Iskanje
Hungary's National Recovery and Resilience Plan: Latest state of play
Under the Recovery and Resilience Facility (RRF), Hungary was allocated €5.8 billion in the form of grants. This amount reflects the European Commission's revision applied in June 2022 to all EU Member States, as the initial Hungarian national recovery and resilience plan (NRRP) was only approved past that date, at the end of 2022. In August 2023, the country submitted a modified NRRP in order to make changes to several measures due to objective circumstances, and to include a new REPowerEU chapter ...
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 ...
Towards renewed and beneficial EU enlargement
The EU's integration, from the establishment of the European Economic Community in 1957 to the welcoming of 13 European countries in the 2004-2013 period, has been lauded for boosting economic development and living standards across the continent, bringing dynamism and new perspectives as well as enhancing Europe's geopolitical weight on the global stage. This economic development has been accompanied by dramatic improvements in life expectancy, gender equality and protection of the environment. ...
Egypt, Morocco, Tunisia: Economic indicators and trade with EU
This infographic provides insight into the economic performance of Egypt, Morocco, and Tunisia compared with the European Union (EU) and examines the trade dynamics between them. The growth rate for Morocco and Egypt, although decreasing from 2023, remains at 2.8 percent and 2.7 percent, respectively. The GDP growth rate of Tunisia and the EU is up compared to 2023, but still below 2 percent, standing at 1.6 percent and 1.1 percent, respectively. In the past two years, Egypt has experienced a rapid ...
Implementation of the reformed Stability and Growth Pact
The autumn 2024 (and winter 2025) fiscal surveillance has been marked by the first implementation cycle of the reformed EU economic governance framework. It has included the assessments and the adoption of the first set of national medium-term fiscal-structural plans (see Section 3 and Annex 1 and 2 of this briefing), the assessments of the 2025 Draft Budgetary Plans of euro area Member States (see Section 4), and Council recommendations to bring an end to their excessive deficit situations and ...
Benefit of an EU strategic innovation agenda - Cost of non Europe
For the European Union to compete globally while continuing to ensure progress in environmental, social and fundamental rights, more strategic and collective action is imperative. In a world where some leading global businesses have a market capitalisation of more than €3 trillion, an integrated economic, financial and fiscal policy framework is needed to encourage innovation and growth, including for successful SMEs. As the recent Letta and Draghi reports highlight, this requires clear political ...
Debt Sustainability Analysis Methodology in the EU's New Economic Governance Framework: An assessment
This paper discusses issues with using a DSA framework as a fiscal rule anchor. It introduces key concepts to guide the reader's understanding and highlights concerns about numerous assumptions that are inevitable in DSA calculation. The paper highlights structural issues, including asymmetry in how megatrends of aging, environmental change and a changing security and defence needs are incorporated into the framework.
Assessing the Debt Sustainability Analysis Methodology in the EU’s New Economic Governance Framework
This paper argues that the debt sustainability methodology in the EU new economic governance framework, while analytically sound, faces major implementation challenges. Primary among these is the reliance on a non-observable variable (the volatility of future debt-to-GDP ratios) that must be estimated based on ad hoc procedures that may affect significantly the required decline in the debt ratio after the end of the adjustment period and, hence, the primary surplus that a Member State needs to achieve ...
New EU regulation on preventing money laundering and terrorist financing
In 2021, the European Commission presented a package of legislative proposals in the area of anti money-laundering efforts and countering the financing of terrorism (AML/CFT). One of them, a proposal on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, became Regulation (EU) 2024/1624, adopted on 31 May 2024. Its detailed, directly applicable provisions will replace the minimum rules of the existing EU AML directives. Most provisions will ...
The new economic governance framework: Implications for monetary policy
Credible ECB monetary policy requires that the revised EU economic governance framework be tightly enforced from its start. Net primary expenditures as key control variable allow predictable monetary policy focused on stabilisation. However, widespread debt reduction pushing spending growth below potential GDP growth may prompt more accommodative ECB policy. Moreover, potentially cumulating changes in public spending-to-GDP ratios need close monitoring. Finally, the criteria for TPI may increase ...