Lucio Pench

More documents

Recommendations

Info

Promoting investment-led growth • Financial sector balance sheet repair, using ESM if needed to break sovereign/banking sector link • Differentiated & growth-friendly fiscal consolidation • Reform implementation under European Semester • Single Market Act, Services Directive, 3 rd Energy Package etc. • Increase in EIB's capital by €10 bn • Use of risk-sharing instruments (eg project bonds) • Reprogramming of EU funds 20
Governance changes: an overview Reform Rationale European semester Stronger coordination Six-pack (EU 27) (In force since Dec-11) Two-pack (Euro area) Fiscal compact (25 Contracting Parties) Early and gradual sanctions Better enforcement Operationalisation of the debt criterion Focus on debt (not just deficits) Expenditure benchmark Focus on discretionary action Macroeconomic imbalance procedure Broaden surveillance Directive on national fiscal framework Coordination and national ownership Common budgetary timeline Examination of draft budgets Policy coordination, complements the European semester Enhanced monitoring Better enforcement National legislation of agreed fiscal rules Reverse qualified majority in EDP decisions National ownership and political commitment Better enforcement Ex ante coordination of economic reforms Economic policy coordination 21
Page 1 and 2: Euro area fiscal governance Shortco
Page 3 and 4: Banking crisis triggered dangerous
Page 5 and 6: Public debt in perspective: The cri
Page 7 and 8: The exit strategy as set in late 20
Page 9 and 10: 0,0 -0,5 -1,0 -1,5 -2,0 -2,5 -3,0 -
Page 11 and 12: The Stability and Growth Pact offer
Page 13 and 14: Fiscal multipliers Value: Fiscal mu
Page 15 and 16: Impact of euro area consolidation w
Page 17 and 18: Determinants of debt limit Source:
Page 19: Fiscal and external adjustments: co
Page 23 and 24: Fiscal integration: what is still m
Page 25: Articulating short and long-term so

Lucio Pench

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?