This archive contains all documents published by cep over the last few years:
cepAdhoc: Incisive comment on current EU policy issues.
cepPolicyBrief: Concise 4-page reviews of EU proposals (Regulations, Directives, Green Papers, White Papers, Communications) – including a brief summary and economic and legal assessments.
cepInput: Impulse to current discussions of EU policies.
cepStudy: Comprehensive examination of EU policy proposals affecting the economy.
The euro zone currently finds itself in an existential crisis. The increasingly dramatic rescue measures that have been taken to save over-indebted euro states from insolvency have failed, without exception, to calm the situation. There are growing concerns about further countries being swept aside with it. Therefore, the cep has developed a fact-based Default Index reflecting the erosion of creditworthiness in euro zone member states.
The Commission’s first Annual Growth Survey marks the start of the first “European semester”. The “European semester” is an ex-ante policy coordination procedure between the 27 Member States. Consequently, the Survey contains recommendations for future economic policy and fiscal measures in Member States. The implementation of these measures is to support economic recovery as well as achieving the targets of the “Europe 2020” strategy.
Forgoing “major spending programmes“ and focussing on the establishment of efficient framework conditions is reasonable from an ordoliberal standpoint. However, they should apply equally to all companies. Therefore, the Commission should forgo sector-specific measures; they bear the potential for competitive distortion.
The current Euro crisis is mainly rooted in the Member States excessive public debts. Consequently, settling the problem of debt should be at the heart of crisis management. To this end, the Commission published a reform package on 29 September. It encompasses amendments to the Stability and Growth Pact and, at the same time, a macroeconomic surveillance flanking the Pact. Thus the Commission wishes to ensure that, in future, the Stability and Growth Pact will be applied in a more efficient, sharper and more thorough manner.
The EU is to be entitled to monitor and avoid “macroeconomic imbalances” in and between Member States. Furthermore, it is to be entitled to carry out a “thematic surveillance“ in order to ensure that Member States comply with the “Europe 2020 targets”. A reform of the Stability and Growth Pact is to safeguard that Member States consolidate their state budgets sufficiently. In addition, the EU is to be entitled to coordinate the economic policies in Member States. To this end, a “European Semester” is to be established.
Within the framework of the Europe 2020 strategy, Member States agreed to improve there coordination of their economic policies. To this end, the Commission recommends to the Member States guidelines to harmonise their economic policies. In shaping their economic and fiscal policies and in developing national reform programmes, Member States should act in line with these guidelines.
Member States have agreed to improve the coordination of their employment policies, in the scope of the Europe 2020 strategy. To this end, the Commission presented to the Council guidelines for employment policies outlining the direction which educational, labour and social policies of Member States should take. The headline targets of the guidelines are identical to those proposed to the European Council within the context of the Europe 2020 strategy.