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  Integrated financial reporting package
  Overwiev : financial year 2017

  The Integrated Financial Reporting Package (IFRP) brings together comprehensive information on the implementation, performance, results, sound financial management and protection of the EU budget in 2017. The package consists of four reports: the 2017 Annual Management and Performance Report, th...

  The Integrated Financial Reporting Package (IFRP) brings together comprehensive information on the implementation, performance, results, sound financial management and protection of the EU budget in 2017. The package consists of four reports: the 2017 Annual Management and Performance Report, the Consolidated annual accounts of the European Union 2017, the Report on the follow-up to the discharge for the 2016 financial year and the Programmes’ Performance Overview. These documents provide essential input for the annual ‘discharge procedure’ through which the European Parliament and the Council hold the Commission accountable for the way it manages EU taxpayers’ money. This is in line with the highest international standards for transparency and accountability. This brochure summarises the reports of the package, highlights their key messages and explains the key features of the EU budget.

  • Published: 2018-10-24
  • Corporate Author(s): Directorate-General for Budget (European Commission)
  • Subject: budget policy, budgetary discharge, budgetary expenditure, budgetary resources, Community budget, EU budget, financing of the EU budget, implementation of the budget, public finance
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  Budget support
  Trends and results 2018

  • Published: 2018-10-03
  • Corporate Author(s): Directorate-General for International Cooperation and Development (European Commission) ; Directorate-General for Neighbourhood and Enlargement Negotiations (European Commission)
  • Subject: activity report, budget financing, developing countries, financial aid, implementation of the budget, national budget, public finance
• Directorate-General Eurostat — Publication of a vacancy for the function of Director ESTAT.D ‘Government Finance Statistics (GFS) and quality’ (AD 14) (Luxembourg) (Article 29(2) of the Staff Regulations) — COM/2018/10381

  • Published: 2018-10-02
  • Corporate Author(s): European Commission
  • Subject: administrator, competition (EU), EU statistics, Eurostat, job vacancy, managing director, public finance
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  Economists’ musings on human capital investment
  How efficient is public spending on education in EU Member States?

  In this paper we perform stochastic frontier analyses to assess the quality of public spending on education in Europe. To measure the corresponding efficiency, three dimensions are taken into account: (1) quantity (tertiary educational attainment), (2) quality (PISA scores in the area of science...

  In this paper we perform stochastic frontier analyses to assess the quality of public spending on education in Europe. To measure the corresponding efficiency, three dimensions are taken into account: (1) quantity (tertiary educational attainment), (2) quality (PISA scores in the area of science), and (3) inclusiveness (proxied by the inverse of young people not in employment, training or education (NEET rates)). All EU Member States are covered over the period 2002 – 2015. Based on pooled and fixed effects regressions, the EU Member States' efficiency scores are assessed both with a view at an EU-wide frontier to allow for cross-country comparisons as well as concerning country-specific frontiers to identify individual trends and possibly remaining deficiencies. The results reveal that some Member States manage to achieve high efficiency in all observed output dimensions 'quantity', 'quality' and 'inclusion', such as e.g. the Netherlands and the United Kingdom - which implies that there is not necessarily a trade-off between the individual output dimensions. Evidence suggests, moreover, that most Member States made remarkable progress over time in terms of efficient use of public resources in reaching large numbers of highly educated young adults. With a view at quality and inclusiveness of public spending on education, however, in many Member States seems to remain still room (and need) for further improvements.

  • Published: 2018-10-17
  • Corporate Author(s): Directorate-General for Economic and Financial Affairs (European Commission)
  • Subject: economic analysis, education, education budget, education costs, education policy, EU Member State, productivity, public expenditure, public finance, public investment, qualitative analysis, quantitative analysis
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  Financial report 2017
  

  The Financial Report shows that the quality of the EIB’s loan portfolio in 2017 remained remarkably high, despite an increase in riskier projects....

  The Financial Report shows that the quality of the EIB’s loan portfolio in 2017 remained remarkably high, despite an increase in riskier projects.

  • Published: 2018-07-31
  • Corporate Author(s): European Investment Bank
  • Subject: activity report, audit, European Investment Bank, financial statistics, public finance
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  Performance budgeting
  A means to improve EU spending : in-depth analysis

  In 2015, the European Commission launched an initiative entitled 'The EU budget focused on results'. It is aimed at changing spending culture and making results a horizontal priority for the EU budget. The initiative is based on a popular contemporary budgeting method known as 'performance budge...

  In 2015, the European Commission launched an initiative entitled 'The EU budget focused on results'. It is aimed at changing spending culture and making results a horizontal priority for the EU budget. The initiative is based on a popular contemporary budgeting method known as 'performance budgeting'. This paper presents the method and its application to the EU budget. It explains why, although not easy to implement, performance budgeting is seen as an attractive way to increase value for money and enhance the transparency and democratic accountability of public finances. The paper also analyses how the performance budgeting approach has evolved within the EU budgetary system and what challenges and obstacles to its implementation remain. The commitment of the European Commission to the principles of performance budgeting, as well as the broad support for the idea expressed by the European Parliament and the Council, give grounds to believe that these efforts will continue in the post-2020 Multiannual Financial Framework.

  • Published: 2018-10-08
  • Corporate Author(s): Directorate-General for Parliamentary Research Services (European Parliament)
  • Subject: budgetary expenditure, EU budget, inclusion in the budget, public finance
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  Enhanced fiscal integration in the EMU?
  ESM-ECFIN-GCEE workshop proceedings

  This volume presents the proceedings of the workshop organised by the Directorate-General for Economic and Financial Affairs (ECFIN) jointly with the European Stability Mechanism (ESM) and the German Council of Economic Experts (GCEE) on 19 September 2017 in Brussels. The workshop aimed at raisi...

  This volume presents the proceedings of the workshop organised by the Directorate-General for Economic and Financial Affairs (ECFIN) jointly with the European Stability Mechanism (ESM) and the German Council of Economic Experts (GCEE) on 19 September 2017 in Brussels. The workshop aimed at raising awareness about the fiscal policy architecture in Europe and its potential future developments and contributing to the expert debate on these issues. It consisted of two sessions with two panels each. Short presentations of expert or research contributions were followed by a debate with the audience. The first session was devoted to a review of the European experience with fiscal policy coordination and governance, including perspectives on the euro area fiscal stance. The second session focused on fiscal risk sharing and stabilisation in the euro area. It explored different options of a fiscal stabilisation function and their design.

  • Published: 2018-10-17
  • Corporate Author(s): Directorate-General for Economic and Financial Affairs (European Commission)
  • Subject: conference proceedings, coordination of EMU policies, Economic and Monetary Union, economic integration, economic stabilisation, euro area, European integration, fiscal policy, public finance
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  Juncker plan reaches €315 billion investment target
  Investment plan for Europe, July 2018

  The European Fund for Strategic Investments (EFSI) has mobilised €335 billion in additional investment across the EU since 2015. Two thirds of the €335 billion raised comes from private investment....

  The European Fund for Strategic Investments (EFSI) has mobilised €335 billion in additional investment across the EU since 2015. Two thirds of the €335 billion raised comes from private investment.

  • Published: 2018-08-01
  • Corporate Author(s): Directorate-General for Communication (European Commission)
  • Subject: EU financing, EU investment, fund (EU), investment, investment policy, private investment, public finance
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  Post-programme surveillance report
  Cyprus, Spring 2018

  Latest edition.

  This report presents the findings of the fourth post-programme surveillance (PPS) mission of European Commission staff, in liaison with staff from the European Central Bank (ECB), which took place in Cyprus from 19 to 23 March 2018, completing the assessment with the developments of the economy ...

  This report presents the findings of the fourth post-programme surveillance (PPS) mission of European Commission staff, in liaison with staff from the European Central Bank (ECB), which took place in Cyprus from 19 to 23 March 2018, completing the assessment with the developments of the economy up to the cut-off date. An Addendum is included at the end of the report providing a brief overview of the recent developments in the banking sector, namely the sale of the second largest bank in the country (Cyprus Cooperative Bank, CCB). The mission was coordinated with the International Monetary Fund's (IMF) post-program monitoring (PPM) mission. Staff from the European Stability Mechanism (ESM) also participated in the mission on aspects related to the ESM's Early Warning System. The next PPS mission will take place in autumn 2018.

  • Published: 2018-09-07
  • Corporate Author(s): Directorate-General for Economic and Financial Affairs (European Commission) ; European Central Bank
  • Subject: Cyprus, economic development, economic forecasting, economic growth, economic policy, economic reform, financial aid, financial policy, fiscal policy, public debt, public finance, report, structural adjustment, structural policy
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  Convergence report 2018
  

  Latest edition.

  Article 140(1) of the Treaty on the Functioning of the European Union requires the Commission and the European Central Bank to report to the Council, at least once every two years, or at the request of a Member State with a derogation, on the progress made by the Member States in fulfilling thei...

  Article 140(1) of the Treaty on the Functioning of the European Union requires the Commission and the European Central Bank to report to the Council, at least once every two years, or at the request of a Member State with a derogation, on the progress made by the Member States in fulfilling their obligations regarding the achievement of economic and monetary union. The latest Commission and ECB Convergence Reports were adopted in June 2016. The 2018 Convergence Report covers the following seven Member States with a derogation: Bulgaria, the Czech Republic, Croatia, Hungary, Poland, Romania and Sweden.

  • Published: 2018-07-05
  • Corporate Author(s): Directorate-General for Economic and Financial Affairs (European Commission)
  • Subject: Bulgaria, convergence criteria, Croatia, Czech Republic, economic convergence, economic growth, exchange rate, Hungary, inflation, interest, Poland, public finance, report, Romania, Sweden