Agnès Bénassy-Quéré
The Maastricht fiscal architecture relies on limits on debt and the general government deficit. The reference values used are 3% for the deficit and 60% for the debt, both in terms of GDP. These reference values are not specified in the body of the Treaty. Instead, they are defined in an annexed Protocol. The expression “reference values” is used six times when defining the two criteria to be used by the European Commission when monitoring developments of public finances, with a view to identifying “gross errors” in the conduct of fiscal policy. These two reference values have no solid ground in either theory or empirical evidence. No such a claim was made at the time (or ever).
Recommendation on the Excessive Deficit Procedure in case of Romania, adopted on Friday at the ECOFIN Meeting
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RAAD VAN DE EUROPESE UNIE (Economische en Financiële Zaken)
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4 hours ago
The European Commission has today presented the European Semester Spring Package, which focuses on providing fiscal guidance to Member States as they continue the process of gradually reopening their economies. This guidance aims to help Member States strengthen their economic recoveries, making the best possible use of the Recovery and Resilience Facility (RRF), the key instrument at the heart of NextGenerationEU. The European Semester has been adapted this year, given the links to Member States’ recovery and resilience plans, laying out the investments and reforms that the RRF will finance.
Fiscal policy guidance and the continued application of the general escape clause