The future of economic governance in the EU - European Union Committee Contents


APPENDIX 5: GLOSSARY


AGS Annual Growth Survey
ContagionA scenario where the financial troubles of one economy spread to other economies
ECBEuropean Central Bank
ECOFINThe Economic and Financial Affairs Council. It is composed of the finance ministers of all EU Member States
EconomicA loose term that captures the different arrangements governance for running the economic and monetary union, and for coordinating economic policies within the wider EU
EDPExcessive Deficit Procedure
EFSFEuropean Financial Stability Facility
EFSMEuropean Financial Stabilisation Mechanism
EGERefers to written evidence
EIPExcessive imbalance procedure
EMUEconomic and Monetary Union
ESMEuropean Stability Mechanism
ESRBEuropean Systemic Risk Board
ETUCEuropean Trade Union Confederation
EUEuropean Union
EurogroupA body composed of the finance ministers of the Member States of the euro area
Europe 2020A strategy for jobs and growth agreed by the Member States of the EU
European CouncilA council of all the heads of state or government of the European Union
EurostatThe statistical office of the European Union
Fiscal policyPolicies relating to government taxation and spending decisions
HaircutA haircut occurs when a lender has to accept a reduction in the redemption value of a bond because of the inability of the borrower to pay it in full; for example, if only 90 cents is repaid per euro, the haircut would be ten cents (10%)
GDPGross Domestic Product
IMFInternational Monetary Fund
MacroeconomicA macroeconomic imbalance exists where the trajectory of the imbalances economy is unsustainable and risks causing problems of volatility or instability, including financial instability. Such imbalances often manifest themselves in deficits or surpluses on the current account of the balance of payments
Monetary policyPolicies regulating the money supply and interest rates by a central bank
NCBNational Central Bank
PCRMPermanent crisis resolution mechanism
SGPStability and Growth Pact
TFEUTreaty on the Functioning of the European Union


 
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