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Economic Governance & The Presidency of the Council of the EU

Economic Governance & The Presidency of the Council of the EU. Prof P. Nicolaides. Traditional structure of economic & monetary union. EU Council [Commission monitors, proposes & recommends]. ECB [& ESCB]. Multilateral surveillance & broad guidelines of economic policies

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Economic Governance & The Presidency of the Council of the EU

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  1. Economic Governance&The Presidency of the Council of the EU Prof P. Nicolaides

  2. Traditional structure of economic & monetary union EU Council [Commission monitors, proposes & recommends] ECB [& ESCB] • Multilateral surveillance & broad guidelines of economic policies • Excessive deficit procedure Single monetary policy • Convergence programmes • Stability programmes

  3. New & expanded pillars of coordination Economic policy coordination Macroeconomic surveillance Fiscal policy coordination • Preventive arm • Corrective arm • Preventive arm [MTO on deficit & debt] • Corrective arm [covers both deficit & debt] • MS submit programmes • Commission evaluates • ECOFIN decides • [European Council recommends] • Sanctions: reverse QM • TSCG: MS brought to CJ by 3 presidencies Euro Plus Pact European semester

  4. New framework of financial regulation European Systemic Risk Board (ECB, Commission, MS CB, MS regulators) ECOFIN Early risk warning to MS Macro-prudential supervision European System of Financial Supervisors European Banking Authority European Insurance & Occupational Pensions Authority European Securities Authority Micro-prudential supervision

  5. New structure of economic governance Economic & fiscal policy coordination ECOFIN (27) [EFC, EPC] Eurogroup (17) Commission (27) European Council (27) Euro Summit (17) Euro Plus Pact (23) Presidency Monetary policy ECB & ESCB EFSF => ESM ESRB, EBA, EIOPA, ESA

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