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.
As part of a Reform Support Programme, the Commission plans to make available around € 22 billion to EU Member States for structural reforms. For this purpose, the EU Commission has proposed a Regulation.
Greece is still not creditworthy. The country has received €289 billion in financial assistance for eight years, but there is still a long way to go to regain its creditworthiness. This is the result of the updated cepDefault-Index on the occasion of the expiry of the third EU adjustment programme for Athens on 20 August.
The EU Commission wants to support structural reforms in the Member States in order to strengthen their macroeconomic resilience in the event of crises. The Commission intends to stabilise the euro area and to support euro-area candidate countries with introduction of the euro. For this purpose, a realignment and an increase in funds for the “Structural Reform Support Programme” is proposed.
The EU Commission wants to introduce a “reform delivery tool” to provide financial support for structural reforms in the Member States and test it in a pilot phase. In cep’s view, financial support by way of the reform delivery tool may facilitate necessary structural reforms and thereby improve the stability of the eurozone.
With the creation of an EU Finance Minister, the European Commission wants to improve coordination of economic policy in the EU. With this aim, he will combine three offices into one - EU Commissioner for Economic and Monetary Union, Chair of the Eurogroup and Chair of the Board of Governors of the European Monetary Fund.
The EU Commission wants to use a "stabilisation function" to protect Member States, and particularly eurozone countries, from the consequences of an economic shock. For this purpose, it has submitted a Communication which has been taken up by the German grand coalition. Although the stabilisation function reduces the risk of a state having to apply for financial aid, cep nevertheless takes a critical view of the idea.
As the cepDefault-Index shows, the trends in creditworthiness over the last year have varied between the eurozone countries. Thus the ability to repay debts of two-thirds of eurozone countries (including Germany) is steadily increasing whilst in others it has been falling continuously or is already lost.
The creditworthiness of Greece and Portugal continues to decline. This is the conclusion reached by cep, which has just updated its Default-Index for these two countries. In the case of Greece, the three rescue packages undertaken since 2010 have, in cep’s view, done nothing to change this. Sooner or later, Greece will therefore need a fourth rescue package.