G20 – 3-4 September
Commissioner Almunia will attend the G20 finance ministerial meeting on 3-4 September in London, and the G20 summit in Pittsburgh on 24-25 September. Key priorities will be the delivery of the commitments made at the London summit to monitor the implementation of macroeconomic policies to address the crisis, implement comprehensive reforms of the financial system, increase the resources of the IMF, and review the responsiveness and adaptability of the International Financial Institutions. The maintenance of the momentum of the G20 summit process is crucial for supporting confidence.
Interim economic forecast – 14 September
DG ECFIN’s twice-yearly interim economic forecast updates the fully fledged forecast published in spring and autumn. The interim forecasts are more limited in scope and cover a shorter time horizon (one year rather than two). They update the data for the biggest EU members and key indicators for the EU and euro area as a whole.
The third 2009 issue of the Quarterly Report on the Euro Area will focus on international issues with an assessment of the impact of the financial turmoil on global imbalances and an analysis of the causes of the ongoing slump in world trade.
Annual Statement and Annual Report on the Euro Area
This annual report will discuss how economic policies at euro area and Member State level should be geared towards meeting the specific challenges that the euro area faces as a single economic entity. The statement highlights the main policy and political messages. A debate will follow at the European Parliament leading to a resolution.
EU Economy Review 2009
The Commission will publish in September a special edition of the EU Economy Review on the financial crisis. This issue will analyse the causes of the crisis and its transmission to the real economy and examine the future consequences of the crisis for the EU economy’s growth potential, labour market and public finances.
Annual review on labour market developments
DG ECFIN will publish the annual ‘Labour market and wage developments’ report. The report will shedding light on the interaction of employment trends with other macroeconomic developments such as GDP and productivity growth, analyse the implications of the financial crisis for labour markets, and provide a country-specific assessment of the implementation of short-term measures to minimise the impact of the crisis and their compatibility with long-term flexicurity policies. It will summarise labour market policy measures enacted in 2008 and the first half of 2009 using the LABREF database.
Sustainability report 2009
This report assesses the sustainability of Member States’ public finances over the long term, once the common projections of age-related expenditure published in the Ageing Report by the Commission and EPC (Economic Policy Committee) earlier this year have been incorporated into future spending requirements. It follows up the 2006 Sustainability Report and considers how an overall weakening of the underlying fiscal position adds additional concerns to long-term sustainability, over a period when ageing related costs are set to put significant pressure on the public finances of most countries.
Autumn economic forecast
DG ECFIN produces various economic forecasts on behalf of the Commission. The next fully fledged economic forecast will be published in November 2009. This will be an important opportunity to gauge the effectiveness of measures to stimulate an economic recovery.