Policy highlights - May 2014

1.  European Commission-ECFIN: Statement by Vice-President Kallas on Portugal (17 May 2014) 

“After Ireland and Spain, Portugal is the third euro area country to successfully graduate from its financial assistance programme. While this is a cause for celebration, there is no cause for complacency. To deliver a more robust recovery and bring down the still unacceptably high level of unemployment, it will be essential to maintain an unwavering commitment to sound budgetary policies and growth-enhancing reforms in the months and years ahead.”


2.  European Commission-ECFIN: Preparation of Economic and Financial Ministers Council, Brussels (2 May 2014)

“From the examined countries the Commission found imbalances in fourteen Member States (Belgium, Bulgaria, Croatia, Germany, Ireland, Italy, Slovenia, Spain, France, Hungary, The Netherlands, Finland, Sweden and the United-Kingdom) while imbalances were not identified in three Member States (Denmark, Luxembourg and Malta). From the countries with imbalances, in three cases they were found to be excessive (Croatia, Italy and Slovenia). On 5 March, Vice-President Rehn said: "Overall, macroeconomic imbalances, which built up over many years, are gradually receding, but at the same time new concerns have arisen, which require closer attention. This is reflected in the Commission's conclusions on the 17 Member States under scrutiny."”


3.  European Commission: Spring 2014 forecast: Growth becoming broader-based (5 May 2014)

Country economic forecasts for EU-28.


4.     European Commission-Representation in Cyprus (conference): Environmental Tax Reform in Times of Economic Crisis: What Are the Prospects? (6 June 2014)

“Governments across Europe need to raise revenue to pay off debt and reduce deficits. At the same time they are committed to implement EU legislation. Member States will be asked to pursue the implementation of structural reforms and to consolidate public finances in a growth-friendly way, i.e. by promoting the EU resource efficiency roadmap.  ¶ Environmental Taxes are key for a cost-effective fiscal consolidation. European states generate most of their revenues by levying taxes on labour and income. At the same time, activities causing environmental degradation and depletion of scarce natural resources (such as consumption of electricity, fuels and water as well as production of waste) account for a small fraction of government finances. This endangers economic growth and employment while rewarding over-exploitation of natural resources. Environmental fiscal reform can correct this disparity by shifting the focus of government taxes from labour/income to environmentally harmful and resource-depleting activities.”

Last modified onMonday, 16 June 2014 11:28
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