Download or read book EU s Next Long term Budget NextgenerationEU written by and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: On 10 November 2020, the European Parliament and EU Member States in the Council, with the support of the European Commission, reached an agreement on the largest package ever financed through the EU budget, of €1.8 trillion. Following the coronavirus crisis and its consequences, the package will help rebuild a greener, more digital and more resilient Europe, which is better fit for current and forthcoming challenges.

Download or read book The EU s 2021 2027 Long term Budget NextGenerationEU written by and published by . This book was released on 2021 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2020, the EU provided an unprecedented response to the coronavirus crisis that hit Europe and the world. At its heart is a stimulus package worth EUR 2.018 trillion in current prices (EUR 1.8 trillion in 2018 prices). It consists of the EU's long-term budget for 2021 to 2027 of EUR 1.211 trillion (EUR 1.074 trillion in 2018 prices), topped up by EUR 806.9 billion (EUR 750 billion in 2018 prices) through NextGenerationEU, a temporary instrument to power the recovery. The EU sets the limits of its spending in the multiannual financial framework , the EU's long-term budget for the next 7 years. In this way, the EU secures the resources for its political priorities, like digitalisation and green deal. The budget also ensures room for flexibility, thus enabling the EU to respond to unforeseen circumstances. The 2021-2027 long-term budget, or the multiannual financial framework (MFF) of EUR 1.211 trillion, will seek to support the recovery while investing in the EU's regions, farmers, companies, researchers, students, citizens in general as well as our neighbouring countries.

Download or read book Facts and Figures written by and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Long term Forecast of Future Inflows and Outflows of the EU Budget 2021 2027 written by and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides projections for the inflows and outflows of the EU budget over the period 2021-2027. It is the first report on the long-term forecast issued after the adoption of the Multiannual Financial Framework (MFF) 2021-2027 and NextGenerationEU. The EU's long-term budget (the MFF), coupled with NextGenerationEU, will be the largest stimulus package ever financed in Europe amounting to a total of EUR 1.8 trillion (in 2018 prices). NextGenerationEU, an exceptional and temporary instrument, is designed to boost the recovery from the economic, social and health crisis caused by the COVID-19 pandemic. The MFF reflects the priorities of the Union for 2021-2027, underpinning the green and digital transitions to make the European economy fairer, more resilient and more sustainable for future generations. The report is issued in accordance with the requirements of Article 247(1)(c) of the Financial Regulation. In line with point 8 of the Interinstitutional Agreement and to allow for a comprehensive view of the revenue inflows and the expenditure outflows under the ceilings of the new MFF for its entire duration, the forecast exceptionally spans over seven years - from 2021 to 2027. Moreover, the report includes as a novel element the projected payments on all programmes benefitting from NextGenerationEU. This expenditure is additional to the spending under the MFF, and will be financed exclusively by revenue proceeds from borrowing operations on the capital markets (constituting external assigned revenue).

Download or read book NextGenerationEU written by and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2020, the EU provided an unprecedented response to the coronavirus crisis that hit Europe and the world. At its heart is a stimulus package worth over €2.0 trillion. It consists of the European Union's long-term budget for 2021 to 2027 of over €1.2 trillion, topped up by over €800 through NextGenerationEU, a temporary instrument to power the recovery.

Download or read book Long term Forecast of Future Inflows and Outflows of the EU Budget 2023 2027 written by and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides projections for the inflows and outflows of the EU budget over the period 2023-2027. It is the second edition of the long-term forecast for revenue and expenditure stemming of the Multiannual Financial Framework (MFF) 2021-2027 and NextGenerationEU, updating the estimates presented in the June 2021 report. The forecast covers the next five years, in accordance with Article 247(1)(c) of the Financial Regulation. The period largely overlaps with last year's report, which exceptionally spanned over seven years from 2021 to 2027 to provide a comprehensive overview of the expected revenue inflows and the expenditure outflows under the ceilings of the then newly adopted MFF. Along with the MFF estimates, this forecast updates the projections of payments on all programmes under NextGenerationEU. This expenditure, additional to the spending under the MFF, is financed exclusively by revenue proceeds from borrowing operations on the capital markets. Payments from the EU budget follow commitments. The estimates in this report are based on the commitments of the financial programming accompanying the Draft Budget 2023. These include the adjustment of the MFF for the late adoption of rules and programmes under shared management under Article 7 of the MFF Regulation, the programme-specific adjustments under Article 5 of the MFF Regulation as well as re-use of de-commitments under Article 15(3) of the Financial Regulation. As regards revenue, the forecast is based on the revenue system of the Own Resources Decision. The revenue projections also consider the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community (the 'Withdrawal Agreement').

Download or read book The Nonsense of Next Generation EU Net Balance Calculations written by Zsolt M. Darvas and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The estimation of payments from the European Union's COVID-19 economic recovery fund, Next Generation EU (NGEU), to each EU country in 2021-2026 involves uncertainties, yet the overall magnitudes can be estimated with a reasonable degree of precision. In contrast, estimating member states' contributions to the repayment of EU debt (which will be issued to finance NGEU spending) is burdened with enormous difficulties, primarily related to the uncertainty of gross national income projections up to 2058. Some numerical scenarios can be put forward to illustrate the difficulties in estimating the amounts of such future contributions. Proposals to introduce new direct revenues to the EU budget ("own resources") are welcome because of their positive externalities, such as reducing harmful emissions or levelling the playing field in the single market. But ultimately, new revenue sources for the EU budget imply that such revenues will not accrue to national budgets. The EU's traditional way of calculating net balances in relation to the EU budget disregards the economic impact of the EU budget. This is a drawback for the standard seven-year EU budget, but especially problematic for NGEU, which is a temporary instrument. A proper analysis should compare the scenario in which there is no NGEU with the NGEU scenario, in which increased incomes arising from NGEU should also be considered in addition to direct cash flows between the EU budget and member states. Assessing the economic impact of NGEU is very difficult, while the European Commission's impact assessment seems greatly exaggerated. Even one-half of the estimated impact of the Commission's "low additionality" scenario would make all EU member states net financial beneficiaries of NGEU. Instead of concentrating on net balances, NGEU should help to focus more on effective, efficient and fair ways of spending EU money and the long-term benefits countries can derive from it.

Download or read book Long term Forecast of Future Inflows and Outflows of the EU Budget 2024 2028 written by and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report projects the inflows and outflows of the EU budget for the next five years in accordance with Article 247(1)(c) of the Financial Regulationi. This third edition forecast the revenue and expenditure iii stemming from the Multiannual Financial Framework (MFF) 2021-2027 and NextGenerationEU over the period 2024-2028v . Payments from the EU budget follow commitments. The estimates for payments presented in this report are based on the commitment appropriations included in the financial programming accompanying the Draft Budget 2024 (DB 2024)vi, which incorporates the programme-specific adjustments under Article 5 of the MFF Regulation as well as re-use of decommitments under Article 15(3) of the Financial Regulation. As regards revenue, the forecast is based on the revenue system of the Own Resources Decisionix. The revenue projections also consider the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community ('Withdrawal Agreement'). Together with the MFF estimates, this forecast projects payments on all programmes under NextGenerationEU. This expenditure, additional to the spending under the MFF, is financed by revenue proceeds from borrowing operations on the capital markets. This forecast estimates the outstanding payments resulting from commitments made in programmes from the MFF 2021-2027 and earlier, while payments related to post-2027 MFF programmes are outside of the scope of this forecast. The report does not project scenarios for the financing costs of NextGenerationEU and considers the amounts as per financial programming.

Download or read book Fiscal Policy after the Financial Crisis written by Alberto Alesina and published by University of Chicago Press. This book was released on 2013-06-25 with total page 596 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issues like tax rates and government spending. At the heart of the debate are fiscal multipliers, whose size and sensitivity determine the power of such policies to influence economic growth. Fiscal Policy after the Financial Crisis focuses on the effects of fiscal stimuli and increased government spending, with contributions that consider the measurement of the multiplier effect and its size. In the face of uncertainty over the sustainability of recent economic policies, further contributions to this volume discuss the merits of alternate means of debt reduction through decreased government spending or increased taxes. A final section examines how the short-term political forces driving fiscal policy might be balanced with aspects of the long-term planning governing monetary policy. A direct intervention in timely debates, Fiscal Policy after the Financial Crisis offers invaluable insights about various responses to the recent financial crisis.

Download or read book EU Budget for the Future written by and published by . This book was released on 2018 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: The next long-term budget, starting on 1 January 2021, will be the first for the European Union of 27. This is a pivotal moment for the EU. A time when the Union is ready to back up its words with actions. The Commission proposes a new, modern and focused long-term budget, tightly geared to the political priorities - bringing to life the positive agenda set out by President Juncker in the State of the Union Address on 14 September 2016 and agreed by the leaders of the 27 Member States in Bratislava on 16 September 2016 and in the Rome Declaration of 25 March 2017. The proposed budget combines new instruments with modernised programmes to deliver efficiently on the European Union’s priorities and to rise to new challenges.

Download or read book The new European Budgetary Order written by Robin Degron and published by Bruylant. This book was released on 2018-09-28 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Sovereign debt crisis pushed the EU to take a new step to the common financial rules. After some years of ‘soft budgetary carefreeness’, the European Budgetary Treaty boosted the movement of budgetary convergence in the EU. The ‘Six Pack’ and the ‘Two Pack’ consolidated the effectiveness of a new European budgetary order founded by the Maastricht Treaty and the Stability and Growth Pact. Even if mechanisms adopted by the Member States are formally different in law, conditions of European budgetary orthodoxy have been definitively hardened. This new rigor has a great impact on all the public administrations, as defined by the European Accounts System and Eurostat. The EU is a key-player of the budgetary game. This great power makes the EU accountable to the general economic situation within Europe and amongst all Member States. Budgetary regulation must be conciliated with preservation of some investment means to develop potential growth on the continent. ‘Giant in law’, the EU has to be responsible from an economic point of view. The problem is that, from a budgetary standpoint, the EU remains a ‘dwarf’. The European general budget is about 1% of the EU gross national income. The budgetary power of the EU is less than one twentieth of the USA federal financial power. Balance between ‘budgetary dwarf ’ and ‘giant in law’ is characteristic of ‘adolescence’ of the EU finances. Natural consequence of this situation, the EU capacities for redistributing and stabilization are still relatively limited. To overtake this powerlessness, the EU has used no budgetary tools by appealing to the European Investment Bank and the European Investment Fund. However, the ability of the EU to support public investment is not sufficient today to promote an authentic economic relaunching policy and to support the global competition, especially with the USA and China. With a ‘powerful brake’ and a ‘poor accelerator’, the risk is the European public investments continue to stand by. This is the investment paradox of the European budgetary order. Will the next negotiation on the multiyear financial framework post 2020 be able to change the point ? It is not sure, especially in the Brexit context. Negotiating an European financial agenda is always long and difficult. But, the exit of the United Kingdom could makes the game more disputed than ever. A thing is clear : beyond the technical and financial sizes of the new roadmap proposals established by the Commission, the democratic control of the European Parliament is still limited. The EU budgetary framework and timetable are too inert, not enough reactive, far from European citizens actually. In the historical moments we live, it is certainly a strategic mistake to not involve much more citizens and their representatives in the crucial negotiation on the long-term finances of the EU. This is the technocratic risk of the new European budgetary order.

Download or read book Can the EU Spend Better written by Renaud Thillaye and published by Rowman & Littlefield. This book was released on 2016-12-22 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: The main parameters of the EU budget are decided upon every seven years when the MFF (Multi-annual Financial Framework) is negotiated. Before the end of 2016, EU institutions will undertake a mid-term review of the EU’s 2014-2020. This comes in a context of severe turbulences for the EU project: a difficult economic and social situation in most member states, huge migration pressures and new security threats stemming from an unstable environment, and the Britain’s decision to leave the EU. At the same time, EU countries need to face up to climate change and engineer a smooth transition towards an innovation-based sustainable economic model. The EU’s very survival depends on the ability to respond to these multiple challenges in the next few years. Making a smarter and more strategic use of the €960 billion MFF has become a necessity. Can the EU Spend Better? argues that the scope for a substantial revision of the MFF is limited in the short-term. At most, pressing issues such as terrorism and the deteriorated social situation will lead to greater flexibility in the use of existing envelopes. However, the debate starting in 2017 over the next MFF provides with the opportunity of more substantial shifts in four main directions: more investment- and performance-oriented spending; the expansion of climate conditionality to all spending areas; more targeted redistributive spending matched with greater reform conditionality; a more outward-looking budget.

Download or read book Examining the Vital Financial Role of SMEs in Achieving the Sustainable Development Goals written by Taleb, Dalila and published by IGI Global. This book was released on 2023-01-03 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: In today’s society, businesses are being pressured to play a more active role in addressing global environmental, social, and economic issues. Therefore, a considerable shift in the functional components of enterprises is required to achieve the Sustainable Development Goals. SMEs play a vital role in countries' socio-economic structures, and the importance of SMEs is increasingly recognized as a factor of economic stability and social cohesion. In order to ensure SMEs are appropriately utilized to achieve the Sustainable Development Goals, further study is required. Examining the Vital Financial Role of SMEs in Achieving the Sustainable Development Goals highlights the challenges and opportunities of using the concepts of economic sustainability to achieve sustainability goals as well as the role SMEs play in developing sustainable practices. The book also discusses how finance sustainability can be used to improve the stability of policies. Covering topics such as blockchain, corporate social responsibility, and performance management practices, this reference work is ideal for business owners, policymakers, researchers, scholars, academicians, practitioners, instructors, and students.

Download or read book EU Industrial Policy in the Multipolar Economy written by Defraigne, Jean-Christophe and published by Edward Elgar Publishing. This book was released on 2022-10-14 with total page 447 pages. Available in PDF, EPUB and Kindle. Book excerpt: This incisive book provides key interdisciplinary perspectives on the current challenges faced by EU policymakers in framing and implementing a coherent European industrial policy, employing specific case studies from the digital, automotive, steel and defence industries as well as concrete examples of EU policies.

Download or read book EU Cohesion Policy written by John Bachtler and published by Routledge. This book was released on 2016-10-26 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Open Access version of this book, available at http://www.tandfebooks.com/doi/view/10.4324/9781315401867, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 3.0 license. This book brings together academics, members of European institutions, and regional and national level policymakers in order to assess the performance and direction of EU Cohesion policy against the background of the most significant reforms to the policy in a generation. Responding to past criticisms of the effectiveness of the policy, the policy changes introduced in 2013 have aligned European Structural and Investment Funds with the Europe 2020 strategy and introduced measures to improve strategic coherence, performance and integrated development. EU Cohesion Policy: Reassessing performance and direction argues that policy can only be successfully developed and implemented if there is input from both academics and practitioners. The chapters in the book address four important issues: the effectiveness and impact of Cohesion policy at European, national and regional levels; the contribution of Cohesion policy to the Europe 2020 strategy of smart, sustainable and inclusive growth; the importance of quality of government and administrative capacity for the effective management of the Funds; and the inter-relationships between institutions, territory and place-based policies. The volume will be an invaluable resource to students, academics and policymakers across economics, regional studies, European studies and international relations.

Download or read book State of the Union Schuman report 2022 on Europe written by Pascale Joannin and published by Editions Marie B. This book was released on 2022-05-23 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: The war in Ukraine has added another crisis to the impressive string of difficulties that the European Union has faced in recent years. After the financial crisis, then the pandemic, it now faces a new challenge of a magnitude not seen since 1950: the return of war to the continent. The European Union's resilience has greatly improved. It has coped with the virus and, thanks to the pooling of its resources, and it has become the world's leading producer of vaccines. It has been able to manage the unprecedented consequences of an unpredictable situation as best it could. Since it was not in a position to confront Russia's military aggression on its own, the European Union has taken up its full place in the Atlantic Alliance; it has shown solidarity, responded quickly and shown a united front. From now on, in all situations, there will be European action, a common or at least concerted policy. Europe is on the move, for the long term and, in all likelihood, for ever. It makes progress as difficulties arise, but also as its requirements and values change. This is why the Schuman Report on Europe - the State of the Union 2022 is so useful. Over and above the current situation, it helps us to assess the effectiveness of the common policies that are now permanent and the fundamental changes in its governance and its practices. It is, more than ever, a relevant and indispensable tool for understanding the reality of European integration, its progress and its hesitations. Complete with original maps and a unique set of commented statistics, it provides a unique and practical tool for the analysis of Europe for as wide an audience as possible. ABOUT THE AUTHOR Managing Director of the Robert Schuman Foundation. A former auditor of the 56th national session of the Institute of Higher National Defence Studies (IHEDN), Pascale Joannin is the director of the Schuman Report on Europe, the state of the Union, published by Marie B, and co-editor of the Permanent Atlas of the European Union, published by Marie B (5th edition), 2021. She is the author of L'Europe, une chance pour la femme, Note de la Fondation Robert Schuman, n° 22, 2004. She has published numerous studies on European issues.

Download or read book The Economic Impact of Next Generation EU written by Krzysztof Bańkowski and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the potential economic impact of Next Generation EU (NGEU), focusing on the euro area. Its findings suggest that the envisaged national investment and reform plans present a coherent package to support both recovery from the pandemic-induced crisis and longer-term modernisation of the euro area economy through their digital and green transitions. NGEU, however, can only unfold its full potential if all plans are implemented in a timely and effective way. We estimate the impact of the national plans on output, inflation and public debt using ECB staff economic models under the assumption of successful implementation. Specifically, NGEU is expected to take effect through three channels: structural reform, fiscal stimulus and risk premium. Overall, NGEU may increase gross domestic product (GDP) in the euro area by up to 1.5% by 2026, with the impact expected to be significantly larger in the main beneficiary countries. In Italy and Spain, two of the main beneficiaries, the public debt-to-GDP ratio may be more than 10 percentage points lower by 2031. At the same time, all euro area countries are expected to benefit from NGEU through positive spillovers, greater economic resilience and convergence across countries. Finally, the effect of NGEU on euro area inflation over the medium term is deemed to be contained to the extent that the inflationary effect of additional public expenditure is offset, at least to some degree, by the disinflationary effect of greater productive capacity resulting from the planned structural reform and investment measures.