Comisia Europeană a utilizat foarte pe larg competențele discreționare conferite de regulamentul privind componenta preventivă cu scopul de a reduce cerințele de ajustare, atât prin stabilirea normelor de punere în aplicare, cât și în cadrul deciziilor individuale. În opinia Curții, combinația d...
Almost 30 years ago, the Maastricht Treaty laid the basis for economic and monetary union (EMU). Its fiscal provisions have been further developed by subsequent primary and secondary legislation –in particular, the Stability and Growth Pact with its preventive and corrective arms, and the Treaty...
What is the macroeconomic imbalance procedure? What are the elements of its scoreboard? Once those elements are taken into account, how does the procedure evolve in the wider context of the European Semester? This paper attempts to put these elements in context and provides an introduction to th...
Ten years ago, the temporary EFSF was created to address a crisis where the survival of the currency union was at stake. Some member states faced the loss of market access, while others began to feel spillover effects. As that crisis gathered steam, it became clear that a permanent response was ...
This paper presents a framework for analysing the evolution of the structural government deficit estimated using the official EU methodology relevant for the Stability and Growth Pact. The focus of our framework lies in the analysis of the main driving forces of changes in estimated structural g...
This paper is linked to two debates on fiscal policies: first, the implications of low interest- growth differentials for debt sustainability and, second, the reform of the EU fiscal governance framework. In both debates the choice of government debt anchor and the speed of adjustment take centr...
In response to the financial and economic crisis, the European Union introduced a series of changes to its institutional architecture for economic and social governance, with the aim of achieving more integrated fiscal and economic coordination. At the heart of this new architecture is the 'Euro...
This paper reviews developments in fiscal rules in the European Union (EU) from the entering into force of the Treaty on European Union (the “Maastricht Treaty”), which laid the foundations for the euro, until today. It seems safe to say that fiscal positions in the EU and the euro area are now ...
An assessment of the present SGP fiscal rules reveals a significant deterioration in simplicity, undermining their effectiveness. In fact, in both design and process, they have become the most complex worldwide. Three options for future reform are offered to correct this deficiency. Under the fi...
Past reforms of the Stability and Growth Pact (SGP) have improved its economic rationale, but this progress has come at the expense of simplicity, transparency and, possibly, enforceability. This study surveys and evaluates reform models that could reduce complexity without compromising the SGP’...
