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Austria's national recovery and resilience plan (NRRP) was updated on 9 November 2023 with the introduction of a REPowerEU chapter. The plan now totals €4 187 million, of which €3 961million are financed through Recovery and Resilience Facility (RRF) grants. The difference is financed through national resources. To implement the plan, Austria is leveraging further amounts beyond EU support from the national budget. Austria has requested the maximum amount of grants available (non-repayable support ...

The provisional agenda for the 17-18 October European Council meeting has three main topics. First, EU Heads of State or Government will address Russia's war of aggression against Ukraine, and the EU's support to Ukraine and its people. Second, they will consider the situation in the Middle East, amid concerns over regional escalation following Israel's targeting of Hezbollah in Lebanon and Iran's missile strikes on Israel. Third, EU leaders will discuss competitiveness, with a first exchange on ...

In order to ensure the stability of the Economic and Monetary Union, a robust framework is needed to prevent unsustainable public finances as far as possible. A reform (part of the ‘Six Pack’) amending the Stability and Growth Pact (SGP) entered into force at the end of 2011. Another reform in this policy area, the intergovernmental Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (TSCG), including the Fiscal Compact, entered into force in early 2013. Furthermore ...

The term ‘economic governance’ refers to the system of institutions and procedures established to achieve the EU’s economic objectives, namely to promote economic and social progress for the EU and its citizens. The previous system of economic and fiscal coordination was shown to be inadequate in the face of the financial, fiscal and economic crises that began in 2008. Improvements to the EU’s economic governance include stronger coordination and surveillance of both fiscal and macroeconomic policies ...

The economic and monetary union (EMU) is the result of economic integration in the EU. A common currency, the euro, has been introduced in the euro area, which currently comprises 20 EU Member States. All EU Member States – with the exception of Denmark – must adopt the euro once they fulfil the convergence criteria. A single monetary policy is set by the Eurosystem, comprising the European Central Bank’s Executive Board and the governors of the central banks of the euro area.

This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent committee(s) of the European Parliament since September 2019 under the European Semester for economic policy coordination. It also lists the Recovery and Resilience Dialogues with the European Commission as undertaken by the competent committee(s) since the entry of force of the Recovery and Resilience Facility in 2021. It also includes an overview of the ...

This note looks at the 2024 recommendation on the economic policies of the euro area proposed by the Commission and agreed by the Council. The note provides a review of the euro area recommendations from an institutional perspective and includes broad comparisons to earlier recommendations, in order to illustrate how policy concerns have evolved over time. This note will be updated in light of relevant developments.

This note provides an overview of the implementation of the 2023 Recommendation on the economic policy of the euro area proposed by the Commission and agreed by the Council. It makes use of public information and proxies such as on how the Eurogroup has integrated euro area recommendations’ concerns in their “thematic discussions” and work programmes. This note will be updated in light of relevant developments.

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the AFCO Committee, examines the fiscal responses of the EU to the Covid-19 pandemic and the war in Ukraine. It claims that the law & policy tools developed to address these crises have led to the establishment, and consolidation, of an EU fiscal capacity – contributing to overcoming the original imbalance of the EU’s Economic & Monetary Union. Nevertheless, the ...

Although the US Inflation Reduction Act (IRA) pursues a range of aims, the two main ones are the lowering of inflation by removing purchasing power from the US economy, and to provide the United State's contribution to fighting climate change. Unlike similar EU measures, most of its climate support is done via tax subsidies. Although hailed in the EU for heralding a new era in US climate policy, the IRA is being criticised for its outright 'Buy American' provisions. Amongst others, it is feared that ...