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Economic Policy Coordination In The Euro Area Under The European Semester
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Book Synopsis Economic Policy Coordination in the Euro Area Under the European Semester by : Zsolt Darvas
Download or read book Economic Policy Coordination in the Euro Area Under the European Semester written by Zsolt Darvas and published by . This book was released on 2015 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Semester is a yearly process of the European Union to improve economic policy coordination and ensure the implementation of the EU’s economic rules. Each Semester concludes with recommendations for the euro area as a whole and for each EU member state. We show that implementation of recommendations was poor at the beginning of the Semester in 2011, and has deteriorated since. The European Semester is not particularly effective at enforcing even the EU’s fiscal and macroeconomic imbalance rules. We assess that euro-area recommendations with tangible economic goals are not well reflected in the recommendations issued to member states. Finally, we review various proposals to improve the efficiency of the European Semester and conclude that while certain steps could be helpful, policy coordination will likely continue to have major limitations.
Book Synopsis Economic Policy Coordination in the Euro Area Under the European Semester by :
Download or read book Economic Policy Coordination in the Euro Area Under the European Semester written by and published by . This book was released on 2015 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the economic policy coordination process in the euro area under the European Semester, making recommendations on how implementation could be enhanced and what further developments are necessary to improve coordination of economic policies within EMU.
Book Synopsis Economic Policy Coordination in the Euro Area Under the European Semester by : Klaus-Jürgen Gern
Download or read book Economic Policy Coordination in the Euro Area Under the European Semester written by Klaus-Jürgen Gern and published by . This book was released on 2015 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: After three years of mixed operational experiences, the European Semester has been streamlined and further reform has recently been suggested by the European Commission. We outline the major modifications and evaluate to what extent this streamlining has affected the nature of the 2015 country-specific recommendations. Any mechanism for policy coordination depends crucially on the institutional framework that it is supposed to operate in. Consequently, proposals for further improvement of the European Semester must take the institutional environment into account. We therefore work out the compatibility of different aspects of policy coordination with respect to the existing EU architecture and discuss the proposals to modify this architecture put forward recently in the Five Presidents Report. On this basis, we develop proposals for improving the efficiency of the European Semester.
Book Synopsis Economic Policy Coordination in the Euro Area Under the European Semester by : Daniel Gros
Download or read book Economic Policy Coordination in the Euro Area Under the European Semester written by Daniel Gros and published by . This book was released on 2015 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The implementation record of the Country Specific Recommendations (CSRs) has declined over time, as financial turbulences lessened and the economic outlook started to improve. Urgency for reforms seemingly receded to leave room to request from Member States towards more accommodative stances. It is mainly the small countries that implement, at least partially, the recommendations addressed to them. Unfortunately there is little that the EU can do to change the status quo. Yet, the President of the Eurogroup could be held accountable for the implementation of the recommendations addressed to the euro area. The creation of National Competitiveness Boards risks making the European Semester even more complex and likely to have little impact in the countries which need them most, namely large countries and those with poor governance. To make it effective, a procedure would be needed to make national wage norms consistent at the euro area level, which may be a very difficult objective to achieve.
Book Synopsis Economic Policy Coordination in the Euro Area Under the European Semester by : Daniel Gros
Download or read book Economic Policy Coordination in the Euro Area Under the European Semester written by Daniel Gros and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The implementation record of the Country Specific Recommendations (CSRs) has declined over time, as financial turbulence lessened and the economic outlook started to improve. Urgency for reforms seemingly receded to leave room to request member states to move towards more accommodative stances. It is mainly the small countries that implement, at least partially, the recommendations addressed to them. Unfortunately, there is little that the EU can do to change the status quo. Yet, the President of the Eurogroup could be held accountable for the implementation of the recommendations addressed to the euro area. The creation of National Competitiveness Boards risks making the European Semester even more complex and likely to have little impact in the countries that need them most, namely large countries and those with poor governance. To make it effective, a procedure would be needed to make national wage norms consistent at the euro-area level, which may be a very difficult objective to achieve.
Book Synopsis EU Socio-Economic Governance since the Crisis by : Jonathan Zeitlin
Download or read book EU Socio-Economic Governance since the Crisis written by Jonathan Zeitlin and published by Routledge. This book was released on 2019-12-01 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the first to be dedicated entirely to the European Semester -- a new framework for policy coordination across European Union (EU) member states. The Semester represents a major advancement in EU governance. Created in 2010 in the wake of the financial and sovereign debt crises and revamped in 2015, it was intended to provide a new socio-economic governance architecture to coordinate national policies without transferring legal sovereignty to EU level. The papers in this collection are written by authors who have already contributed to this literature and have conducted original research for their studies. The book offers an empirical and theoretical assessment of the European Semester, examining its implications along three critical axes, running respectively between the economic and the social, the supranational and the intergovernmental, and the technocratic and democratic poles of EU governance. The book concludes that the European Semester challenges established theoretical understandings of EU governance, as it is a prime example of the complexity that supersedes simple polar oppositions. The chapters were originally published in a special issue of the Journal of European Public Policy.
Book Synopsis Economic Policy Coordination in the Euro Area by : Armin Steinbach
Download or read book Economic Policy Coordination in the Euro Area written by Armin Steinbach and published by Routledge. This book was released on 2014-05-09 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European debt crisis has given new impetus to the debate on economic policy coordination. In economic literature, the need for coordination has long been denied based on the view that fiscal, wage and monetary policy actors should work independently. However, the high and persistent degree of macroeconomic disparity within the EU and the absence of an optimum currency area has led to new calls for examining policy coordination. This book adopts an institutional perspective, exploring the incentives for policymakers that result from coordination mechanisms in the fields of fiscal, monetary and wage policy. Based on the concept of externalities, the work examines cross-border spillovers (e.g. induced by fiscal policy) and cross-policy spillovers (e.g. between fiscal and monetary policies), illuminating how they have empirically changed over time and how they have been addressed by policymakers. Steinbach introduces a useful classification scheme that distinguishes between vertical and horizontal coordination as well as between cross-border and cross-policy coordination. The author discusses farther-reaching forms of fiscal coordination (e.g. debt limits, insolvency proceedings, Eurobonds) with special attention to how principals of state organization affect their viability. Federal states and Bundesstaaten differ in the incentives they offer for debt accumulation – and thus in their suitability for fiscal coordination. Steinbach finds that the originally strict separation between policy areas has undergone significant change during the debt crisis. Indeed, recent efforts to coordinate policy are no longer limited to one policy area, but now extend to several areas. Steinbach argues that further fiscal policy coordination can be effectively deployed to address policy externalities, but that the coordination mechanisms used must match the form of state organization in the first place. Regarding wage policies, there are significant barriers to coordination. Notwithstanding some empirical successes in the implementation of a productivity-oriented wage policy, the high heterogeneity of national wage-setting institutions is likely to prevent any wage coordination.
Book Synopsis Social policy in the European Union: state of play 2015 by : David Natali (OSE)
Download or read book Social policy in the European Union: state of play 2015 written by David Natali (OSE) and published by ETUI. This book was released on 2015-09-23 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sixteenth edition of Social policy in the European Union: state of play has a triple ambition. First, it provides easily accessible information to a wide audience about recent developments in both EU and domestic social policymaking. Second, the volume provides a more analytical reading, embedding the key developments of the year 2014 in the most recent academic discourses. Third, the forward-looking perspective of the book aims to provide stakeholders and policymakers with specific tools that allow them to discern new opportunities to influence policymaking. In this 2015 edition of Social policy in the European Union: state of play, the authors tackle the topics of the state of EU politics after the parliamentary elections, the socialisation of the European Semester, methods of political protest, the Juncker investment plan, the EU’s contradictory education investment, the EU’s contested influence on national healthcare reforms, and the neoliberal Trojan Horse of the Transatlantic Trade and Investment Partnership (TTIP).
Book Synopsis EU Socio-Economic Governance in Central and Eastern Europe by : Mario Munta
Download or read book EU Socio-Economic Governance in Central and Eastern Europe written by Mario Munta and published by Routledge. This book was released on 2021-04-20 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates to what extent and how the European Semester impacts on national employment policy in four EU member states of the Central and Eastern European (CEE) region. Using an original theoretical and methodological framework, and based on empirical evidence from extensive interviews with experts in the field, this book examines the relation between EU preferences, exemplified by the yearly list of country-specific recommendations, and national policy responses to EU suggestions, tracing the extent to which policy change can be attributed to the influence of the European Semester. It extracts three potential mechanisms of European Semester influence on policy change: External pressure, mutual learning and creative appropriation and identifies key contributing and inhibiting factors. The book provides several policy recommendations regarding the organisation and workings of the European Semester process. This text will be of key interest to students, academics and practitioners in European and EU politics, EU socio-economic governance, EU social policy, European integration, soft Europeanization and the Europeanization of Central and Eastern Europe.
Book Synopsis Economic Spillover and Policy Coordination in the Euro Area by : Klaus Weyerstrass
Download or read book Economic Spillover and Policy Coordination in the Euro Area written by Klaus Weyerstrass and published by . This book was released on 2006 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: Executive symmary. 1. A working definition of spillover. - Part 1: Theory. - 2. A working definition of spillover. - Part 2: Empirical findings. - 3. Budgetary spillover and short-term interest rates. - 4. Budgetary spillover and long-term interest rates. - 5. Budgetary stabilisation and the level of public debt. - 6. Spillover form economic reform. - 7. Macroeconomic and welfare effects of structural and budgetary policies: spillover in the MSG3 model. - Part 3: conclusions. - 8. Summary, recommendations and future research. - Appendix. - References.
Book Synopsis The New Economic Governance of the Eurozone by : Paul Dermine
Download or read book The New Economic Governance of the Eurozone written by Paul Dermine and published by Cambridge University Press. This book was released on 2022-07-28 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth study of the Eurozone's economic governance and its constitutional foundations.
Book Synopsis The European Union's Structures and Procedures for Macroeconomic Policy Coordination - Do They Amount to a Form of "Economic Government"? by : Sara Buckow
Download or read book The European Union's Structures and Procedures for Macroeconomic Policy Coordination - Do They Amount to a Form of "Economic Government"? written by Sara Buckow and published by GRIN Verlag. This book was released on 2011 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay aus dem Jahr 2010 im Fachbereich Politik - Internationale Politik - Thema: Europäische Union, University of Bath, Sprache: Deutsch, Abstract: "To become the most competitive and dynamic knowledge-based economy in the world, capable of sustainable economic growth with more and better jobs and greater social cohesion" was the main objective at the Lisbon European Council meeting in 2000 (European Commission, 2002). A decade later - in March 2010 - the Commission set a new strategic goal under the name "Europe 2020". Achieving a "new economic policy coordination process" and again "smart, sustainable and inclusive growth" are the aims of this strategy announced by the Commission in 2010 (European Commission 2010). It becomes obvious that realising these goals requires harmonious coordination of macroeconomic policies. Therefore, this essay explores the different structures and procedures in place to coordinate the macroeconomic policy in the European Union (EU). It will focus upon fiscal and monetary policy-making as well as the Broad Economic Policy Guidelines and the Stability and Growth pact against the background of current debates. Identifying gaps in the policy-making processes will be the emphasis of the first part whereas the second part will be devoted to the exploring whether a form of "Economic Government" exists. This essay argues that the discrepancy between supranational monetary policy-making and national fiscal policy-making is an obstacle to the achievement of "Economic Government". Due to increasing interdependence in form of institutions such as the Single Market and especially the introduction of the Economic and Monetary Union (EMU), coordination has become an imperative. In the view of the European Commission (2002), coordination of economic policies is highly desirable in order to "account for direct cross-border spillover effects of national policies on neighbouring countries". For instance, policy decisions on a national level have an impact on the inflation and exchange rates, which in turn influences the European Central Bank's (ECB) policy decision-making. Begg et al (2003) categorise arising expenses as social costs, as established fiscal policies become destructive to previously implemented guidelines and harm the stability of the overall coordination. Thus a coherent coordination system reduces social costs. [...]
Book Synopsis Between Growth and Stability by : Leila Simona Talani
Download or read book Between Growth and Stability written by Leila Simona Talani and published by Edward Elgar Publishing. This book was released on 2008-01-01 with total page 213 pages. Available in PDF, EPUB and Kindle. Book excerpt: Very comprehensive and based on a detailed economic and political analysis, Between Growth and Stability is clearly a vital book for both students and seasoned economists. . . Thomas Bauwens, Bibliothèque Européenne Combining economic and political science perspectives, this timely and important book describes and analyses the circumstances and events leading to the demise and subsequent reform of the Stability and Growth Pact (SGP). Between Growth and Stability aims to find a solution to the dilemmas posed by fiscal policy coordination in the context of a single currency area, as well as contrasting the alternative heuristic frameworks and theoretical perspectives employed. It focuses particularly on the question of credibility, its definition and its meaning in the day-to-day workings of economic and monetary union. The book examines the actual performance of the SGP and proposes ways in which the integrity of European fiscal rule making might be improved in the future. This book will be essential reading for policymakers, politicians, members of European institutions and international organizations. The in-depth analysis will also be invaluable to scholars of international relations and economics, as well as undergraduate and postgraduate students in international relations, political science and economics.
Book Synopsis Introduction to the European Semester by : Angelos Delivorias
Download or read book Introduction to the European Semester written by Angelos Delivorias and published by . This book was released on 2019 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 'European Semester', a process of socio-economic policy coordination that lasts from November until July each year, in which Member States discuss their economic reform and budget plans before adopting them, while the European institutions monitor progress and address recommendations at specific times throughout the year. At the centre of the European Semester are three separate processes that work in parallel: fiscal surveillance based mainly on the stability and growth pact (SGP); surveillance of macroeconomic policies, under the macroeconomic imbalance procedure (MIP); and coordination of EU countries' economic and employment policies, based on the integrated guidelines (in other words, the broad economic policy guidelines (BEPGs), together with the employment guidelines). The Semester officially starts every November with the publication of the Annual Growth Survey and the Alert Mechanism Report (along with other documents) by the European Commission. Another 'milestone' is in February, when the country reports and (when required) in-depth reviews are published for Member States. In April, the Member States publish their stability or convergence programmes. In May comes another milestone, with the publication of the country-specific recommendations. After July, the 'European' Semester, is followed by a 'National' Semester, where Member States incorporate what has been discussed and recommended at European level into their national draft budgets, which are then debated and adopted during the autumn. During its limited existence, the Semester has been debated and examined by academics and institutions alike. The main points of discussion relate to parliamentary involvement in the Semester (notably linked to broader issues of legitimacy and accountability of the wider framework of economic governance), the country-specific recommendations and their declining level of implementation, as well as the role that the regions could play in the context of the Semester. This overview touches on the latest factors that could have an impact on the process: the priorities that the new European Commission President, Ursula von der Leyen, has addressed to Commissioners Paolo Gentiloni and Valdis Dombrovskis in her mission letters. While those priorities were articulated very succinctly, they could provide a useful idea of how the Semester might evolve over the new Commission’s term.
Book Synopsis The Reform of European Economic Governance: Towards a Sustainable Monetary Union? (Egmont Papers 47) by :
Download or read book The Reform of European Economic Governance: Towards a Sustainable Monetary Union? (Egmont Papers 47) written by and published by Academia Press. This book was released on with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The European Semester for Economic Policy Coordination by : Kajus Hagelstam
Download or read book The European Semester for Economic Policy Coordination written by Kajus Hagelstam and published by . This book was released on 2019 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of the current EU economic governance framework, in particular of the so-called EU ‘rules- based’ surveillance framework of national budgetary, economic and social policies. It raises some broad questions on the lessons learned and proposes some reflections for the future. This document was prepared by the Economic Governance Support Unit of the European Parliament and the opinions expressed are the sole responsibility of the authors and do not necessarily represent the official position of the European Parliament.
Book Synopsis Redefining European Economic Governance by : Michele Chang
Download or read book Redefining European Economic Governance written by Michele Chang and published by Routledge. This book was released on 2016-04-14 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis and sovereign debt crisis exposed the inadequacy of European economic governance. Despite the multitude of new mechanisms and institutions that have arisen over the last few years, many contend that economic governance remains inadequate and the EU must integrate even further to calm still-volatile markets. A tension exists between creating effective instruments that will not overstep the authority delegated to an EU that has integrated economically but not politically. Can the EU’s economic governance system satisfy the demands of markets and politics? Relevant issues include the ability of supranational institutions to dictate policy to national governments, the harmonization of economic policies and institutions across Europe, and a substantial increase in the transfer of funds across borders. Can monetary union continue without political union? How will the new institutions alter the distribution of power between EU institutions as well as between member states? This edited volume analyzes the major policy challenges and institutional mechanisms at the EU- and international levels to combat the global financial crisis and the EU’s sovereign debt crisis such as financial integration, fiscal cooperation, and the rising power of the ECB. This book was published as a special issue of the Journal of European Integration.