1,721,111 research outputs found
Next Generation – EU: An interpretative guide
Full text linkThe proposal, which the European Commission made public on May 27, 2020, strengthens and articulates the framework launched by Macron and Merkel about ten days before (May 18). This proposal, which is called "Next Generation EU" (NG-EU), confirms the disbursement by the European Union of 500 billion euro in the form of transfers, including guarantees, and adds 250 billion euro in the form of long-term loans to European Union (EU) member states. These resources will be collected through the issue of bonds on the financial markets by the European Commission on behalf of the EU. These issues will depend on the increase in the margin between own resources and the disbursements of the EU budget. The associated European debt, which has a long-term duration (the first maturities are in 2028, the last in 2058), is guaranteed by the next MFFs and will have to be repaid (including interest) by means of increases in the revenues of these same MFFs, also through the introduction of new own resources and, for the component relating to the 250 billion euro in loans, by the payment of financial charges and reimbursement made by the beneficiary countries
The search for a congruent euro area policy mix: Vertical coordination matters
Full text linkThe way European policymakers solve the policy mix trilemma of asymmetric fiscal rules, no central fiscal capacity and constrained monetary policy in the post-pandemic economy will define the resilience of the euro area in the face of future shocks and the transition to a more sustainable growth model. In a new CEPR Policy Insight, the authors argue that moving to a structured vertical coordination between national and EU budgets would help ensure an adequate fiscal stance and avoid the overburdening of the single monetary policy
The role of central fiscal capacity in connecting the EU’s domestic and global agendas
Full text linkThe EU’s domestic and international agendas are usually discussed in different fora and follow separate tracks. Given the fallout from the Covid crisis and the dramatic consequences of the Russian invasion of Ukraine, this paper argues that these agendas should eventually merge. A central fiscal capacity is a key element for reconciling the EU’s domestic and international goals. Domestically, it would help to achieve a balanced policy mix and ensure an adequate supply of European public goods, and globally it would give credibility to the geo-economic role of the EU.https://voxeu.org/article/reconciling-eu-s-domestic-and-global-agendasA shorter version of this paper was published in VoxEU (Buti and Messori 2022)
Euro area policy mix: From horizontal to vertical coordination
Full text linkA new CEPR Policy Insight by Marco Buti and Marcello Messori argues that the forceful policy response of the EU and its member states to the COVID Pandemic, and in particular the move to a more structured ‘vertical’ coordination between national and EU fiscal policies, has led to a more balanced euro area policy mix, which has allowed the rapid absorption of the euro area’s dramatic recession and favoured a strong bouncing back of its economy in the current year.
Moving forward, the authors argue that transitioning to a structured vertical coordination between national and EU budgets would help ensure an adequate fiscal stance for the future, and avoid the overburdening of the single monetary policy
The Second Decade of Economic and Monetary Union: Before and After the Crisis
No full textButi Marco, Van Den Noord Paul. The Second Decade of Economic and Monetary Union: Before and After the Crisis . In: Revue d'économie financière (English ed.), n°96, 2010. The Euro in 2019. pp. 89-101
Deuxième décennie de l’Union économique et monétaire : avant et après la crise
No full textButi Marco, Van Den Noord Paul. Deuxième décennie de l’Union économique et monétaire : avant et après la crise. In: Revue d'économie financière, n°96, 2010. L'euro en 2019. pp. 95-108
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