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Research Briefing: European economic policy – A profile of the coordination mechanisms

May 2, 2012
Region:
Europe is adopting a new approach: economic policy coordination in the EU and the eurozone has undergone fundamental reform over the last two years. Now it is conducted via three pillars that address general economic policy, fiscal policy and macroeconomic imbalances. However, disruption is still caused by exemptions, conflicting objectives and time inconsistencies. The new rule book will only be able gain a good reputation going forward if it is applied rigorously. The pressure of the capital markets will remain a key driver of reform in this regard. [more]

More documents about "Europe"

175 (169-175)
June 22, 2009
Region:
Analyst:
169
Five years after the Ecofin Council reached agreement on the Savings Taxation Directive, the European Commission has submitted a proposal on its extension. The prevailing political climate for more cooperation and exchange of information between the States has improved significantly in recent months. A flurry of new bilateral agreements, initiatives at OECD level and further EU proposals for directives underscore the momentum that has gathered here. Negotiations on amendment of the Savings Taxation Directive will presumably not drag on again. [more]
May 12, 2009
Region:
170
On May 1, 2004 the European Union was enlarged by ten new Member States. Their political and economic integration brought growth in trade, economic output and employment – but also in economic connectivity and mutual interdependence. As a result, the global economic and financial crisis has triggered serious economic slumps in some of the new EU members. It is now time to take initial stock of integration and turn to consideration of the outstanding issues. [more]
July 23, 2008
Region:
172
The euro was launched with great expectations in 1999 and is a success story today. This is based on a high degree of price stability, the stimulation of trade and investment in Europe, good progress in financial market integration, and a growing international role played by the euro. But there have been disappointments, too, especially as far as growth and EMU enlargement are concerned. The monetary union faces major challenges as it enters its second decade. The distortion of competitive positions within EMU needs to be corrected. And the reformed stability pact still has to stand the test in conditions of weak growth. [more]
June 25, 2008
Region:
173
European banks have become considerably more international over the past few years, in terms of both the structure of their revenues and of their shareholders. In this context particular emphasis has been placed on strengthening the European business outside the home market, with the home market share in total revenues falling as a result – at the 20 largest European banks e.g. by 4 percentage points since 2001 to less than half. By contrast, as much as one-quarter of total revenues came from the rest of Europe in 2007 (2001: 18%). [more]
April 22, 2008
Region:
174
Recent market turmoil and its consequences will negatively impact the earnings of European banks for a considerable time. This reverses a long period of improvements in profitability and efficiency. But: the current environment should not distract from the trends that have favourably shaped the structure of the industry for the last 10 years and will continue to do so: consolidation, internationalisation, convergence and increasing specialisation. In this study, we consider to what extent these trends are going to further shape the banking sector in the foreseeable future. [more]
June 16, 2006
Region:
175
Neither theory nor empirical observations can justify an interventionist industrial policy. Under the euphemism of economic patriotism, a policy based mainly on protectionist measures and state support will ultimately harm the competitiveness of affected industries. Such an approach threatens the viability of the single European market. A more promising alternative would be an economic policy that offers growth-enhancing framework conditions to create an attractive environment for domestic firms and foreign investors alike. [more]
7.5.2