Since the global financial crisis of 2008 European authorities have set out to strengthen financial governance in order to create a more stable and resilient financial system. As discussed in this paper, the new and updated EU legislation addressed at a wide array of financial markets and...

The experience of other successful monetary unions and economic theory suggest that the euro area would benefit from the establishment of a supranational fiscal capacity. Institutional reforms prompted by the crisis (e.g., the European Stability Mechanism and the banking union) are introducing...

Die deutsche Nettoposition ist im Jahr 2022 leicht gegenüber dem Vorjahr zurückgegangen, von 21,4 Milliarden Euro auf 19,7 Milliarden Euro. Sie liegt damit aber immer noch deutlich höher als in der Vor-Brexit-Zeit. Im Durchschnitt der Jahre 2014 bis 2020, dem letzten Mehrjährigen...

This document is the third issue of the Vade mecum published for the first time in May 2013 with the aim of improving transparency of the way the Commission applies the rules of the Stability and Growth Pact (SGP). It presents the relevant procedures and methodologies designed for implementing...

Enhancing clarity of the strengthened fiscal (and economic) governance toolbox is among the actions set out in the 21 October 2015 communication by the Commission 'On steps towards completing economic and monetary union'. This document is the second issue of the Vade mecum, published for the...