In its recommendation of 16 November for a Council recommendation on the economic policy of the euro area, the European Commission had called for a positive fiscal stance, inviting member states with budgetary space to invest (especially Germany and the Netherlands). The Eurogoup disagrees, arguing that a broadly neutral aggregate fiscal stance in 2017 is appropriate. […]Read More..
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Today the following statement was adopted by the Eurogroup: "The close coordination of Member States' fiscal policies significantly contributes to the strength and cohesion of the euro area. This cohesion and appreciation of common challenges is all the more important when policy-making is confronted by major challenges and uncertainty such as now following the events […]Read More..
The Commission has published its opinions on the national draft budgetary plans. All eurozone member states apart from Portugal (elections), Greece and Cyprus (both subject to a macroeconomic adjustment programme) had presented their draft budgetary plans in accordance with Regulation No 473/2013 (two-pack). The Commission urges Portugal to submit a draft budgetary plan as soon […]Read More..
All euro area member states except for Greece and Cyprus (currently subject to a macroeconomic adjustment programme) have submitted their annual draft budgetary plans in accordance with article 6(1) of Regulation (EU) No. 473/2013. The Commission now has to adopt an opinion on the draft budgetary plans as soon as possible and in any event […]Read More..
As part of the so-called two-pack obligations, Member States of the euro area are required to submit annually to the Commission and to the Eurogroup a Draft Budgetary Plan presenting by 15 October the main aspects of the budgetary situation of the general government and its subsectors for the forthcoming year. Because of the general […]Read More..
These three member states have presented their draft annual budgetary plans well before the deadline of 15 October set by the European governance legal framework (article 6(1) Regulation (EU) 473/2013).Read More..
On Firday 22 January the Portuguese Government has presented its draft budgetary plans for 2016 to the European Commission, after months of delay caused by parliamentary elections and the appointment of a new government.Read More..
On 5 February the European Commission has presented its opinion on the Portuguese draft budgetary plans for 2016, calling for extra measures, but not requiring Portugal to submit a new draft. Portugal, due to general elections in October 2015, had failed to comply with the obligation to submit its plans by 15 October (Regulation 473/2013), […]Read More..
After delay caused by the October 2015 general elections, and after a – delayed – interaction with the European Commission over its draft budgetary plans, including this Commission opinion, on 24 February Portugal has adopted its 2016 budget. See Euractiv for further news coverage.Read More..
All euro area member states – except for Greece – have presented their draft budgetary plans for 2017 in accordance with article 6(1) of Regulation (EU) No. 473/2013. The Commission now has to adopt an opinion on the draft budgetary plans as soon as possible and in any event by 30 November (article 7(1) of […]Read More..
The European Commission has asked several euro area member states for clarification on their draft budgetary plans for 2017, relating to issues such as reassurances on the behaviour of incoming governments, clarification on demands for flexibility, compliance risks with the Stability and Growth Pact (SGP). All member states apart from Greece presented their plans in accordance with article 6(1) […]Read More..
In its assessment of the draft budgetary plans of the euro area Member States (non taking into account Greece which is not subject to the same procedure because of its financial assistance programme), the European Commission has found no cases of serious non-compliance with the requirements of the Stability and Growth Pact (SGP). However, in […]Read More..
In the words of the European Commission: "From an economic perspective, the overall euro area stance should be differentiated depending on the situations of countries in terms of sustainability and stabilisation. A number of Member States in the south-east of the fiscal map still have significant consolidation needs.The south-west quadrate shows Member States, which have […]Read More..