European Fiscal Compact

from Wikipedia, the free encyclopedia

The European fiscal compact ( english European Fiscal Compact , French Pacte budgétaire européen ) denotes contents and measures of the "Treaty on Stability, Coordination and Governance in the Economic and Monetary Union" ( TSCG ) mounted on the Maastricht Treaty on or based on those EU convergence criteria (max. 60% debt ceiling in relation to GDP and max. 3% annual budget deficit in relation to GDP). A major innovation in the “SKS contract” now concerns (in addition to the “Maastricht criteria”) the possibility of financial sanctions in the event of non-compliance.

Signatory states of the European Fiscal Compact: Euro countries Non - euro countries Non - euro countries (bound by fiscal provisions, but not by provisions on economic coordination) Non- euro countries (neither bound by fiscal provisions nor by provisions on economic coordination)




Member States of the EU that have not signed the Fiscal Compact

Participating countries whose structural deficit (annual new debt minus cyclical deficit) exceeds 0.5% of the respective GDP or whose total debt ratio exceeds 60% of GDP must submit their budget and economic partnership programs with measures to reduce debt to the EU Commission and the European Council and to have them approved.

The treaty was ratified on March 2, 2012 by 25 EU members, with the exception of Great Britain and the Czech Republic . Croatia , which joined the EU in 2013, did not sign the fiscal pact. It applies in full to the currently 19 states of the euro currency area and with restrictions for the other signatory states of the EU. Approval of the “Treaty on Stability, Coordination and Governance in Economic and Monetary Union” is a basic condition for being able to draw loans from the ESM as a needy state budget .

background

In response to the European debt crisis , the first proposals to reform the Stability and Growth Pact came up in 2010 , which had not prevented this crisis. In February 2011, France and Germany pushed ahead with the Euro Plus Pact to improve economic policy coordination in the Eurozone . Spain joined this goal. The most determined advocates of a common fiscal union include the German Chancellor Angela Merkel , numerous incumbent EU finance ministers and the head of the European Central Bank .

Germany had urged other member states to introduce a debt brake based on its own model in order to achieve a clear debt ceiling, strict budgetary discipline and a balanced budget. Debt brakes in all euro countries imply a much stronger budget discipline than the existing EU rules. According to German Chancellor Angela Merkel, the European Commission and the European Court of Justice should ensure that countries meet their obligations.

On December 9, 2011, all EU members with the exception of Great Britain and the Czech Republic agreed on strict upper limits for national debt, including automatic sanctions for countries that break the rules (Art. 3 SKS Treaty).

Answer to the euro crisis

In the course of the triggering banking crisis and the increased national debt due to the bailouts, the idea of ​​a European fiscal union was taken up again: common budget, common tax policy, common guarantee for the national debts of the countries of the euro zone. Some see it as the natural next step towards European integration and / or a way to alleviate or resolve the euro crisis , others see an economic paradox. Some economists warn against this and point out that Europe cannot be pulled out of the debt swamp by saving alone, since growth and investment are also necessary for this.

Brussels Agreement

On December 9, 2011, the eurozone countries agreed on ceilings for national debt and penalties for those countries that disregard these limits. The non-euro countries, with the exception of Great Britain, also agreed to take part. An amendment to the EU treaty was rejected by British Prime Minister David Cameron . In return, he had asked for the City of London to be exempt from future financial market regulations (such as the proposed EU financial transaction tax ). Due to the rejection of the contract amendment by the British in December 2011, the planned cooperation had to be put on a separate contractual basis. The Czech Republic, which, unlike the United Kingdom, supported the treaty amendment, therefore refused in January 2012 to join the new pact, which is outside the EU legal framework. The treaty was signed by 25 states on March 2, 2012.

Content of the contract

The SKS contract (Fiscal Compact) comprises the following points:

Fiscal Compact Criteria (2013): Budget & Structural Deficit
Fiscal Compact Criterion (2014): Government Debt Ratio
  • The general state budget must be in balance or show a surplus (Art. 3 Para. 1 Letter a). This is already considered to have been achieved if the cyclically adjusted annual balance without taking into account one-off and temporary measures (Art. 3 (3) (a)) in its country-specific medium-term target (in accordance with the amended Stability and Growth Pact ) does not exceed 0.5% of nominal GDP (Art. 3 Para. 1 Letter b); it can amount to up to 1.0% of GDP if the debt level is significantly below 60% of GDP (Art. 3 Para. 1 Letters b and d SKSV). However, this does not have to happen immediately and probably only approximately, because Article 3, Paragraph 1, Letter b states: "The contracting parties shall ensure a rapid approach to their respective medium-term goal", whereby the time frame for this approach is from proposed to the European Commission "taking into account the country-specific risks for long-term sustainability". The states may exceptionally deviate from this “medium-term goal or the adjustment path leading to it” if there are “exceptional circumstances” (Art. 3 (1) c). As such, “an extraordinary event beyond the control of the contracting party concerned and which has a significant impact on the public finances, or a severe economic downturn within the meaning of the amended Stability and Growth Pact, provided that the temporary deviation ... does not endanger the medium-term Sustainability of public finances ”(Article 3 (3) b).
  • The new regulation must be anchored in the national constitution (or at an equivalent level) (Art. 3 Par. 2 SKSV). It must also include an automatic correction mechanism that is triggered in the event of a deviation. All signatory states recognize the competence of the European Court of Justice , which reviews the implementation of this rule at national level (Art. 8 SKSV).
  • The member states undertake to reduce their expenditure and debts until the individual limits proposed by the EU Commission are reached (Art. 4 SKSV).
  • Member States that violate the rules must report to the EU Commission and the European Council on the economic policy measures they intend to take to permanently reduce their excessive deficit. The proposed measures and the annual budget are monitored by the EU Commission and the European Council (Art. 5 SKSV).
  • The member states must notify the planned taking on of new debts in advance (Art. 6 SKSV).
  • The member states agree to an amendment to the European Stability Mechanism , which also comes into force one year earlier.

As soon as a member state runs the risk of violating the deficit ceiling of three percent , automatic consequences come into force, unless a qualified majority of the member states of the euro area oppose it.

According to Art. 8, Paragraph 1, every euro country that does not introduce a uniform EU-wide debt brake at national level should be able to be sued before the Court of Justice of the EU in Luxembourg. This action can be brought by any of the other countries either on its own initiative or after the European Commission has determined the default. According to the protocol on the signing of the Fiscal Compact, however, the plaintiffs must be the three countries that are presiding over the Council of the European Union at the time the Commission report is published . The court then makes a binding decision as to whether the state has effectively introduced the debt brake. If that state then does not comply with the judgment, an application can be made to the Court of Justice under Article 8 (2) to impose financial sanctions in accordance with the criteria created by the European Commission under Article 260 of the Treaty on the Functioning of the European Union . This sanction can be a lump sum or a penalty payment and may not exceed 0.1% of its gross domestic product. The money is to flow into the planned European Stability Mechanism (ESM). This, in turn, should only be allowed to be used by those countries that have undertaken to curb their new debt under the fiscal pact.

There should be a euro summit at least twice a year. In addition, care should be taken to ensure that the fiscal pact does not undermine the common EU internal market . The treaty for the euro zone comes into force as soon as the parliaments of twelve members have ratified it (Art. 14 SKS treaty). After five years at the latest, it should also be checked whether the new contract can be integrated into the contract on the European Union that is valid for everyone (Art. 16 SKS contract).

Come into effect

The Fiscal Compact came into force on January 1, 2013. 23 countries have ratified the treaty so far: the euro countries Austria, Cyprus, Germany, Estonia, Greece, Spain, Finland, France, Ireland, Italy, Portugal, Slovenia and Slovakia, the non-euro countries Denmark and Romania, which have declared themselves want to bind contract titles III and IV. For Lithuania and Latvia only the governance rules (Title V) apply.

Tabular overview of the ratification of the European Fiscal Compact by the signatory states
Signatory state decision-
constitutional 		institution
Majority required		 Yes No abstention contract
undercut- 		Ref.
GreeceGreece Greece Eurozone March 28, 2012 houses of Parliament 50% 194 59 0 May 10, 2012
SloveniaSlovenia Slovenia Eurozone April 19, 2012 State Assembly 50% 74 0 2 May 30, 2012
April 30, 2012 President - signed
LatviaLatvia Latvia Eurozone May 31, 2012 Saeima 66.7% 67 (69%) 29 (30%) 1 (1%) June 22, 2012
June 13, 2012 president - signed
PortugalPortugal Portugal Eurozone April 13, 2012 Assembleia da República 50% 204 24 2 5th July 2012
June 27, 2012 President - signed
DenmarkDenmark Denmark May 31, 2012 Folketing 50% 80 27 0 19th July 2012
June 18, 2012 queen - signed
Cyprus RepublicRepublic of Cyprus Cyprus Eurozone April 20, 2012 Council of Ministers - agreed July 26, 2012
June 29, 2012 president - signed
AustriaAustria Austria Eurozone 4th July 2012 National Council 50% 103 60 0 July 30, 2012
July 6, 2012 Federal Council 50% 42 13 0
17th July 2012 Federal President - signed
LithuaniaLithuania Lithuania June 28, 2012 Seimas 50%
( and at least 57 yes votes) 		80 11 21st September 6, 2012
4th July 2012 President - signed
ItalyItaly Italy Eurozone July 12, 2012 Senato della Repubblica 50% 216 24 21st September 14, 2012
19th July 2012 Camera dei deputati 50% 368 65 65
July 23, 2012 president - signed
GermanyGermany Germany Eurozone June 29, 2012 Federal Council 66.7% 65 0 4th September 27, 2012
June 29, 2012 Bundestag 66.7% 491 111 6th
September 13, 2012 Federal President - signed
SpainSpain Spain Eurozone July 18, 2012 Senado 50% 240 4th 1 September 27, 2012
June 21, 2012 Congreso de los Diputados 50% 309 19th 1
July 25, 2012 king - signed
RomaniaRomania Romania May 21, 2012 senate 50% 89 1 0 November 6, 2012
May 8, 2012 Chamber of Deputies 50% 237 0 2
June 13, 2012 President - signed
FranceFrance France Eurozone October 11, 2012 senate 50% 307 (91%) 32 (9%) 8th November 26, 2012
October 9, 2012 National Assembly 50% 477 (87%) 70 (13%) 21st
October 22, 2012 President - signed
EstoniaEstonia Estonia Eurozone 17th October 2012 Riigikogu 50% 63 0 0 5th December 2012
5th November 2012 President - signed
IrelandIreland Ireland Eurozone April 20, 2012 Dáil 50% 93 21st not specified December 14, 2012
April 24, 2012 Seanad 50% agreed
May 31, 2012 referendum 50% 60.3% 39.7% not specified
June 27, 2012 president - signed
FinlandFinland Finland Eurozone December 18, 2012 houses of Parliament 50% 139 38 1 December 21, 2012
- president signed
SlovakiaSlovakia Slovakia Eurozone December 18, 2012 National Council 50%
(absolute)
at least 76 votes in favor 		138 0 2 17th January 2013
January 11, 2013 president - signed
SwedenSweden Sweden March 7, 2013 Riksdagen 50% 251 23 37 May 3, 2013
LuxembourgLuxembourg Luxembourg Eurozone February 27, 2013 Chambre des Députés 66.7% 46 10 0 May 8, 2013
March 29, 2013 Grand duke - signed
HungaryHungary Hungary March 25.2013 houses of Parliament 66.7% 307 32 13 May 15, 2013
March 29, 2013 President - signed
MaltaMalta Malta Eurozone 11th of June 2013 House of Representatives 50% June 28, 2013
PolandPoland Poland February 21, 2013 senate 50% 57 26th 0 August 8, 2013
20th February 2013 Sejm 50% 282 155 1
February 27, 2013 President - signed
NetherlandsNetherlands Netherlands Eurozone June 25, 2013 First Chamber of
the States General 		50% by acclamation October 8, 2013
March 26, 2013 Second Chamber of
the States General 		50% 112 33 0
June 26, 2013 queen - signed
BulgariaBulgaria Bulgaria November 28, 2013 Narodno Sabranie 50% 109 0 5 January 14, 2014
3rd December 2013 President - signed
BelgiumBelgium Belgium Eurozone May 23, 2013 senate 50% 49 9 2 March 28, 2014
June 20, 2013 Chamber of Deputies 50% 111 23 0
18th July 2013 king - signed
20th December 2013 Walloon Parliament 50% 54 0 1
December 21, 2013 French community 50% 66 1 1
October 14, 2013 German community 50% 19th 5 0
20th December 2013 Parliament of the
Brussels-Capital Region 		50% 54 (FR)
9 (NL) 		3 (FR)
7 (NL) 		1 (FR)
0 (NL)
December 19, 2012 Flemish Parliament 50% 62/64 0 0

Evaluation

Evaluation 2012

According to a briefing from the German government, none of the problem countries succeeded in avoiding a further increase in their debt ratio in 2012, despite the energetic austerity programs. The reasons given are that the clear economic slowdown wiped out a significant part of the planned savings, as tax revenues developed less favorably than expected and additional government expenditure became necessary, in particular due to rising unemployment.

Greece's GDP and Debt

Evaluation 2013

Budget deficits have been reduced (partly since 2009); with the exception of Germany and Portugal, the debt ratios have increased and will continue to rise in 2014. In 2013, Greece generated a de facto zero deficit or (depending on the calculation) even a surplus, the debt ratio increased from 156.9 (2012) to 175.7% in 2013 (2009: 129.7% from savings imposed by the Troika ). It is by no means surprising that the OECD, in its laudatory report on the success of the consolidation of the Greek budget (2013), withholds the fact that Greece's debt ratio (in relation to falling GDP) has continued to rise enormously since 2009.

The Advisory Council on the Assessment of Macroeconomic Development states: “Analogously, it can be seen that there is a need for further consolidation in a number of other countries, such as Belgium, France, the Netherlands and Portugal. The basic orientation of financial policy in the euro area should therefore remain restrictive in the forecast period and have a dampening effect on economic development. ”And, as in 2012, the Council of Economic Experts assumes that the austerity policy will only have short-term negative effects :“ The negative short-term effects of the austerity measures on domestic demand and employment should therefore be lower in the coming year 2014 than in 2013. “At the same time, however, the Council of Economic Experts points out that no improvement in the export development of the German economy is to be expected in 2014, as there is (already) disinflation in the potential customer countries works. Viewed superficially, the demand for wage cuts in Germany seems justified, since unemployment and wage cuts in turn weaken the domestic economy (domestic demand) and the EU economies cannot all reduce expenditure at the same time and improve their current account (s) at the same time (see also the competitive paradox or . Beggar-thy-Neighbor Policy ).

Austerity & savings paradox

Evaluation 2014

In its updated economic forecast for 2015, the Advisory Council on the Assessment of Macroeconomic Development (SVR) stated that the economy in the euro area had made slight progress in the second half of 2014. The gross domestic product grew somewhat more strongly than expected in the 2014/15 annual report. Some countries had made initial progress in tackling unemployment, although it was still high. The economic recovery in the euro area could be less pronounced if, after Greece, the necessary adjustments were not made in other member states or reforms that had already been implemented were turned back.

The expansionary effect of the ECB's monetary policy is only temporary and will in any case decline again over time. Quantitative easing is therefore not a substitute for structural reforms and is also associated with considerable risks for economic development, in particular due to reduced incentives for reforms and risks to financial stability. In the event of a state bankruptcy in Greece, the dangers for European economic development are "rather limited". The example of Greece at the end of 2014 shows how the first signs of an upswing end abruptly if there is uncertainty about the future political course.

literature

  • Christian Calliess , Christopher Schoenfleisch: From Fiscal Compact to “Fiscal Union”? - European and constitutional considerations on the reform of the economic and monetary union . In: Berlin Online Contributions to European Law, No. 75, pp. 1–29.
  • Andreas Fisahn: Teaching the bull to dance? Europe faces new challenges . In: PROKLA 168, pp. 357-376.
  • Andreas Fischer-Lescano : Fiscal agreement and EU law , legal opinion on behalf of the GUE / NGL parliamentary group in the European Parliament, Bremen 2012 (20 pages).
  • Heiner Flassbeck : Ten Myths of the Crisis . Suhrkamp, ​​Berlin 2012, ISBN 978-3-518-06220-3 .
  • Ulrich Häde: Legal evaluation of the measures with regard to a “fiscal union” . In: Berlin online contributions to European law, No. 77, pp. 1–14.
  • Karsten Herzmann: European currency stability played over ties. An overview of the fiscal pact. In: Journal for Legal Studies (ZJS) 2012, pp. 168–174.
  • Lukas Oberndorfer: The Fiscal Compact - Circumventing the “European Constitution” and Breaking Democratic Procedures? In: juridikum  2012, pp. 168–181.
  • Lukas Oberndorfer: Crisis Handling in the European Union. Economic Governance and the Fiscal Compact - Elements of an Authoritarian Turnaround? In: Kritische Justiz (KJ) 2012, pp. 26–38.
  • Frank Schorkopf : Europe's political constitution in the light of the fiscal treaty . In: Journal for State and European Science (ZSE) 2012, pp. 1–29.

Web links

Individual evidence

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  3. ↑ EU needs 'competitiveness pact': Zapatero . Expatica.com. Archived from the original on February 24, 2013. Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Retrieved December 13, 2011. @1@ 2Template: Webachiv / IABot / www.expatica.com
  4. ^ Rick Noack: Merkel seeks urgent action on debt crisis , CNN. updated 9:02 AM EST, Fri December 2, 2011. Retrieved December 18, 2011. 
  5. ↑ Helen Pidd: Angela Merkel vows to create 'fiscal union' across eurozone . The Guardian. December 2, 2011. Retrieved December 18, 2011.
  6. ↑ Stephen Castle: European Finance Ministers Look to Strengthen EU Rules , New York Times. November 30, 2011. Retrieved December 18, 2011. 
  7. ^ Mario Draghi: Hearing before the Plenary of the European Parliament on the occasion of the adoption of the Resolution on the ECB's 2010 Annual Report . European Central Bank. December 1, 2011. Retrieved December 18, 2011.
  8. ^ Daniel Schäfer, Ben Hall: Berlin calls for eurozone budget laws . Financial Times. May 16, 2010. Retrieved December 1, 2011.
  9. ↑ German chancellor tells Bundestag she is determined to push for treaty changes at next week's European Union summit. The Guardian. Retrieved December 2, 2011.
  10. ↑ Scott Hamilton: King Says Crisis Shows It's 'Very Clear' That Euro Area Needs Fiscal Union , Bloomberg. May 12, 2010. Retrieved December 9, 2011. 
  11. ↑ Wolfgang Münchau: Shrink the eurozone, or create a fiscal union (chargeable), The Financial Times. March 14, 2010. Retrieved December 9, 2011. 
  12. ↑ The ESM and the Fiscal Compact can only increase debt and drive states into recession. (Author: Bernd Lucke )
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  14. ^ European Council press releases . European Council. December 9, 2011. Retrieved December 9, 2011.
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  16. ↑ Protocol on the signing of the fiscal pact  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. (PDF)@1@ 2Template: Toter Link / www.bundesfinanzministerium.de  
  17. ↑ Oliver Grimm: Fiscal Compact introduces new fine . The press. January 19, 2012. Retrieved January 20, 2012.
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  24. ↑ Latvia joined the euro area on January 1, 2014
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  27. ^ Bill status for The Treaty on stability, coordination and management of economic and monetary union (243 / Lp11). In: Latvijay Republikas Saeima. June 13, 2012, accessed September 26, 2012 (Latvian).
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  33. ↑ B 70 Forslag til folketingsbeslutning om Danmarks ratification af tractates of 2. marts 2012 om stabilitet, samordning og styring i Den Økonomiske og Monetære Union (finansposed). In: Folketinget. Retrieved January 5, 2013 (Danish).
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  39. ↑ Lithuanian parliament ratifies EU's key fiscal pact. (No longer available online.) In: The financial . June 29, 2012, archived from the original on July 1, 2012 ; accessed on September 28, 2012 (English). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / finchannel.com
  40. ↑ Valstybės Žinios, 07/04/2012, No .: 78, Publ. No .: 4037. LITLEX, July 4, 2012, accessed on August 18, 2012 (Lithuanian).
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  42. ↑ Jul 2012 / libera-ratifica-revisione-trattato-110709.shtml Via libera a Fiscal compact e al meccanismo di stabilità a tutela dell'euro (Esm) - Il Sole 24 ORE  ( page no longer available , search in web archives )  Info: The link was automatically marked as broken. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Dead Link / www.ilsole24ore.com  
  43. ↑ Settimana degli atti Firmati. Retrieved January 5, 2013 (Italian).
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  48. ↑ DS. Pleno y Diputación Permanente Congreso, 43 pág: 4 Fecha: 21-JUN-2012. Aprobación en lectura única. Votación de conjunto. (No longer available online.) Congreso de Los Diputados, June 21, 2012, formerly the original ; Retrieved September 30, 2012 (Spanish).  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.@1@ 2Template: Dead Link / www.senado.es  
  49. ↑ Ley Orgánica 3/2012, de 25 de julio. Retrieved January 5, 2013 (Spanish).
  50. ↑ a b Proces legislativ la Senate: PL L243 / 2012. In: Senatul României. May 21, 2012, accessed on May 25, 2012 (Romanian, The constitution requires a 2/3 majority in the Romanian Senate and in the Chamber of Deputies for all EU treaties. Since the Fiscal Compact is assessed as a contract between governments without the need for a constitutional amendment, a simple majority in both houses is sufficient.).
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  73. ↑ The Luxembourg State Council recommended to Parliament that the Treaty - although no constitutional amendment is necessary - should nevertheless be passed with a 2/3 majority in Parliament, since powers from the national level to the European Commission and the European Court would be transferred. Source: Projet de loi portant approbation du traité sur la stabilité, la coordination et la gouvernance au sein de l'Union économique et monétaire, signé à Bruxelles, le 2 mars 2012. (PDF) Council of State, December 21, 2012, accessed on 25 December 2012 (French). The parliamentary committee followed the recommendations of the State Council. Source: Report de la Commission de finances et du budget. (PDF) Chambre des Députés, February 18, 2013, accessed on March 2, 2013 (French).
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  75. ↑ Rôle des affaires: (6449) Projet de loi portant approbation du traité sur la stabilité, la coordination et la gouvernance au sein de l'Union économique et monétaire. Chambre des Députés, July 10, 2012, accessed on September 18, 2012 (French).
  76. ↑ a b T / 10220 - A gazdasági és monetáris unióbeli stabilitásról, coordinációról és kormányzásról szóló szerződés kihirdetéséről. Hungarian Parliament , accessed March 28, 2013 (Hungarian).
  77. ^ John Cordina: Fiscal compact finally ratified by Malta. maltaINDEPENDENT, June 12, 2013, accessed July 5, 2013 .
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  79. ↑ Głosowanie nr 64 - posiedzenie 27th Polish Senate, February 21, 2013, accessed on February 21, 2013 (Polish).
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  81. ↑ Lista ustaw podpisanych przez Prezydenta RP w lutym 2013 roku :. (No longer available online.) President of Poland, archived from the original on March 24, 2013 ; Retrieved February 28, 2013 (Polish). Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / www.prezydent.pl
  82. ↑ Goedkeuring Verdrag inzake stabiliteit, coördinatie en bestuur in de economische en monetaire unie. June 28, 2013, accessed July 5, 2013 (Dutch).
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  87. ↑ Информация за закон. Retrieved January 4, 2013 (Bulgarian).
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  90. ↑ Fiche du dossier. Retrieved October 7, 2013 (French).
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  93. ↑ Decree approving the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union between the Kingdom of Belgium, the Republic of Bulgaria, the Kingdom of Denmark, the Federal Republic of Germany, the Republic of Estonia, Ireland, the Hellenic Republic, the Kingdom of Spain, the French Republic, the Italian Republic, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Grand Duchy of Luxembourg, Hungary, Malta, the Kingdom of the Netherlands, the Republic of Austria, the Republic of Poland, the Portuguese Republic, Romania, the Republic of Slovenia , the Slovak Republic, the Republic of Finland and the Kingdom of Sweden, including the protocol, took place in Brussels on March 2, 2012. (PDF) (No longer available online.) Parliament of the German-speaking Community, archived from the original on October 29, 2013 ; Retrieved November 1, 2013 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. @1@ 2Template: Webachiv / IABot / documents.dgparlament.be
  94. ↑ VERENIGDE VERGADERING VAN DE GEMEENSCHAPPELIJKE GEMEENSCHAPSCOMMISSIE v ASSEMBLÉE RÉUNIE DE LA COMMISSION COMMUNAUTAIRE COMMUNE. (PDF) December 20, 2013, accessed January 3, 2014 (Dutch / French).
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  96. ↑ German Bundestag, November 12, 2012: Briefing of the German Federal Government: Annual report 2012/13 of the Council of Experts on the Assessment of Overall Economic Development (PDF, p. 70; 6.1 MB) Retrieved on February 2, 2013.
  97. ↑ Advisory Council on the Assessment of Overall Economic Development: Annual Report 2013/14: Against a backward-looking economic policy. (PDF; 6.0 MB) Table on p. 45 and p. 46, item 86.
  98. ↑ Handelsblatt, November 27, 2013: Greece's progress is "spectacular"
  99. ↑ Paul Krugmann: Forget the crisis! Why we have to spend money now. Frankfurt 2012. p. 214 ff. ( Online )
  100. ↑ Advisory Council on the Assessment of Overall Economic Development: Annual Report 2013/14: Against a backward-looking economic policy. (PDF; 6.0 MB) p. 47.
  101. ↑ Advisory Council on the Assessment of Overall Economic Development: Annual Report 2013/14: Against a backward-looking economic policy. (PDF) p. 75, item 125:
    “In addition to demand, price competitiveness is an important determining factor for export development. Overall, this deteriorated significantly in 2013 compared to the trading partners. One of the reasons for this is that inflation rates in many member states of the euro area have been lower in the year to date than in Germany. [...] Accordingly, there is likely to be a further deterioration in the price competitiveness of the German economy in the coming year, especially compared to the rest of the euro area. "
  102. ↑ Advisory Council on the Assessment of Overall Economic Development: Annual Report 2013/14: Against a backward-looking economic policy. (PDF; 6.0 MB) p. 59, number 101:
    "[...] while the negative economic effects of the wage cuts and the high unemployment rates continue to weigh on domestic demand [...]"
  103. ↑ Advisory Council on the Assessment of Overall Economic Development: Annual Report 2013/14: Against a backward-looking economic policy. (PDF; 6.0 MB) p. 59, item 103:
    "In particular, domestic demand will be slowed down in the future by the combination of persistently high unemployment and, in some cases, falling wages."
  104. ↑ Advisory Council on the Assessment of Overall Economic Development: Annual Report 2013/14: Against a backward-looking economic policy. (PDF; 6.0 MB) p. 55, item 96.
    “In Portugal and Spain it can be seen that the reductions in unit labor costs achieved in the export sector as well as in the non-export sector are largely due to job cuts. In contrast, wage cuts in Greece and Ireland have made significant additional contributions to lowering unit labor costs. "
  105. ↑ Advisory Council on the Assessment of Overall Economic Development: Annual Report 2013/14: Against a backward-looking economic policy. (PDF; 6.0 MB) p. 74:
    “The extent of German exports depends largely on the economic development of trading partners. […] The growth in demand compared to 2013 is expected to come from the United States, the United Kingdom and, in the further course, increasingly from the euro area. "
  106. ↑ Advisory Council on the Assessment of Overall Economic Development: Annual Report 2013/14: Against a backward-looking economic policy. (PDF; 6.0 MB) p. 79, point 134:
    “As before, many important trading partners in the euro area, with whom the German economy has generated trade surpluses in recent years , are in an adjustment process that is being reflected in the Reflects the     current accounts of the countries. The individual economies are already making remarkable progress (paragraphs 84 ff.), But this is reflected in lower demand for products manufactured in Germany. "
  107. ↑ German Advisory Council on Economic Development, March 26, 2015: Updated economic forecast for 2015 (PDF), p. 3.
  108. ↑ German Advisory Council on the Assessment of Macroeconomic Development, March 26, 2015: Updated economic forecast for 2015 (PDF), p. 6.
  109. ↑ German Advisory Council on Economic Development, March 26, 2015: Updated economic forecast for 2015 (PDF), p. 4.
  110. ↑ aSachverständigenrat to assess the overall economic development, March 26, 2015: Updated Economic Forecast for 2015 (PDF), p. 6
  111. ↑ Calliess, Christopher Schoenfleisch: From Fiscal Compact to “Fiscal Union”? - European and constitutional considerations on the reform of the Economic and Monetary Union ( Memento of the original from December 8, 2015 in the Internet Archive ) Info: The archive link has been inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. . In: Berlin online contributions to European law, No. 75, pp. 1–29 (PDF; 404 kB). @1@ 2Template: Webachiv / IABot / portal-europarecht.de
  112. ↑ Fischer-Lescano: Fiscal Agreement and EU Law (PDF; 151 kB), accessed on July 29, 2015.
  113. ↑ Häde: Legal assessment of the measures in terms of a "fiscal union" . ( Memento of the original from December 8, 2015 in the Internet Archive ) Info: The archive link was automatically inserted and not yet checked. Please check the original and archive link according to the instructions and then remove this notice. (PDF; 278 kB) In: Berlin online contributions to European law, No. 77, pp. 1–14, accessed on July 29, 2015. @1@ 2Template: Webachiv / IABot / portal-europarecht.de
  114. ↑ Herzmann, European currency stability played over gang. An overview of the Fiscal Compact (PDF; 108 kB) In: ZJS  2012, p. 168 ff .; Retrieved July 29, 2015.