Miroljub Labus. Budget. Introduction into Economic System of the EU. Faculty of Law, Belgrade
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1 Miroljub Labus Budget Introduction into Economic System of the EU Faculty of Law, Belgrade Baldwin & Wyplosz: The Economics of European Integration, Ch.17 Monday, December 1 st, :30 21:15
2 Fiscal policy in the Monetary union
3 Two approaches and novelties Minimalist approach: coordination of fiscal policies Maximalist approach: full centralization of fiscal policy European Union - Euro zone, monetary union based on maximalist monetary approach (full centralization of monetary policies) and minimalist fiscal approach (coordination of fiscal policies) Fiscal pact: An attempt to fasten fiscal discipline in the euro zone A new stricter version of the previous Stability and Growth Pact As of 1 April 2014, it had been ratified and entered into force for all 25 signatories (except UK, Check Republic and Croatia) Balanced budget rule, Debt brake rule, Automatic correction mechanism
4 Fiscal policy in monetary union: Tax base
5 Some important facts: Population Malta Luxembu Cyprus Estonia Slovenia Latvia Lithvania Ireland Findland Denmark Slovakia Bulgaria Austria Sweden Portugal Hungary Belgium Ckech Greece Netherla Romania Poland Spain Italy France UK Germany 2007 Population Serbia : Big nations Larger than largest city in the world Germany, the UK, France, Italy, Spain and Poland. Medium nations: like mega-city, e.g. Paris metro region Greece, Portugal, Belgium, the Czech Republic, Hungary, Sweden and Austria, Bulgaria. Small nations (like big city, e.g. Barcelona, Denmark, Slovakia, Finland, Ireland, Lithuania, Latvia, Slovenia, Croatia, and Estonia. Tiny nations (like small city, e.g. Genoa). Cyprus, Luxembourg and Malta. Netherlands & Romania fall in between big and medium. 5
6 Facts: income per capita Bulgaria Romania Latvia Poland Lithuania Estonia Slovakia Hungary Czech Rep. Malta Portugal Slovenia Greece Cyprus Spain Italy Germany France Finland Sweden Belgium Britain Netherlands Austria Denmark Ireland Luxembourg Serbia GDPpc/PPS 0 10,000 20,000 30,000 40,000 50, high income 21,000 Denmark, Ireland, Austria, Netherlands, Belgium, Finland, Italy, Germany, France, UK, and Sweden. 10 medium income category: from 10,000 to 21,000 Spain, Greece and Portugal, Cyprus, Slovenia, Malta, the Czech Republic, Hungary, Slovakia, and Estonia. 6 low income nations, less than 10,000 Lithuania, Poland, Latvia, Romania, Bulgaria, and Turkey Luxembourg is in the super-high income category by itself. per capita income is almost twice that of France.
7 Facts: Size of economies Economic size distribution is very uneven Big 4 nations (Germany, the UK, France, Italy) account for more 70% of EU28 s economy Medium 2 nations (Spain and the Netherlands) contribute more than 10% Small is an economy that accounts for between 1% and 3% of the EU28 s output. Sweden, Belgium, Austria, Denmark, Poland, Finland, Greece, Portugal and Ireland. Tiny is one that accounts for less than 1% of the total. Czech Republic, Hungary, Slovak Republic, Luxembourg, Slovenia, Romania, Bulgaria, Croatia, Lithuania, and Cyprus. Miniscule as one that accounts for less than one-tenth of one percent. Latvia, Estonia and Malta. 7
8 Facts: Size of economies Serbia D 23% Mal Est Lat Cyp Lith Sl SR LRoBl Hu CzIre P GrFin Pol 0% 1% 0% 1% 1% 1% 1% 1% 1% 2% DK 2% A 2% B 3% S 3% NL 4% UK 17% F 16% I 13% E 7%
9 Fiscal policy in monetary union: Expenditure side
10 The budget: Evolution of spending, level and breakdown by categories, Foreign Aid People Administration Natural Resources Cohesion/Employment
11 Evolution of spending, MS level Luxembourg France Ireland Spain Greece Germany Belgium Operational Expenditure/Pop Italy Portugal UK Denmark Expenditure/Pop Greece Spain France Belgium Finland Portugal CAP EU average Ireland Cohesion NL NL Oth. Internal Austria Administration Denmark Italy Serbia Austria Sweden 24 EUR Serbia Sweden Germany 180 m EUR UK Finland Luxembourg ,000 1,500 2,000 2,500 euro per person Million euros 0 3,000 6,000 9,000 12,000 15,000 11
12 Fiscal Policy in the Monetary union: Revenue side
13 Funding of EU Budget EU s budget must balance every year Financing sources: four main types Tariff revenue Agricultural levies (tariffs on agricultural goods) VAT resource. Like a 1% value added tax (reality is complex). GNP based. tax paid by members based on their GNP. Miscellaneous relatively unimportant since 1977 taxes paid by eurocrats, fines and earlier surpluses Pre-1970s direct member contributions
14 Breakdown by the type of revenue, Serbia>50% 0% 20% 40% 60% 80% Levies Tariffs VAT GNI Cntr. Others 14
15 Evolution of Funding sources 100% Share of total revenue 80% 60% 40% GNP VAT Miscellaneous Customs Duties Agricultural Duties 20% 0% Source: The Community Budget: The facts in figures European Commission, Downloadable from 15
16 Contribution vs GDP Portugal Greece Spain Italy France Belgium UK Finland EU15 Median Netherlands Ireland Germany Austria Sweden Denmark Luxembourg % of GDI per member is approximately 1% regardless of per-capita income 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% Contribution/GDP, 1999 Contribution/GDP, 2000 GDP per capita, 1999 (right scale) 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, % 0 16
17 Net Contribution by Member Germany UK Netherlands Sweden Austria Italy Finland EU15 Median Denmark France Luxembourg Ireland Belgium Portugal Greece Spain Net Financial Contribution, 2000 Net Financial Contribution, ,000-6,000-4,000-2, ,000 4,000 6,000 8,000 17
18 Fiscal policy in monetary union: Budget
19 EU Budget: A causal chain Evolving fiscal system Size of economy & population Priorities: agriculture & cohesion Fiscal position Net fiscal contribution favors small MSs Three clusters of MSs Contributions proportional to GNI
20 Budget for
21 Budget for
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