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Cátedra Jean Monnet. Departamento Economía. Universidad Carlos III de Madrid.

Cátedra Jean Monnet ad personam. Departamento Economía.

Catedrático europeo Jean Monnet: Dr. Carlos San Juan Mesonada

Asignaturas:

Economía de la Integración Europea / Economics of European Integration

Economía Española y Europea

  • Towards a Positive Euro Area Fiscal Stance. Supporting public investments that increase economic growth

    by EPSC Strategic Notes*. Issue 20 23 November 2016

    Publicado el 28 November 2016
    Reducing unemployment, strengthening the euro area’s growth prospects and ensuring the future resilience of the European economy require better tailored fiscal tools at euro area level. Today, the limits of the EU’s fiscal framework mean that the euro area has had to rely excessively on the monetary policy of the European Central Bank (ECB) to ensure macroeconomic stability. As these monetary policy tools are increasingly stretched, calls for a more balanced policy mix that includes more supportive fiscal policies have been voiced by the EU – including by Commission President Jean-Claude Juncker in his 2016 State of the Union ‘Letter of Intent’1 and by ECB President Mario Draghi – as well as by a very broad set of stakeholders, from international organisations to academics. Against this backdrop, the Commission presented on 16 November a Communication ‘Towards a Positive Fiscal Stance for the Euro Area’, confirming its intention to promote a more supportive fiscal policy in the euro area. Given the challenges that lie ahead and the current economic juncture, there is a strong case for increasing public investments in areas that increase the resilience of the European economy. In short, there is both a need and a unique window of opportunity for the EU to take action on the fiscal front at this precise point in time. This increased fiscal responsibility must be implemented in combination with supportive structural reforms and investments, making sure the elements of the ‘virtuous triangle’ are mutually reinforcing

  • Política fiscal a escena. Un impulso fiscal más ambicioso de la Comisión ayudaría al BCE a normalizar los tipos

    Autor; EMILIO ONTIVEROS. economia.elpais.com 27 NOV 2016

    Publicado el 28 November 2016

    La Comisión Europea acaba de admitir la necesidad de una política fiscal más expansiva para la eurozona. Lo ha hecho en un documento, Towards a positive fiscal stance for the Euro Area, EPSC Strategic Notes*. Towards a Positive Euro Area Fiscal Stance. Supporting public investments that increase economic growth en el que reconoce un crecimiento débil en cuya superación se interponen nuevos factores generadores de incertidumbre que amenazan la recuperación del área. Al horizonte de abandono de la UE por Reino Unido se añade el resultado de las elecciones presidenciales en EEUU, que en modo alguno favorecen el crecimiento económico y del empleo en la eurozona. Además, en ese cambio de actitud de la Comisión sobre la necesidad de estímulos fiscales, equivalentes al menos un 0,5% del PIB de media en la eurozona, han debido jugar un papel clave las consultas electorales en algunos países de la eurozona y el presumible ascenso de fuerzas políticas nada favorables al fortalecimiento de la dinámica de integración europea, incluida la unión monetaria.

    No es un diagnostico novedoso. Hace tiempo que el propio BCE y el FMI, advirtiendo de las elevadas probabilidades de estancamiento, han recomendado políticas fiscales expansivas que complementen la eficacia decreciente de la política monetaria. Han sido las tardías pero acertadas decisiones del banco central las únicas que han tratado de apuntalar una recuperación lastrada por la adopción de políticas fiscales inadecuadas que, además de pronunciar la recesión, contribuyeron a la elevación de la deuda pública mediante importantes descensos en la recaudación tributaria.


  • The economic governance of the the euro area

    Judith Arnal Martínez. Conferencia J-M Universidad Carlos III de Madrid. 21 November 2016.

    Publicado el 21 November 2016

    What things in every day’s reality can the economic governance of the euro area help explain?

    How is the euro area organized?

    The reforms to the economic governance of the euro area


  • Leaked ‘Brexit’ Memo Says U.K. Is Unsure How to Proceed

    By STEVEN ERLANGER and KIMIKO DE FREYTAS-TAMURANOV. NYT Nov. 15, 2016

    Publicado el 16 November 2016
    The government of Britain could need six more months to settle on a plan for negotiating the country’s exit from the European Union and an extra 30,000 civil servants to deal with the complexities of the task, at least according to a memo of uncertain parentage leaked to The Times of London on Tuesday. (...) But the memo to a large extent said what is widely understood: The government has not yet finished its internal debate on what kind of relationship it wants with the European Union, nor has it set its priorities for any negotiation; and the cabinet remains divided between those favoring as clean a break with Brussels as possible and those who want to preserve duty-free access to the huge European market.



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