This paper discusses the fiscal policy implications of applying an alternative output gap methodology. The alternative methodology replaces the NAWRU by the structural unemployment rate (SUR) estimated by DG ECFIN in the calculation of potential GDP. The note studies how the use of this method...

Building on the vision set out in the Five Presidents' Report, the Commission presented its roadmap for deepening Europe's Economic and Monetary Union in December 2017. As a next step, in the Multiannual Financial Framework, the Commission is proposing a Reform Support Programme alongside a...

The European Commission's Communication sets out a vision of how certain budgetary functions that are essential for the euro area and the EU as a whole can be developed within the framework of the EU's public finances of today and tomorrow. In this Communication, the Commission presents some key...

The European Commission's Communication sets out a vision of how certain budgetary functions that are essential for the euro area and the EU as a whole can be developed within the framework of the EU's public finances of today and tomorrow. In this Communication, the Commission presents some key...

The Structural Reform Support Programme finances tailor-made technical support to Member States to help them with their reform plans. The support is available to all EU Member States, is demand-driven and requires no co-financing. The Structural Reform Support Programme is implemented by the...

As part of its Roadmap for deepening Europe's Economic and Monetary Union, the European Commission sets out how a future European Minister of Economy and Finance could play a role in the governance architecture of the EU and euro area. Specifically, the Communication details the possible key...

As announced in the Five Presidents' Report of June 2015 and President Juncker's 2017 State of the Union Address, the Commission proposes to build on the structure of the European Stability Mechanism to establish a European Monetary Fund anchored within the EU's legal framework. Under this...

The European Commission is presenting a Communication on new budgetary instruments for a stable euro area within the Union framework. The Communication outlines four specific functions that are essential for deepening Europe's Economic and Monetary Union and proposes concrete next steps for each...