Discussions on the fiscal framework should aim to correct its procyclical nature with a view to promoting more cooperative outcomes.
Testimony given to a Tweede Kamer der Staten-Generaal roundtable discussion on the future of the stability and growth pact.
By and large, setting a new green golden rule would be a useful addition to the existing EU fiscal framework.
Increasing green public investment while consolidating deficits will be a central challenge of this decade. A green fiscal pact would address this tension, but difficult trade-offs remain.
Testimony before the European Parliament on the subject of EU fiscal policies.
This briefing paper focuses on two aspects of the EU fiscal framework: whether an expenditure rule would be more reliable than a structural budget balance rule and the possible benefits and drawbacks of introducing a golden rule to exclude certain types of investment from the operational fiscal rule.
In this paper, the author looks at the implications arising from the focus of the Recovery and Resilience Plans in the context of the European Semester.
In 2011, the EU introduced stricter rules to monitor the implementation of country-specific policy recommendations. Using a new dataset, this column investigates whether these new laws have increased national compliance. There is no evidence that these stricter processes matter for implementation rates, whereas macroeconomic fundamentals and market pressure are important determinants of implementation progress. These results suggest ways to improve the effectiveness of European policy coordination that go beyond stronger legal processes.
The authors use a newly-compiled dataset to investigate whether and why European Union countries implement the economic policy recommendations they receive from the EU.
Implementation of the European Commission’s country-specific policy recommendations (CSRs) is at a low rate overall. Whether this trend has continued, particularly among those countries judged to have excessive macroeconomic imbalances, will be evident in the soon-to-be-released reports of the Commission.
The authors study whether and to what extent EU countries implement recommendations on macroeconomic imbalances given by the EU in the so-called European Semester. Overall implementation of recommendations by EU countries has worsened in the last few years, in particular when it comes to recommendations addressed to countries with excessive macroeconomic imbalances.
Economic policy coordination in the EU hardly works: the implementation of economic policy recommendations made in the context of the European Semester was modest in 2011, and has deteriorated in each year since then.