Europe’s new regime for macroeconomic policy coordination : a first look

JONES, Erik

Europe’s new regime for macroeconomic policy coordination : a first look

dc.contributor.author	JONES, Erik
dc.date.accessioned	2024-02-07T11:25:00Z
dc.date.available	2024-02-07T11:25:00Z
dc.date.issued	2024
dc.description	Published online: January 2024	en
dc.description.abstract	The Spanish Presidency of the Council of the European Union (EU) announced the Council’s agreement on a new framework for macroeconomic policy coordination on 21 December 2023. The agreement marks the culmination of a pan-European debate over macroeconomic policy and fiscal adjustment that started during the pandemic, as governments took stock of the role of macroeconomic policy coordination in shielding Europe’s economies from the full impact of restrictive measures imposed to fight the spread of COVID-19. The new framework places emphasis on the need for national ownership over efforts at fiscal consolidation. It also builds on the recognition that the fiscal positions of member state governments are different from one country to the next. At the same time, it acknowledges that all EU member states should have incentives to invest in areas of common interest, including responding to climate change, fostering the digital and green transitions, and bolstering national defence. It also takes steps to simplify the design and the monitoring of fiscal consolidation measures to make them more credible and more transparent, which should bolster efforts to curtail macroeconomic imbalances and reduce unwanted volatility in financial markets.	en
dc.format.mimetype	application/pdf	en
dc.identifier.citation	Spanish and international economic and financial outlook, 2024, Vol. 13, No. 1, pp. 5-12	en
dc.identifier.endpage	12	en
dc.identifier.issn	2254-3899
dc.identifier.issue	1	en
dc.identifier.startpage	5	en
dc.identifier.uri	https://hdl.handle.net/1814/76467
dc.identifier.volume	13	en
dc.language.iso	en	en
dc.orcid.putcode	1814/80293:152579827
dc.orcid.upload	true	*
dc.publisher	Funcas	en
dc.relation.ispartof	Spanish and international economic and financial outlook	en
dc.relation.uri	https://www.funcas.es/articulos/europes-new-regime-for-macroeconomic-policy-coordination-a-first-look/	en
dc.rights	info:eu-repo/semantics/openAccess	en
dc.title	Europe’s new regime for macroeconomic policy coordination : a first look	en
dc.type	Article	en
dspace.entity.type	Publication
eui.subscribe.skip	true
person.identifier.orcid	0000-0002-6473-7680
person.identifier.other	45585
relation.isAuthorOfPublication	ad0838fd-0a9b-44af-ae5d-c056a1e16bff
relation.isAuthorOfPublication.latestForDiscovery	ad0838fd-0a9b-44af-ae5d-c056a1e16bff