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Public finances in EMU - 2009
This report was prepared in the Directorate-General for Economic and Financial Affairs under the direction of Marco Buti, Director-General, and Servaas Deroose, Director of the Directorate for the Macroeconomy of the euro area and the EU.
The main contributors were Lucio Pench, Joaquim Ayuso Casals, Salvador Barrios, Roland Eisenberg, Sven Langedijk, Lucia Piana, Andrea Schaechter, Alessandro Turrini.
Specific contributions were provided by Eduardo Barredo Capelot, Marie Donnay, Lars Jonung, João Nogueira Martins, Allard Postma, Jan in 't Veld and Monika Wozowcyk.
This year's Public finances in EMU report reviews how Member States have tackled the callenges from the financial and economic crisis and assesses the prospects for public finances and policy needs ahead.
The report follows a well-known and successful formula of past years, essentially consisting of four major elements. The first element is a detailed description and analysis of recent budgetary developments, with a focus this year on the EERP, and an assessment of the outlook. The second element of the report is an examination of the EU’s fiscal surveillance framework. This year the main issues are (i) the statistical treatment of public interventions in the financial system, (ii) ways to improve the measure of the cyclically-adjusted budgetary balance, (iii) the measurement of the quality of public finances and (iv) developments in Member States' fiscal frameworks. The third element consists of analytical studies. The 2009 report assesses in detail the fiscal costs of past financial crises and their determinants, and draws important policy conclusions for handling today's crisis. Moreover, the report studies the link between house price developments and public finances during booms and busts and the role for fiscal policy in busts when fiscal space is constrained. The fourth and final element of the report provides an overview of fiscal developments in the 27 Member States.
The main contributors were Lucio Pench, Joaquim Ayuso Casals, Salvador Barrios, Roland Eisenberg, Sven Langedijk, Lucia Piana, Andrea Schaechter, Alessandro Turrini.
Specific contributions were provided by Eduardo Barredo Capelot, Marie Donnay, Lars Jonung, João Nogueira Martins, Allard Postma, Jan in 't Veld and Monika Wozowcyk.
This year's Public finances in EMU report reviews how Member States have tackled the callenges from the financial and economic crisis and assesses the prospects for public finances and policy needs ahead.
The report follows a well-known and successful formula of past years, essentially consisting of four major elements. The first element is a detailed description and analysis of recent budgetary developments, with a focus this year on the EERP, and an assessment of the outlook. The second element of the report is an examination of the EU’s fiscal surveillance framework. This year the main issues are (i) the statistical treatment of public interventions in the financial system, (ii) ways to improve the measure of the cyclically-adjusted budgetary balance, (iii) the measurement of the quality of public finances and (iv) developments in Member States' fiscal frameworks. The third element consists of analytical studies. The 2009 report assesses in detail the fiscal costs of past financial crises and their determinants, and draws important policy conclusions for handling today's crisis. Moreover, the report studies the link between house price developments and public finances during booms and busts and the role for fiscal policy in busts when fiscal space is constrained. The fourth and final element of the report provides an overview of fiscal developments in the 27 Member States.