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New economic governance rules

Briefing 07-02-2024

On 26 April 2023, the European Commission published a package of three proposals to revise the EU's economic governance framework: a regulation to replace the current preventive arm of the stability and growth pact (SGP), an amending Council regulation on the corrective arm of the SGP, and an amending Council directive to strengthen the role of independent fiscal institutions. The main proposal on the preventive arm is to be adopted through the ordinary legislative procedure with the European Parliament ...

This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent committee(s) of the European Parliament since September 2019 under the European Semester for economic policy coordination. It also lists the Recovery and Resilience Dialogues with the European Commission as undertaken by the competent committee(s) since the entry of force of the Recovery and Resilience Facility in 2021. It also includes an overview of the ...

While supporting countries' recovery, resilience, future crisis preparedness, and improving their growth potential, the Recovery and Resilience Facility (RRF) has a clear role in promoting economic, social and territorial cohesion in the European Union. This role is emphasised by the legal basis used for establishing the Facility – Article 175 of the Treaty on the Functioning of the EU (TFEU) – the same article that underpins EU cohesion policy measures. One of the RRF's main objectives, or six pillars ...

This paper provides and overview of the role of the European Parliament in scrutinising the application and implementation of the EU economic governance framework, notably by holding Economic Dialogues with the EU executive institutions and, when applicable, with Member States’ governments. We also assess the envisaged role for EU parliaments in the European Commission’s economic governance reform proposals, notably as regards transparency and parliamentary involvement at EU and national level. This ...

The long-running discussions on a new EU economic governance framework and a recent German court ruling have fuelled the debate on economic governance. This briefing explores the economic concepts that underlie the fiscal framework. The current EU fiscal framework relies on an economic model that assesses the cyclical condition of each country's economy. To pinpoint an economy's position in the business cycle at any given time, a 'potential output' model is used to estimate the highest level of production ...

The Spanish Constitution of 1978 established a constitutional monarchy and a parliamentary democracy with a bicameral system in the Cortes Generales (Spanish Parliament). The two chambers are the Congreso de los Diputados (Congress of Deputies) and the Senado (Senate). Both the Congress and the Senate represent the Spanish people, but the Senate is explicitly designated as the House of territorial representation. Article 137 of the Constitution formalises a quasi-federal system of self-governing ...

In May 2023, the European Parliament decided to postpone its decision on granting discharge to the European Council and the Council for the 2021 budget owing to a number of critical observations. Parliament's Committee on Budgetary Control has re-examined the situation but, given the Council's lack of willingness to cooperate on the discharge procedure, cannot take an informed decision. It therefore recommends in this second and final report, not to grant discharge to the two institutions. The vote ...

This document provides a snapshot of the state-of-play on EU national parliaments involvement at the early stage (spring 2023) of the current EU economic governance reform debate. The summary is based on replies from 20 parliament chambers from 16 EU member states

In this in-depth analysis, we summarise and explain the directions that the ECB has in mind for the digital euro, based on the ECB’s progress reports and statements. This substantially revised analysis reflects now also the fourth progress report and selected elements of the Commission’s proposals of 28 June 2023. We also highlight further questions that may deserve the legislators’ attention when they discuss the recent European Commission proposal. The analysis also entails a summary of the external ...

This briefing paper assesses Commission proposals to monitor reforms and investments in member states through a revised EU fiscal governance framework. Major innovations, such as a key operationalrole for an expenditure rule, are discussed in relation to the stated objectives, with a focus on social resilience. These innovations are welcome, but we also see a need for engaging national stakeholders to increase loyalty to the policy process. This document was provided by the Economic Governance ...