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The main objective of the commonly agreed fiscal rules is to avert negative cross-border effects of national fiscal policies and to secure a smooth functioning of the Economic and Monetary Union. The European Fiscal Board also issues advice on the general orientation of fiscal policy in the eurozone. In 2020, the European Fiscal Board supported ...
BRUSSELS (Reuters) -European Union finance ministers agreed on Wednesday changes to the EU's fiscal rules updating them to the post-pandemic realities of high public debt and the need for massive ...
The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union; also referred to as TSCG, or more plainly the Fiscal Stability Treaty [3] [4] [5] is an intergovernmental treaty introduced as a new stricter version of the Stability and Growth Pact, signed on 2 March 2012 by all member states of the European Union (EU), except the Czech Republic and the United Kingdom. [1]
Tax policy refers to the guidelines and principles established by a government for the imposition and collection of taxes. It encompasses both microeconomic and macroeconomic aspects, with the former focusing on issues of fairness and efficiency in tax collection, and the latter focusing on the overall quantity of taxes to be collected and its ...
The European Union uses a range of legal instruments to implement policy, varied across two major decision-making processes co-decision and cooperation procedure. Green Paper [ edit ]
All EU member states are automatically members of both the EMU and the SGP, as this is defined by paragraphs in the EU Treaty itself. The fiscal discipline is ensured by the SGP by requiring each Member State, to implement a fiscal policy aiming for the country to stay within the limits on government deficit (3% of GDP) and debt (60% of GDP ...
The European Semester of the European Union was established in 2010 as an annual cycle of economic and fiscal policy coordination. It provides a central framework of processes within the EU socio-economic governance. [1]
"Establish a well-defined and limited fiscal capacity to improve the absorption of country-specific economic shocks, through an insurance system set up at the central level." Such fiscal capacity would reinforce the resilience of the eurozone, and is envisaged to be complementary to the "contractual arrangements" created in stage 2.