DRIIE-International economics

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Browsing DRIIE-International economics by Subject "European Union (EU)"

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    A new EU economic governance and fiscal framework : what role for the National Independent Fiscal Institutions (IFIs)?
    (European Institute of Romania, 2023-06) Dăianu, Daniel
    The European Commission's communication on orientations for a reform of the European Union's economic governance framework asks the European Fiscal Board (EFB) and national Independent Fiscal Institutions (IFIs) to play a more significant role in it. This vision has plenty of merit, but one needs to be careful in how to implement it. Structural reforms and public investment analysis demand an expertise hardly existing at the level of most national IFIs, and any involvement in policy design would make its assessment tricky when IFIs are part of the process: an inescapable conflict of interest would ensue. It could also be perceived as a technocratic encroachment on a democratic decision-making process. In order to play a more significant role in the EU economic governance framework, national IFIs need more resources according to the EU-wide acceptable standards of operation, and, first of all, they need to bolster their macroeconomic and debt sustainability analysis capabilities.
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    European Union - A case for prudence while managing Imbalances: Debt-Led Economic Growth
    (SNSPA, 2022-06) Munteanu, Bogdan
    The paper aims to look at the EU Fiscal Framework and Governance from the viewpoints of the challenges to economic growth in a context marked by high inflation, geostrategic risks and commodities markets pressures, of the challenges stemming from the interplay between the fiscal and monetary policies when the monetary policy is constraint to tighten and of the challenges for the national authorities to deploy fiscal measures in a post-pandemic context in which the level of public debts increased substantially and constrain the fiscal space and affect the macro-financial stability. The paper takes into account the considerations and the past approaches at EU level to respond to crises with a view on the fiscal implications to achieve the financial stability, implementing legislative adjustments and working on institutional architecture development. This research takes a look at how to assess and understand the public debts sustainability and explores models and options that are possible to be taken into account by the EU leaders to strengthen the resilience of the EU fiscal framework. The paper concludes that, given the uncertainties caused by inflation, geostrategic tensions, prolonged supply chains bottlenecks, rising commodity prices and diminished fiscal space availability, all these imply expectations for further increases in new government debt instruments issuance, at a moment when the balance sheets in the financial sector (including the central banks) are already constrained by the existing debt.
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    Geopolitical views and Geo-economic considerations on the German strategy and EU wider framework relations with China
    (SNSPA, 2023-12) Munteanu, Bogdan
    On July 13, 2023, the German Government has released the first national strategy related to approaching China in international relations, including from a geo-economic perspective. The text of the German strategy is of significant importance for other EU member states and the EU authorities, as it encloses aspects pertaining to the industrial policy and cyber-security, serving nonetheless as a use-case and / or a model for developing a coherent approach to China, including the perspective of economic diplomacy in the larger context of policy dialogues with China. From a diplomatic stance, China has anchored international relations in the countries of Central and Eastern Europe, some of which being EU members - in 2012, China forged partnerships via the "16+1" Cooperation, later extended after the Dubrovnik Summit to "17+1" by the adhesion of Greece. China looks to consolidate bilateral relations in Europe via a multi-level approach and sectorial-specific coordination (to include trade, energy, financial technologies, forestry, maritime services, etc) and the German strategy complements the projected EU-China comprehensive strategic partnership, rather than to be an alternative to it. In this context, the paper explores the implications of the German strategy towards China from the European viewpoint and analyses its value-added potential to supporting the wider angle of EU international relations towards China. The research hypothesis is that in the current international geopolitical context related to China, the German strategy enhances at the national level the guiding principles of EU approach to managing the relations with China and adds value to EU economic diplomacy instead of duplicating it. The research methodology is focused on a qualitative analysis of documented authentic scientific public resources and synthesis of key aspects from a geopolitical and geo-economical wide angle of Sino-European relations. The conclusions draw on the fact that China acts as an international challenger, on a path to consolidate its international role and the EU and the German strategies towards China support the mitigation of exposures to economic dependencies by de-risking linkages rather than economic de-coupling from "a partner, a competitor and a systemic rival" at the same time, as designated by EU.