Fiscal policy guidance for 2023

Author (Corporate)
Series Details COM (2022) 85
Publication Date 02/03/2022
Content Type ,

Summary:

Communication published by the European Commission on 2 March 2022, providing Member States with guidance on the conduct of fiscal policy in 2023.

Further information:

The Communication sets out the key principles that will guide the Commission’s assessment of Member States’ stability and convergence programmes. It also provides an overview of the state of play on the economic governance review.

This was presented in the context of Russia’s invasion of Ukraine. In solidarity with Ukraine, the European Union (EU) approved an unprecedented package of economic sanctions aimed at causing severe impact on the Russian economy and political elite. The 2022 Winter Economic Forecast was published on 10 February, two weeks before the invasion. This development negatively impacts the growth outlook and tilts the risks further to the downside. It also further underscores the need for strong coordination of economic and fiscal policies, and for fiscal policies to be adapted in reaction to rapidly changing circumstances. The guidance will be adjusted to economic developments as needed.

Source Link https://eur-lex.europa.eu/legal-content/EN/ALL/?uri=COM:2022:85:FIN
Alternative sources
  • https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/eu-economic-governance-monitoring-prevention-correction/stability-and-growth-pact/fiscal-policy-guidance-2023_en
Related Links
News
Reuters, 02/03/2022: EU considers longer borrowing limit hiatus amid Ukraine crisis https://www.reuters.com/markets/rates-bonds/eu-see-if-fiscal-rules-should-stay-suspended-longer-because-ukraine-2022-03-02/
EurActiv, 02/03/2022: EU Commission urges member states to invest more https://www.euractiv.com/section/economy-jobs/news/eu-commission-urges-member-states-to-invest-more/
Politico, 02/03/2022: Ukraine war blurs Brussels’ plans to reapply debt, deficit rules https://www.politico.eu/article/ukraine-war-blurs-brussels-plans-to-reapply-debt-deficit-rules/
Bloomberg, 02/03/2022: War Brings EU Closer to Suspending Fiscal Rule Again for 2023 https://www.bloomberg.com/news/articles/2022-03-02/war-brings-eu-closer-to-suspending-fiscal-rule-again-for-2023
The Irish Times, 02/03/2022: EU commissioner says Ukraine crisis should force reckoning with corrupt cash https://www.irishtimes.com/business/economy/eu-commissioner-says-ukraine-crisis-should-force-reckoning-with-corrupt-cash-1.4816805

Official
European Commission: Press Release, 02/03/2022: Commission presents fiscal policy guidance for 2023 https://ec.europa.eu/commission/presscorner/detail/en/ip_22_1476
European Commission: Questions and answers: Commission Communication on fiscal policy guidance for 2023 (2 March 2022) https://ec.europa.eu/commission/presscorner/detail/en/qanda_22_1477
European Commission: Remarks by Executive-Vice President Dombrovskis at the press conference on the fiscal policy guidance for 2023 (2 March 2022) https://ec.europa.eu/commission/presscorner/detail/en/speech_22_1506
European Commission: Remarks by Commissioner Gentiloni at the press conference on the fiscal policy guidance for 2023 (2 March 2022) https://ec.europa.eu/commission/presscorner/detail/en/speech_22_1509

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