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ECFIN Publications about Structural policies, growth and development

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Italy’s Productivity Conundrum. A Study on Resource Misallocation in Italy

Italy’s Productivity Conundrum. A Study on Resource Misallocation in Italy

May 2016

The study provides an assessment of resource misallocation in Italy and of its role in explaining the country's sluggish productivity growth since the early 1990s.

Topics: Structural policies, growth and development

Series: Discussion Paper

 
Quarterly Report on the Euro Area (QREA), Vol.15, No.1 (2016)

Quarterly Report on the Euro Area (QREA), Vol.15, No.1 (2016)

April 2016

Structural reform measures underway in Italy, France, Spain and Portugal could have significant economic benefits and raise GDP, model simulations presented in this edition of the QREA show. Other chapters in this edition look at the effects of population ageing and slowing total factor productivity growth on GDP, inflation and interest rates; and the drivers of total factor productivity growth.

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

 
The Economic Impact of Selected Structural Reform Measures in Italy, France, Spain and Portugal

The Economic Impact of Selected Structural Reform Measures in Italy, France, Spain and Portugal

April 2016

This paper presents a rigorous methodology for analysing the potential impact of structural reforms by looking at actual measures in four Member States (Italy, France, Spain and Portugal). The model simulations show that the selected reform measures examined could have significant economic benefits in terms of GDP and employment.

Topics: Structural policies, growth and development; EU Member State economiesLabour markets; Product markets

Series: Institutional Papers

 
The G20 and the EU: A Win-Win Game

The G20 and the EU: A Win-Win Game

April 2016

This article analyses the role played by the European Union in the ‘G20 finance track.’

Topics: Economic policy coordination ; International economics and non-EU economies ; Structural policies, growth and development

Series: Economic Briefs

 
Economic growth in Slovakia: Past successes and future challenges

Economic growth in Slovakia: Past successes and future challenges

March 2016

This papers looks at the drivers of economic growth in Slovakia before and since the crisis.

Topics: Structural policies, growth and development ; EU Member State economies

Series: Economic Briefs

 
Post-Programme Surveillance Report - Ireland, Autumn 2015

Post-Programme Surveillance Report - Ireland, Autumn 2015

January 2016

This report by the European Commission presents the findings of the fourth post-programme surveillance mission to Ireland and identifies remaining challenges for the Irish economy.

Topics: EU Member State economies ; Public finances ; Structural policies, growth and development

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;

 
Progress towards meeting the economic criteria for EU accession: the EU Commission's 2015 assessments

Progress towards meeting the economic criteria for EU accession: the EU Commission's 2015 assessments

December 2015

A compilation of the economic chapters of the European Commission’s 2015 Country Reports on countries looking to join the EU.

Topics: Structural policies, growth and development ; International economics and non-EU economies ; Enlargement

Series: Institutional Papers

 
The Impact of Rapid Credit Growth on Slovakia’s Housing Market

The Impact of Rapid Credit Growth on Slovakia’s Housing Market

December 2015

This paper looks at the macroeconomic impact of the growth in lending for home purchases in Slovakia and suggests policies that could make the housing market more resilient.

Topics: Structural policies, growth and development, EU Member State economies, Public finances, Financial markets

Series: Economic Briefs

 
The Maghreb: Macroeconomic Performance, Reform Challenges and Integration with the EU

The Maghreb: Macroeconomic Performance, Reform Challenges and Integration with the EU

December 2015

A look at the economic situation in Algeria, Libya, Morocco, and Tunisia four years after the Arab Spring and the relationship of these countries with the EU.

Topics: International economics and non-EU economies; Structural policies, growth and development; Public finances

Series: Economic Briefs

 
An assessment of the relative quality of the Output Gap estimates produced by the EU's Production Function Methodology

An assessment of the relative quality of the Output Gap estimates produced by the EU's Production Function Methodology

December 2015

This paper assesses the performance of the EU’s production function methodology for estimating output gaps.

Topics: Public finances ; Economic policy coordination ; Structural policies, growth and development

Series: Discussion Paper

 
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

 
Tax reforms in EU Member States 2015 – Tax policy challenges for economic growth and fiscal sustainability

Tax reforms in EU Member States 2015 – Tax policy challenges for economic growth and fiscal sustainability

September 2015

Author(s): Directorate General for Economic and Financial Affairs (ECFIN) and Directorate General for Taxation and Customs Union (TAXUD), European Commission

This annual report, prepared by the European Commission’s Directorate General for Economic and Financial Affairs and the Directorate General for Taxation and Customs Union, aims to make a contribution to discussions on tax policy in the EU through an analysis of tax policy challenges and recent reforms in the EU Member States.

Topics: Public finances; Economic policy coordination; Structural policies, growth and development

Series: Institutional Papers

 
Forward to a New Normal: An overview of the ECFIN Fellowship Papers

Forward to a New Normal: An overview of the ECFIN Fellowship Papers

September 2015

Author(s): Karl Pichelmann, Erik Ruscher, Michael Thiel

With a return to pre-crisis economic policies neither possible nor desirable, DG ECFIN asked scholars to map out the ‘new economic normal’. In this Economic Brief, Karl Pichelmann, Eric Ruscher and Michael Thiel of DG ECFIN, provide an overview of the contributions to the DG ECFIN’s 2014-2015 Fellowship Initiative “Growth, integration and structural convergence revisited”.

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

Series: Economic Briefs

 
Small Firms and Domestic Bank Dependence in Europe’s Great Recession

Small Firms and Domestic Bank Dependence in Europe’s Great Recession

September 2015

Author(s): Mathias Hoffmann, Bent E. Sorensen

Mathias Hoffmann (University of Zurich & CESifo) and Bent E. Sørensen (University of Houston & CEPR) look at the relationship between the dependency of small firms on domestic banks and their vulnerability to global banking sector shocks.

This Discussion Paper was prepared under DG ECFIN’s 2014-2015 Fellowship Initiative “Growth, integration and structural convergence revisited”.

Topics: Economic policy coordination

Series: Discussion Papers

 
EU Policy Making and Growing Inequalities

EU Policy Making and Growing Inequalities

September 2015

Author(s): Wiemer Salverda

Wiemer Salverda (AIAS and AMCIS, University of Amsterdam) takes stock of important new developments in data sources on income inequality and wealth inequality and sketches long run changes for various inequality measures. This Discussion Paper was prepared under DG ECFIN’s 2014-2015 Fellowship Initiative “Growth, integration and structural convergence revisited”.

Topics: Economic indicators, International economics and non-EU economies, Structural policies, growth and development

Series: Discussion Papers

 
From Mind the Gap to Closing the Gap. Avenues to Reverse Stagnation in Europe through Investment and Productivity Growth

From Mind the Gap to Closing the Gap. Avenues to Reverse Stagnation in Europe through Investment and Productivity Growth

September 2015

Author(s): Bart van Ark

Bart van Ark (The Conference Board and University of Groningen) examines the stagnation of growth in Europe and the importance of Total Factor Productivity and ICT. This Discussion Paper was prepared under DG ECFIN’s 2014-2015 Fellowship Initiative “Growth, integration and structural convergence revisited”.

Topics: EU Member State economies, Structural policies, growth and development

Series: Discussion 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

 
Post-Programme Surveillance Report. Ireland, Spring 2015

Post-Programme Surveillance Report. Ireland, Spring 2015

July 2015

European Commission officials, in liaison with the ECB, visited Ireland between April and May 2015 for the third review of Ireland's economic situation. This report looks at the progress that has been made in Ireland since the conclusion of the country’s EU Financial Assistance Programme in 2013. It summarises the main findings of the Third EU Post-Programme Review of Ireland’s Economic Situation and outlines the remaining challenges confronting Ireland.

Topics: Financial assistance programmes; Structural policies, growth and development; Public finances

 
Energy Economic Developments - Investment perspectives in electricity markets

Energy Economic Developments - Investment perspectives in electricity markets

July 2015

This report investigates and assesses the investment perspectives in the electricity markets of the European Union in view of the latest climate and energy policy ambitions. The substantial investment in low carbon technologies that will be needed to achieve these ambitions will have to be supported by an economic and institutional framework capable of facilitating the transition.

Topics: Structural policies, growth and development; Financing investment

Series: Institutional Papers

 
Quarterly Report on the Euro Area (QREA), Vol.14, No.2 (2015)

Quarterly Report on the Euro Area (QREA), Vol.14, No.2 (2015)

July 2015

The focus section of the report looks at euro area services sectors. It finds evidence that service sectors in the euro area are underperforming, meaning that reforms to address structural bottlenecks and support greater competition could contribute to boosting exports, growth and competitiveness. The two special features of the report deal with the economic impact of oil prices and business cycle synchronisation.

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

Series: Institutional Papers

 
551 - When ‘Secular Stagnation’ meets Piketty’s capitalism in the 21st century. Growth and inequality trends in Europe reconsidered - Karl Pichelmann

551 - When ‘Secular Stagnation’ meets Piketty’s capitalism in the 21st century. Growth and inequality trends in Europe reconsidered - Karl Pichelmann

June 2015

Author(s): Karl Pichelmann

Growth and investment in Europe have been stuck in low gear since the crisis while inequality has continued to rise. In light of these facts, this paper examines growth and inequality trends in Europe in the context of secular stagnation theories and Piketty’s theory on growth and inequality.

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

Series: Economic Papers

 
549 - Efficiency estimates of health care systems - João Medeiros, Christoph Schwierz

549 - Efficiency estimates of health care systems - João Medeiros, Christoph Schwierz

June 2015

Author(s): João Medeiros, Christoph Schwierz

Health care spending has been rising faster than national income throughout the EU for decades and is projected to continue doing so as a result of population ageing. However, this paper estimates that there is substantial scope to improve the efficiency of Europe's health care systems and that this could halt the rise in health care expenditure as a proportion of GDP over the long term.

Categories: Economic indicators ; Structural policies, growth and development ; Public finances

Series: Economic Papers

 
From tertiary education to work in Italy: a difficult transition

From tertiary education to work in Italy: a difficult transition

June 2015

Author(s): Marco Montanari, Dino Pinelli, Roberta Torre                 

The country focus analyses difficult transition from tertiary education to work in Italy.

Topics: Structural policies, growth and development ; Labour markets

Series: Country Focus

 
Macroeconomic Imbalances. Main Findings of the In-Depth Reviews 2015

Macroeconomic Imbalances. Main Findings of the In-Depth Reviews 2015

June 2015

Author(s): Jonas Fischer, Alexis Loublier and Alessandro Turrini

This paper presents and summarises the main findings from the Commission In-Depth Reviews (IDRs) which were released on 26 February 2015 in the framework of the Macroeconomic Imbalances Procedure (MIP).

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – United Kingdom 2015

Macroeconomic Imbalances. Country Report – United Kingdom 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in the United Kingdom. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Sweden 2015

Macroeconomic Imbalances. Country Report – Sweden 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Sweden. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
225 - Macroeconomic Imbalances. Country Report – Finland 2015

225 - Macroeconomic Imbalances. Country Report – Finland 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Finland. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Slovenia 2015

Macroeconomic Imbalances. Country Report – Slovenia 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Slovenia. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Romania 2015

Macroeconomic Imbalances. Country Report – Romania 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Romania. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Portugal 2015

Macroeconomic Imbalances. Country Report – Portugal 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Portugal. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Netherlands 2015

Macroeconomic Imbalances. Country Report – Netherlands 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in the Netherlands. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Hungary 2015

Macroeconomic Imbalances. Country Report – Hungary 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Hungary. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Italy 2015

Macroeconomic Imbalances. Country Report – Italy 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Italy. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Croatia 2015

Macroeconomic Imbalances. Country Report – Croatia 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Croatia. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – France 2015

Macroeconomic Imbalances. Country Report – France 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in France. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Spain 2015

Macroeconomic Imbalances. Country Report – Spain 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Spain. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Ireland 2015

Macroeconomic Imbalances. Country Report – Ireland 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Ireland. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Germany 2015

Macroeconomic Imbalances. Country Report – Germany 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Germany. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Bulgaria 2015

Macroeconomic Imbalances. Country Report – Bulgaria 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Bulgaria. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Macroeconomic imbalances. Country Report - Belgium 2015

Macroeconomic imbalances. Country Report - Belgium 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Belgium. In-depth reviews are embedded in a comprehensive country report.

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

Series : Occasional Papers

 
Securing Poland’s economic success II: labour market and product specialisation – is there a link?

Securing Poland’s economic success II: labour market and product specialisation – is there a link?

April 2015

Author(s): Piotr Bogumil 

This country focus analyses the interlinkages between labour market institutions and product specialisation in Poland.

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

Series: Country Focus

 
547 - Estimation of service sector mark-ups determined by structural reform indicators - Anna Thum-Thysen, Erik Cantor

547 - Estimation of service sector mark-ups determined by structural reform indicators - Anna Thum-Thysen, Erik Cantor

April 2015

Author(s): Anna Thum-Thysen, Erik Canton

This paper analyses the impact of regulation on product sector mark-ups across the EU and confirms that less strict regulation tends to foster competition and reduce mark-up rates. The results also show that mark-ups in most EU countries and sectors have been declining over the last 15 years as a result of competition-friendly reforms. The paper also casts light on which areas of regulation are most important for mark-ups in individual sectors.

 
The contraction of imports in Spain: a temporary phenomenon?

The contraction of imports in Spain: a temporary phenomenon?

March 2015

Author(s): Kristian Orsini

The amount Spain imports has fallen considerably in recent years, but what explains this trend? To answer this question, this paper analyses the relationship between imports, relative prices and internal and external demand.

Topics: Structural policies, growth and development ; International economics and non-EU economies

Series: Country Focus

 
545 - The fiscal effects of work-related tax expenditures in Europe - Salvador Barrios, Serena Fatica, Diego Martinez, Gilles Mourre

545 - The fiscal effects of work-related tax expenditures in Europe - Salvador Barrios, Serena Fatica, Diego Martinez, Gilles Mourre

February 2015

Author(s): Salvador Barrios, Serena Fatica, Diego Martinez, Gilles Mourre

The paper assesses the fiscal impacts of marginal reforms to work-related tax expenditures in five EU countries.

Categories: Public finances Structural policies, growth and development; Labour markets 

Series: Economic Papers

 
The role of state-owned enterprises in Romania

The role of state-owned enterprises in Romania

January 2015

Author(s): Helena Marrez

This country focus analyses the importance and economic performance of state-owned enterprises in the Romanian economy.

Topics : Structural policies, growth and development; EU Member State economies; Product Market

Series : Country Focus

 
Post-Programme Surveillance Report. Ireland, Autumn 2014

Post-Programme Surveillance Report. Ireland, Autumn 2014

January 2015

Author(s): European Commission

Report on the second post-programme surveillance review for Ireland, and on recent economic developments and outlook for Ireland.

European Commission and European Central Bank officials visited Ireland between 17 and 21 November 2014 for the second review of Ireland’s economic situation since the conclusion of the country’s EU Financial Assistance Programme in December 2013.

Topics : Structural policies, growth and development; EU Member State economies; Public finances;

Series : Occasional Papers

 
542 - Fiscal Devaluation: Efficiency and Equity - Matthias Burgert, Werner Roeger

542 - Fiscal Devaluation: Efficiency and Equity - Matthias Burgert, Werner Roeger

December 2014

This paper presents a quantitative model-based assessment of the potential impact of structural reforms in the EU Member States. By comparing structural indicators of labour and product markets, a gap is defined for each indicator relative to the 3 best performers. Scenarios are then simulated in which half the gap vis-à-vis best performance is closed, to avoid setting unrealistic and/or unattainable targets.

Categories: Structural policies, growth and development; Labour markets; Public finances

Series: Economic Papers

 
541 - The potential growth impact of structural reforms in the EU. A benchmarking exercise - Janos Varga, Jan in 't Veld

541 - The potential growth impact of structural reforms in the EU. A benchmarking exercise - Janos Varga, Jan in 't Veld

December 2014

This paper presents a quantitative model-based assessment of the potential impact of structural reforms in the EU Member States. By comparing structural indicators of labour and product markets, a gap is defined for each indicator relative to the 3 best performers. Scenarios are then simulated in which half the gap vis-à-vis best performance is closed, to avoid setting unrealistic and/or unattainable targets.

Categories: Structural policies, growth and development; Labour markets; Product markets

Series: Economic Papers

 
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

 
Progress towards meeting the economic criteria for EU accession: the EU Commission's 2014 assessments

Progress towards meeting the economic criteria for EU accession: the EU Commission's 2014 assessments

December 2014

Author(s): European Commission

This document is a compilation of the economic chapters contained in the European Commission’s 2014 Progress Reports on countries that are either candidates for EU accession or potential candidates.

Categories : International economics and non-EU economies; Structural policies, growth and development; Enlargement

Series : Occasional Papers

 
Market Functioning in Network Industries - Electronic Communications, Energy and Transport

Market Functioning in Network Industries - Electronic Communications, Energy and Transport

December 2014

Author(s): Martijn Brons, Isabel Grilo, Åsa Johannesson Lindén, Fotios Kalantzis, Dimitri Lorenzani, Emmanuelle Maincent, Jerzy Pienkowski, and Andras Rezessy

Network industries, such as electronic communications, energy, and transport, are of vital economic importance because the infrastructure and services that they provide underpin the functioning of modern economies.

Categories : Economic policy coordination; Structural policies, growth and development

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

 
12 - Latvia: benefiting from the euro, facing new challenges

12 - Latvia: benefiting from the euro, facing new challenges

November 2014

Latvia appears to be already reaping a number of benefits from its changeover to the euro in January 2014. Enhanced competition, bank intermediation and the low-interest rate environment are bringing immediate and long-term benefits to the economy. Moreover, despite concerns that traders might take advantage of the introduction of the new currency to raise prices, consumer price inflation has turned out lower than expected.

Categories: Structural policies, growth and development; Economic indicators; The euro

Series: Country Focus

 
11 - Do the Baltic States need to tax passenger cars more

11 - Do the Baltic States need to tax passenger cars more

November 2014

Energy and carbon intensities in the Baltics are among the highest in the EU, in particular in transport.

Categories: Structural policies, growth and development; Public finances

Series: Country Focus

 
535 - The Production Function Methodology for Calculating Potential Growth Rates & Output Gaps - Havik, Mc Morrow, Orlandi, Planas, Raciborski, Roeger, Rossi, Thum-Thysen, Vandermeulen

535 - The Production Function Methodology for Calculating Potential Growth Rates & Output Gaps - Havik, Mc Morrow, Orlandi, Planas, Raciborski, Roeger, Rossi, Thum-Thysen, Vandermeulen

November 2014

This paper provides a detailed description of the current version of the Ecofin Council approved production function (PF) methodology which is used for assessing both the productive capacity (i.e. potential output) and cyclical position (i.e. output gaps) of EU economies. Compared with the previous 2010 paper on the same topic, there have been two significant changes to the PF methodology, namely an overhaul of the NAWRU methodology & the introduction of a new T+10 methodology.

Categories: Economic policy coordination; Public finances; Structural policies, growth and development

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

 
The 2015 Ageing Report: Underlying Assumptions and Projection Methodologies

The 2015 Ageing Report: Underlying Assumptions and Projection Methodologies

November 2014

In 2012, the ECOFIN Council asked the Economic Policy Committee (EPC) to update its age-related expenditure projections by the autumn of 2014, to take into account new population projections by Eurostat.

Categories :Public finances; Structural policies, growth and development; Economic indicators

Series: European Economy

 
Tax reforms in EU Member States 2014 - Tax policy challenges for economic growth and fiscal sustainability

Tax reforms in EU Member States 2014 - Tax policy challenges for economic growth and fiscal sustainability

October 2014

Tax reforms in EU Member States to improve the effectiveness and efficiency of tax systems can contribute to the stability of public finances; boost economic growth, employment and competitiveness; and improve social fairness.

Categories: Public finances ; Economic policy coordination ; Structural policies, growth and development

Series: European Economy

 
9 - Securing Poland’s economic success: A good time for reforms

9 - Securing Poland’s economic success: A good time for reforms

October 2014

This country focus analyses the factors that conditioned Poland's economic success with specific focus on the product specialisation of the economy.

Categories: EU Member State economies, International economics and non-EU economies

Series: Country Focus

 
534 - Electricity Tariff Deficit: Temporary or Permanent problem in the EU? - Asa Johannesson Linden , Fotios Kalantzis, Emmanuelle Maincent, Jerzy Pienkowsk

534 - Electricity Tariff Deficit: Temporary or Permanent problem in the EU? - Asa Johannesson Linden , Fotios Kalantzis, Emmanuelle Maincent, Jerzy Pienkowsk

October 2014

The objective of this paper is to define, identify and compare the cases of electricity tariff deficits in the EU Member States.

Categories: EU Member State economiesStructural policies, growth and development

Series : Economic Papers

 
201 - Identifying fiscal sustainability challenges in the areas of pension, health care and long-term care policies

201 - Identifying fiscal sustainability challenges in the areas of pension, health care and long-term care policies

October 2014

This paper presents a horizontal assessment framework used by the Commission services to identify structural-fiscal reforms that are deemed necessary to address fiscal sustainability challenges in the Member States.

Categories: Economic policy coordination ; Public finances; Structural policies, growth and development

Series : Occasional Papers

 
531 - Economic Impact of Late Payments - William Connell

531 - Economic Impact of Late Payments - William Connell

September 2014

This study focuses on the economic effect of late payments in Government-to-Business and Business-to-Business commercial transactions.

Categories: Structural policies, growth and development; EU Member State economies; Product markets

Series : Economic Papers

 
530 - The Economic Impact of Civil Justice Reforms - Dimitri Lorenzani and Federico Lucidi

530 - The Economic Impact of Civil Justice Reforms - Dimitri Lorenzani and Federico Lucidi

September 2014

This paper investigates the impact of structural reforms affecting the efficiency of civil justice systems on selected economic outcomes, such as business dynamics and foreign direct investments.

Categories: Structural policies, growth and development; EU Member State economies; Product markets

Series : Economic Papers

 
529 - The Economic Impact of Digital Structural Reforms - Dimitri Lorenzani, Janos Varga

529 - The Economic Impact of Digital Structural Reforms - Dimitri Lorenzani, Janos Varga

September 2014

This paper investigates the impact of selected structural reforms in the areas of radio spectrum, professional e-skills, eCommerce, and fixed broadband on specific economic outcomes, such as prices and productivity, as well as the corresponding economy-wide impact on GDP, simulated through the DSGE model QUEST III.

Categories: Structural policies, growth and development; EU Member State economiesProduct markets

Series : Economic Papers

 
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

 
522 - A Decade of Labour Market Reforms in the EU: Insights from the LABREF database - Alessandro Turrini, Gabor Koltay, Fabiana Pierini, Clarisse Goffard and Aron Kiss

522 - A Decade of Labour Market Reforms in the EU: Insights from the LABREF database - Alessandro Turrini, Gabor Koltay, Fabiana Pierini, Clarisse Goffard and Aron Kiss

July 2014

This paper analyses determinants and impact of labour market reforms in the European Union over the period of 2000-2011. The source of information on reforms is the LABREF database developed in DG ECFIN of the European Commission in cooperation with the Economic Policy Committee of the ECOFIN Council. The database collects information on measures adopted by EU Member States. Despite limitations of count data on reform events, the evidence permits a number of interesting insights.

Categories : EU Member State economies; Labour markets; Structural policies, growth and development

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

 
7 - The impact of the Spanish labour market reform on the on-the-job search rate

7 - The impact of the Spanish labour market reform on the on-the-job search rate

June 2014

This Country Focus finds that newly introduced reform of severance payment positively affects the search behaviour of employees hired under an open contract in Spain.

Categories : Structural policies, growth and development; Labour markets
Series : Country Focus

 

 
196 - Member States' Energy Dependence: An Indicator-Based Assessment

196 - Member States' Energy Dependence: An Indicator-Based Assessment

June 2014

Over recent years, EU economies have been exposed to energy price increases leading to adverse effects on consumers and industries. Some economies have also been confronted with disruptions to gas supply, affecting gas-dependent industrial activities and households. Arguably, the EU economy will continue to be exposed to risks related to energy prices, including potential oil shocks or gas shortages.

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

Series: Occasional Papers

 
195 - Post-Programme Surveillance for Ireland — Spring 2014 Report

195 - Post-Programme Surveillance for Ireland — Spring 2014 Report

June 2014

Staff from the European Commission (EC), in liaison with the ECB, undertook the first post-programme surveillance (PPS) review for Ireland from 29 April to 2 May 2014. The mission was coordinated with the IMF's post-programme monitoring mission. The mission found that the positive trends of economic adjustment observed during the EU-IMF financial assistance programme have continued against the backdrop of an improving external environment and buoyant international financial markets.

Categories: Public finances; Structural policies, growth and development; EU Member State economies
Series: Occasional Papers

 
519 - International Capital Flows and the Boom-Bust Cycle in Spain - Jan in ‘t Veld, Robert Kollmann, Beatrice Pataracchia, Marco Ratto, Werner Roeger

519 - International Capital Flows and the Boom-Bust Cycle in Spain - Jan in ‘t Veld, Robert Kollmann, Beatrice Pataracchia, Marco Ratto, Werner Roeger

June 2014

We study the joint dynamics of foreign capital flows and real activity during the recent boom-bust cycle of the Spanish economy, using a three-country New Keynesian model with credit-constrained households and firms, a construction sector and a government. We estimate the model using 1995Q1-2013Q2 data for Spain, the rest of the Euro Area (REA) and the rest of the world.

Categories : Structural policies, growth and development; EU Member State economies; Financial markets
Series : Economic Papers

 
35 - EU's growth prospects in the globalised economy

35 - EU's growth prospects in the globalised economy

June 2014

Leading indicators point towards an economic recovery in the EU, encompassing also the vulnerable euro area Member States. In view of the legacy of the crisis, growth is still set to remain moderate, but a gradual easing of the drag related to deleveraging, financial fragmentation, adjustment of external imbalances and uncertainty is already discernable.

Categories: Structural policies, growth and development
Series: Economic Briefs

 
34 - The Role of Structural Reform for Adjustment and Growth

34 - The Role of Structural Reform for Adjustment and Growth

June 2014

This Economic Brief recapitulates some main insights on the role of structural reform for adjustment and growth in the EU.

Categories: Structural policies, growth and development, Product markets, Labour markets
Series: Economic Briefs

 
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

 
31 - Poverty developments in the EU after the crisis: a look at main drivers

31 - Poverty developments in the EU after the crisis: a look at main drivers

May 2014

Poverty increases were recorded mostly in terms of severe material deprivation and low work intensity rates starting from 2010 and were concentrated in those countries most severely hit by the crisis.

 

European Economic Forecast - Spring 2014

May 2014

The EU economic outlook is strengthening. While leading indicators point to GDP growth gaining momentum in the near term, the conditions for a sustained recovery in the medium term are also improving. Growth is still set to remain moderate, but a gradual easing related to deleveraging, financial fragmentation, adjustment of external imbalances and uncertainty is noticeable.

 
516 - What drives the German current account? And how does it affect other EU member states? - Robert Kollmann, Marco Ratto, Werner Roeger, Jan in’t Veld, Lukas Vogell

516 - What drives the German current account? And how does it affect other EU member states? - Robert Kollmann, Marco Ratto, Werner Roeger, Jan in’t Veld, Lukas Vogell

April 2014

We estimate a three-country model using 1995-2013 data for Germany, the Rest of the Euro Area (REA) and the Rest of the World (ROW) to analyze the determinants of Germany’s current account surplus after the launch of the Euro. The most important factors driving the German surplus were positive shocks to the German saving rate and to ROW demand for German exports, as well as German labour market reforms and other positive German aggregate supply shocks.

 
515 - Rental Market Regulation in the European Union - Carlos Cuerpo, Sona Kalantaryan, Peter Pontuch

515 - Rental Market Regulation in the European Union - Carlos Cuerpo, Sona Kalantaryan, Peter Pontuch

April 2014

The state of development of rental markets as a genuine alternative to home-ownership stands out as a particularly relevant institutional factor shaping the outcome of the housing market and playing a balancing role and alleviating house price pressures. This is especially the case when it proves to be an affordable platform for young and low-income households, providing them with a viable alternative to a hasty first step into the property ladder.

 
518 - The Puzzle of the Missing Greek Exports - Uwe Böwer, Vasiliki Michou, Christoph Ungerer

518 - The Puzzle of the Missing Greek Exports - Uwe Böwer, Vasiliki Michou, Christoph Ungerer

April 2014

Why is Greece such a surprisingly closed economy? We employ a gravity model of trade to explain the appallingly poor export performance of Greece and argue that weak institutional quality accounts for a large part of this shortfall.

Categories : Structural policies, growth and development; Labour markets; Product markets, Financial markets
Series :Economic Papers

 

Energy Economic Developments in Europe

January 2014

The study assesses the development in different aspects of the EU energy system both at aggregate and at Member States level and carries out a comparison with key international competitors.

 

Product Market Review 2013 - Financing the real economy

December 2013

The Product Market Review published every two years focuses on the role of product market reforms. This edition's focus is on the interaction between the real economy and the financial sector, asking the question: to what extent does the crisis in the financial sector cast a shadow on economic activity?

 

Tax reforms in EU Member States 2013 - Tax policy challenges for economic growth and fiscal sustainability

September 2013

The report is prepared jointly by the European Commission’s Directorate-General for Economic and Financial Affairs (DG ECFIN) and Directorate-General for Taxation and Customs Union (DG TAXUD). The report analyses recent tax reforms in EU Member States and identifies tax policy challenges faced by EU Member States.

 

21 - Economic growth perspectives for Europe

April 2013

This note provides a brief overview of the work carried out under the auspices of DG ECFIN's fellowship initiative.

 

16 - Slow but steady? Achievements and shortcomings of competitive disinflation within the euro area

November 2012

There  is a widespread perception that imbalances within the euro area are not adjusting, the major difficulty being that the competitive disinflation processes required in deficit countries are painful, while no strong incentives are always available in surplus countries to reduce their excess savings.

 

Tax reforms in EU Member States 2012 - Tax policy challenges for economic growth and fiscal sustainability

October 2012

The report is prepared jointly by DG ECFIN and DG TAXUD of the European Commission. As the previous editions, the report analyses recent trends in tax revenues and tax reforms in EU Member States. This year's report particularly focuses on the analysis of the EU VAT system and on the identification of tax policy challenges faced by EU Member States.

 

457 - The housing market in the Netherlands by Windy Vandevyvere and Andreas Zenthöfer

June 2012

This paper looks at the policy interventions in the residential housing market in the Netherlands, assesses their impact on the economy, and concludes with possible reforms.

 

456 - The economic impact of the Services Directive: A first assessment following implementation - Josefa Monteagudo, Aleksander Rutkowski and Dimitri Lorenzan

June 2012

The study presents new data on the barrier reduction resulting from the actual level of implementation of the Services Directive and estimates the impact of that reduction on sectoral trade, foreign direct investment, labour productivity and GDP. It also estimates the impact of the setting up national Points of Single Contact.

 

 

455 - Title Structural unemployment and its determinants - Fabrice Orlandi

May 2012

This Economic Paper identifies determinants of structural unemployment in 13 EU countries.

 

454 - Benchmarking Unemployment Benefit Systems - Klara Stovicek, Alessandro Turrini

May 2012

This paper proposes a methodology for benchmarking unemployment benefits systems, with a view to assess reform needs and priorities.

 

European Economic Forecast - Spring 2012

May 2012

The EU economy is currently in a mild recession. But a gradual recovery is in sight.

 

449 - Corporate balance sheet adjustment: stylized facts, causes and consequences - Eric Ruscher

February 2012

Using national account data, the paper analyses corporate balance sheet adjustment episodes in a sample of 30 countries.

 

European Economic Forecast - Autumn 2011

November 2011

The European Commission publishes comprehensive macroeconomic forecasts twice-yearly in the spring and autumn. In this economic forecast published on 10 November 2011, the European Commission presents its assessment of the economic prospects for the EU and the euro area at the aggregate level. It also analyses developments in all individual Member States, as well as Candidate Countries and the economies of the US, Japan, China, Russia and the EFTA. A special chapter is dedicated to developments in EU labour markets.

Since the last fully-fledged forecast in May 2011, the outlook for the EU and the euro area has deteriorated. The protracted sovereign-debt crisis has taken its toll on confidence affecting investment and consumption. A worsening external economic environment has stalled exports, and the necessary fiscal consolidation is simultaneously restraining domestic demand.

These trends are expected to hold for several quar

 

2 - Italy's regional divide: does it matter also for exports? - Marco Montanari

June 2011

This Country Focus analyses a not frequently studied dimension of the large and persistent regional economic divide in Italy this divide: the performance of exports and their composition.

 

European Economic Forecast - Spring 2011

May 2011

The European Commission publishes comprehensive macroeconomic forecasts twice-yearly in the spring and autumn. These are presented in the publication titled ‘European Economic Forecast’ (EEF), where the Commission discusses the economic situation and outlook for the euro area and the EU, its 27 Member States, the Candidate Countries as well as the EU’s main economic partners. The publication also includes thematic chapters which elaborate in greater detail on issues of relevance for the EU outlook.

The global economic recovery continues to make headway, but it is becoming more uneven, across major regions and within them. In the EU, the moderate economic recovery is generally developing as expected, with pronounced differences across countries and uncertainty at elevated levels. A positive contribution from the external side has started to impact positively on components of private domestic demand. The process of achieving a more balanced composi

 

13 - Post-crisis unemployment developments: US and EU approaching?

May 2011

This brief reviews the evolution of the US and the European labour markets since the beginning of the financial crisis.

In the US, the unemployment rate and the share of long-term unemployment grew very fast, during the crisis, thereby reaching levels close to those in the EU. Does that mean that the US labour market has split between jobs and permanent unemployment? In other words, is the US labour market in the process of becoming more "European" in terms of size, composition and dynamics? What would thus be the consequences in terms of outlook?

This brief analyses the unemployment response to the crisis in the US and Europe, also looking at the very different performance of labour markets across euro-area countries. In particular, while the Irish and Spanish labour markets suffered a burst of housing bubbles as the US that may have also aggravated labour mismatches, this was less a case in other EU countries, like Germany, Italy, Fran

 

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