Policy highlights - June 2015
1. European Commission (ECFIN), Statement by the European Commission and the ECB following the second post-programme surveillance mission to Portugal (March 2015)
“Economic and financial conditions in Portugal have further improved since the conclusion of the first post-programme surveillance mission in autumn 2014. However, the economic recovery continues to be held back by the remaining macroeconomic imbalances. While the authorities reiterated their commitment to budgetary consolidation, efforts to reduce the underlying structural budget deficit need to continue. The structural reforms undertaken during the financial assistance programme are increasingly having an effect. Nevertheless, the reform agenda to further enhance medium-term growth prospects, job creation and competitiveness remains challenging.”
2. European Commission (ECFIN), New Excessive Deficit Procedure steps published (18 May 2015)
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Overview of ongoing excessive deficit procedures |
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Country |
Date of the Commission report (Art.104.3/126.3) |
Council Decision on existence of excessive deficit Art.104.6/126.6) |
Current deadline for correction |
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15 November 2013 |
21 January 2014 |
2016 |
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|
21 May 2013 |
21 June 2013 |
2014 |
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12 May 2010 |
13 July 2010 |
2016 |
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7 October 2009 |
2 December 2009 |
2015 |
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7 October 2009 |
2 December 2009 |
2015 |
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|
13 May 2009 |
7 July 2009 |
2015 |
|
|
18 February 2009 |
27 April 2009 |
2017 |
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|
18 February 2009 |
27 April 2009 |
2015 |
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18 February 2009 |
27 April 2009 |
2016 |
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|
18 February 2009 |
27 April 2009 |
2016 |
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11 June 2008 |
8 July 2008 |
financial year 2014/15 |
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3. European Commission, Five Presidents' Report sets out plan for strengthening Europe's Economic and Monetary Union as of 1 July 2015 (22 June 2015)
“What’s in the Five Presidents’ Report concretely?
1. Towards an Economic Union of convergence, growth and jobs
2. Towards Financial Union
3. Towards Fiscal Union
4. Strengthening Democratic Accountability, Legitimacy and Institutions: From Rules to Institutions
5. The Social dimension of EMU
Next Steps: This report has put forward the principal steps necessary to complete EMU at the latest by 2025. The first initiatives should be launched by the EU institutions as of 1 July 2015. To prepare the transition between Stages 1 and 2, the Commission – in consultation with the Presidents of the other EU institutions – will present a "White Paper" in Spring 2017, assessing progress made in Stage 1 and outlining next steps needed. It will discuss the legal, economic and political preconditions of the more far-reaching measures necessary to complete EMU in Stage 2, and will draw on analytical input from an expert consultation group. Translating the Five Presidents’ report into laws and institutions should begin without delay.”