scholarly journals The European Fiscal Board: supranational de novo body or orchestrator?

2021 ◽  
pp. 1-15
Author(s):  
Tobias Tesche
Keyword(s):  
European Commission ◽  
De Novo ◽  
Fiscal Rules ◽  
Financial Resources ◽  
Access To Information ◽  
The European Union ◽  
Potential Threat ◽  
Member States ◽  
Eu Member States ◽  
The Eu

Abstract The European Fiscal Board (EFB) is a supranational fiscal council advising the European Commission on the European Union (EU) fiscal framework. It was created as a response to the EU member states' repeated non-compliance with the EU fiscal rules and the emergence of national fiscal councils. Non-compliance with EU fiscal rules was often left unpunished and required a new expert body to regain some of the lost credibility of the EU's fiscal framework through enhanced fiscal monitoring. This article argues that the European Commission created the EFB in response to the new intergovernmental dynamics. A supranational fiscal watchdog that depends on the Commission for financial resources and access to information would deflect member states from delegating more competences away from the Commission. Thus, the Commission was able to counter a potential threat to its authority in EU fiscal governance by creating a supranational de novo body that it controlled.

scholarly journals European Union’s Fiscal Rules and New Financial Instruments for 2021- 2017: Bulgaria’s Case Study

2021 ◽  
Vol 1 (1) ◽  
pp. 26-35
Keyword(s):  
European Commission ◽  
Fiscal Rules ◽  
Financial Instruments ◽  
The European Union ◽  
Economic Cycle ◽  
Member States ◽  
Growth Pact ◽  
The Stability ◽  
The Eu

Fiscal policymaking of the Member States aims to follow fiscal rules through the economic cycle that ensure macroeconomic sustainability in the European Union (EU). After the 2008 global crisis, the Stability and Growth Pact introduced the enhanced supranational fiscal rules, setting additional boundaries to fiscal deficits and government debt. The new ceiling on the structural deficit in public finance laws of Member States has served to protect creditworthiness. The COVID-19 pandemic, which led to a temporary suspension of the fiscal rules, clearly indicates that the key challenges are to implement a countercyclical policy during upturns, building buffers for bad days. Under the Next Generation Europe’s initiative the European Commission (EC) will borrow up to €750 billion and distribute it over 2021-2024 to Member States (European Commission, 2020a). Raising funds in the EU budget and repayment of the EC debt may lead to amendments to the design and application of the EU fiscal rules. This paper lays out the objectives of the EU current fiscal framework and its main pillars, discusses how the EC new financial instruments for the period 2021-2027 will be accounted for in the Member States’ fiscal framework, and what are its possible changes and challenges after Covid-19 and Brexit.

scholarly journals The Pact on Migration and Asylum as a the foundation of the new migration policy of the European Union

2021 ◽  
pp. 70-82
Author(s):  
Andrew Vyacheslavovich Rybakov
Keyword(s):  
European Commission ◽  
Migration Policy ◽  
Modern World ◽  
Common Denominator ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
Effective System ◽  
Significant Step ◽  
The Eu

The relevance of the selected topic is substantiated by the fact that in modern world migration has become a significant factor in the development of both accepting countries and countries of origin. Europe hosts the largest number of migrants. Since 2015, the EU member-states have been experiencing strong migration pressure. The existing migration stands in need for reform. The New Pact on Migration and Asylum should be a significant step towards creating a reliable and effective system for regulation of migration. The subject of this research is the institutional and legal characteristics of the EU New Pact on Migration and Asylum. The article analyzes the proposals of the European Commission regarding the migration policy reform, as well as the political-legal mechanism for their implementation; contradictions between the member-states in the course of the relevant discussions. The following conclusions are made: 1) It must be admitted that the new approach of the European Commission is comprehensive and aimed at integration of the internal and external aspects of migration policy. 2) The structure of the Pact corresponds to the goals of migration policy and consists on three levels – external, namely relations with the countries of origin and transit of migrants; control over the external borders of the EU; a new system of permanent solidarity. 3) As an annex to the New Pact on Migration and Asylum, the European Commission has presented a roadmap for implementation of various proposals. However, by the end of 2021, the schedule for the adoption of legal documents is not being maintained. 4) The only common denominator between the different groups of countries is the orientation towards external actions aimed at curbing migration movements prior to their arrival to Europe. 5) The plan of the European Commission on adoption of rules obligatory for all member-states currently seems untenable, considering the clashing interests.

scholarly journals Positioning of the concept of corporate restructuring in the EU member-states and its approval by the auditor

2021 ◽  
pp. 131-151
Author(s):  
Olga Nikolaevna Sinkina
Keyword(s):  
European Commission ◽  
Legal Regulation ◽  
Corporate Management ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
Current State ◽  
The Subject ◽  
Definition Of ◽  
The Eu

The object of this research is the concept of restructuring, which in the conditions of crisis in the European Union is positioned as an instrument for its overcoming and the procedure for its verification by the auditor. The subject of this research is a range of question associated on the peculiarities of positioning of the concept of restructuring in the EU. The article analyzes the criteria for insolvency and tests for the presence of the signs of insolvency according to the national legislation of the EU jurisdiction based on the typical crisis process. The author introduces the definition of the concept of restructuring, its framework and elements. The recommendations of the European Commission on overcoming crisis situations and insolvency of companies are provided; the principles of preventive concept of restructuring are analyzed; the auditor’s procedures pertaining to the concept of restructuring are formulated. The research methodology relies on the fundamental provisions presented in the works of foreign scholars. The main conclusions are as follows: the responsibility of the corporate management in a number of EU member-states includes verification of compliance with the established criteria of insolvency on the regular basis; for this, it is necessary to submit the report to regulatory authorities on the current state of the company and decision on overcoming the crisis, usually in the form of the concept of restructuring approved by the auditor. The scientific novelty of this research consists in: 1) generalization of legal regulation of the criteria of insolvency in the EU member-states, tests for the presence of the signs of insolvency, responsibility of corporate management, outline of the restructuring plan; 2) positioning of the concept of restructuring, formulation of definition of the concept of restructuring, its framework and elements; 3) analysis of the principles of the preventive concept of restructuring of the European Commission; 4) development of audit procedures concerning the concept of restructuring.

scholarly journals Fiscal councils as an element of the concept of fiscal governance in the European Union member states

Equilibrium ◽  
2016 ◽  
Vol 11 (4) ◽  
pp. 675
Author(s):  
Ryta Dziemianowicz ◽  
Aneta Kargol-Wasiluk ◽  
Renata Budlewska
Keyword(s):  
Fiscal Policy ◽  
Good Governance ◽  
Fiscal Rules ◽  
The European Union ◽  
Member States ◽  
Public Finances ◽  
Eu Countries ◽  
Eu Member States ◽  
Fiscal Balance ◽  
The Eu

Fiscal governance is defined as a combination of institutions, rules and norms that structure good governance in the area of fiscal policy. It can be named as the specific mechanism of coordination by using of tools such as: budgetary procedures (legislative fiscal rules), fiscal rules (numerical) and independent fiscal institutions/ fiscal councils. Fiscal governance focuses on how the fiscal policy is planned, approved, conducted and monitored, including the involvement of not only public bodies, but the business sector and civil society too. In this study, particular attention was paid to capturing the essence of the relationship between the qualitative elements of fiscal councils activity and its impact on stabilizing the public finances in the view of fiscal governance concept. During the last world crisis in the EU countries, an interest in establishing fiscal councils has increased. Before 2008 there were only seven institutions in the EU, while in 2014 there are already 19. The question is - are these institutions efficient in stabilizing public finances? Therefore, the main objective of the article is the assessment of the role of the fiscal councils in the coordination of the fiscal policy in the EU Member States. The conducted analysis verifies this role on the basis of theoretical deliberation of the current state of the art. The empirical research verifies fiscal councils’ dependence on fiscal balance of EU countries. Research was conducted on the basis of the European Commission, Eurostat and International Monetary Fund data sets.

scholarly journals The Influence of Fiscal Rules on the Fiscal Stability in the EU Member States

2017 ◽  
Vol 8 (1) ◽  
pp. 212
Author(s):  
Ryta Iwona Dziemianowicz ◽  
Aneta Kargol-Wasiluk
Keyword(s):  
Fiscal Policy ◽  
Public Debt ◽  
Budget Deficit ◽  
National Level ◽  
Fiscal Rules ◽  
The European Union ◽  
Fiscal Discipline ◽  
Member States ◽  
Eu Member States ◽  
The Eu

Due to the rapid increase of the budget deficit and public debt in many the EU countries after 2008, fiscal policy has faced a significant challenge for developing an appropriate tools to strengthen fiscal discipline and thereby improve the quality of public finance. Institutional mechanisms such as among others numerical fiscal rules play an important role in maintaining the fiscal discipline and support fiscal credibility of the state. Fiscal rules are most often defined as permanent constraints on fiscal policy, expressed by indicators introducing a limit for a particular fiscal aggregate, such as a budget deficit (real or structural), public debt, public expenditure or public revenue. The theoretical objective of the article is to analyze the institutional dimension of numerical fiscal rules (their type, legal basis, transparency, complexity, flexibility, adequacy and coherence). The empirical purpose, on the other hand, is to conduct a statistical analysis and to examine the relationship between the value of the fiscal rules index and the level of budget deficit and public debt in 28 Member States of the European Union. Examining the effectiveness of applied fiscal rules, at both European and national level seems to be the most valuable part of the analysis.

THE EUROPEAN COMMISSION AS THE GUARDIAN OF THE TREATIES

2021 ◽  
Vol 66 (05) ◽  
pp. 160-163
Author(s):  
Sevil Aliheydar Damirli ◽  
Keyword(s):  
European Union ◽  
Member State ◽  
European Commission ◽  
The European Union ◽  
Member States ◽  
Community Law ◽  
Eu Member States ◽  
The Guardian ◽  
Eu Commission ◽  
The Eu

As in any community, coexistence and cooperation only works if it is well organized. In the EU, there are EU bodies for this purpose. We all know that living together of different members can often lead to a dispute. In the European Union, the subject of dispute can not only be the violation of primary law, but also the violation of secondary community law. In order to better understand the important role of the Commission in the EU, we examine in this paper its composition and Tasks. We know that the European Union is based on the rule of law. This means that every EU activity is based on treaties that have been accepted by all EU Member States on a voluntary and democratic basis. A contract is a binding agreement between the EU member states. It sets out the objectives of the EU, the rules governing the EU institutions, the decision-making process and relations between the EU and its Member States. Therefore it is important to adhere to these treaties to carry out community policy. According to Art. 258 and 259 of the Treaty on the Functioning of the EU, actions for breach of contract can be filed against a Member State by the EU Commission or another Member State (1, Art.258-259). For the European Commission, as the «Guardian of the Treaties», this option is a particularly important instrument of power politics that it can use against member states' governments that do not recognize or do not comply with the norms of Community law. In practice, the infringement procedures requested by the Commission are of particular importance for ensuring compliance with Community law by the Member States. In no other area does the Commission have so much power and independence against the Member States. Now we should take a closer look at the EU institution and especially the EU Commission.

Political aspects of security of the European Union Member States

2020 ◽  
pp. 97-105
Author(s):  
Aleksandra Kusztykiewicz-Fedurek
Keyword(s):  
European Union ◽  
Negative Impact ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
Political Security ◽  
New Institutions ◽  
The Stability ◽  
Key Aspects ◽  
The Eu

Political security is very often considered through the prism of individual states. In the scholar literature in-depth analyses of this kind of security are rarely encountered in the context of international entities that these countries integrate. The purpose of this article is to draw attention to key aspects of political security in the European Union (EU) Member States. The EU as a supranational organisation, gathering Member States first, ensures the stability of the EU as a whole, and secondly, it ensures that Member States respect common values and principles. Additionally, the EU institutions focus on ensuring the proper functioning of the Eurozone (also called officially “euro area” in EU regulations). Actions that may have a negative impact on the level of the EU’s political security include the boycott of establishing new institutions conducive to the peaceful coexistence and development of states. These threats seem to have a significant impact on the situation in the EU in the face of the proposed (and not accepted by Member States not belonging to the Eurogroup) Eurozone reforms concerning, inter alia, appointment of the Minister of Economy and Finance and the creation of a new institution - the European Monetary Fund.

scholarly journals Inequalities in the European Union—A Partial Order Analysis of the Main Indicators

2021 ◽  
Vol 13 (11) ◽  
pp. 6278
Author(s):  
Lars Carlsen ◽  
Rainer Bruggemann
Keyword(s):  
Indicator System ◽  
Partial Ordering ◽  
Disposable Income ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
Per Capita ◽  
Educational Aspect ◽  
The Eu

The inequality within the 27 European member states has been studied. Six indicators proclaimed by Eurostat to be the main indicators charactere the countries: (i) the relative median at-risk-of-poverty gap, (ii) the income distribution, (iii) the income share of the bottom 40% of the population, (iv) the purchasing power adjusted GDP per capita, (v) the adjusted gross disposable income of households per capita and (vi) the asylum applications by state of procedure. The resulting multi-indicator system was analyzed applying partial ordering methodology, i.e., including all indicators simultaneously without any pretreatment. The degree of inequality was studied for the years 2010, 2015 and 2019. The EU member states were partially ordered and ranked. For all three years Luxembourg, The Netherlands, Austria, and Finland are found to be highly ranked, i.e., having rather low inequality. Bulgaria and Romania are, on the other hand, for all three years ranked low, with the highest degree of inequality. Excluding the asylum indicator, the risk-poverty-gap and the adjusted gross disposable income were found as the most important indicators. If, however, the asylum application is included, this indicator turns out as the most important for the mutual ranking of the countries. A set of additional indicators was studied disclosing the educational aspect as of major importance to achieve equality. Special partial ordering tools were applied to study the role of the single indicators, e.g., in relation to elucidate the incomparability of some countries to all other countries within the union.

scholarly journals Evaluation of Sustainable Energy Development Progress in EU Member States in the Context of Building Renovation

Energies ◽  
2021 ◽  
Vol 14 (14) ◽  
pp. 4209
Author(s):  
Rita Remeikienė ◽  
Ligita Gasparėnienė ◽  
Aleksandra Fedajev ◽  
Marek Szarucki ◽  
Marija Đekić ◽  
...  
Keyword(s):  
Energy Efficiency ◽  
Energy Consumption ◽  
Co2 Emissions ◽  
Renewable Energy Sources ◽  
Investment Efficiency ◽  
The European Union ◽  
Energy Usage ◽  
Member States ◽  
Eu Member States ◽  
The Eu

The main goal of setting energy efficiency priorities is to find ways to reduce energy consumption without harming consumers and the environment. The renovation of buildings can be considered one of the main aspects of energy efficiency in the European Union (EU). In the EU, only 5% of the renovation projects have been able to yield energy-saving at the deep renovation level. No other study has thus far ranked the EU member states according to achieved results in terms of increased usage in renewable sources, a decrease in energy usage and import, and reduction in harmful gas emissions due to energy usage. The main purpose of this article is to perform a comparative analysis of EU economies according to selected indicators related to the usage of renewable resources, energy efficiency, and emissions of harmful gasses as a result of energy usage. The methodological contribution of our study is related to developing a complex and robust research method for investment efficiency assessment allowing the study of three groups of indicators related to the usage of renewable energy sources, energy efficiency, and ecological aspects of energy. It was based on the PROMETHEE II method and allows testing it in other time periods, as well as modifying it for research purposes. The EU member states were categorized by such criteria as energy from renewables and biofuels, final energy consumption from renewables and biofuels, gross electricity generation from renewables and biofuels and import dependency, and usage of renewables and biofuels for heating and cooling. The results of energy per unit of Gross Domestic Product (GDP), Greenhouse gasses (GHG) emissions per million inhabitants (ECO2), energy per capita, the share of CO2 emissions from public electricity, and heat production from total CO2 emissions revealed that Latvia, Sweden, Portugal, Croatia, Austria, Lithuania, Romania, Denmark, and Finland are the nine most advanced countries in the area under consideration. In the group of the most advanced countries, energy consumption from renewables and biofuels is higher than the EU average.

scholarly journals Review of the Construction Labour Demand and Shortages in the EU

Buildings ◽  
2021 ◽  
Vol 11 (1) ◽  
pp. 17
Author(s):  
Belinda Brucker Juricic ◽  
Mario Galic ◽  
Sasa Marenjak
Keyword(s):  
Free Movement ◽  
Construction Sector ◽  
The European Union ◽  
Total Employment ◽  
Member States ◽  
Skill Levels ◽  
Eu Member States ◽  
Free Movement Of Workers ◽  
European Union Member States ◽  
The Eu

This paper reviews the recent literature on skill and labour shortages in the labour market with special emphasis on the construction sector in the European Union Member States, foreseeing the Construction 4.0 era. The free movement of people is one of the rights of all citizens of the EU which also includes the free movement of workers. Labour shortages in the EU are expected to increase in the future due to a declining population and an ageing workforce. In order to recognize and forecast labour shortages, EU Member states use a variety of instruments but they do not answer as to whether it is possible to use migrant labour to appease those shortages. There are several systems used to classify labour shortages in the EU Member states. Most of the countries classify labour shortages in relation to different sectors or occupation groups as well as by skill levels, but in some Member States, classification is made according to the type of employment. Instruments used to measure labour shortages significantly differ from country to country. Several criteria are used for creating lists of shortage occupations and most of the criteria include demand side and supply side criteria. A majority of the Member States are facing labour and skill shortages in various sectors and the construction sector is not an exception. As total employment in the construction sector decreased, so did the share of employed migrants. Labour shortages in the construction sector can be eased by the availability of a labour supply willing to accept unqualified and low-paying jobs. The construction sector seeks low-, medium-, and high-skilled individuals and is most likely the sector where most of the incoming migrants will be working, which has an impact on the development and implementation dynamic of Construction 4.0.

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