EU-Budget raises the stakes
Yesterday, the EU Commission submitted its proposal for the Multiannual Financial Framework (MFF) and - as expected - garnered little support. Admittedly, this is almost always the case when, every seven years, Europe negotiates over the budget. The situation this time though is new in that the pot is set to get bigger even though there will be fewer contributors. This is due to Brexit and the departure of the UK as a net payer, which is having a painful impact on revenues. Added to this are new challenges, particularly those of securing the EU’s external borders and defence policy, on which everyone has agreed and which are now making themselves felt. Little wonder, therefore, that some - including Germany - are being asked pay more, especially since few serious savings proposals - particularly regarding the rampant agricultural subsidies - have yet been forthcoming. But, as the saying goes: It ain’t over till the fat lady sings! |
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The EU Commission wants larger quantities of plastic waste to be recycled and, with proper disposal, prevented from entering the oceans. It has therefore submitted a Strategy for Plastics in the Circular Economy.
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| EU-Insurance Watchdog (EIOPA) |
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The European supervisory authority EIOPA will take on more responsibility for the supervision of insurance companies. In this regard, the establishment of an independent Executive Board may reduce Member States’ ability to interpret EU regulations improperly, to their own advantage. The establishment of an Executive Board will also facilitate the punishment of infringements of EU law committed by national supervisory authorities (NSAs) and allow for more effective resolution of conflicts between NSAs.
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| Reform Delivery Tool to Support Structural Reforms |
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| The EU Commission wants to introduce a “reform delivery tool” to provide financial support for structural reforms in the Member States and test it in a pilot phase. In cep’s view, financial support by way of the reform delivery tool may facilitate necessary structural reforms and thereby improve the stability of the eurozone.
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“In front of authoritarianism which surrounds us everywhere, the answer is not the authoritarian democracy but the authority of democracy”.
Emmanuel Macron, President of France |
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“The EU is not perfect, but it's the best idea we've had so far.”
Jürgen Klopp, Manager of FC Liverpool |
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“Macron made it clear, when the labour market regulations were issued in September 2017, that reforms are possible even in the face of social protest.”
Anna Imhof, Policy Analyst at cep |
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“Greece is not over the hump yet! Possible debt relief should be linked to sustainable policy even after expiry of the financial assistance programme.”
Dr. Matthias Kullas, Head of Division at cep |
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Facts
Global debt reached 237 trillion dollars at the end of 2017 - a new record, according to the Institute of International Finance IIF. The debt ratio is at 318 percent of global economic output, just under its all-time high. |
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