Study – Euro Area fiscal policies and capacity in post-pandemic times – 02-07-2021

The Covid-19 pandemic has created huge challenges for policymakers in the whole world. These challenges have to do with both the short run and the long run. In addition, in the euro area, these challenges have dimensions that are peculiar to the fact that the euro area is a monetary union with one monetary authority and nineteen separate budgetary authorities. In this policy brief, the author provides some answer to two questions: • Which policy mix (national/supranational) supports smooth recovery, sustainability of public finances and resilience of the euro area? • Which EMU governance reforms should be prioritised so as to improve the functioning of the euro area?

Source : © European Union, 2021 – EP

Executive Vice-President Dombrovskis and Commissioner Gentiloni have been invited to the second Recovery and Resilience Dialogue under the Recovery and Resilience Facility Regulation. This briefing addresses the following subjects: the Recovery and Resilience Facility and its scrutiny; the state of play of adoption and assessment of the Recovery and Resilience plans; the European Parliament resolutions on the Recovery and Resilience Facility; the financing of national Recovery and Resilience plans and some data on the current economic situation and estimates on the impact of Facility.

Source : © European Union, 2021 – EP

This ‘Horizontal Substitute Impact Assessment of the European Commission’s New Pact on Migration and Asylum’ was requested by the European Parliament’s Committee on Civil Liberties, Justice and Home Affairs (LIBE). The impact assessment focuses on the main proposed changes implied by the European Commission’s New Pact, with a particular focus on the following four proposals: 1) Asylum and Migration Management Regulation (RAMM); 2) Crisis and Force Majeure Regulation; 3) Amended Asylum Procedure Regulation (APR); and 4) Screening Regulation. The horizontal substitute impact assessment critically assesses the ‘system’ and underlying logic of the proposed New Pact with the aim to analyse how the four Commission proposals would work and interact in practice. The impact assessment also assesses whether and to what extent the proposed New Pact addresses the identified shortcomings and implementational problems of the current EU asylum and migration law and policy. Moreover, the impact assessment identifies and assesses the expected impacts on fundamental rights, as well as economic, social and territorial impacts of the proposed New Pact.

Source : © European Union, 2021 – EP

Draft Amending Budget No 3/2021 (DAB 3/2021) to the European Union’s 2021 general budget aims to enter as revenue in the 2021 budget the surplus resulting from the implementation of the 2020 budget. The 2020 surplus totals almost €1.77 billion (as compared to €3.2 billion in 2019, €1.8 billion in 2018 and €0.56 billion in 2017). It consists mostly of higher than expected revenues, plus under-spending on the expenditure side. Inclusion of the surplus will reduce the gross national income (GNI) contributions of the EU Member States to the 2021 budget accordingly. The European Parliament is expected to vote on the Council position on DAB 3/2021 during its July plenary session.

Source : © European Union, 2021 – EP