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European Fiscal Board
The European Fiscal Board (EFB) is the fiscal council of the European Union, watching over its fiscal sustainability. It was instituted in 2016 as one of the elements proposed by the ''Five Presidents’ Report'' in June 2015. History The ''Five Presidents' Report'' report was prepared by then-President of the European Commission Jean-Claude Juncker, in close cooperation with the presidents of the European Council, Eurogroup, European Central Bank, and the European Parliament. Activities The European Fiscal Board is mandated to make an independent assessment of the implementation of the Stability and Growth Pact, the set of common rules imposing limits on the EU member states' national fiscal policymaking. The main objective of the commonly agreed fiscal rules is to avert negative cross-border effects of national fiscal policies and to secure a smooth functioning of the Economic and Monetary Union. The European Fiscal Board also issues advice on the general orientation of fisca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Council
A fiscal council is an independent body set up by a government to evaluate its expenditure and tax policy. Typically, councils are staffed by economists and statisticians who do not have the ability to set policy, but provide advice to governments and the public on the economic effects of government budgets and policy proposals. Some fiscal councils also provide economic forecasting. Fiscal councils evaluate government's fiscal policies, plans and performance publicly and independently, against macroeconomic objectives related to the long-term sustainability of public finances, short-to-medium-term macroeconomic stability, and other official objectives. History Several fiscal councils arose following the financial crisis of 2007–08 with the intention of avoiding debt crises and alleviating the problem of deficit bias, which is a tendency of governments to allow increasing long-term deficits. Analysis from the International Monetary Fund proposes that deficit bias results from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been described as a '' sui generis'' political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. Containing 5.8per cent of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around trillion in 2021, constituting approximately 18per cent of global nominal GDP. Additionally, all EU states but Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Sustainability
Fiscal sustainability, or public finance sustainability, is the ability of a government to sustain its current spending, tax and other policies in the long run without threatening government solvency or defaulting on some of its liabilities or promised expenditures. There is no consensus among economists on a precise operational definition for fiscal sustainability, rather different studies use their own, often similar, definitions. However, the European Commission defines public finance sustainability as: the ability of a government to sustain its current spending, tax and other policies in the long run without threatening the government's solvency or without defaulting on some of the government's liabilities or promised expenditures. Many countries and research institutes have published reports which assess the sustainability of fiscal policies based on long-run projections of country's public finances (see for example, [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Centre For Economic Policy Research
The Centre for Economic Policy Research (CEPR) is an independent, non‐partisan, pan‐European non‐profit organisation. Its mission is to enhance the quality of policy decisions through providing policy‐relevant research, based soundly in economic theory, to policymakers, the private sector and civil society. Rather than adopting the traditional in-house ‘think-tank’ research structure, CEPR appoints Research Fellows and Affiliates who remain in their home institutions (universities, research institutes, central bank research departments, and international organisations). CEPR’s network includes over 1,700 of the world's top economists from over 330 institutions in 30 countries. The results of the research conducted by the Centre's network are disseminated through a variety of publications, public meetings, workshops and conferences. Its headquarters is currently located in London. History CEPR was founded in 1983 by Richard Portes, FBA, CBE, to enhance the quality ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
President Of The European Commission
The president of the European Commission is the head of the European Commission, the executive branch of the European Union (EU). The President of the Commission leads a Cabinet of Commissioners, referred to as the College, collectively accountable to the European Parliament. The President is empowered to allocate portfolios among, reshuffle, or dismiss Commissioners as necessary. The College directs the Commission's civil service, sets the policy agenda and determines the legislative proposals it produces. The Commission is the only body that can propose bills to become EU laws. The Commission president also represents the EU abroad, together with the President of the European Council and the High Representative of the Union for Foreign Affairs and Security Policy. The post was established in 1958. Each new President is nominated by the European Council and elected by the European Parliament, for a five-year term. The president of the Commission also delivers an annual Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jean-Claude Juncker
Jean-Claude Juncker (; born 9 December 1954) is a Luxembourgish politician who served as the 21st Prime Minister of Luxembourg from 1995 to 2013 and 12th President of the European Commission from 2014 to 2019. He also served as Finance Minister from 1989 to 2009 and President of the Eurogroup from 2005 to 2013. By the time Juncker left office as Prime Minister in 2013, he was the longest-serving head of any national government in the EU and one of the longest-serving democratically elected leaders in the world, with his tenure encompassing the height of the European financial and sovereign debt crisis. In 2005, he became the first permanent President of the Eurogroup. In 2014, the European People's Party (EPP) had Juncker as its lead candidate, or '' Spitzenkandidat'', for the presidency of the Commission in the 2014 elections. This marked the first time that the ''Spitzenkandidat'' process was employed. Juncker is the first president to have campaigned as a candidate for the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Council
The European Council (informally EUCO) is a collegiate body that defines the overall political direction and priorities of the European Union. It is composed of the heads of state or government of the EU member states, the President of the European Council, and the President of the European Commission. The High Representative of the Union for Foreign Affairs and Security Policy also takes part in its meetings. Established as an informal summit in 1975, the European Council was formalised as an institution in 2009 upon the commencement of the Treaty of Lisbon. Its current president is Charles Michel, former Prime Minister of Belgium. Scope While the European Council has no legislative power, it is a strategic (and crisis-solving) body that provides the union with general political directions and priorities, and acts as a collective presidency. The European Commission remains the sole initiator of legislation, but the European Council is able to provide an impetus to guid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eurogroup
The Eurogroup is the recognised collective term for the informal meetings of the finance ministers of the eurozone—those member states of the European Union (EU) which have adopted the euro as their official currency. The group has 19 members. It exercises political control over the currency and related aspects of the EU's monetary union such as the Stability and Growth Pact. The current President of the Eurogroup is Paschal Donohoe, the Minister for Finance of Ireland. The ministers meet ''in camera'' a day before a meeting of the Economic and Financial Affairs Council (ECOFIN) of the Council of the European Union. They communicate their decisions via press and document releases. The group is related to the Council of the European Union (only Eurogroup member states vote on issues relating to the euro in the ECOFIN) and was formalised under the Treaty of Lisbon. History The Eurogroup, formerly known as the ''Euro-X'' and ''Euro-XI'' in relation to the number of states adop ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Central Bank
The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International use, most important central banks. The Governing Council of the European Central Bank, ECB Governing Council makes the projects for the monetary policy for the European Union with suggestions and recommendations and to the Eurozone with more direct applications of such policies, it also administers the foreign exchange reserves of EU member states in the Eurozone, engages in foreign exchange operations, and defines the intermediate monetary aims and objectives, and also the common interest rates for the EU. The Executive Board of the European Central Bank, ECB Executive Board makes policies and decisions of the Governing Council, and may give direction to the national central banks, especially when doing so for the Eurozone central ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Parliament
The European Parliament (EP) is one of the legislative bodies of the European Union and one of its seven institutions. Together with the Council of the European Union (known as the Council and informally as the Council of Ministers), it adopts European legislation, following a proposal by the European Commission. The Parliament is composed of 705 members (MEPs). It represents the second-largest democratic electorate in the world (after the Parliament of India), with an electorate of 375 million eligible voters in 2009. Since 1979, the Parliament has been directly elected every five years by the citizens of the European Union through universal suffrage. Voter turnout in parliamentary elections decreased each time after 1979 until 2019, when voter turnout increased by eight percentage points, and rose above 50% for the first time since 1994. The voting age is 18 in all EU member states except for Malta and Austria, where it is 16, and Greece, where it is 17. Although the E ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body of about 32,000 European civil servants. The Commission is divided into departments known as Directorates-General (DGs) that can be likened to departments or ministries each headed by a Director-General who is responsible to a Commissioner. There is one member per member state, but members are bound by their oath of office to represent the general interest of the EU as a whole rather than their home state. The Commission President (currently Ursula von der Leyen) is proposed by the European Council (the 27 heads of state/governments) and elected by the European Parliament. The Council of the European Union then nominates the other members of the Commission in agreement with the nominated President, and the 27 members as a team are then ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stability And Growth Pact
The Stability and Growth Pact (SGP) is an agreement, among all of the 27 member states of the European Union, to facilitate and maintain the stability of the Economic and Monetary Union (EMU). Based primarily on Articles 121 and 126 of the Treaty on the Functioning of the European Union, it consists of fiscal monitoring of members by the European Commission and the Council of the European Union, and the issuing of a yearly recommendation for policy actions to ensure a full compliance with the SGP also in the medium-term. If a Member State breaches the SGP's outlined maximum limit for government deficit and debt, the surveillance and request for corrective action will intensify through the declaration of an Excessive Deficit Procedure (EDP); and if these corrective actions continue to remain absent after multiple warnings, the Member State can ultimately be issued economic sanctions. The pact was outlined by a resolution and two council regulations in July 1997. The first regulati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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