On 21 November 2018, the Commission adopted the first enhanced surveillance report for Greece alongside the autumn package under the European Semester Greece has been fully integrated into the European Semester since 21 August.
On 21 November, the Commission adopted Opinions on whether the 2019 Draft Budgetary Plans (DBPs) of euro area Member States comply with the Stability and Growth Pact (SGP).
“Europe is in good economic times, but rising risks indicate that this will not last forever. EU countries need well-targeted investments and renewed reform efforts to strengthen their growth fundamentals and increase productivity. On the budgetary policy side, it is time to reduce public debt levels and rebuild fiscal buffers. This will give us the room for manoeuvre we'll need when the next downturn comes. Now is also the time to make progress on deepening Europe's Economic and Monetary Union.”
The Commission has set out the EU's economic and social priorities for 2019, presented Opinions on Draft Budgetary Plans and confirmed the existence of particularly serious non-compliance with the Stability and Growth Pact in the case of Italy; Greece has also been integrated into the European Semester for the first time.
The EU economic and financial landscape – and especially economic governance – has evolved dramatically since the first issue of ECFIN e-news was published in December 2009.
In October, the Economic Sentiment Indicator (ESI) decreased in both the euro area (by 1.1 points to 109.8) and the EU (by 0.8 points to 110.4).
Banks and financial services providers across the EU must now better inform their customers about the fees associated with opening and maintaining bank accounts thanks to new EU rules which took effect on 31 October.
The European Investment Bank (EIB) announced on 6 November that it is lending EUR 120 million to KTM AG, to support the Austrian motorcycle manufacturer’s investments in research, development and innovation (RDI).
At their meeting on 6 November, EU finance ministers held a policy debate on the Commission proposal to establish a digital services tax.
Meeting on 5 November, euro area finance ministers reviewed the status of the ongoing assessment of the euro area Member States' draft budgetary plans for 2019 and discussed the European Commission opinion on Italy's draft budgetary plan, which was issued on 23 October.
“The European economy is holding up well, with growth easing gradually. We project this pattern will continue over the next two years, as unemployment continues to fall to levels not seen since before the crisis. Public debt in the euro area is set to continue declining, with the deficit remaining well below 1% of GDP. In an increasingly uncertain international environment, policy-makers both in Brussels and in national capitals must work to ensure that the euro area is strong enough to deal with whatever the future might hold.”
According to the autumn economic forecast issued on 8 November, growth in the euro area is forecast to ease from a 10-year high of 2.4% in 2017 to 2.1% in 2018 before moderating further to 1.9% in 2019 and 1.7% in 2020.
The Juncker Plan has made a clear impact on the EU economy and revolutionised the way innovation is financed in Europe.
The EU economic and financial landscape – and especially economic governance – has evolved dramatically since the first issue of ECFIN e-news was published in December 2009.
According to data released on 23 October by Eurostat, the EU statistical office, at the end of the second quarter of 2018, the government debt to GDP ratio in the euro area stood at 86.3%, compared with 86.9% at the end of the first quarter of 2018.
On 17 and 18 October, DG ECFIN hosted a seminar for civil society representatives in EU Member States on the European Commission’s Economic Agenda in the context of ECFIN's Communication Strategy 2015-2019.
The European Investment Fund (EIF) and Cassa di Risparmio di Bolzano – Südtiroler Sparkasse (CRB) signed a guarantee agreement on 19 October on a EUR 60 million portfolio of loans to improve access to finance for SMEs in Italy.
“Europe works” is an exhibition that brings home to visitors the astounding success of one of the key priorities of the current Commission, the Juncker Plan.
At the European Council working dinner on 17 October, leaders of the 27 EU Member States reviewed the state of the Brexit negotiations with the UK.
On 18 October, EU leaders met together with Eurogroup President Mário Centeno and European Central Bank President Mario Draghi for the Euro Summit of 27 EU Member States.
