Session 9

Question 1

Sovereign debt crisis date

Answer 1

2009

Question 2

Sovereign debt crisis impact

Answer 2

Due to the high level of economic and financial integration, it put the whole EU at risk with the problem of contagion in risking defaulting on debts

Question 3

After covid :

Answer 3

• Escape clause to european semester until 2023 -> new fiscal rules
• Recovery and resilience facility until 2027
• MFF mid term review completed fb 2024 with increase in the EU financial capacity

Question 4

NGEU

Answer 4

Temporary recovery instrument after covid

Question 5

NGEU goal (5)

Answer 5

• Digital transformation
• Green transition
• Social, economic and territorial cohesion
• Health care resilience
• Modernization

Question 6

Rulebook proposal : commission

Answer 6

Issues technical trajectories to guide the setting and assess the degree of ambition of their expenditure targets

Question 7

Rulebook proposal : member states

Answer 7

• Submit medium term fiscal structural plans
• Present annual progress reports

Question 8

Rulebook proposal : council

Answer 8

Endorses the plans following a positive assessment form the commission

Question 9

Fiscal adjustment (2024) on who

Answer 9

On member states with a deficit above 3% or debt above 60% of GDP

Question 10

Fiscal adjustment 4 years ensures

Answer 10

• Deficit under 3% of GDP
• Debt is on a downward path or stays at prudent levels
• Debt must be lower at the end of the plan
• A minimum fiscal adjustment of 0.5% of GDP/year - benchmark (when above 3%)

Question 11

Fiscal adjustment 7 years

Answer 11

• More gradual adjust. path
• Still need to deliver a sizeable adjust. during 4 year plan

Question 12

MFF

Answer 12

-Multiannual financial framework
-2021

Question 13

What is MFF

Answer 13

Eu long term budget till 2027

Question 14

RRF

Answer 14

Recovery and resilience Facility

Question 15

What is RRF

Answer 15

Big part of the NGEU initiative, to help the future of EU, green and digital shift