Fittex
Defence financing and spending under the Economic Governance framework
This paper covers possible defence financing and spending options under the European economic governance framework by reviewing the proposal for a ReArm Europe plan floated by the President of the Commission Ursula von der Leyen. The paper also analyses flexibilities under the EU budget, EIB and ESM financing while also assessing potential market challenges and public procurement. This paper has been updated with information from the European Commission's White Paper for European Defence Readiness ...
The role of the European Council in negotiations on the multiannual financial framework: Frequently asked questions
EU Heads of State or Government will hold their first discussion on the post-2027 multiannual financial framework (MFF) at the European Council meeting on 20-21 March 2025. Since 1988, when an interinstitutional agreement introduced the first binding MFF, the European Council has played a central role in the process leading to its adoption. In 1992, the Lisbon Treaty established a new procedure whereby the MFF would come into being through the adoption of a regulation. The European Council was not ...
Monetary Policy Expert Panel Quarterly Survey: 2025 Q1
This paper presents the aggregated results of a survey conducted among Members of the Monetary Policy Expert Panel (MPEP) ahead of the March 2025 Monetary Dialogue with ECB President Christine Lagarde. The opinions expressed in this document are the sole responsibility of the survey respondents and do not necessarily represent the official position of the European Ϸվ, the Members of the ECON Committee or the EGOV Unit.
Economic Outlook Quarterly: Navigating times of uncertainty
Europe must swiftly address huge challenges, in the face of a rapidly shifting geopolitical landscape and major fiscal policy changes. With an increasingly protectionist United States (US) on one side and China becoming an ever-more direct competitor across industries on the other, Europe's economic future is fraught with uncertainty. In these testing times, the Next Generation EU (NGEU) recovery instrument, which has contributed to the EU economy's swift rebound from the COVID-19 crisis, is expected ...
EGOV 2024 Annual Activity Report
2025 European Semester for economic policy coordination
For the first time in four years, EU fiscal rules are in effect. The first implementation cycle of the new economic governance framework, centred on country-specific, medium-term fiscal plans steers multilateral budget surveillance, and aims to coordinate Member States' economic policies. The renewed emphasis on European defence capabilities has sparked debates on potential exemption of defence spending from fiscal rules. Against this backdrop, the European Ϸվ report on the European Semester ...
Economic Dialogue with the President of the ECOFIN - 19 February 2025
Andrzej Domański, Minister of Finance of Poland, is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the Polish Presidency January - June 2025). In accordance with the Treaty of the Union, “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”.
Assessing the Debt Sustainability Analysis Methodology in the EU’s New Economic Governance Framework
This in-depth analysis reviews the Debt Sustainability Analysis (DSA) that guides the implementation of the new Economic Governance Framework. It evaluates the adequacy of the methodology, with a focus on the changes introduced in the DSA to make it fit for the multi-annual character of the framework. While the DSA is not far from the state-of-art, the way the framework handles uncertainty is suboptimal. The study notes a few other areas where the analysis could be improved, namely potential output ...
Recovery and Resilience Facility: State of play and way forward - European Implementation Assessment
This paper has been drafted to assist the European Ϸվ's Committees on Economic and Monetary Affairs (ECON) and on Budgets (BUDG) in the context of their work on an implementation report on the Recovery and Resilience Facility. Based on publicly available information, it provides a literature review of EU reports and academic papers on the state of play of the implementation of the Recovery and Resilience Facility. It also summarises the main topics of recent parliamentary resolutions and ...
Commission implementing decision on equivalence for UK CCPs
The Commission’s implementing decision under Article 25(6) EMIR extends for three further years the current equivalence decision regarding the UK (i.e. to consider the regulatory framework applicable to central counterparties in the UK equivalent to the one applicable in the Union). The currently applicable equivalence decision is due to expire on 30 June 2025. The extension could disincentivise efforts to reduce excessive exposures to clearing services of substantial systemic importance provided ...