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The Trade-Off between Fiscal and Competitiveness Adjustments

In: Managing Risks in the European Periphery Debt Crisis

Author

Listed:
  • Daniel Gros
  • Cinzia Alcidi

Abstract

A centrepiece of the new economic governance structure for the euro area is the so-called European Semester, whose first cycle closes each year in early July with the endorsement of the country-specific recommendations (CSRs) by the European Council. Member state governments are then expected to implement such recommendations into budgetary decisions, structural reforms and employment policies. The recommendations are formulated on the basis of specific challenges previously identified by the Commission in the framework of the annual growth survey (budget and structural challenges) as well as within the macroeconomic imbalances procedure and after hearings of the European Parliament opinion.

Suggested Citation

  • Daniel Gros & Cinzia Alcidi, 2015. "The Trade-Off between Fiscal and Competitiveness Adjustments," Palgrave Macmillan Books, in: George Christodoulakis (ed.), Managing Risks in the European Periphery Debt Crisis, chapter 2, pages 38-54, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-30495-7_2
    DOI: 10.1057/9781137304957_2
    as

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