The Surveillance of Macroeconomic Imbalances in the EU

2014 ◽  
Author(s):  
Carlos Cuerpo ◽  
Alexandr Hobza
Keyword(s):  
Macroeconomic Imbalances ◽  
The Eu

scholarly journals Fiscal and Other Rules in EU Economic Governance: Helpful, Largely Irrelevant or Unenforceable?

2017 ◽  
Vol 239 ◽  
pp. R3-R13 ◽  
Author(s):  
Iain Begg
Keyword(s):  
Political Economy ◽  
Fiscal Rules ◽  
The Political ◽  
Stability And Growth Pact ◽  
Economic Governance ◽  
Eu Member States ◽  
Growth Pact ◽  
Macroeconomic Imbalances ◽  
Eu Economic Governance ◽  
The Eu

EU Member States, particularly in the Euro Area, have been pushed to adopt more extensive and intrusive fiscal rules, but what is the evidence that the rules are succeeding? The EU level Stability and Growth Pact (SGP) has been – and remains – the most visible rule-book, but it has been complemented by a profusion of national rules and by new provisions on other sources of macroeconomic imbalance. Much of the analysis of rules has concentrated on their technical merits, but tends to neglect the political economy of compliance. This paper examines the latter, looking at compliance with fiscal rules at EU and Member State levels and at the rules-based mechanisms for curbing other macroeconomic imbalances. It concludes that politically driven implementation and enforcement shortcomings have been given too little attention, putting at risk the integrity and effectiveness of the rules.

scholarly journals Alternative measures of macroeconomic imbalances in the EU – design and verification

2018 ◽  
Vol 22 (1) ◽  
pp. 36-53
Author(s):  
Stanislav Kološta ◽  
Pavol Kráľ ◽  
Filip Flaška
Keyword(s):  
Macroeconomic Imbalances ◽  
Alternative Measures ◽  
The Eu

scholarly journals Stabilność finansowa Unii Europejskiej: czy potrzebne są kolejne reformy?

Studia BAS ◽  
2021 ◽  
Vol 3 (67) ◽  
pp. 7-25
Author(s):  
Witold M. Orłowski
Keyword(s):  
Financial Stability ◽  
Original Sin ◽  
Institutional Reforms ◽  
Reform Agenda ◽  
Global Pandemic ◽  
Macroeconomic Imbalances ◽  
The Eu

The article deals with reforms aimed at strengthening the financial stability of the eurozone and the EU. First, it refers to the “original sin” of the eurozone and the errors committed during its construction in the early 1990s. Then, the lessons from the double crisis of 2007–2009 and 2010–2012 are analysed, and the four main dilemmas that the EU faces in the area of institutional reforms are formulated. The overview of the implemented reforms and their proven impact on the macroeconomic imbalances leads to the conclusion that – although the above-mentioned double crisis combined with the global pandemic crisis have already mobilised the EU to introduce many important changes – the reform agenda is still not finished.

scholarly journals Macroeconomic Imbalances and the Economic Convergence of the EU candidate countries

2016 ◽  
Vol 3 (10) ◽  
pp. 135
Author(s):  
Daniela Bobeva ◽  
Dimitar Zlatinov
Keyword(s):  
Economic Growth ◽  
Economic Crisis ◽  
Economic Convergence ◽  
Slowing Down ◽  
Macroeconomic Imbalances ◽  
Eu Candidate Countries ◽  
Economic Developments ◽  
The Eu

The paper assesses the relevance of the EU Macroeconomic Imbalances Procedure scoreboard for the EU candidate countries. The calculation of the 14 indicators for a nine years period proves the recent economic crisis helped resolve some of the imbalances in the EU candidate countries but on the back of the slowing down the economic growth and convergence. The paper argues that MIP scoreboard fails to capture the specifics of economic developments of the caching up economies and cannot be used as a tool for assessing their readiness to join the EU.

scholarly journals Republic of Serbia

2017 ◽  
Vol 17 (263) ◽  
Author(s):  
Keyword(s):  
Eu Accession ◽  
Macroeconomic Imbalances ◽  
Accession Process ◽  
The Eu

Serbia continues to make good progress in addressing macroeconomic imbalances, supported by the Stand-By Arrangement (SBA), contributing to improved confidence and stronger growth. However, structural challenges remain, and it is important to continue the reform momentum, taking advantage of synergies with the EU accession process.

scholarly journals Revisiting the “Keynes Plan” for an International Clearing Union in a Eurozone Perspective

2020 ◽  
Vol 1 (2) ◽  
pp. 287
Author(s):  
Alkinoos Emmanouil-Kalos
Keyword(s):  
Central Bank ◽  
European Central Bank ◽  
Structural Reforms ◽  
Common Currency ◽  
State Of Emergency ◽  
European Central ◽  
The Core ◽  
Macroeconomic Imbalances ◽  
The Common ◽  
The Eu

The last decade has been turbulent for the EMU, with many structural weaknesses becoming apparent. While in a state of emergency, the European Central Bank has had to “reinvent” itself in order to stabilize the Eurozone, while the vital importance of the imbalances between the member states has been recognized, as the establishment of the Macroeconomic Imbalances Procedure (MIP) indicates. Yet, it is widely acknowledged that the architecture of the Eurozone needs structural reforms. This policy brief aims to present the case for the adoption of the core ideas of the “Keynes Plan” for an International Clearing Union, which could function as an important first step towards fighting intra-eurozone imbalances, hence strengthening the EMU. Given the existence of the European Central Bank and the common currency, a moderate version of such a plan could be implemented even without the need for any changes in the EU treaties, and could be the stepping stone for further economic integration.

Ghana growth forecast hints at tough IMF deal in 2015

2015 ◽  
Keyword(s):  
Government Expenditure ◽  
Oil Prices ◽  
High Interest Rate ◽  
Content Type ◽  
Budget Support ◽  
Macroeconomic Imbalances ◽  
High Inflation ◽  
General Elections ◽  
2012 Election ◽  
The Eu

Subject Ghana growth forecasts for 2015. Significance Growth is officially expected to slow sharply to 3.9% this year -- the lowest in over a decade. This is due partly to long-standing macroeconomic imbalances, which last year produced the present high interest rate, high inflation environment. However, austere IMF-mandated cuts in government expenditure are likely to exert the greatest pressure on growth, although they may be necessary to stave off a deeper economic crisis. Impacts A Fund programme appears necessary to reassure donors; the EU last month suspended budget support over governance concerns. Given low oil prices, President John Mahama will struggle to fulfil his 2012 election promises such as expanding secondary schools. Another likely growth downgrade could prove politically costly for Mahama at general elections in 2016.

scholarly journals The European Union post COVID-19: Preserving innovation's cutting edge and fostering social cohesion

2021 ◽  
Vol 71 (S1) ◽  
pp. 141-163
Keyword(s):  
Social Performance ◽  
Private Institutions ◽  
New Wave ◽  
The European Union ◽  
Public And Private ◽  
Strong Trend ◽  
Macroeconomic Imbalances ◽  
Crisis Recovery ◽  
Institutional Innovations ◽  
The Eu

Abstract Despite a long period of post-crisis recovery, the COVID crisis caught the EU in a precarious state. The policy and institutional innovations during the financial crisis tempered the macroeconomic imbalances that had caused the crisis. Nevertheless, the EU was left with a strong trend of divergence in economic and social performance because of the lack of sufficiently strong reforms at EU and national levels. But the lessons of the previous crisis were learned. This time around, the EU-level policy and institutional innovations were decisive. The fiscal capacities of the hard-hit countries were strengthened quickly. Green and digital transformation will require a major new wave of innovation in the corporate sector in the EU. This, in turn, critically hinges on improving the quality of public and private institutions and advancing with the implementation of major reforms at the EU level, such as the digital single market or Capital Market Union. Implementing these reforms fully, and preventing later reversals is a key to stemming the trend of economic and social divergence, thus strengthening the coherence of the EU.

Sign in / Sign up

Export Citation Format

Share Document