期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：On 18 November 2020 the European Commission released its opinions on the draft budgetary plans of euro area governments for 2021. In contrast to previous years and in the context of the coronavirus (COVID-19) pandemic, this year’s European Commission assessment was of a qualitative nature and did not focus on numerical compliance with the fiscal rules. This was due to the activation of the general escape clause [1] which allows Member States to deviate from the adjustment requirements of the Stability and Growth Pact in certain specific, defined situations, such as a severe economic downturn for the euro area or the Union as a whole. Instead the Commission’s assessment was based on the fiscal country-specific recommendations adopted by the Council on 20 July 2020 as well as its guidance issued in September in the form of letters sent to all Member States indicating that the general escape clause would remain active also in 2021 to ensure the needed support from fiscal policies. The Commission also clarified in its assessment that when economic conditions allow, Member States should pursue fiscal policies aimed at achieving prudent medium-term fiscal positions and ensuring debt sustainability, while enhancing investment. In order to reconcile the need to provide macroeconomic stabilisation while ensuring mediumterm fiscal sustainability, the Commission stated that support measures should be targeted and temporary, as permanent measures which are not financed by compensatory measures may affect fiscal sustainability in the medium term.
