Reconsidering Disaster
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Introduction to the Fiscal Framework of the EU
Introduction to the fiscal framework of the EU The Maastricht Treaty, the Treaty on Stability, Coordination and Governance, and the Stability and Growth Pact STUDY EPRS | European Parliamentary Research Service Author: Angelos Delivorias Members' Research Service PE 679.085 – February 2021 EN Introduction to the fiscal framework of the EU The Maastricht Treaty, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, and the Stability and Growth Pact Almost 30 years ago, the Maastricht Treaty laid the basis for economic and monetary union (EMU). Its fiscal provisions have been further developed by subsequent primary and secondary legislation – in particular, the Stability and Growth Pact with its preventive and corrective arms, and the Treaty on Stability, Coordination and Governance in EMU. These instruments together constitute the fiscal framework of the European Union. In early 2020, the European Commission launched a review of the EU's economic governance, seeking in particular to establish how effective the surveillance provisions have been in achieving their objectives. This paper aims to provide an introduction to the Union's economic governance, starting from a brief overview of the economic literature, and concluding with a look at possible developments that might follow from the review, not least examining the various calls for its amendment that have been put on the table. While the Commission's review has been put to one side while the immediate issues of the coronavirus pandemic are addressed, the economic consequences of the pandemic are themselves changing the context for the review. EPRS | European Parliamentary Research Service AUTHOR Angelos Delivorias, Members' Research Service This paper has been drawn up by the Members' Research Service within the Directorate-General for Parliamentary Research Services (EPRS) of the Secretariat of the European Parliament. -
ANTONY FISHER Champion of Liberty
ANTONY FISHER Champion of Liberty Gerald Frost First published in Great Britain in 2002 by Profile Books Ltd. Copyright: Gerald Frost Condensed in 2008 by David Moller Copyright: Institute of Economic Affairs. Additional material on Dorian Fisher supplied by Linda Whetstone and on the Atlas Economic Research Foundation by John Blundell and Colleen Dyble. 1 Introduction When Antony Fisher died in San Francisco on July 9, 1988, aged 73, four weeks after being knighted in the Queen’s birthday honours list, the world was largely unaware of him or his influence. He was not listed in Who’s Who. He was not well known to the British or American media. He had never held major elected office. Although he had made – and lost – a considerable fortune he relied during his latter years on the financial support of a rich and devoted second wife. The belated knighthood, which fitted the tall, sparse, handsome Englishman like a glove, was almost the sole public recognition he received during his lifetime, and this did not come until he was terminally ill. Only two politicians, Enoch Powell and Keith Joseph, attended his memorial service. That, however, would probably have been more a matter of satisfaction than of regret, since throughout his life the former businessman and decorated World War II pilot displayed an ill-concealed contempt for the generality of politicians. He believed that their capacity for harm far outweighed their ability to do good. Among MPs generally, probably only a handful were aware of Fisher’s remarkable influence. Yet in founding the Institute of Economic Affairs, the London-based free-market think tank, he had played a crucial role in helping to reverse economic trends that many had judged to be irreversible, thereby changing the direction of British post-war politics. -
The European Union in Transition: the Treaty of Nice in Effect; Enlargement in Sight; a Constitution in Doubt
Fordham International Law Journal Volume 27, Issue 2 2003 Article 1 The European Union in Transition: The Treaty of Nice in Effect; Enlargement in Sight; A Constitution in Doubt Roger J. Goebel∗ ∗ Copyright c 2003 by the authors. Fordham International Law Journal is produced by The Berke- ley Electronic Press (bepress). http://ir.lawnet.fordham.edu/ilj The European Union in Transition: The Treaty of Nice in Effect; Enlargement in Sight; A Constitution in Doubt Roger J. Goebel Abstract This Article is intended to provide an overview of this transitional moment in the history of the European Union. Initially, the Article will briefly review the background of the Treaty of Nice, and the institutional structure modifications for which it provides, which paves the way for enlargement. Next it will describe the final stages of the enlargement process. Finally, the Article will set out the principal institutional innovations and certain other key aspects of the draft Constitution, the most important issues concerning them, and the current impasse. THE EUROPEAN UNION IN TRANSITION: THE TREATY OF NICE IN EFFECT; ENLARGEMENT IN SIGHT; A CONSTITUTION IN DOUBT Rogerj Goebel* INTRODUCTION Once again the European Union' (the "EU" or the "Union") is in a stage of radical evolution. Since the early 1990's, the EU has anticipated an extraordinary increase in its constituent Member States2 through the absorption of a large number of Central European and Mediterranean nations. Since the late 1990's, the Union has been negotiating the precise terms for their entry with a dozen applicant nations and has been providing cooperative assistance to them to prepare for their accession to the Union and in particular, its principal con- stituent part, the European Community.3 As this enlargement of the Union came more clearly in sight, the political leadership and the present Member States, joined by the Commission, con- * Professor and Director of the Center on European Union Law, Fordham Univer- sity School of Law. -
THE GREEN BOOK Appraisal and Evaluation in Central Government
THE GREEN BOOK Appraisal and Evaluation in Central Government Treasury Guidance LONDON:TSO CONTENTS Page Page Contents iv Annex 1 Government intervention 51 Introduction 51 Preface v Economic efficiency 51 Chapter 1 Introduction and background 1 Equity 52 Introduction 1 Additionality 52 When to use the Green Book 2 Regeneration 54 Chapter 2 Overview of appraisal and Annex 2 Valuing non-market impacts 57 evaluation 3 Introduction 57 Introduction 3 Valuing non-market impacts 57 The appraisal and evaluation cycle 3 Current research/plausible estimates 59 The role of appraisal 3 Valuing environmental impacts 63 Process for appraisal and evaluation 4 Annex 3 Land and buildings 69 Presenting the results 6 Introduction 69 Managing appraisals and evaluations 7 Acquisition and use of property 69 Frameworks 8 Leases and rents 71 Issues relevant to appraisal and evaluation 9 Disposal of property 72 Chapter 3 Justifying action 11 Cost effective land use 72 Introduction 11 Annex 4 Risk and uncertainty 79 Reasons for government intervention 11 Introduction 79 Carrying out research 11 Risk management 79 Chapter 4 Setting objectives 13 Transferring risk 82 Introduction 13 Optimism bias 85 Objectives, outcomes, outputs and targets 13 Monte Carlo analysis 87 Irreversible risk 88 Chapter 5 Appraising the options 17 The cost of variability in outcomes 88 Introduction 17 Creating options 17 Annex 5 Distributional impacts 91 Valuing the costs and benefits of options 19 Introduction 91 Adjustments to values of costs and benefits 24 Distributional analysis 91 -
The Future of Europe the Eurozone and the Next Recession Content
April 2019 Chief Investment Office GWM Investment Research The future of Europe The Eurozone and the next recession Content 03 Editorial Publication details This report has been prepared by UBS AG and UBS Switzerland AG. Chapter 1: Business cycle Please see important disclaimer and 05 Cyclical position disclosures at the end of the document. 08 Imbalances This report was published on April 9 2019 10 Emerging markets Authors Ricardo Garcia (Editor in chief) Chapter 2: Policy space Jens Anderson Michael Bolliger 14 Institutional framework Kiran Ganesh Matteo Ramenghi 16 Fiscal space Roberto Scholtes Fabio Trussardi 19 Monetary space Dean Turner Thomas Veraguth Thomas Wacker Chapter 3: Impact Contributors Paul Donovan 23 Bond markets Elisabetta Ferrara Tom Flury 26 Banks Bert Jansen Claudia Panseri 29 Euro Achim Peijan Louis Pfau Giovanni Staunovo Themis Themistocleous Appendix Desktop Publishing 32 The evolution of the EU: A timeline Margrit Oppliger 33 Europe in numbers Cover photo 34 2020–2025 stress-test scenario assumptions Gettyimages Printer Neidhart + Schön, Zurich Languages English, German and Italian Contact [email protected] Order or subscribe UBS clients can subscribe to the print version of The future of Europe via their client advisor or the Printed & Branded Products Mailbox: [email protected] Electronic subscription is also available via the Investment Views on the UBS e-banking platform. 2 April 2019 – The future of Europe Editorial “Whatever it takes.” These words of Mario Draghi’s marked the inflection point in the last recession and paved the way to the present economic recovery. But as the euro celebrates its 20th birthday, the world and investors are beset again by recessionary fears, with risks mounting and likely to continue doing so in the coming years. -
Anatomy of a Crisis
Page 7 Chapter 2 Munich: Anatomy of A Crisis eptember 28, 1938, “Black Wednesday,” dawned on a frightened Europe. Since the spring Adolf Hitler had spoken often about the Sudetenland, the western part of Czechoslovakia. Many of the 3 Smillion German-speaking people who lived there had complained that they were being badly mistreated by the Czechs and Slovaks. Cooperating closely with Sudeten Nazis, Hitler at first simply demanded that the Czechs give the German-speakers within their borders self-government. Then, he upped the ante. If the Czechs did not hand the Sudetenland to him by October 1, 1938, he would order his well-armed and trained soldiers to attack Czechoslovakia, destroy its army, and seize the Sudetenland. The Strategic Location of the Sudetenland Germany’s demand quickly reverberated throughout the European continent. Many countries, tied down by various commitments and alliances, pondered whether—and how—to respond to Hitler’s latest threat. France had signed a treaty to defend the Czechs and Britain had a treaty with France; the USSR had promised to defend Czechoslovakia against a German attack. Britain, in particular, found itself in an awkward position. To back the French and their Czech allies would almost guarantee the outbreak of an unpredictable and potentially ruinous continental war; yet to refrain from confronting Hitler over the Sudetenland would mean victory for the Germans. In an effort to avert the frightening possibilities, a group of European leaders converged at Munich Background to the Crisis The clash between Germany and Czechoslovakia over the Sudetenland had its origins in the Versailles Treaty of 1919. -
Emu and the Adjustment to Asymmetric Shocks the Case of Italy 1
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics WORKING PAPER SERIES NO 1128 / DECEMBER 2009 EMU AND THE ADJUSTMENT TO ASYMMETRIC SHOCK S THE CASE OF ITALY by Gianni Amisano Nicola Giammarioli and Livio Stracca WORKING PAPER SERIES NO 1128 / DECEMBER 2009 EMU AND THE ADJUSTMENT TO ASYMMETRIC SHOCKS THE CASE OF ITALY 1 by Gianni Amisano 2, Nicola Giammarioli 3 and Livio Stracca 4 In 2009 all ECB publications This paper can be downloaded without charge from feature a motif http://www.ecb.europa.eu or from the Social Science Research Network taken from the €200 banknote. electronic library at http://ssrn.com/abstract_id=1517107. 1 We thank an anonymous referee and participants in the 50th meeting of the Italian Economic Association. The views expressed herein are those of the authors and should not be attributed to the IMF and the ECB, their Executive Board or management. 2 European Central Bank, DG Research, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany; e-mail: [email protected] 3 International Monetary Fund, 700 19th Street, N. W., Washington, D. C. 20431, United States; e-mail: [email protected] 4 Corresponding author: European Central Bank, DG International and European Relations, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany; e-mail: [email protected] © European Central Bank, 2009 Address Kaiserstrasse 29 60311 Frankfurt am Main, Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main, Germany Telephone +49 69 1344 0 Website http://www.ecb.europa.eu Fax +49 69 1344 6000 All rights reserved. -
HM Revenues and Customs (148KB Pdf)
FINANCE COMMITTEE CALL FOR EVIDENCE ON THE LAND AND BUILDINGS TRANSACTION TAX (SCOTLAND) BILL SUBMISSION FROM HM REVENUE & CUSTOMS 1. This submission is in response to the Committee’s invitation of 25 January 2013 to submit written evidence on the following specific issues: The transitional arrangements being made by HMRC with regards the operation of Stamp Duty Land Tax (SDLT) and the switch over in Scotland to Land and Buildings Transactions Tax (LBTT); Liaison with Scottish Government (SG), Registers of Scotland (RoS) and Revenue Scotland over these arrangements; Costs associated with this ‘switch over’; and Outline of the present relationship with RoS in gathering SDLT in Scotland. 2. HMRC is responsible for the collection and management of UK taxes (other than those collected by local authorities). As such, it is responsible for SDLT, which currently applies to land transactions in the United Kingdom. Under provisions of the Scotland Act 2012, SDLT will be “switched off” in Scotland and replaced by a devolved tax, the LBTT. This is expected to apply from April 2015. The transitional arrangements being made by HMRC with regards the operation of SDLT and the switch over in Scotland to LBTT 3. Section 80J(2) of the Scotland Act 1998 (inserted by section 28 of the Scotland Act 2012) has the effect that LBTT cannot be charged on a land transaction if SDLT applies to it. Broadly this means that, if the effective date of a Scottish transaction (for SDLT purposes) is before the date on which SDLT is switched off in Scotland (the switch-off date) it will be subject to SDLT and if that date is on or after the switch-off date it will be subject to LBTT. -
The Economic and Monetary Union: Past, Present and Future
CASE Reports The Economic and Monetary Union: Past, Present and Future Marek Dabrowski No. 497 (2019) This article is based on a policy contribution prepared for the Committee on Economic and Monetary Affairs of the European Parliament (ECON) as an input for the Monetary Dialogue of 28 January 2019 between ECON and the President of the ECB (http://www.europarl.europa.eu/committees/en/econ/monetary-dialogue.html). Copyright remains with the European Parliament at all times. “CASE Reports” is a continuation of “CASE Network Studies & Analyses” series. Keywords: European Union, Economic and Monetary Union, common currency area, monetary policy, fiscal policy JEL codes: E58, E62, E63, F33, F45, H62, H63 © CASE – Center for Social and Economic Research, Warsaw, 2019 DTP: Tandem Studio EAN: 9788371786808 Publisher: CASE – Center for Social and Economic Research al. Jana Pawła II 61, office 212, 01-031 Warsaw, Poland tel.: (+48) 22 206 29 00, fax: (+48) 22 206 29 01 e-mail: [email protected] http://www.case-researc.eu Contents List of Figures 4 List of Tables 5 List of Abbreviations 6 Author 7 Abstract 8 Executive Summary 9 1. Introduction 11 2. History of the common currency project and its implementation 13 2.1. Historical and theoretic background 13 2.2. From the Werner Report to the Maastricht Treaty (1969–1992) 15 2.3. Preparation phase (1993–1998) 16 2.4. The first decade (1999–2008) 17 2.5. The second decade (2009–2018) 19 3. EA performance in its first twenty years 22 3.1. Inflation, exchange rate and the share in global official reserves 22 3.2. -
Learning and Change in Twentieth-Century British Economic Policy* By
Center for European Studies Working Paper No. 109 Learning and Change in Twentieth-Century British Economic Policy* by Michael J. Oliver Hugh Pemberton Bates College London School of Economics Dept. of Economics and Political Science Pettengill Hall, Room 271 Houghton Street Lewiston, ME 04240-6028 London UK e-mail: [email protected] WC2A 2AE e-mail: [email protected] ABSTRACT Despite considerable interest in the means by which policy learning occurs, and in how it is that the framework of policy may be subject to radical change, the “black box” of economic policymaking remains surprisingly murky. This article utilizes Peter Hall’s concept of “social learning” to develop a more sophisti- cated model of policy learning; one in which paradigm failure does not necessarily lead to wholesale paradigm replacement, and in which an administrative battle of ideas may be just as important a determinant of paradigm change as a political struggle. It then applies this model in a survey of UK economic policymaking since the 1930s: examining the shift to “Keynesianism” during the 1930s and 1940s; the substantial revision of this framework in the 1960s; the collapse of the “Keynesian-plus” framework in the 1970s; and the major revisions to the new “neo-liberal” policy framework in the 1980s and 1990s. *The authors would like to thank Mark Blyth, Alan Booth, Francesco Duina, Mark Garnett, Ian Greener, Peter Hall, Rodney Lowe, Roger Middleton, Peter Wardley, and Mark Wickham-Jones for their advice and for their constructive criticisms during the development of this article. They are also indebted to participants at the 2001 European Association for Evolutionary Political Economy Conference, and have welcomed the opportunity to present the arguments developed in this paper to seminars held at Bates College, Colby College, Denison University, Harvard University and the University of Bristol. -
Statement by Chief Minister Re Meeting with HM Treasury
STATEMENTS ON A MATTER OF OFFICIAL RESPONSIBILITY The Bailiff: Very well, we now come to statements. The first statement of which I have notice is a statement to be made by the Chief Minister regarding a meeting with Her Majesty’s Treasury on 27th November. 6. Statement by Chief Minister regarding a meeting with H.M. Treasury on 27th November 2008. 6.1 Senator F.H. Walker (The Chief Minister): Members will be aware that in his pre-budget report delivered last week the U.K. Chancellor of the Exchequer announced a review of the long term opportunities and challenges facing the Crown Dependencies and Overseas Territories as financial centres which have been brought into focus by recent financial and economic events. We in Jersey have, of course, been here before with the Edwards Review in 1998. However, to some extent this time it is different. We are now experienced in the review process. We have already been fully reviewed by the I.M.F. in 2003 and at that time were found to be almost fully compliant with the then international standards of regulation. More recently we have engaged with a review of the Treasury Select Committee in their work on offshore centres. Even more recently we have just concluded a further review by I.M.F. teams looking into our compliance firstly with international standards of anti-money laundering and countering the financing of terrorism; and secondly with prudential regulation under an I.M.F. review which includes matters of financial stability. We await their reports in due course. -
'The Birth of the Euro' from <I>EUROPE</I> (December 2001
'The birth of the euro' from EUROPE (December 2001-January 2002) Caption: On the eve of the entry into circulation of euro notes and coins on January 1, 2002, the author of the article relates the history of the single currency's birth. Source: EUROPE. Magazine of the European Union. Dir. of publ. Hélin, Willy ; REditor Guttman, Robert J. December 2001/January 2002, No 412. Washington DC: Delegation of the European Commission to the United States. ISSN 0191- 4545. Copyright: (c) EUROPE Magazine, all rights reserved The magazine encourages reproduction of its contents, but any such reproduction without permission is prohibited. URL: http://www.cvce.eu/obj/the_birth_of_the_euro_from_europe_december_2001_january_2002-en-fe85d070-dd8b- 4985-bb6f-d64a39f653ba.html Publication date: 01/10/2012 1 / 5 01/10/2012 The birth of the euro By Lionel Barber On January 1, 2002, more than 300 million European citizens will see the euro turn from a virtual currency into reality. The entry into circulation of euro notes and coins means that European Monetary Union (EMU), a project devised by Europe’s political elite over more than a generation, has finally come down to the street. The psychological and economic consequences of the launch of Europe’s single currency will be far- reaching. It will mark the final break from national currencies, promising a cultural revolution built on stable prices, enduring fiscal discipline, and lower interest rates. The origins of the euro go back to the late 1960s, when the Europeans were searching for a response to the upheaval in the Bretton Woods system, in which the US dollar was the dominant currency.