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Fiscal Policy after the Crisis – Workshop Proceedings

Fiscal Policy after the Crisis – Workshop Proceedings

July 2016

This paper presents the proceedings of the annual Public Finance Workshop organised by the Directorate-General for Economic and Financial Affairs in Brussels on 19 January 2016.

Topics: Public financesEU Member State economiesEconomic crisis

Series: Discussion Papers

 
Quarterly Report on the Euro Area (QREA), Vol.15, No.2 (2016)

Quarterly Report on the Euro Area (QREA), Vol.15, No.2 (2016)

July 2016

Volume 15 N. 2 (2016) of the QREA looks at the role of cross-border risk sharing, both through financial and labour market incomes generated across borders and through cross-border fiscal transfers, in mitigating asymmetric shocks, and compares the situation in the euro area to that of the United States. Other sections examine the mechanisms through which financial markets effect the real economy and confidence spillovers in the euro area.

Topics: Economic policy coordination ; Economic indicators ; Financial markets ; The euro

 
Fiscal Reaction Functions for European Union Countries

Fiscal Reaction Functions for European Union Countries

April 2016

This paper looks at how EU Member States adapt their fiscal policies to respond to the challenges of high levels of public debt and weak macro-financial conditions.

Topics: Public finances; EU Member State economies; Economic crisis

Series: Discussion Paper

 
Evaluation of the Financial Sector Assistance Programme. Spain, 2012-2014

Evaluation of the Financial Sector Assistance Programme. Spain, 2012-2014

January 2016

An evaluation of the design, implementation and achievements of the July 2012 - January 2014 financial sector assistance programme for Spain.

Topics: Financial assistance programmes ; Economic crisis

Series: Institutional Papers

 
Quarterly Report on the Euro Area (QREA), Vol.14, No.4 (2015)

Quarterly Report on the Euro Area (QREA), Vol.14, No.4 (2015)

January 2016

This edition of the QREA reviews the issue of shocks and adjustment in the light of recent crises. It analyses the functioning of a key internal adjustment process in EMU, the "relative price mechanism", as well as the "real interest rate mechanism". It also reviews the different implications of high levels of indebtedness.

Topics: Economic policy coordination; Structural policies, growth and development; EU Member State economies; Labour markets;

 
Stabilisation and rebalancing with fiscal or monetary devaluation: a model-based comparison

Stabilisation and rebalancing with fiscal or monetary devaluation: a model-based comparison

December 2015

This paper takes a theoretical look at the extent to which fiscal devaluation policies, such as shifting the tax burden from labour to consumption, can achieve the same benefits as nominal exchange rate depreciation.

Topics: Monetary policy ; International economics and non-EU economies ; Economic crisis

Series: Discussion Paper

 
Wage dynamics in Croatia: leaders and followers

Wage dynamics in Croatia: leaders and followers

October 2015

Author(s): Kristian Orsini, Vukašin Ostojić

This paper analyses wage dynamics in Croatia’s economy and finds evidence that rising wages in the fast-growing public education and health sectors may be setting the pace.

Topics: Public finances ; Labour markets ; Economic crisis

Series: Economic Briefs

 
The Economic Adjustment Programme for Cyprus – 7th Review Summer 2015

The Economic Adjustment Programme for Cyprus – 7th Review Summer 2015

October 2015

This report assesses Cyprus’ compliance with the terms and conditions of its economic adjustment programme.

Topics: Structural policies, growth and development ; Financial assistance programmes ; EU Member State economies ; Public finances ; Economic crisis

Series: Institutional Papers

 
The Economic Impact of Rescue and Recovery Frameworks in the EU

The Economic Impact of Rescue and Recovery Frameworks in the EU

September 2015

Author(s): Mihaela Carpus Carcea, Daria Ciriaci, Dimitri Lorenzani, Peter Pontuch, Carlos Cuerpo

This paper looks at the important role of pre-insolvency frameworks in encouraging entrepreneurship and softening the impact of deleveraging on financial stability and economic activity.

Topics: Economic policy coordination, Structural policies, growth and development, Economic crisis

Series: Discussion Papers

 
The Economic Adjustment Programme. Cyprus, 6th Review – Spring 2015

The Economic Adjustment Programme. Cyprus, 6th Review – Spring 2015

July 2015

This report, the sixth of its type, assesses compliance with the terms and conditions set out in the Economic Adjustment Programme for Cyprus, as agreed between the Cypriot authorities and the EC, the ECB and the IMF in 2013.

Topics: Structural policies, growth and development; Financial assistance programmes; EU Member State economies; Public finances; Economic crisis

Series: Institutional Papers

 
Ex post evaluation of the economic adjustment programme for Ireland (2010-2013)

Ex post evaluation of the economic adjustment programme for Ireland (2010-2013)

July 2015

In December 2010, European Union governments and the International Monetary Fund agreed to provide Ireland with up to EUR 67.5 billion in a novel and complex financial assistance programme designed to repair the country’s banking sector, economy and public finances. This report looks to draw lessons for the future from the programme, which proved to be appropriate and effective overall.

Summary for non-specialists DE - FR

Topics: Financial assistance programmes; Economic crisis; EU Member State economies

 
550 - The stabilising properties of a European Banking Union in case of financial shocks in the Euro Area - Fritz Breuss, Werner Roeger, Jan in ’t Veld

550 - The stabilising properties of a European Banking Union in case of financial shocks in the Euro Area - Fritz Breuss, Werner Roeger, Jan in ’t Veld

June 2015

Author(s): Fritz Breuss, Werner Roeger, Jan in ’t Veld

This paper analyses the stabilising properties of a European Banking Union in case of financial shocks in the euro area.

Topics: Economic policy coordination; Financial markets; The euro; Economic crisis

Series: Economic Papers

 
548 - Banking Stress Scenarios for Public Debt Projections - Peter Benczur, Katia Berti, Jessica Cariboni, Francesca Erica Di Girolamo, Sven Langedijk, Andrea Pagano and Marco Petracco Giudici

548 - Banking Stress Scenarios for Public Debt Projections - Peter Benczur, Katia Berti, Jessica Cariboni, Francesca Erica Di Girolamo, Sven Langedijk, Andrea Pagano and Marco Petracco Giudici

April 2015

Author(s):  Peter Benczur, Katia Berti, Jessica Cariboni, Francesca Erica Di Girolamo, Sven Langedijk, Andrea Pagano, Marco Petracco Giudici

The euro area sovereign debt crisis brought to light the potential risks to public finances posed by the banking sector. This paper simulates the potential impact of bank defaults on public finances based on stress test scenarios using an advance analytical methodology.

Categories: Economic crisis ; Financial markets ; Public finances

Series: Economic Papers

 
Emigration of the less-skilled: the role of incentives to work in Estonia

Emigration of the less-skilled: the role of incentives to work in Estonia

March 2015

Author(s): Jorge Durán, Baudouin Lamine, Erki Lõhmuste, Anneleen Vandeplas

Every year thousands of Estonians, most of them young with low or medium-level skills, leave Estonia to find better paid work abroad. Given Estonia’s small population and low birth rate, this significant loss of workers exacerbates the challenges posed by the ageing of its population. This paper evaluates policy options to help combat this trend by making local jobs more attractive.

Topics: Public finances ; Labour markets ; Economic crisis

Series: Country Focus

 
The Economic Adjustment Programme for Cyprus – Fifth Review Summer 2014

The Economic Adjustment Programme for Cyprus – Fifth Review Summer 2014

December 2014

The report assesses compliance with the terms and conditions set out in the MoU as agreed at staff level on 2 April 2013 with the Cypriot authorities.

Author(s): European Commission

Categories : Structural policies, growth and development; Financial assistance programmes; EU Member State economies; Public finances; Economic crisis

Series : Occasional Papers

 
540 - Identifying Booms and Busts in House Prices under Heterogeneous Expectations - Wilko Bolt, Maria Demertzis, Cees Diks; Cars Hommes, Marco van der Leij

540 - Identifying Booms and Busts in House Prices under Heterogeneous Expectations - Wilko Bolt, Maria Demertzis, Cees Diks; Cars Hommes, Marco van der Leij

December 2014

This paper provides a method for identifying when rising house prices are in danger of becoming bubbles on the verge of bursting. As a result, it is a first step towards establishing an early warning system for house price changes that could help prevent important welfare costs.

Categories: Monetary policy; Financial markets; Economic crisis

Series: Economic Papers

 
Spain - Post Programme Surveillance - Autumn 2014 Report

Spain - Post Programme Surveillance - Autumn 2014 Report

December 2014

This second post-programme surveillance report provides an assessment of Spain's economic, fiscal and financial situation following its exit from the Financial Assistance Programme in January 2014.

Author(s): European Commission

Categories : Economic crisis; Financial assistance programmes; EU Member State economies

Series : Occasional Papers

 
203 - Infrastructure in the EU: Developments and Impact on Growth

203 - Infrastructure in the EU: Developments and Impact on Growth

December 2014

Today, investment needs are high in areas such as research, innovation and ICT which are important drivers of growth and competitiveness. However, there are also arguments to suggest that Europe should invest in energy and transport infrastructure. Energy and transport infrastructure play a vital role in the integration and efficiency of the EU’s internal market.

Categories: Structural policies, growth and development; Economic crisis

Series : Occasional Papers

 
537 - Structural reforms at the zero bound - Lukas Vogel

537 - Structural reforms at the zero bound - Lukas Vogel

November 2014

This paper uses the European Commission’s QUEST macroeconomic model to analyse the impact of structural reforms on economic activity in an environment in which the zero bound on monetary policy rates is temporarily binding. The simulations suggest that although such reforms can have a negative impact on economic activity in the short run, these effects tend to be small and short-lived when a variety of transmission channels are considered.

Categories: Structural policies, growth and development; EU Member State economies; Economic crisis

Series: Economic Papers

 
10 - Wage adjustment in Spain: slow, inefficient and unfair?

10 - Wage adjustment in Spain: slow, inefficient and unfair?

November 2014

Our analysis of microeconomic data between 2008 and 2013 suggests that real aggregate wages in Spain fell by about 4.5% over the period 2008-2013. However, this aggregate figure masks a greater underlying reduction in individual wages, which occurred at the same time as changes in the composition of the employed population: as massive labour shedding was taking place, more tenured, more educated, and more qualified workers tended to be relatively less affected.

Categories: Economic crisis; Labour markets; Structural policies, growth and development

Series: Country Focus

 
527 - Is unemployment structural or cyclical? Main features of job matching in the EU after the crisis - Alfonso Arpaia, Aron Kiss and Alessandro Turrin

527 - Is unemployment structural or cyclical? Main features of job matching in the EU after the crisis - Alfonso Arpaia, Aron Kiss and Alessandro Turrin

September 2014

This economic paper analyses various aspects of labour market matching in Europe and contributes to the study of whether unemployment is mostly cyclical or structural in different member states.

Categories: Structural policies, growth and development; Labour markets; Economic crisis

Series : Economic Papers

 
520 - The "imbalanced balance" and its unravelling: current accounts and bilateral financial flows in the euro area - Alexandr Hobza, Stefan Zeugner

520 - The "imbalanced balance" and its unravelling: current accounts and bilateral financial flows in the euro area - Alexandr Hobza, Stefan Zeugner

July 2014

Based on a new database of bilateral financial flows among euro area countries and their major world partners, this paper explores the role of financial links in the accumulation and then adjustment of current account imbalances in the euro area.

Categories : International economics and non-EU economies; Financial markets; Economic crisis
Series : Economic Papers

 
197 - The Economic Adjustment Programme for Cyprus – Fourth Review - Spring 2014

197 - The Economic Adjustment Programme for Cyprus – Fourth Review - Spring 2014

July 2014

Following a request by Cyprus on 25 June 2012, the European Commission, the European Central Bank and the International Monetary Fund finally agreed an economic adjustment programme with the Cypriot authorities on 2 April 2013.

Categories: Structural policies, growth and development; Public finances; EU Member State economies; Financial assistance programmes; Economic crisis

Series: Occasional Papers

 
33 - Financing the recovery: the state of Europe’s financial sector

33 - Financing the recovery: the state of Europe’s financial sector

June 2014

Following serious setbacks in the recent banking and sovereign debt crisis, European financial markets have started to function more properly again and have stabilised over recent years. Risk taking in financial markets has returned and disparities in financing conditions across euro-area countries diminished. 

Categories: Financial markets; Structural policies, growth and development; economic crisis
Series: Economic Briefs

 

458 - Imbalances and rebalancing scenarios in an estimated structural model for Spain - Jan in 't Veld, Andrea Pagano, Rafal Raciborski, Marco Ratto, Werner Roeger

July 2012

This paper uses an estimated DSGE model to analyse the factors behind the build-up of imbalances in the Spanish economy

 

453 - Evaluating the Macroeconomic Effects of Government Support Measures to Financial Institutions in the EU - Jan in ‘t Veld, and Werner Roeger

April 2012

Evaluating the Macroeconomic Effects of Government Support Measures to Financial Institutions in the EU

 

87 - The Economic Adjustment Programme for Greece - Fifth review

December 2011

A joint Commission/ECB/IMF mission met with the Greek authorities in Athens from 21 August to 2 September and from 27 September to 11 October 2011. The mission assessed compliance by Greece with the terms and conditions of the fifth review under the economic adjustment programme and updated conditionality for the next reviews.

The document contains in annex the following updated programme documents:

  • the Memorandum of Economic and Financial Policies (MEFP)
  • the Memorandum of Understanding on Specific Economic Policy Conditionality (MoU)
  • the Technical Memorandum of Understanding (TMU)
 

88 - Economic Adjustment Programme for Ireland — Autumn 2011 Review

December 2011

Summary for non-specialists


This paper reports on the joint fourth EU-IMF review of policy conditionality under the financial assistance programme to Ireland (updated programme documents are presented in an annex).

 

83 - The Economic Adjustment Programme for Portugal. First review - Summer 2011

September 2011

This report by European Commission services assesses compliance with the terms and conditions of the First Review under the Economic Adjustment Programme.


The programme aims at restoring competitiveness and to put Portugal’s economy back on the path of sustainable growth, sound public finances and job creation.

This report assesses compliance with the terms and conditions for the 1st Review of the Economic Adjustment Programme and summarises the findings of the joint EC/IMF and ECB mission. It also incorporates in an annex the updated programme documents, endorsed by the Council on 2 September 2011 and by the IMF Executive Board on 12 September 2011.

The new government that took office on 21 June has taken full ownership of the programme. It has quickly moved to meet the structural targets for the First Review and reacted promptly to evidence of an emerging shortfall in public finances. Structural refor

 

79 - The Economic Adjustment Programme for Portugal

June 2011

28/6/2011

This report by European Commission staff provides an overview of the challenges faced by Portugal and the objectives and design of the economic and financial programme.

Following a request by Portugal on 7 April 2011, the European Commission, ECB and IMF negotiated an Economic Adjustment Programme, aimed at restoring confidence, enabling the return of the economy to sustainable growth, and safeguarding financial stability in Portugal, the euro area and the EU. The Programme was agreed by the European Council on 17 May 2011. It covers the period 2011-2014. The programme foresees comprehensive action on three fronts: a credible and balanced fiscal consolidation strategy, efforts to safeguard the financial sector and deep and frontloaded structural reforms too boost potential growth.

 

78 - Economic Adjustment Programme for Ireland - 2011 Spring Review

May 2011

18/5/2011

This paper reports on the joint EC-ECB-IMF review of policy conditionality under EU/IMF financial assistance programme to Ireland up to end-March 2011. It also incorporates in an annex the updated programme documents, endorsed by the ECOFIN on 17 May 2011 and the IMF Executive Board on 16 May 2011.

The economy is rebalancing away from domestic demand and towards net exports, as expected. Barring a minor downward revision in the growth forecast for 2011, the macroeconomic framework of the programme remains appropriate. Programme implementation has been strong: fiscal targets have been met or are on track to be met, a comprehensive strategy to recapitalize, restructure, and deleverage domestic banks has been developed based on thorough stress-tests, and steps have been taken towards the programme's structural reform objectives. Importantly, the new government has taken full ownership of the programme.

Going forward, continued strict

 

77 - The Economic Adjustment Programme for Greece - Third review

February 2011

24/2/2011

A joint Commission/ECB/IMF mission met with the Greek authorities in Athens on 27 January – 11 February 2011. The mission assessed compliance by Greece with the terms and conditions of the second review under the economic adjustment programme and updated conditionality for the next reviews.

The document contains in annex the following updated programme documents:

  • the Memorandum of Economic and Financial Policies (MEFP);
  • the Memorandum of Understanding on Specific Economic Policy Conditionality (MoU);
  • the Technical Memorandum of Understanding (TMU)

On 24 February the European Commission assessed measures taken by Greece to remedy the situation of excessive deficit. Subject to the approval of the Eurogroup, the overall assessment of compliance paves the way for the next tranche of loans provided by the euro-area Member States.

 

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