중동부유럽
연구정보
[경제] 2022 annual report of the European Fiscal Board
중동부유럽 일반 국외연구자료 연구보고서 - European Commission 발간일 : 2022-10-26 등록일 : 2022-10-30 원문링크
On 26 October, the European Fiscal Board (EFB) published its sixth annual report. The report assesses the fiscal policy conducted during the recovery of the economy after the Covid-19 pandemic and updates the EFB’s proposals for a reform of the EU fiscal framework.
The EU economy experienced a strong rebound after the Covid-19 crisis. Real GDP grew by more than 5% and the general government deficit improved by around two percentage points in both the EU and the euro area. However, while the need for crisis measures was expected to recede in 2021, some Member States decided to further increase government expenditure with a sizeable permanent component well above the pace sustainable in the medium to long run. As a result, headline deficits decreased less than the economic recovery would have implied, and the structural primary budget balance continued to deteriorate.
In this context, EU fiscal guidance to Member States was uniform across all EU countries, purely qualitative and focused on the immediate response to the crisis. Professor Niels Thygesen, Chair of the Board, noted that “in hindsight, the 2021 surveillance cycle - with its many deviations from rules and established practice - underscores the need to clarify as soon as possible when and how to return to a rules-based approach. This relates foremost to the use of the severe economic downturn clause, which was extended until the end of 2023 without a sufficient economic case being made”.
The EFB pleads for a comprehensive reform of the economic governance: not only updating the fiscal rules, but also complementing them with joint efforts. In order to focus on gross policy errors, the EFB proposes further differentiation in the implementation of fiscal surveillance. At the same time, more reliance on national monitoring of fiscal performance could be envisaged for a sizeable majority of Member States, provided the EU institutions validate a transparent and solid national fiscal framework. The EFB reiterates the need to create a central fiscal capacity for stabilisation focused on improving the capacity of all Member States to mitigate large-scale temporary shocks. It also advocates joint efforts to assure the supply of high-priority EU public goods through a larger budget, increase by national envelopes in a net neutral way.
본 페이지에 등재된 자료는 운영기관(KIEP) 및 EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.
