Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Building A Strengthened Fiscal Framework In The European Union
Download Building A Strengthened Fiscal Framework In The European Union full books in PDF, epub, and Kindle. Read online Building A Strengthened Fiscal Framework In The European Union ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 :9789279293511 Total Pages :35 pages Book Rating :4.2/5 (935 download)
Book Synopsis Building a Strengthened Fiscal Framework in the European Union by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book Building a Strengthened Fiscal Framework in the European Union written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2013 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This publication provides a non-technical overview of the Stability and Growth Pact, the rule-based framework for fiscal policy in the European Union. It is divided into two sections. The first section provides a historical look at the evolution of the SGP's framework, from the Pact's origins in the Maastricht Treaty to the most recent Two Pack reforms. It presents the changes that were made to the framework over the years and discusses the reasons for the reforms. The second section provides a description of the application of the SGP today, structured around the SGP's two arms, the preventive arm and the corrective arm.."--Document home page.
Book Synopsis Reforming the EU Fiscal Framework by : Mr. Nathaniel G Arnold
Download or read book Reforming the EU Fiscal Framework written by Mr. Nathaniel G Arnold and published by International Monetary Fund. This book was released on 2022-09-05 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU’s fiscal framework needs reform. While existing fiscal rules have had some impact in constraining deficits, they did not prevent deficits and debt ratios that have threatened the stability of the monetary union in the past and that continue to create vulnerabilities today. The framework also has a poor track record at managing trade-offs between containing fiscal risks and stabilizing output. Finally, the framework does not provide sufficient tools for EU-wide stabilization. This was most visible during the decade following the euro area sovereign debt crisis, when structurally low real interest rates stretched the policy tools of the European Central Bank (ECB), leading to a persistent undershooting of its inflation target. This paper proposes a new framework based on risk-based EU-level fiscal rules, strengthened national institutions, and a central fiscal capacity. First, risk-based EU-level fiscal rules would link the speed and ambition of fiscal consolidation to the level and horizon of fiscal risks, as identified by debt sustainability analysis (DSA) using a common methodology developed by a new and independent European Fiscal Council (EFC). The 3 percent deficit and 60 percent debt reference values would remain. Second, all member countries would be required to enact medium-term fiscal frameworks consistent with the EU-level rules—that is, to ensure convergence over the medium-term to an overall fiscal balance anchor by setting expenditure ceilings. Independent national fiscal councils (NFCs) would have a much stronger role to strengthen checks and balances at the national level (including undertaking or endorsing macroeconomic projections and performing DSAs to assess fiscal risks). The European Commission (EC) would continue to play its key surveil¬lance role as articulated in the Maastricht Treaty and the EFC would be the center of a peer network of fiscal councils. Third, building on the recent experience with the NextGenerationEU (NGEU), an EU fiscal capacity (FCEU) would improve euro area macroeconomic stabilization and allow the provision of common EU public goods—a task that has become more urgent given the green transition and common security concerns. Central to the proposal is a mutually reinforcing relationship between EU rules and national-level imple¬mentation. Strengthening implementation requires both better national ownership of the rules and their application and greater congruence of national-level frameworks with EU-level rules. The former can only be achieved by rules that convincingly balance the needs of members with the avoidance of negative externali¬ties across members. This argues for a risk-based approach—the first pillar of our proposal. The latter requires a stronger role for significantly upgraded national level frameworks—the second pillar of our proposal.
Book Synopsis Building a Better Union by : Angana Banerji
Download or read book Building a Better Union written by Angana Banerji and published by International Monetary Fund. This book was released on 2015-09-11 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The momentum for structural reforms is waning in the euro area at a time when even faster progress is needed to boost productivity and growth, achieve real economic convergence, and improve the resilience of the monetary union. What can the European Union (EU) institutions do to bridge this divide? This paper argues for greater simplicity, transparency and accountability in the EU governance framework for structural reforms. Our three interrelated proposals—“outcome-based” benchmarking; better use of existing EU processes to strengthen oversight and reduce discretion; and improved financial incentives—could help advance reforms. Ex post monitoring by an independent EU-level “structural council” and ex ante policy innovation by national productivity councils could strengthen accountability and ownership. Deeper governance reforms should be considered in the medium-term with a view toward a greater EU role in promoting convergence.
Book Synopsis Designing a European Fiscal Union by : Carlo Cottarelli
Download or read book Designing a European Fiscal Union written by Carlo Cottarelli and published by Routledge. This book was released on 2014-11-13 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.
Book Synopsis Fiscal Policy Making in the European Union by : Martin Larch
Download or read book Fiscal Policy Making in the European Union written by Martin Larch and published by Routledge. This book was released on 2009-12-16 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: ""Fiscal policy making in the European Union is a national prerogative that is carried out and co-ordinated within the remits of the Stability and Growth Pact (SGP). The SGP Member States have agreed upon a rules-based framework which, abstracting from operational details, aims to ensure long-term sustainability of public finances while allowing for short-term fiscal stabilization. The success of the EU fiscal framework depends to a large extent on the effectiveness and accuracy of the tool-kit of indicators and methods used at the EU level to monitor and assess the fiscal performance of the Member States vis-a-vis the requirements of the SGP. The contributions to this volume examine key aspects of the measurement of fiscal policy making in the context of the EU fiscal surveillance framework. They highlight strengths and weaknesses of current assessment practice, including innovations implied by the 2005 revision of the SGP." "--Jacket.
Book Synopsis Republic of Poland by : International Monetary
Download or read book Republic of Poland written by International Monetary and published by International Monetary Fund. This book was released on 2024-06-12 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: The stabilizing expenditure rule (SER) in Poland has been instrumental in fostering fiscal discipline in the years leading up to the pandemic. The pandemic and subsequent shocks severely tested the expenditure rule. Returning to the SER limit after severe shocks proved challenging, making clear the needs to revise the SER to preserve its credibility. The government could enhance the credibility of the expenditure rule through broadening its coverage and strengthening compliance, including establishing an independent fiscal council. Moreover, aligning to the EU fiscal framework will require (i) ensuring expenditure limits implied in the SER to be consistent with the EU net expenditure path; and (ii) providing explanation on the differences in expenditure coverage and classification between the SER and the EU fiscal framework to ensure compliance. Over time, transition to binding multi-year limits in the SER would improve linkages between annual budgets and medium-term fiscal planning.
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 :9789279293528 Total Pages :112 pages Book Rating :4.2/5 (935 download)
Book Synopsis Vade Mecum on the Stability and Growth Pact by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book Vade Mecum on the Stability and Growth Pact written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2013 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This vade mecum is a manual prepared by DG ECFIN presenting the procedures and methodologies for implementing the Stability and Growth Pact (SGP). It is primarily aimed at individuals and organisations working on public finance issues in EU countries, but should be of interest to anyone wanting an in-depth understanding of the SGP's functioning or searching for details on its implementation. (It is not, however, aimed at those seeking a general overview of the Pact - instead, a more immediately accessible guide, 'Building a strengthened fiscal framework in the European Union: a guide to the stability and growth pact' is also available.) This manual describes the implementation of the SGP at the time of writing, step by step, and should not be considered to be definitive, in two ways. First, the electronic copy will be updated when there are changes or clarifications to the way the Pact is implemented. For example, when the legislative package known as the Two Pack, which is currently going through the European legislative process, becomes law, the vade mecum will be updated to reflect the changes to the surveillance procedures. Second, in many parts the vade mecum presents an agreed or historic interpretation of a feature of the SGP which might be adapted as the need arises.
Book Synopsis Reforming Fiscal Governance in the European Union by : Michal Andrle
Download or read book Reforming Fiscal Governance in the European Union written by Michal Andrle and published by International Monetary Fund. This book was released on 2015-05-21 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Successive reforms have brought many positive elements to the European Union’s fiscal framework. But they have also increased its complexity. The current system involves an intricate set of fiscal constraints, which hampers effective monitoring and public communication. Compliance has also been weak. This note discusses medium-term reform options to simplify the framework and improve compliance. Based on model simulations and practical considerations, it argues for moving to a two-pillar approach, with a single fiscal anchor (public debt-to-GDP) and a single operational target (an expenditure growth rule, possibly with an explicit debt correction mechanism) linked to the anchor.
Author :European Commission. Directorate-General for Economic and Financial Affairs Publisher : ISBN 13 :9789279293450 Total Pages :22 pages Book Rating :4.2/5 (934 download)
Book Synopsis The Two-pack on Economic Governance by : European Commission. Directorate-General for Economic and Financial Affairs
Download or read book The Two-pack on Economic Governance written by European Commission. Directorate-General for Economic and Financial Affairs and published by . This book was released on 2013 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: "As the uncertainty relating to the sovereign debt crisis in some Euro Area Member States continued over the last two years, the extent and potential consequences of the spillovers between euro area Member States' economic, financial and budgetary situations has become increasingly evident. Building on the Six Pack on economic governance which entered into force December 2011, the European Parliament and the Council adopted two further pieces of legislation aimed at strengthening economic coordination and surveillance in the euro area. The so-called Two-Pack entered into force at the end of May 2013.This paper focuses on the regulation on the strengthening of economic and budgetary surveillance of Member States experiencing or threatened with serious difficulties with respect to their financial stability in the euro area (i.e. the regulation on enhanced surveillance) and attempts to explain the key objectives of the regulation."--Document home page.
Book Synopsis How to Fix the Euro by : Stephen Pickford
Download or read book How to Fix the Euro written by Stephen Pickford and published by Chatham House. This book was released on 2015-01-31 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global economic and financial crisis that started in 2007 exposed serious flaws in the euro's original design. This report examines why Europe's economic and monetary union was so badly affected by the crisis, and assesses whether further changes need to be made to the structure of economic governance that underpins it. A Chatham House, Elcano and AREL Report
Book Synopsis Reforming Fiscal Governance in the European Union by : Michal Andrle
Download or read book Reforming Fiscal Governance in the European Union written by Michal Andrle and published by International Monetary Fund. This book was released on 2015-05-21 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Successive reforms have brought many positive elements to the European Union’s fiscal framework. But they have also increased its complexity. The current system involves an intricate set of fiscal constraints, which hampers effective monitoring and public communication. Compliance has also been weak. This note discusses medium-term reform options to simplify the framework and improve compliance. Based on model simulations and practical considerations, it argues for moving to a two-pillar approach, with a single fiscal anchor (public debt-to-GDP) and a single operational target (an expenditure growth rule, possibly with an explicit debt correction mechanism) linked to the anchor.
Book Synopsis Independent Fiscal Councils: Recent Trends and Performance by : Mr.Roel M. W. J. Beetsma
Download or read book Independent Fiscal Councils: Recent Trends and Performance written by Mr.Roel M. W. J. Beetsma and published by International Monetary Fund. This book was released on 2018-03-23 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries increasingly rely on independent fiscal councils to constrain policymakers’ discretion and curb the bias towards excessive deficits and pro-cyclical policies. Since fiscal councils are often recent and heterogeneous across countries, assessing their impact is challenging. Using the latest (2016) vintage of the IMF Fiscal Council Dataset, we focus on two tasks expected to strengthen fiscal performance: the preparation or assessment of forecasts, and the monitoring of compliance with fiscal rules. Tentative econometric evidence suggests that the presence of a fiscal council is associated with more accurate and less optimistic fiscal forecasts, as well as greater compliance with fiscal rules.
Book Synopsis Europe in 12 Lessons by : Pascal Fontaine
Download or read book Europe in 12 Lessons written by Pascal Fontaine and published by . This book was released on 2017 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Banking Union for the Euro Area by : Rishi Goyal
Download or read book A Banking Union for the Euro Area written by Rishi Goyal and published by International Monetary Fund. This book was released on 2013-02-12 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elaborates difficult transition issues, and briefly discusses broader EU issues. As such, it assesses current plans and provides advice. It is accompanied by three background technical notes that analyze in depth the various elements of the banking union: a single supervisory framework; a single resolution and common safety net; and urgent issues related to repair of weak banks in Europe.
Book Synopsis Economic Convergence in the Euro Area: Coming Together or Drifting Apart? by : Mr.Jeffrey R. Franks
Download or read book Economic Convergence in the Euro Area: Coming Together or Drifting Apart? written by Mr.Jeffrey R. Franks and published by International Monetary Fund. This book was released on 2018-01-23 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
Book Synopsis Public Financial Management and Its Emerging Architecture by : Mr. M. Cangiano
Download or read book Public Financial Management and Its Emerging Architecture written by Mr. M. Cangiano and published by International Monetary Fund. This book was released on 2013-04-05 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades, including fiscal responsibility legislation, fiscal rules, medium-term budget frameworks, fiscal councils, fiscal risk management techniques, performance budgeting, and accrual reporting and accounting. Not merely a handbook or manual describing practices in the field, the volume instead poses critical questions about innovations; the issues and challenges that have appeared along the way, including those associated with the global economic crisis; and how the ground can be prepared for the next generation of public financial management reforms. Watch Video of Book Launch
Book Synopsis Fiscal Policy Rules by : Mr.George Kopits
Download or read book Fiscal Policy Rules written by Mr.George Kopits and published by International Monetary Fund. This book was released on 1998-07-22 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run stabilization? If so, what characteristics of fiscal rules make this contribution most effective? And in what circumstances and contexts, if any should the IMF encourage its member countries to adopt fiscal rules? This paper seeks to identify sensible fiscal policy rules that can succeed, if chosen by a member country, as an alternative to descretionary fiscal rules.
