Mladá Boleslav, 5. května 2016 Proč Eurozóna potřebuje vlastní rozpočet?

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Dominik Král
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1 Mladá Boleslav, 5. května 2016 Proč Eurozóna potřebuje vlastní rozpočet? Lubor Lacina Lukáš Kadidlo

2 Motivace Měnová unie bez společného, dostatečně robustního rozpočtu, je jako dům bez střechy. Krize odhalila neschopnost EU (Eurozóny) a jednotlivých členských států bojovat s asymetrickými šoky. Rozpočet Evropské unie není dostatečně velký (robustní), aby prováděl stabilizační funkci (pouhé 1 % HDP EU). Rozpočet Eurozóny neexistuje. Pod časovým tlakem v průběhu vrcholící krize vytvořila Eurozóna stabilizační mechanismus mimo rozpočtový rámec EU i primární evropské právo. Policy paper navrhuje zavedení společného pojištění v nezaměstnanosti, které by tvořilo základní kámen budoucího rozpočtu Eurozóny. Je nezbytné zajistit, aby navržený systém nevedl k trvalým transferům mezi členskými zeměmi. Z tohoto důvodu je nutné monitorovat čisté zůstatky jednotlivých členských států a zavést opatření zabraňující vzniku trvalých transferů.

3 Vstupní argumenty Eurozóně chybí mechanismy pro stabilizaci asymterických šoků common mon. policy is not effective fiscal policies of MS have limited flexibility (stability and growth pact, 6-pack, 2-pack) Possible default of some MS endangers the rest of Eurozone Monetary union needs common fiscal policy

4 Literature review Stabilization function of EU budget requires changes both on revenues side as well as on the side of expenditures. (Sebastian Dullien and Daniela Schwartzer, 2011) Eurozone budget should provide financial help to its MS in case of an asymmetric shock. (Eulalia Rubio, 2012) Unemployment scheme is the best way to boost the resistance of the Eurozone (László Andor (commissioner for employment), 2014) Analysis of two proposals od European unemployment support (M. Beblavý and Ilaria Maselli, 2014)

5 Breakdown of public spending on social security by level of government in 2010

6 Distribution of spending for social welfare in 2008 as a % of tot. public spending

7 Objectives Design Eurozone unemployment insurance scheme that will perform stabilization function in case of asymmetric shocks be politically acceptable be possible to realize in 5-10 years hinder permanent financial transfer hinder moral hazard

8 Research questions How could the unemployment scheme provide stabilization function against asymmetric shocks? How would be revenues of such scheme funded and how would be unemployment benefits paid out? What would be the relation of Eurozone unemployment scheme and national schemes and what would be the financial flows like? How to prevent permanent transfers of the suggested scheme? What is the minimal politically accepted level of Eurozone unemployment insurance scheme? How could be the scheme put into reality?

9 Methodology Analysis of existing national systems of unemployment support Analysis of systems of unemployment support in federations such as US, Germany Canada Definition of shock and unemployment that would be solved by the Eurozone unemployment insurance scheme Determining parameters of the scheme (scenarios) Simulation of financial flows in designed scenarios based on data form Eurostat and national statistical offices

10 Key parameters of the scheme Parameter Scheme size Description 1 5 % of GDP Replacement rate 40 70% Eligibility criteria All unemployed registered at unemployment offices / unemployed with previous long-term employment / excluding self-employed etc. Sources or revenues Rules hindering permanent transfers Payroll tax / contributions from national schemes / other Net balances ceilings / variable contribution rates / other

11 What is to be done before implementation? MS have to agree on characteristics of unemployment scheme Net replacement: 60 % of wage Duration of support: 4 months Eligibility criteria: people registered at national unemployment offices Financing: extra payroll tax vs. contributions from nat. schmemes Hindering permanent transfers Monitoring net balances -> precautions Reforms of labor market Preventing moral hazard Policy paper presentation

12 Unemployment support as % of GDP (average for years )

13 Budget size Minimum size to perform stabilization function (big budget would not be politically acceptable due to transfering too much powers to the EU level) Based on size of current stabilization mechanisms (5.22 % of GDP)+ MacDougal Report (2 % of GDP) Determined to be 3 % of GDP= 285 billion

14 Key part of the budget: Eurozone Unemployment Scheme Budget as a whole designed to be balanced Solving only temporary asymetric shocks Otherwise not politically acceptable Risk of moral hazzard Reforms of labor markets of net gainers (Hartz reforms) Improving competitiveness

15 Budget revenues Tax from financial transactions 13% Contributions of national budgets 33% Eurozone payroll tax 54%

16 Revenues of Eurozone unemployment scheme Eurozone payroll tax = 150 bil. = #of employed ppl. average wage tax rate (2.5 %)

17 Expenditures of Eurozone unemployment scheme Unemployment benefits = 150 bil. = #of unemployed ppl. average wage 4 mths. replacement rate (60 %) duration of unemployment support and replacement based on comparison of unemployment schemes in MS

18 Results 30% Unemployment scheme: contributions and benefits in % per MS 25% 20% 15% 10% 5% 0% expenditure for unemployment benefits per member state in % payroll tax revenues per member state in %

19 Net gainers vs. net contributors of Eurozone budget Germany; -23,6 Slovenia; -0,2 Netherlands; -5,9 Malta; -0,1 Luxembourg; -0,3 Italy; -0,7 France; -3,8 Finland; -1,0 Estonia; 0,0 Belgium; -2,5 Austria; -3,3 Slovakia; 0,3 Portugal; 1,4 Latvia; 0,1 Ireland; 1,3 Greece; 4,3 Cyprus; 0,0 Spain; 26,4-30,0-20,0-10,0 0,0 10,0 20,0 30,0 unemployment benefits - contributions paid in form of payroll tax in billion EUR Difference between unemployment benefits received and payroll tax paid per member state in EUR billions

20 Conslusion Budget performs stabilization functions and addresses asymetric shocks Very complex and broad topic -> need for limiting conditions Further research needed in many fields Impact on national budgets and national taxation Detailed analysis of unemployment schemes in MS Detailed analysis of how to improve competitiveness of net gainers

21 Limiting conditions Politically acceptable: stabilization function can be restricted so that the scheme is politically acceptable Hindering permanent transfers among MS Hindering creating of forever growing deficits Focus on stabilization function only in case of asymetric shocks

22 Thank you for your attention!

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