2019 Autumn Fiscal Package

Summary:

Autumn Fiscal Package, which was adopted by the European Commission on 20 November 2019.

Further information:

This packages features a number of Communications, Reports and Opinions:

• Opinion on the Eurozone Member States' Draft Budgetary Plans for 2020 and accompanying overview in the form of a Communication;
• A number of steps under the Stability and Growth Pact regarding Hungary and Romania:
  • Report on the enhanced surveillance mission in Hungary of 26 September 2019
  • Recommendation for a Council Decision establishing that no effective action has been taken by Hungary
  • Recommendation for a Council Recommendation with a view to correcting the significant observed deviation from the adjustment path toward the medium-term budgetary objective in Hungary
  • Report on the enhanced surveillance mission in Romania of 25 September 2019
  • Recommendation for a Council Decision establishing that no effective action has been taken by Romania
  • Recommendation for a Council Recommendation with a view to correcting the significant observed deviation from the adjustment path toward the medium-term budgetary objective in Romania
• Enhanced Surveillance Report for Greece.

It is noted that for the first time since 2002, no Eurozone Member States is under the Excessive Deficit Procedure (EDP).

Official

European Commission: Press Release, 20/11/2019: Autumn Fiscal Package: Commission adopts Opinions on euro area Draft Budgetary Plans https://ec.europa.eu/commission/presscorner/detail/en/ip_19_6296

European Commission: Opening remarks by Vice-President Dombrovskis on the Autumn Fiscal Package, 20 November 2019 https://ec.europa.eu/commission/presscorner/detail/en/speech_19_6309

European Commission: Remarques du Commissaire Moscovici sur le paquet budgétaire d'automne, 20 November 2019 https://ec.europa.eu/commission/presscorner/detail/en/speech_19_6310

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News

Deutsche Welle, 20/11/2019: EU worried about France, Italy budgets https://p.dw.com/p/3TNc7

The Local (France), 20/11/2019: France warned by EU over breaching budget rules https://www.thelocal.fr/20191120/france-warned-by-eu-over-breaching-budget-rules

Reuters, 20/11/2019: EU worried about France and Italy's budgets, but doesn't ask for changes https://uk.reuters.com/article/idUKKBN1XU1CR

EurActiv, 21/11/2019: EU concerned over France, Italy and Spain debts https://www.euractiv.com/section/economic-governance/news/eu-concerned-over-france-italy-and-spain-debts/

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ESO Records

European Economic Forecast. Autumn 2019 https://www.europeansources.info/record/european-economic-forecast-autumn-2019/

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