and unit labour costs (ULCs) based and real effective exchange rates (REER), for 24 EU countries. Compositional effects …

implementation of the EU’s economic rules. Each Semester concludes with recommendations for the euro area as a whole and for each EU … deteriorated since. The European Semester is not particularly effective at enforcing even the EU’s fiscal and macroeconomic …

consolidation, but in most EU countries and at aggregate EU level, consolidation was premature when the cyclical position of the …

banking union. From the point of view of non-euro countries, the draft SSM regulation as amended by the EU Council includes … burden sharing, we conclude that non-euro EU members should stand ready to join the SSM and be prepared for the negotiations …

€35 billion with a review of the amount after three months. EFSF/ESM/EU/EIB bonds, corporate bonds and assetbacked …

economies, but recent developments have been different: public investment has increased elsewhere, but in the EU it has declined … and even collapsed in the most vulnerable countries, exaggerating the output fall. The provisions in the EU fiscal … term, exclusion of national co-funding of EU-supported investments from the fiscal indicators considered in the Stability …