The EU economy after COVID-19: implications for economic governance

Author (Corporate)
Series Details COM (2021) 662
Publication Date 19/10/2021
Content Type , ,

Summary:

Communication published by the European Commission on 19 October 2021, aimed at relaunching the public debate on a review of the European Union's economic governance framework.

Further information:

In February 2020, the European Commission presented a report reviewing the effectiveness of the EU's economic surveillance framework. This framework consists of matters such as the Stability and Growth Pact (SGP), the European Semester, the requirements for national fiscal frameworks, the Macroeconomic Imbalances Procedure (MIP), and the framework for macroeconomic financial assistance programmes. The report highlighted a number of strengths and weaknesses and opened a public debate on the basis of its findings. That debate was later put on hold due to the immediate aftermath of the COVID-19 (coronavirus) pandemic, but other stakeholders issued further reports in reaction to the main review.

This Communication assesses the implications of the changes circumstances for economic governance following the crisis caused by the pandemic, and relaunches the public debate on the review of the framework. It complements the assessment published in February 2020 and follows a later announcement by the President of the European Commission during her State of the European Union address in September 2021. The aim of the public debate is to build a consensus on the way forward.

Source Link Link to Main Source https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2021:662:FIN
Related Links
Official
European Commission: Economic governance review https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/economic-governance-review_en
European Commission: Press Release, 19/10/2021: Commission relaunches the review of EU economic governance https://ec.europa.eu/commission/presscorner/detail/en/ip_21_5321
European Commission: Questions and answers: Commission relaunches the review of EU economic governance (19 October 2021) https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_5322
Greens/EFA Group: Press Release, 19/10/2021: Commission perpetuates mistakes of past, risks economic recovery & green deal https://www.greens-efa.eu/en/article/press/commission-perpetuates-mistakes-of-past-risks-economic-recovery-green-deal

News
Reuters, 19/10/2021: EU starts debate on budget rules amid high debt, investment needs https://www.reuters.com/business/finance/eu-starts-debate-budget-rules-amid-high-debt-investment-needs-2021-10-19/
Bloomberg, 19/10/2021: EU Starts Work on Fiscal Reform After Covid Spending Splurge https://www.bloomberg.com/news/articles/2021-10-19/eu-starts-work-on-fiscal-reforms-after-covid-spending-splurge
EurActiv, 20/10/2021: Brussels relaunches EU fiscal reform, aims to boost green investments https://www.euractiv.com/section/economic-governance/news/brussels-relaunches-eu-fiscal-reform-aims-to-boost-green-investments/
EUObserver, 20/10/2021: EU re-launches mammoth fiscal debates https://euobserver.com/climate/153284

Commentary and Analysis
FEPS Europe: Projects: Fiscal Rules https://www.feps-europe.eu/articles/36-project/91-fiscal-rules.html
E3G: Briefings, 18/10/2021: Climate action and Europe’s fiscal debate https://www.e3g.org/publications/climate-action-europe-fiscal-debate/
SGI Europe: News, 19/10/2021: SGI Europe welcomes the re-opening of the debate on the EU economic governance and fiscal rules https://sgieurope.org/news/sgi-europe-welcomes-the-re-opening-of-the-debate-on-the-eu-economic-governance-and-fiscal-rules/?page=1
European Environmental Bureau: Meta, 19/10/2021: Reforming the EU Fiscal Framework for People and Nature https://meta.eeb.org/2021/10/19/reforming-the-eu-fiscal-framework-for-people-and-nature/
CEPR: VoxEU Columns, 21/10/2021: The EU economy after COVID-19: Implications for economic governance https://voxeu.org/article/eu-economy-after-covid-19-implications-economic-governance
Times of Malta: Opinion, 22/10/2021: Europe’s economic governance https://timesofmalta.com/articles/view/europes-economic-governance.909511
CEPS: Policy Insights, 22/10/2021: Fiscal rules in a post-Covid brave new world https://www.ceps.eu/ceps-publications/fiscal-rules-in-a-post-covid-brave-new-world/
Central Bank of Ireland: Blog, 17/11/2021: European economic governance https://www.centralbank.ie/news/article/blog-european-economic-governance

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