This archive contains all documents published by cep over the last few years:
cepAdhoc: Incisive comment on current EU policy issues
cepPolicyBrief: Concise reviews of EU proposals (Regulations, Directives, Green Papers, White Papers, Communications) – including an executive summary
cepInput: Impulse to current challenges of EU policies
cepStudy: Comprehensive examination of EU policy proposals affecting the economy
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.
The United Kingdom's creditworthiness is declining. This is the result of the latest cepDefault-Index 2017. The main reason for the decline is the population’s high propensity to consume: since 2012, the population of the United Kingdom has consumed more than the total available income. Moreover, the competitiveness of the British economy declined for years.
The turmoil threatening the very existence of the EU continues. Evidence for this is provided by the cepDefault-Index 2017. The cep authors point out that Greece in particular remains uncreditworthy and that there is no sign of any reversal in the trend. Apart from Greece; Italy, Latvia, Portugal, Slovenia and Cyprus indicate declining creditworthiness which has in addition become firmly established.