The document discusses the impact of the economic crisis on employment in the European Union. It provides statistics showing high unemployment rates across EU countries. It analyzes responses to the crisis at both the national and EU levels, including economic stimulus plans and reforms to financial regulation. However, it argues more needs to be done, especially in promoting growth and jobs. A European growth and employment pact is proposed with four pillars: 1) Adding social indicators to economic governance; 2) Stimulating job creation through public investments; 3) Increasing the European Commission's role in cross-border restructurings; 4) Focusing more on issues like youth unemployment. Only through such enforceable social and employment policies can the EU achieve its goals and
The document summarizes an interview with Jean-Claude Juncker, President of the European Commission, about the new EUR 315 billion Investment Plan.
Juncker argues that investment needs to be boosted without creating additional public debt. The Investment Plan aims to do this by using EUR 21 billion in EU guarantees to mobilize EUR 315 billion total investment, including private sector funding. It will focus on riskier projects that otherwise would not happen.
Juncker also stresses the need for fiscal responsibility and structural reforms alongside investment. The plan will not impact existing EU funds like cohesion policy but use them to leverage more investment. Local and regional authorities will be key to implementing projects on the ground.
The document discusses the 2010 European debt crisis, its causes, and its impact on several European countries including Portugal, France, and Germany. It also outlines some of the policy reactions from European leaders and institutions to address the crisis, such as establishing the European Financial Stability Facility and European Financial Stabilization Mechanism to provide loans to countries in financial trouble.
The document discusses the EU response to financial crises among some of its member states from 2010-2011. It summarizes:
1) Germany initially opposed financial aid for Greece but later agreed to EU involvement and IMF loans for Greece and other struggling countries.
2) The EU developed new fiscal surveillance and auditing to identify economic problems earlier and coordinated responses to debt issues.
3) Bailouts were provided to Greece in 2010 and 2011 but structural reforms have progressed slowly and the threat of default remained due to high debt levels and economic struggles.
4) Other struggling EU countries discussed include Italy, Spain, and concerns about Spain's banking sector and property market issues dragging on the economy.
This document provides a summary of economic news from various European Union member states. It discusses banking levies being implemented in Austria and Belgium, rising unemployment in Bulgaria and Denmark, declining industrial production and tourism revenues in Cyprus and Estonia, debates around budget cuts and tax increases in the Czech Republic, job losses in the technology sector in Finland, and the need to reduce public debt and deficits in France according to the country's top audit body. The document covers recent economic indicators and policy decisions across multiple EU countries.
The Italian economy has experienced negative GDP growth for three consecutive years and prospects for 2015 suggest only a timid recovery. The Italian government is committed to addressing structural weaknesses through an ambitious reform agenda focused on job creation, competitiveness, growth, and debt sustainability. Recent reforms have reformed the labor market, improved public administration efficiency, reformed the civil justice system, deregulated credit markets, simplified taxes, and reformed education. Upcoming months will see further reforms implemented according to a timeline. Fiscal policy aims to support growth while reducing debt through tax cuts and more efficient spending on priorities like R&D, innovation, education and infrastructure. The government is determined to advance its reform agenda with support from EU institutions.
Today I launched my report on the future of the Stability and Growth Pact. This develops my theme of our new National Question. You can view or download the full report, or see the Executive Summary on my website http://www.paschaldonohoe.ie/?p=3435#more-3435.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The document summarizes an interview with Jean-Claude Juncker, President of the European Commission, about the new EUR 315 billion Investment Plan.
Juncker argues that investment needs to be boosted without creating additional public debt. The Investment Plan aims to do this by using EUR 21 billion in EU guarantees to mobilize EUR 315 billion total investment, including private sector funding. It will focus on riskier projects that otherwise would not happen.
Juncker also stresses the need for fiscal responsibility and structural reforms alongside investment. The plan will not impact existing EU funds like cohesion policy but use them to leverage more investment. Local and regional authorities will be key to implementing projects on the ground.
The document discusses the 2010 European debt crisis, its causes, and its impact on several European countries including Portugal, France, and Germany. It also outlines some of the policy reactions from European leaders and institutions to address the crisis, such as establishing the European Financial Stability Facility and European Financial Stabilization Mechanism to provide loans to countries in financial trouble.
The document discusses the EU response to financial crises among some of its member states from 2010-2011. It summarizes:
1) Germany initially opposed financial aid for Greece but later agreed to EU involvement and IMF loans for Greece and other struggling countries.
2) The EU developed new fiscal surveillance and auditing to identify economic problems earlier and coordinated responses to debt issues.
3) Bailouts were provided to Greece in 2010 and 2011 but structural reforms have progressed slowly and the threat of default remained due to high debt levels and economic struggles.
4) Other struggling EU countries discussed include Italy, Spain, and concerns about Spain's banking sector and property market issues dragging on the economy.
This document provides a summary of economic news from various European Union member states. It discusses banking levies being implemented in Austria and Belgium, rising unemployment in Bulgaria and Denmark, declining industrial production and tourism revenues in Cyprus and Estonia, debates around budget cuts and tax increases in the Czech Republic, job losses in the technology sector in Finland, and the need to reduce public debt and deficits in France according to the country's top audit body. The document covers recent economic indicators and policy decisions across multiple EU countries.
The Italian economy has experienced negative GDP growth for three consecutive years and prospects for 2015 suggest only a timid recovery. The Italian government is committed to addressing structural weaknesses through an ambitious reform agenda focused on job creation, competitiveness, growth, and debt sustainability. Recent reforms have reformed the labor market, improved public administration efficiency, reformed the civil justice system, deregulated credit markets, simplified taxes, and reformed education. Upcoming months will see further reforms implemented according to a timeline. Fiscal policy aims to support growth while reducing debt through tax cuts and more efficient spending on priorities like R&D, innovation, education and infrastructure. The government is determined to advance its reform agenda with support from EU institutions.
Today I launched my report on the future of the Stability and Growth Pact. This develops my theme of our new National Question. You can view or download the full report, or see the Executive Summary on my website http://www.paschaldonohoe.ie/?p=3435#more-3435.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
The document discusses the EU budget and where its funding comes from. It notes that the EU budget is agreed upon for multi-year periods and the current period is 2014-2020 totaling €1 trillion. The largest areas of spending are economic, social & territorial cohesion followed by agriculture. The EU budget accounts for less than 1% of EU income and 2% of public spending but supports important programs and investment. Revenue comes from contributions from member states based on GNI, VAT, and customs duties with the system becoming more complex over time.
Twenty years of euro history confirms the euro’s stability and position as the second global currency. It also enjoys the support of majority of the euro area population and is seen as a good thing for the European Union. The European Central Bank has been successful in keeping inflation at a low level. However, the European debt and financial crisis in the 2010s created a need for deep institutional reform and this task remains unfinished.
The document provides updates on economic recovery efforts in several EU member states. It discusses signs of recovery in Austria through declining unemployment, but notes high numbers still in job retraining programs. Belgium's central bank raised growth and inflation forecasts but debt is projected to exceed 100% of GDP. Bulgaria may face IMF demands for spending cuts if it seeks aid. Cyprus received positive reviews but was placed under excessive deficit monitoring by the EU.
The EAFS and the policy mix - Marco ButiADEMU_Project
The recovery of the euro area has been particularly slow both by historical and international standards. Nine years after the economic and financial crisis struck, economic activity in the euro area is expanding at a moderate rate. However, the persistence of crisis legacies ─ such as the still-high unemployment rate and weak investment ─ suggest the recovery is not complete.
So far policy actions to support growth have excessively relied on monetary policy, resulting in an unbalanced policy mix. If monetary policy alone cannot lead to balanced growth, is there a case for an expansionary fiscal stance at the aggregate euro area level? Can this be reconciled with the Stability and Growth Pact?
The presentation explores the concept of fiscal space and the effectiveness of fiscal expansion in surplus countries for the euro area’s internal and external adjustment. Finally, it discusses the build-up over the medium term of a fiscal stabilisation function at the central level.
This document discusses the need for and potential forms of further fiscal union in the Eurozone. It makes the following key points:
1) While significant progress has been made in fiscal coordination and crisis management since 1997, the current framework is still not delivering and is not credible.
2) More fiscal union could take the form of strengthened rules and enforcement, more symmetry between deficit and surplus countries, a stabilization fund, and an expanded role for the ESM.
3) However, the perceived need for reform may not have changed significantly since 2016. While populism and Euroskepticism get attention, polls show stable or rising support for EU membership and the euro. Most citizens support further integration if reforms address unemployment
The document analyzes Spain's structural budget balance prior to the 2008 financial crisis. It finds that Spain's budget balance deteriorated sharply during the crisis, falling from a surplus to a large deficit. However, the structural budget balance did not fully anticipate this decline due to limitations in its methodology. The document estimates an alternative structural balance for Spain that includes residential investment as an explanatory variable. This estimate shows Spain's fiscal situation prior to the crisis was more fragile than presumed due to its dependence on revenue from the real estate bubble and construction boom.
The document discusses the fragile economic recovery in Europe and calls for coordinated policy actions to strengthen it. It proposes a new "pact on reform and credit" with three elements: 1) countries like France and Italy intensify economic reforms, 2) the ECB provides more monetary stimulus once reforms start, and 3) Germany and other surplus countries boost domestic demand to support growth. This pact would reinforce reforms, stimulus efforts, and growth across the Eurozone to save the recovery.
Policy panel: how much of a Fiscal Union? Joaquin AlmuniaADEMU_Project
The document summarizes a policy panel discussion on the level of fiscal union needed within the European Monetary Union (EMU). It notes that without some degree of fiscal union, the EMU will not be sustainable, but there are disagreements between France and Germany on the appropriate model. It calls for short-term actions like addressing Greek debt and longer-term discussions on establishing a fiscal capacity and mechanisms for risk-sharing within the Eurozone.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
1) The document discusses the contribution of the European Social Fund (ESF) to the Europe 2020 strategy. It argues that while the ESF regulation is still relevant, the key challenge is demonstrating how ESF investments specifically help Member States achieve the strategic objectives and targets of Europe 2020, such as on employment and growth.
2) It provides examples of how the ESF could support Europe 2020 priorities like supporting small businesses and flexicurity policies, but in a way that incentivizes progress on concrete targets in these areas.
3) The author argues for a more results-oriented ESF system to better monitor and promote real progress toward the Europe 2020 goals, given budget constraints and the need for effective public
How much of a fiscal union for the EMU? Has the answer to this, and related questions regarding the EMU fiscal and monetary framework, changed after 2016?
This document summarizes research on home bias and European integration between 2010-2018. The research estimates home bias between 28 EU states using bilateral trade flows and estimates the border effect for trade between countries using a gravity model. It finds that home bias still exists within the EU but is decreasing over time, showing increased integration. Home bias also varies significantly between industries from 86.48 to 2.58 depending on ease of substitution between domestic and foreign goods.
René Smits: Are current fiscal rules credible? ADEMU_Project
Are current fiscal rules credible? What is the role of fiscal rules and of independent fiscal councils? Rene Smit's slides from the ADEMU 'How much of a fiscal union for the EMU' conference.
VN-Migratiepact heeft wel degelijk concrete gevolgenThierry Debels
Uit een document van de Raad van de EU (14518/18) van 30 november blijkt duidelijk dat het VN-Migratiepact concrete gevolgen heeft voor de landen van de EU.
Swedbank Analysis: The fiscal stance in LatviaSwedbank
- The Latvian government must undertake fiscal consolidation to eliminate structural deficits and return to a sustainable budget path. This requires deep restructuring of both expenditures and revenues through measures like optimizing the public sector and changing the tax system.
- Currently Latvia's tax system is not well-balanced and distorts the economy. It relies too heavily on taxes like income tax that are vulnerable to evasion. The tax system needs reforms to broaden the base and shift more to consumption taxes that are harder to evade.
- Public sector operations also need optimization to reduce long-term expenditures while supporting short-term restructuring. The focus of budget plans should be on achieving sustainable public finances rather than just meeting fiscal targets.
Fiscally sound social inclusion: what, if any, lesson may EMU learn from the ...ADEMU_Project
The document summarizes Brazil's experience with fiscal rules and centralization over the past century, and discusses lessons that may be applicable to the European Monetary Union. Key points:
- Brazil has experimented with various degrees of fiscal centralization vs federalism over the decades, seeking the right balance of governability and representation.
- Recent fiscal rules like the 2000 Fiscal Responsibility Law helped rein in subnational debt and inflation, improving credibility. However, unexpected oil wealth and the global crisis relaxed constraints.
- The current administration expanded social spending and allowed new subnational debt, weakening fiscal discipline. Impeachment raised expectations of a return to responsible fiscal policies and stability.
This document provides an in-depth analysis of macroeconomic imbalances in Spain in 2013. It finds that Spain continues to experience excessive imbalances, though adjustment is ongoing. Very high domestic and external debt levels still pose risks to growth and financial stability. Decisive EU and Spanish policy actions have reduced financing costs and immediate risks, but vulnerabilities remain elevated. Continued structural reforms are needed to boost growth, employment, and reduce debt burdens over the medium term. Private sector deleveraging and external rebalancing are ongoing but not yet complete. High unemployment, a still unstable housing market, and private sector balance sheet issues continue to hamper the economy's adjustment.
Opportunities for knowledge exchange between Slovakia and Ukraine
Motivations:
• macroeconomic instability
• public expenditures oscillating around 50% of GDP until early 2000s
• no clear priorities in fiscal policy
• government deficit was not fully under control until 2002
• public debt accumulated during the 1990s due to loose fiscal policy
• interest rates extremely high in the late 1990s due to excessive government spending
• sovereign rating low
A Shared European Policy Strategy for Growth, Jobs, and StabilityLucio Ghioldi
Un documento di nove pagine del Governo Italiano diviso in tre punti e una conclusione.
Il primo punto è intitolato: "A Fragile Recovery: Challenges and Opportunities "
Il secondo punto è intitolato: "A Comprehensive Policy Mix". Dove si descrive un complesso di misure che realizzino una politica espansiva al posto di quella di austerità e rigore fin qui imposta dalla Commissione (e dalla Germania). Bisogna aumentare le capacità di crescita, sostenere la politica monetaria della Bce, varare una politica fiscale europea che tenda a riequilibrare le politiche nazionali aiutando la loro flessibilità in modo da ristabilire tra loro un equilibrio attualmente molto alterato. Completare l'Unione Bancaria ed estendere le garanzie in favore dei depositi bancari dei singoli Paesi. Fare intervenire l'Europa anche nelle politiche sociali e sindacali dei singoli Paesi, sempre al fine di rafforzare l'integrazione europea ed una politica di crescita e di equità. Rafforzare i confini europei verso il resto del mondo e smantellare al più presto possibile i confini interni ripristinati in molti Paesi violando il patto di Schengen. Dunque una politica comune dell'immigrazione più volte chiesta dall'Italia ma finora inesistente.
Il punto tre del documento rappresenta, con un titolo altamente significativo, lo sbocco istituzionale della politica europeista delineata nelle pagine precedenti: "From the Short-term to the Long-term View"
- Transport is the only sector where greenhouse gas (GHG) emissions are increasing in the EU. Emissions from transport need to be reduced by around 89% by 2050 to meet overall emission reduction targets.
- An overall target for reducing transport emissions is needed, as relying solely on technical improvements will not be enough. Modal shift to more sustainable modes like rail is also required.
- Road transport is currently subsidized through externalized costs like air pollution, accidents and climate change impacts. Internalizing these external costs through economic instruments could help shift transport to more sustainable modes and reduce emissions.
The document discusses employment policy and the European Parliament in the context of the global economic crisis. It provides statistics on unemployment in the EU and expenditures on social protection since 1994. It outlines how the EU and national governments tackled the crisis through economic recovery plans, easing labor markets, and unemployment benefits. It argues structural reforms are needed in financial regulation, supervision, and at the corporate level. A European growth and employment pact is proposed, balancing fiscal stability and growth while focusing on social indicators, public investment, and youth unemployment.
The document discusses the EU budget and where its funding comes from. It notes that the EU budget is agreed upon for multi-year periods and the current period is 2014-2020 totaling €1 trillion. The largest areas of spending are economic, social & territorial cohesion followed by agriculture. The EU budget accounts for less than 1% of EU income and 2% of public spending but supports important programs and investment. Revenue comes from contributions from member states based on GNI, VAT, and customs duties with the system becoming more complex over time.
Twenty years of euro history confirms the euro’s stability and position as the second global currency. It also enjoys the support of majority of the euro area population and is seen as a good thing for the European Union. The European Central Bank has been successful in keeping inflation at a low level. However, the European debt and financial crisis in the 2010s created a need for deep institutional reform and this task remains unfinished.
The document provides updates on economic recovery efforts in several EU member states. It discusses signs of recovery in Austria through declining unemployment, but notes high numbers still in job retraining programs. Belgium's central bank raised growth and inflation forecasts but debt is projected to exceed 100% of GDP. Bulgaria may face IMF demands for spending cuts if it seeks aid. Cyprus received positive reviews but was placed under excessive deficit monitoring by the EU.
The EAFS and the policy mix - Marco ButiADEMU_Project
The recovery of the euro area has been particularly slow both by historical and international standards. Nine years after the economic and financial crisis struck, economic activity in the euro area is expanding at a moderate rate. However, the persistence of crisis legacies ─ such as the still-high unemployment rate and weak investment ─ suggest the recovery is not complete.
So far policy actions to support growth have excessively relied on monetary policy, resulting in an unbalanced policy mix. If monetary policy alone cannot lead to balanced growth, is there a case for an expansionary fiscal stance at the aggregate euro area level? Can this be reconciled with the Stability and Growth Pact?
The presentation explores the concept of fiscal space and the effectiveness of fiscal expansion in surplus countries for the euro area’s internal and external adjustment. Finally, it discusses the build-up over the medium term of a fiscal stabilisation function at the central level.
This document discusses the need for and potential forms of further fiscal union in the Eurozone. It makes the following key points:
1) While significant progress has been made in fiscal coordination and crisis management since 1997, the current framework is still not delivering and is not credible.
2) More fiscal union could take the form of strengthened rules and enforcement, more symmetry between deficit and surplus countries, a stabilization fund, and an expanded role for the ESM.
3) However, the perceived need for reform may not have changed significantly since 2016. While populism and Euroskepticism get attention, polls show stable or rising support for EU membership and the euro. Most citizens support further integration if reforms address unemployment
The document analyzes Spain's structural budget balance prior to the 2008 financial crisis. It finds that Spain's budget balance deteriorated sharply during the crisis, falling from a surplus to a large deficit. However, the structural budget balance did not fully anticipate this decline due to limitations in its methodology. The document estimates an alternative structural balance for Spain that includes residential investment as an explanatory variable. This estimate shows Spain's fiscal situation prior to the crisis was more fragile than presumed due to its dependence on revenue from the real estate bubble and construction boom.
The document discusses the fragile economic recovery in Europe and calls for coordinated policy actions to strengthen it. It proposes a new "pact on reform and credit" with three elements: 1) countries like France and Italy intensify economic reforms, 2) the ECB provides more monetary stimulus once reforms start, and 3) Germany and other surplus countries boost domestic demand to support growth. This pact would reinforce reforms, stimulus efforts, and growth across the Eurozone to save the recovery.
Policy panel: how much of a Fiscal Union? Joaquin AlmuniaADEMU_Project
The document summarizes a policy panel discussion on the level of fiscal union needed within the European Monetary Union (EMU). It notes that without some degree of fiscal union, the EMU will not be sustainable, but there are disagreements between France and Germany on the appropriate model. It calls for short-term actions like addressing Greek debt and longer-term discussions on establishing a fiscal capacity and mechanisms for risk-sharing within the Eurozone.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
1) The document discusses the contribution of the European Social Fund (ESF) to the Europe 2020 strategy. It argues that while the ESF regulation is still relevant, the key challenge is demonstrating how ESF investments specifically help Member States achieve the strategic objectives and targets of Europe 2020, such as on employment and growth.
2) It provides examples of how the ESF could support Europe 2020 priorities like supporting small businesses and flexicurity policies, but in a way that incentivizes progress on concrete targets in these areas.
3) The author argues for a more results-oriented ESF system to better monitor and promote real progress toward the Europe 2020 goals, given budget constraints and the need for effective public
How much of a fiscal union for the EMU? Has the answer to this, and related questions regarding the EMU fiscal and monetary framework, changed after 2016?
This document summarizes research on home bias and European integration between 2010-2018. The research estimates home bias between 28 EU states using bilateral trade flows and estimates the border effect for trade between countries using a gravity model. It finds that home bias still exists within the EU but is decreasing over time, showing increased integration. Home bias also varies significantly between industries from 86.48 to 2.58 depending on ease of substitution between domestic and foreign goods.
René Smits: Are current fiscal rules credible? ADEMU_Project
Are current fiscal rules credible? What is the role of fiscal rules and of independent fiscal councils? Rene Smit's slides from the ADEMU 'How much of a fiscal union for the EMU' conference.
VN-Migratiepact heeft wel degelijk concrete gevolgenThierry Debels
Uit een document van de Raad van de EU (14518/18) van 30 november blijkt duidelijk dat het VN-Migratiepact concrete gevolgen heeft voor de landen van de EU.
Swedbank Analysis: The fiscal stance in LatviaSwedbank
- The Latvian government must undertake fiscal consolidation to eliminate structural deficits and return to a sustainable budget path. This requires deep restructuring of both expenditures and revenues through measures like optimizing the public sector and changing the tax system.
- Currently Latvia's tax system is not well-balanced and distorts the economy. It relies too heavily on taxes like income tax that are vulnerable to evasion. The tax system needs reforms to broaden the base and shift more to consumption taxes that are harder to evade.
- Public sector operations also need optimization to reduce long-term expenditures while supporting short-term restructuring. The focus of budget plans should be on achieving sustainable public finances rather than just meeting fiscal targets.
Fiscally sound social inclusion: what, if any, lesson may EMU learn from the ...ADEMU_Project
The document summarizes Brazil's experience with fiscal rules and centralization over the past century, and discusses lessons that may be applicable to the European Monetary Union. Key points:
- Brazil has experimented with various degrees of fiscal centralization vs federalism over the decades, seeking the right balance of governability and representation.
- Recent fiscal rules like the 2000 Fiscal Responsibility Law helped rein in subnational debt and inflation, improving credibility. However, unexpected oil wealth and the global crisis relaxed constraints.
- The current administration expanded social spending and allowed new subnational debt, weakening fiscal discipline. Impeachment raised expectations of a return to responsible fiscal policies and stability.
This document provides an in-depth analysis of macroeconomic imbalances in Spain in 2013. It finds that Spain continues to experience excessive imbalances, though adjustment is ongoing. Very high domestic and external debt levels still pose risks to growth and financial stability. Decisive EU and Spanish policy actions have reduced financing costs and immediate risks, but vulnerabilities remain elevated. Continued structural reforms are needed to boost growth, employment, and reduce debt burdens over the medium term. Private sector deleveraging and external rebalancing are ongoing but not yet complete. High unemployment, a still unstable housing market, and private sector balance sheet issues continue to hamper the economy's adjustment.
Opportunities for knowledge exchange between Slovakia and Ukraine
Motivations:
• macroeconomic instability
• public expenditures oscillating around 50% of GDP until early 2000s
• no clear priorities in fiscal policy
• government deficit was not fully under control until 2002
• public debt accumulated during the 1990s due to loose fiscal policy
• interest rates extremely high in the late 1990s due to excessive government spending
• sovereign rating low
A Shared European Policy Strategy for Growth, Jobs, and StabilityLucio Ghioldi
Un documento di nove pagine del Governo Italiano diviso in tre punti e una conclusione.
Il primo punto è intitolato: "A Fragile Recovery: Challenges and Opportunities "
Il secondo punto è intitolato: "A Comprehensive Policy Mix". Dove si descrive un complesso di misure che realizzino una politica espansiva al posto di quella di austerità e rigore fin qui imposta dalla Commissione (e dalla Germania). Bisogna aumentare le capacità di crescita, sostenere la politica monetaria della Bce, varare una politica fiscale europea che tenda a riequilibrare le politiche nazionali aiutando la loro flessibilità in modo da ristabilire tra loro un equilibrio attualmente molto alterato. Completare l'Unione Bancaria ed estendere le garanzie in favore dei depositi bancari dei singoli Paesi. Fare intervenire l'Europa anche nelle politiche sociali e sindacali dei singoli Paesi, sempre al fine di rafforzare l'integrazione europea ed una politica di crescita e di equità. Rafforzare i confini europei verso il resto del mondo e smantellare al più presto possibile i confini interni ripristinati in molti Paesi violando il patto di Schengen. Dunque una politica comune dell'immigrazione più volte chiesta dall'Italia ma finora inesistente.
Il punto tre del documento rappresenta, con un titolo altamente significativo, lo sbocco istituzionale della politica europeista delineata nelle pagine precedenti: "From the Short-term to the Long-term View"
- Transport is the only sector where greenhouse gas (GHG) emissions are increasing in the EU. Emissions from transport need to be reduced by around 89% by 2050 to meet overall emission reduction targets.
- An overall target for reducing transport emissions is needed, as relying solely on technical improvements will not be enough. Modal shift to more sustainable modes like rail is also required.
- Road transport is currently subsidized through externalized costs like air pollution, accidents and climate change impacts. Internalizing these external costs through economic instruments could help shift transport to more sustainable modes and reduce emissions.
The document discusses employment policy and the European Parliament in the context of the global economic crisis. It provides statistics on unemployment in the EU and expenditures on social protection since 1994. It outlines how the EU and national governments tackled the crisis through economic recovery plans, easing labor markets, and unemployment benefits. It argues structural reforms are needed in financial regulation, supervision, and at the corporate level. A European growth and employment pact is proposed, balancing fiscal stability and growth while focusing on social indicators, public investment, and youth unemployment.
The document discusses implementing a kilometre charge system for vehicles in the Netherlands to replace the current vehicle ownership tax system. Key objectives of the new system are to reduce congestion and emissions by pricing vehicle use. It proposes a base kilometre charge of €0.067 per km that is estimated to reduce vehicle kilometres driven by 12-15% and improve traffic safety and the environment. Careful implementation is recommended, including testing and a long transition period, to gain public support while meeting multiple policy goals.
The document discusses the role of wireless networks in intelligent transportation systems (ITS). It notes that wireless connectivity will enable applications like e-call, traffic information, speed adaptation, and cooperative vehicle systems. It outlines the various wireless standards that have emerged over time to support higher data rates for ITS. The document also discusses several European research initiatives focused on cooperative ITS and mentions the importance of standardization through organizations like ISO, IEEE, ETSI, and the Car 2 Car consortium. It concludes by observing that while different test beds have demonstrated the underlying technologies, broader deployment of cooperative ITS is still pending.
The document discusses the use of personas in experience design. It describes how Alan Cooper introduced personas in 1983 as a tool to represent target users. It outlines the process for developing personas, including research, segmentation of user groups, defining characteristics for each persona, and presenting the final personas. The document notes personas should continue to be used and evaluated throughout the product development process to ensure they still represent the target users.
Mobile Revolution | Cosa cambia per le persone, cosa cambia per i designer.Francesca Tassistro
The document discusses how mobile devices have revolutionized communication and interactions. It notes that smartphone ownership has grown tremendously, with over 1 billion smartphones owned and over 150 million tablets sold. However, smartphone users now spend only 16% of their time making phone calls, instead focusing on social media, email, and texting. This represents a significant change in how people use and interact with their mobile devices. The document also discusses how these changes impact both users and designers of mobile applications and interfaces. Designers must create more natural and contextual experiences that take advantage of mobile capabilities like location services, sensors, and connectivity to other devices and ecosystems.
The document summarizes the European Commission's Work Programme for 2013. It outlines the Commission's goals of tackling the economic crisis, promoting sustainable growth, and moving the EU towards genuine economic and monetary union. It discusses challenges like unemployment, competitiveness issues within the single market, and the need to modernize networks in telecommunications, energy, and transport. The Commission will focus on initiatives to boost growth, strengthen economic governance, and promote job creation and social inclusion through better education, skills training, and labor mobility.
The document discusses a project to improve the efficiency of monetary expansion in the Eurozone by involving the European Investment Bank (EIB). It presents some key premises of the project, including that EIB involvement could help direct resources from monetary expansion more effectively to the real economy. It outlines potential ways the EIB could be involved, such as through loans from the ECB to the EIB or a fund managed by the EIB. The document also discusses some of the main policy issues involved, such as ensuring compatibility with the ECB's price stability objectives, and challenges for the project related to technical and institutional factors.
1) Herman Van Rompuy delivered a speech at the annual 'State of Europe' event hosted by Friends of Europe discussing the upcoming European Council summit and state of the European Union.
2) He expressed increasing confidence that the Eurozone is heading in the right direction to achieve economic recovery and stability, though it will be a long process of reform and adjustment.
3) He outlined three fronts being worked on: continuing domestic reforms, establishing tools to withstand economic shocks like the new European Stability Mechanism, and further reinforcing the Economic and Monetary Union through integrating financial regulations and exploring new fiscal and policy coordination mechanisms.
The document provides an overview of the finance industry in Europe. It discusses how Europe has a well-developed financial sector concentrated in major cities like London. The introduction of the euro has made it easier for households and firms to invest across borders. The financial sector in Central and Eastern Europe is growing due to regional economic growth. European banks are among the largest in the world. The document then examines trends in the industry like deregulation, mergers and acquisitions, and the role of the European Union in facilitating cross-border expansion.
The fiscal institution in the Economic and Monetary Union: the contribution o...Círculo de Empresarios
This document discusses the evolution of fiscal policy in Europe and Spain and the importance of establishing a strong fiscal institution. It notes that Spain struggled with macroeconomic instability and rising public debt due to an expansive fiscal policy. The creation of the European Economic and Monetary Union aimed to establish common fiscal rules and coordination. This included limits on deficits and debt in member states. However, the recent sovereign debt crisis highlighted the need for stronger fiscal rules and institutions to balance fiscal discipline with economic growth.
This document calls for strengthening the European Monetary Union in three key ways: 1) Supporting national structural reforms through consistent use of EU instruments and new mechanisms. 2) Rapidly supplementing the EMU with a powerful European banking union. 3) Renouncing further tax increases or projects like the Financial Transaction Tax that could harm the economy. It argues these steps are needed to stabilize the eurozone long-term, ensure financing for the real economy, and avoid counterproductive tax measures.
European Commission: A European Economic Recovery PlanFriso de Jong
The document proposes a European Economic Recovery Plan with two key pillars:
1) An immediate budgetary impulse of €200 billion (1.5% of EU GDP) from member states and EU funding to boost demand.
2) A program directing investment toward "smart" areas like skills, energy efficiency, clean technologies, and infrastructure to strengthen long-term competitiveness.
The plan aims to stimulate demand, lessen the impact on jobs and vulnerable groups, and position Europe for future growth while respecting budget rules. Coordinated action across member states and the EU is advocated to arrest economic decline.
This document discusses financing European growth. It outlines the economic challenges facing the EU, including slow growth, high unemployment, and weak business investment. It argues that diversifying and expanding sources of finance for businesses will be vital to boost growth. Some recommendations include promoting long-term infrastructure finance, reducing capital requirements on trade finance to support exports, and developing programs to help businesses access funding and become "investment ready". The goal is to balance growth and financial stability through coordinated efforts among banks, other institutions, and EU organizations.
2016 General State Budget: possible but we need more reforms to strengthen gr...Círculo de Empresarios
1. The Spanish economy has shown some improvements such as growth in employment, exports, investment, and access to financing. However, unemployment remains high and public debt levels pose ongoing challenges.
2. While reforms have helped correct macroeconomic imbalances, faster growth will require further economic reforms to address structural weaknesses like high public deficits and debt, unemployment, an unsustainable pension system, and low levels of innovation.
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Transform-Europe Productive Transformation discussion paper 2015Dr. Jean-Claude Simon
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This document discusses the background and state of play regarding the introduction of a Financial Transaction Tax (FTT) in the European Union. It notes that while the Banking Union aims to prevent future crises, an FTT could provide EU countries more fiscal flexibility in the short-term by generating estimated annual revenues of 30-35 billion euros. Eleven eurozone countries have proposed introducing harmonized FTT regimes through an enhanced cooperation procedure. The tax is intended to discourage harmful financial transactions and have the financial sector help address the crisis burden. However, some oppose an FTT due to concerns around reduced liquidity and its potential effects.
The document discusses the background and state of play regarding the financial transaction tax (FTT) in the European Union. It describes how the FTT could benefit participating eurozone countries by providing more fiscal flexibility. Eleven eurozone countries have proposed implementing a harmonized FTT through an enhanced cooperation procedure. The tax is estimated to generate 30-35 billion euros annually from the financial sector to contribute to public finances and address issues like youth unemployment. However, some oppose the FTT due to concerns it could reduce market liquidity and cause transactions costs to be passed on to retail investors and businesses. Supporters counter that the tax targets harmful short-term speculation rather than necessary risk hedging and liquidity.
What measures have the EU (or member nations) taken to mitigate the .pdffathimafancyjeweller
What is the weighted average cost of capital for a corporation that finances an expansion project
using 35% retained earnings and the rest as debt capital? Assume the interest rates are 11% for
equity financing and 23% for debt financing. The weighted average cost of capital is 5785 0 %.
Solution
WACC = cost of equity x equity percentage + cost of debt x debt percentage
WACC = 23% x(1 - 35%) + 11% x 35% = 18.8%.
The European Union is committed to promoting full employment and social progress. In response to high unemployment levels following the economic crisis, the EU has developed policies to coordinate Member State actions and promote job growth. The Europe 2020 strategy sets targets for increasing employment, education levels, and reducing poverty across EU countries. The European Employment Strategy uses an open method of coordination to monitor progress and make recommendations for national reforms. Member States develop programs to meet EU targets, while mutual learning and research support policy development.
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Etude PwC Global Economy Watch (juin 2015)PwC France
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This document outlines the Entrepreneurship 2020 Action Plan from the European Commission to reignite entrepreneurship in Europe. It identifies 3 pillars of action: 1) improving entrepreneurial education and training, 2) creating a business environment where entrepreneurs can flourish, and 3) promoting entrepreneurship through role models. Some key actions proposed are developing entrepreneurship curriculum, increasing practical learning opportunities for students, expanding initiatives like the European Institute of Technology, and encouraging universities to take more entrepreneurial approaches.
1. Employment Policy and the European Union: Status
Quaestionis
Dear Minister of State, dear Vice-President of the EIB, dear fellow-
MEPS, dear representative of Mister Barnier, dear ladies and gentlemen,
SLIDE I
I would like to welcome you all to this conference and start my speech
with an interesting quote of mister Strauss-Kahn, president of the IMF of
mid-september:
“The rules of the game have changed,” “The global economy after the
crisis is not the same as before the crisis. So, in a nutshell, we need to
think differently. Why? Because the future of millions of people is at
stake. Because the future of our world—prosperity and peace—is at
stake.”
I fully agree with this quote. The economic crisis and its effects on the
labour market we are confronted with over the last 2 years, are rather
exceptional with high public deficits, growing debts and rising
unemployment figures. Citizens expect answers, clear answers of
politicians. This has been shown obviously during last week's massive
demonstrations of the trade unions. Job growth and social protection are
the main concerns of the European citizens today.
Slide: 2 unemployment rate in the Eu:
2. First of all, I would briefly like to point at the current economic facts. I
will not go too much into economic details as I am convinced Prof De
Grauwe will do that in an excellent way, but to start, just some general
figures and graph to make the situation clear:
unemployment figures in the EU: Eurostat 1 October 2010
Uitleg: quite obvious
Eurostat estimates that more than 23. million men and women in the
EU27 (or 9,6%), of whom almost 16 million were in the euro area
(10,1%), were unemployed in August 2010. Compared with August
2009, unemployment rose by 0.894 million in the EU27 and by 0.6
million in the euro area. Together with the rising unemployment figures,
we observe a huge rise in public deficits and of social expenditures.
3. Slide III
The following slide puts clearly all the elements together:
- impact of the crisis on the growth of GDP;
- rising unemployment rate;
- budget unbalance; and,
- as a consequence rising expenditure on social protection.
However, there is a huge difference between all the member States.
Expenditure on social protection benefits since 1994 in the EU in relation to the fiscal situation,
% of GDP
Source: Joint Report on Social Protection and Social Inclusion 2010
4. SLIDE IV: .How did we tackle the crisis till now?
A lot of national and European answers have been given.
On European level, the European Commission launched it's European
Economic Recovery Plan that sets out the framework for a proposed
injection of demand into the European economy. The total package was
said to amount to around € 200 bnp, which represents 1.5 % of the EU's
GDP, which is however quite modest, compared to 5% in China and
6.55% in the USA. Although this fiscal stimulus has been almost
universally welcomed, the target of 1.5% was only met by a few
countries and the amount of money is too low to finance both automatic
stabilisers and new discretionary investment measures. A real European
recovery plan should go further than only guaranteeing a ‘social cushion’
by increasing the social allowances for persons directly affected by the
crisis. Therefore a more ambitious plas is needed to safeguard
employment and promote real smart green growth.
Since the start of the crisis, also the European Parliament (EP) played a
strong role in a more European answer to the crisis: thanks to the EP, a
strong financial supervision architecture was established and stricter
capital requirements were imposed to financial institutions. Further, the
EP adopted recently a strong report on the economic crisis and made
some clear recommendations. Moreover, on employment field, different
resolutions and recommendations have been adopted the last 2 years, like
on the Globalisation adjustment fund. This instrument was created to
provide one-off, time-limited individual support geared to helping
5. workers who have become redundant as a result of globalisation. It can
help the redundant workers to find new jobs as quickly as possible.
However, this instrument has not yet reached its full capacity. Untill now,
only €140m of the nearly €2bn that could have been spent by the
European Globalisation Adjustment Fund (EGF) since its inception in
2007 has been disbursed. Of the €140m, €26m has been returned to
Brussels because projects were poorly designed or delays in payment
meant intended recipients no longer qualified for the money.
SLIDE V: reactions on national level:
Besides the measures taken on European level, member states have also
reacted individually. Most Member States answered with a three-part
policy response focusing on:
(1) supporting aggregate demand through monetary and fiscal policy
actions, e.g. through financial support for financial sectors
(2) easing the pain in labour markets through short-term work
programmes that spread the burden of downturn more evenly across
workers and employers: a lot of companies consider the crisis as an
opportunity to deliver extra training to their employees. In this way, they
will be better prepared for the future.
(3) provision of unemployment insurance benefits and accelerate jobs
recovery through the provision of various types of subsidies such as
reduction of payroll taxes or targeted subsidies for vulneralbe groups on
the labour market (e.g. long-term unemployed or youth).1
1
6. As indicated before, all kind of measures, on the national and European
level has been adopted were necessary and helpful. However in the long
run, more structural reforms are needed to prevent such a crisis, and to
realize the objectives of the EU2020 strategy.
Slide VI: the way forward: structural reforms on 3 levels:
In order to this achieve the EU2020 objectives and to evolve towards a
more sustainable economic framework, structural reforms on 3 levels
are necessary:
- on economic governance level:
- EC reforms of 29 September 2010:
-core: Focus on GSP and restore balances: fiscal
consolidation, European semester
- Focus on competitiveness unbalances
- discussions of the Van Rompay High level Wg
- our critics: balance needed between fiscal consolidation and
growth and employment: too much focus on cutting deficits and
debts, no focus on growth: deficit: 3% is important, but what's
behind the 3%??? same with 60% public debt: what's behind?.
- on financial regulation level
7. The last weeks/months, mainly thanks to the EP, big steps have already
been taken to improve the financial regulation framework. A financial
supervision package has been adopted as well as a changed capital
requirements directive. Other important financial files are still under
discussion, like the regulation on hedge funds and derivatives. From an
institutional point of view, the EP lead the discussion towards stronger
regulation, quite often against the will of the capitals.
- on corporate level.:
- debate started on remunerations in the financial sector and listed
companies: mentality change urgently needed: remunerations should be
more based on enforcable principles: supervision, better risk assessment,
independence of auditors, better relation between fix and variable part of
the remuneration; strong remuneration committee: capital requirements
directive took these on board. Strong step
-the corporate governance debate with the green paper of the European
Commission: companies have to be managed better: stricter rules applied
to composition of boards, number of mandates in a board etc
-
SLIDE VII: EUROPEAN GROWTH AND EMPLOYMENT PACT:
As indicated, the coming weeks, major political decisions have to be
taken on the reform of the macro-economic construction of the EU. This
package should mainly focus on growth and employment policy. Indeed,
to soften the impact of the crisis on the employment market, a European
growth and employment pact is needed, addressing 4 major economic
issues:
8. - first, the need for structural reform of the GSP by adding explicitly
social indicators,
- second the stimulation of job creation by supporting big European
public investments
- third, a more pro-active role of the European Commission in cross-
border restructurings,
- and finally, more European attention should be paid on quality of work,
investment in innovation and fighting youth unemployment.
Tackling the jobs' crisis is essential for a meaningful global economic
recovery. If we want to achieve the EU2020 objectives, we cannot afford
a new failure. We cannot afford to spill talents any longer.
First of all, the EC proposals on economic governance of last week and
the discussions in the high level group around President Van Rompuy
expedied the discussion around the reform of the GSP. However many
questions remain open. Indeed, too much unilateraly focussing on
sanctioning ....without eg monitoring closely the private debt; does not
seem to be a sustainable solution to the crisis we experienced. Further,
the package seem to continue to focus on deficit and debt as decisive
criteria to judge the sustainability of economic policy. Why not focussing
explicitely on the criteria of job creation.; reduction of youth or elderly
unemployment; reduction of poverty? If we take the objectives of
EU2020 seriously, we should take these criteria serious as well. And
despite of its theoretical merits, the open method of coordination proved
not to be the most effective instrument to achieve progress in these fields.
Therefore, we should plead to set up some enforceable objectives. Why
3% public deficit and not, let's say, maximum of X% youth
9. unemployment and y% 55+ working? The EU should take care that the
Member States translate this seriously into their national employment
policies. The political momentum is there, with the EC proposals towards
more economic governance now on the table. Of course, Europe can’t
afford to pay only attention to the quantity of new jobs, but has also to
focus on quality of jobs which are created. This should be monitored
closely. Only by creating really sustainable added value jobs for young
and elderly people, Europe can remain/or become again competitive with
the rest of the world.
Secondly, we need massive (public) investments. The European recovery
plan was a first step. But we should go further on a structural base. Public
investment should lead to a win/win situation: creating jobs and creating
growth. The potential for new job creation is enormous: developping and
installing renewable energy production units, spreading low carbon
technologies, efficiënt and electric cars, strengthening public transport,
smart urban planning, health and care services aso. In all these fields, a
massive number of jobs could be created. To create growth, high priority
should further be given to investment in the European industry. Indeed,
European industry needs high quality infrastructure, including stronger
trans-European energy and transport networks.
Despite of this huge European investment challenges, the recent difficult
discussions on the European budget show MS willing to cut rather into
the contributions to the European budget instead of massively investing
into big European infrastructures with added value.
And of course, to create jobs and growth costs money, a lot of money.
Therefore, different measures should be taken:
10. As indicated before, the GSP should be reformed, but not as fast as
foreseen by the EC and not as fast for every MS. Further, instead of
saving all the money, public investments and high sustainable
consumptions should be encouraged. The EU should also fully invest in
setting up a mechanism of Eurobonds, as announced by Barosso in
September. We should also set up a system of FTT. Indeed, a small tax
of 0,05 % on all financial transactions should be introduced in all EU
Member States. Further, the idea of a European carbon tax should be
developed. The capital base of the EIB should be increased to go further
in its support for investments in infrastructure, green technologies,
innovation and SME’s. Finally, a European strategy for good banking
needs to be launched as matching the financing need of the economy and
serving the well being of society is the ultimate role of a good banking
system. These additional financial ressources should allow to finance
huge European sustainable infrastructure works.
Investment of European- as all public money- should be realised in a
rational and sustainable way. Therefore, there is may be some room for
improvement in the investment of European funds as done today. We
mentioned already the EGF. Further also the European structural funds
must be better prioritised and made more effective. Reprogramming of
these funds must allow investment to counter the crisis, such as
immediate job creation and frontloading the funds and their
implementation must be streamlined to increase impact. In achieving
higher investment, not only the public authorities, but also huge pension
funds have a big responsability.
11. Thirdly the EU; and in particular the EC, could and should do much
more on labour market policy. Between 1 April 2010 and 30 June 2010
the ERM recorded a total of 214 restructuring cases, of which 141 were
cases of restructuring involving job loss. Total announced job losses
totalled approximately 50,000.... Too often the EC remain silent and
passive. The Opel case was a good example. While the EC shows, based
on its competition law powers real 'tanden' in mergers and acquisition, it
remains very silent in cases of cross border restructurings. No merger was
safe. And we welcome this active approach of the EC. But this active
approach is so unbalanced. Why can’t we observe such an active attitude
from the EC in huge restructuration files? Why does the EC hide herself
in such files behind ‘the company plan’? Why doesn’t it dare to
intervene here in such cases where thousands of employees are fired?
Why as underlined in the Berez crisis report of the EP, not an - ex-ante
assessment by the commission of transnational restructuring operation to
address the question of their impact employment, with clear rules and
monitoring mechanisms similar to those that exist in respect of mergers
and acquisitions with regard to price competition
Of course, thanks to the EU, certainly after the Renault crisis, trade
unions have a stronger voice in restructuring of companies, but in the
end, too often, companies can restructurate without taking too much care
of the social cost. Wouldn’t it be better if the EC plays a more pro-active
role? If it could interfere faster in such processes, let’s say from a certain
number of jobs involved, the EC should have the right to investigate on
which criteria restructuring decisions are taken and, if necessary to block
this operation?. In line with the competences of the EC in merger cases, it
should have the same power in European cross border restructurings.
12. Finally, according to the latest figures, the financial crisis hits the youth
very strong. (numbers of youth unemployment: today at almost 21%
according to Eurostat). This is unacceptable. Figures show us clearly that
in the EU by 2020, 35% of all jobs will be high qualified jobs, compared
to 29% today. This means that in 10 years, 15 million more jobs needs
high qualification. Compared to our main competitors, the USA
(40%) and Japan (50%), in the EU only 31% has a higher degree.
Therefore, youth unemployment should be high on the EU policy agenda.
The EC initiative, ‘youth on the move’ is a first important step. However,
we should go further. Why not go further an making of reducing youth
unemployment a high political priority by imposing MS yearly binding
targets? Why not setting up a youth guarantee offering young people a
job, training or further education within four moths of leaving schools?
Why not strengthening the labour market for young people by creating
more jobs, including tailor-made jobs for young people and creating
incentives to hire young people.
To conclude
With more than 23 millions of Europeans currently unemployed, we need
radical reforms on 3 levels: on macro economic level, on financial
regulation level and on on corporate level. Instead of unilateraly
focussing on austerity of public budgets, a more balanced approach with
the main focus on growth and jobs is urgently needed.
Despite of some important steps taken during last months, some major
measures should be adopted to counter the huge impact of the crisis on
the labour market. Therefore, we need a European growth and
employment pact, consisting of 4 pilars. Only by imposing enforcable
13. social indicators to Member States, by promoting huge public
investments, by increasing the role of the EC in cross border restructuring
and by tackling the challenge of youth unemployment; the EU can
overcome this social crisis.