economic Governance Support Unit (EGOV) provides expertise to support the European Parliament and its relevant committees and bodies, notably in their scrutiny-related activities on the economic governance and banking union frameworks.

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