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An assessment of draft budgetary plans for 2019

Author

Listed:
  • Haroutunian, Stephan
  • Hauptmeier, Sebastian
  • Leiner-Killinger, Nadine

Abstract

On 21 November 2018 the European Commission released its opinions on the draft budgetary plans (DBPs) of euro area governments for 2019, together with an analysis of the budgetary situation in the euro area as a whole. Each opinion includes an assessment of the compliance of the relevant plan with the Stability and Growth Pact (SGP). This exercise is important as it assesses whether countries have incorporated into their plans the country-specific recommendations for fiscal policies that were addressed to them under the 2018 European Semester, as adopted by the Economic and Financial Affairs Council on 13 July 2018. These recommendations propose, among other things, that countries with high ratios of government debt to GDP aim for a sufficiently fast reduction in indebtedness. This would raise their resilience in a future economic downturn. JEL Classification: H60, H68

Suggested Citation

  • Haroutunian, Stephan & Hauptmeier, Sebastian & Leiner-Killinger, Nadine, 2018. "An assessment of draft budgetary plans for 2019," Economic Bulletin Boxes, European Central Bank, vol. 8.
    • Handle: RePEc:ecb:ecbbox:2018:0008:6
    Note: 343309
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2018/html/ecb.ebbox201808_06.en.html
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    More about this item

    Keywords

    European Semester; fiscal developments; fiscal governance; Stability and Growth Pact;
    All these keywords.

    JEL classification:

    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt

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