5. A Jigsaw of Financial Institutions and Unions Within Union

Extraordinary Council meeting, details can be found at https://​www.​consilium.​europa.​eu/​uedocs/​cms_​data/​docs/​pressdata/​en/​ecofin/​114324.​pdf.

“Slovakia’s reluctant EFSF vote reflects deep unrest” available at https://​www.​marketwatch.​com/​story/​occupy-the-euro-zone-bailout-fund-2011-10-14.

Euro Summit Statement—Brussels, 12 July 2015, available at https://​www.​esm.​europa.​eu/​sites/​default/​files/​2015-07-12_​euro_​summit_​statement_​on_​greece.​pdf.

Consisting of the capital requirements directive (CRD IV) and the capital requirements regulation (CRR), the bank recovery and resolution directive (BRRD), the deposit guarantee schemes directive (DGSD), the revised directive on payment services (PSD2), the mortgage credit directive (MCD), the payment accounts directive (PAD), the regulation on key information documents for packaged retail and insurance-based investment products (PRIIPs), the fourth anti-money laundering directive (AMLD), the electronic money directive (EMD), the EU market infrastructure regulation (EMIR), the financial conglomerates directive (FICOD), the directive on central securities depositories (CSD), the markets in financial instruments directive (MiFID II) and the interchange fee regulation (IFR).

Regulatory Brief available at https://​www.​pwc.​com/​us/​en/​financial-services/​regulatory-services/​publications/​assets/​fs-reg-brief-eu-bonus-cap-crd-iv-emir-aifmd.​pdf.

Report from the Commission to the European Parliament and the Council on the Single Supervisory Mechanism established pursuant to Regulation (EU) No. 1024/2013, available at https://​ec.​europa.​eu/​info/​sites/​info/​files/​171011-ssm-review-report_​en.​pdf.

Jean-Claude Juncker Candidate for President of the European Commission, “A new start for Europe” opening statement in the European Parliament plenary session Strasbourg, 15 July 2014, available at https://​ec.​europa.​eu/​commission/​presscorner/​detail/​en/​SPEECH_​14_​567.

Other members included, Roel Beetsma (The Netherlands), Massimo Bordignon (Italy), Sandrine Duchêne (France) and Mateusz Szczurek (Poland). In September 2020, Xavier Debrun (Belgium) also joined the European Fiscal Board as a member.

The database encompasses the four main fiscal rules of the SGP:

1. Deficit rule: a country is compliant if (i) the headline budget balance is at or above −3% of GDP or if (ii) an excess below −3% of GDP is small (i.e., 0.5% of GDP) and limited to one year.

2. Debt rule: a country is compliant if the debt-to-GDP ratio is below 60% of GDP or if the excess above 60% of GDP has been declining by 1/20 on average over the past three years.

3. Structural balance rule: a country is compliant if the structural budget balance is at or above the medium-term objectives (MTOs) or, if it is below the MTOs, its structural fiscal effort (i.e., the change in the structural balance) is equal or higher than the benchmark requirement of 0.5% of GDP.

4. Expenditure rule: a country is complaint if the annual rate of growth of primary government expenditure, net of discretionary revenue measures and one-offs, is at or below the 10-year average of the nominal rate of potential output growth minus the convergence margin necessary to adjust towards the MTOs.

See Marzinotto et al. (2011).

See Sinn and Sinn (2015).

See Cioffi et al. (2019).