Saturday, March 15, 2014
Calvert (Omni Shoreham)
The paper looks at the expansion of fiscal rules that have been added to strengthen fiscal surveillance since the Eurostat reported that the Greeks misclassified and misreported their budgetary data to gain entry into the EMU. These rules include the two and six pac, European Semester, etc. In particular, though new regulations exist, has the EC actually received additional staff to make them credible? Have the long-standing coordination and turf issues that undermine the effectiveness of these units been resolved? What actions have these units initiated to strengthen their monitoring capacity? How has the European Semester process changed the Commission’s internal management of the surveillance process? How, and to what extent, have other EU institutions that were excluded from the original monitoring system, principally the European Court of Auditors, been brought into the new process? How is the Commission interacting differently with the member states under the Semester?