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22 October 2018

Oc­to­ber 2018 month­ly re­port

Translated extracts from the Federal Ministry of Finance’s October 2018 monthly report

Federal budget trends up to and including September 2018

Trends in the federal budget

 

Actual 2017

2018 target

Actual1 January–September 2018

Expenditure (€bn)2

325.4

343.6

247.3

Year-on-year change in % (year to date)

 

+1.5

Revenue (€bn)2

330.4

341.7

253.4

Year-on-year change in % (year to date)

 

+6.8

Tax revenue (€bn)

309.4

321.3

234.4

Year-on-year change in % (year to date)

 

+5.8

Fiscal balance (€bn)

5.0

-1.9

6.1

Financing/use of surplus:

-5.0

1.9

-6.1

Cash resources (€bn)

-

-

35.7

Seigniorage (€bn)

0.3

0.3

0.2

Movements in reserves3 (€bn)

-5.3

1.6

0.0

Net borrowing4 (€bn)

0.0

0.0

-42.0

Revenue

Federal revenue for the January–September 2018 period totalled €253.4bn, a year-on-year rise of 6.8% (€16.1bn). Tax revenue (including EU own resources) increased by 5.8% (€12.8bn). This can partly be attributed to a baseline effect: In 2017, approximately €7.3bn of nuclear fuel duty (including interest) had to be returned to energy supply companies following the Federal Constitutional Court’s ruling of 13 April 2017. In addition, receipts from income tax and corporation tax were €7.1bn higher than in the same period of 2017. However, transfers of GNI-based own resources to the EU were up by approximately €5bn on the year, which had a dampening effect.

Other revenue posted a year-on-year gain of 20.7% (€3.3bn) in the January–September 2018 period. This was mainly due to an increase in allocations from the Bundesbank’s profits, with allocations totalling €1.9bn, up by €1.5bn over the same period last year. Additionally, allocations from the Institute for Federal Real Estate were up by €0.5bn on the year.

Trends in federal revenue

Actual 2017

2018 target

Actual

Year-on-year

change (year to date)

January to September 2017

January to September 2018

in €m

share in %

in €m

share in %

in €m

in %

I. Tax revenue

309,376

93.6

321,307

94.0

221,576

234,410

+5.8

Federal share of joint taxes:

252,630

76.5

263,900

77.2

184,577

194,001

+5.1

Income tax and corporation tax (incl. final withholding tax on interest and capital gains)

136,685

41.4

144,503

42.3

99,242

106,331

+7.1

of which:

 

 

 

 

 

 

 

Wages tax

83,121

25.2

87,741

25.7

58,137

61,910

+6.5

Assessed income tax

25,256

7.6

26,173

7.7

18,936

19,216

+1.5

Non-assessed taxes on earnings

10,451

3.2

10,950

3.2

8,562

9,717

+13.5

Final withholding tax on interest and capital gains

3,227

1.0

3,474

1.0

2,400

2,532

+5.5

Corporation tax

14,629

4.4

16,165

4.7

11,208

12,956

+15.6

Value added taxes (VAT)

114,005

34.5

117,426

34.4

84,261

86,567

+2.7

Trade tax apportionment

1,941

0.6

1,971

0.6

1,074

1,103

+2.7

Energy duty

41,022

12.4

41,300

12.1

25,400

25,445

+0.2

Tobacco duty

14,399

4.4

14,160

4.1

10,138

9,796

 -3.4

Solidarity surcharge

17,953

5.4

18,750

5.5

13,276

14,067

+6.0

Insurance tax

13,269

4.0

13,670

4.0

11,199

11,582

+3.4

Electricity duty

6,944

2.1

6,930

2.0

5,158

5,208

+1.0

Motor vehicle tax

8,948

2.7

9,010

2.6

7,042

7,091

+0.7

Nuclear fuel tax

-7,262

-2.2

0

0.0

-7,261

0

Alcohol duty

2,096

0.6

2,102

0.6

1,557

1,589

+2.1

Coffee duty

1,057

0.3

1,055

0.3

763

750

 -1.7

Aviation tax

1,121

0.3

1,175

0.3

782

818

+4.6

Deductions

 

 

 

 

 

 

 

Supplementary grants to Länder

9,229

X

8,545

X

7,093

6,652

 -6.2

EU own resources (GNI-based)

14,258

X

22,610

X

9,478

14,690

+55.0

EU own resources (VAT-based)

2,362

X

2,510

X

1,772

1,782

+0.6

Grants to Länder for public transport

8,348

X

8,498

X

6,261

6,373

+1.8

Grants to Länder for motor vehicle tax and HGV toll

8,992

X

8,992

X

6,744

6,744

+0.0

II. Other revenue

21,025

6.4

20,360

6.0

15,772

19,033

+20.7

Revenue from economic activity

3,868

1.2

5,172

1.5

2,861

4,985

+74.2

Interest revenue

344

0.1

309

0.1

239

243

+1.7

Loan repayments, holdings, privatisation proceeds

1,786

0.5

1,939

0.6

1,300

1,624

+24.9

Total revenue1

330,401

100.0

341,667

100.0

237,349

253,442

+6.8

Expenditure

Cumulative federal expenditure for the period from January to September 2018 totalled €247.3bn, an increase of 1.5% (€3.5bn) on the year. Federal spending is separated into consumption and investment expenditure. In the January–September 2018 period, consumption spending was 1.9% higher than in the same period of 2017. This can be attributed primarily to increases in military procurement spending (up by 7.4%) and in ongoing grants to public administrations (up by 19.7%). In the latter category, the Federation’s allocation of €2.8bn to the Energy and Climate Fund had the biggest impact on results. In addition, this category also includes increased federal grants to reimburse the Länder for social spending on basic income support for older people and for people with reduced earning capacity. This totalled roughly €900m in the fourth quarter of 2017, but the reimbursements were not paid until 2018. There was no such spending in the first quarter of 2017. Grants for other areas saw a below-average year-on-year rise in the January–September 2018 period, tempering the increase in consumption expenditure. More specifically, there was a significant rise of 3.0% in social security spending during this period, mainly as a result of increased allocations to the general pension insurance system (up by 3.8%). Interest expenditure fell by 6.6% on the year, slowing the increase in consumption spending. Investment spending totalled roughly €20bn, which represents approximately 50% of the target level for 2018. The budgeted amount includes a €2.4bn allocation to a special digital infrastructure fund. However, the fund is currently still going through the parliamentary procedure, meaning that there have not yet been any actual outflows. Investment spending was down by 3.3% on the year in the January–September 2018 period. This is mainly due to the allocations made in August 2017 to increase the equity of Deutsche Bahn AG by €1bn. Fixed asset investment saw a significant rise of 3.1% on the year, boosting investment spending.

Trends in federal expenditure by function

Actual 2017

2018 target

Actual

Year-on-year

change (year to date)

January to September 2017

January to September 2018

in €m

share in %

in €m

share in %

in €m

in %

General public services

77,006

23.7

81,712

 23.8

53,940

54,363

+0.8

Economic cooperation and development

8,330

2.6

9,389

 2.7

4,602

4,550

 -1.1

Defence

36,419

11.2

38,002

 11.1

25,704

26,492

+3.1

Government, central administration

15,858

4.9

17,388

 5.1

12,326

13,057

+5.9

Revenue administration

4,554

1.4

4,891

 1.4

3,341

3,371

+0.9

Education, science, research, cultural affairs

22,984

7.1

24,207

 7.0

13,866

13,990

+0.9

Support for school and university students and training programme participants

3,603

1.1

3,993

 1.2

2,576

2,503

 -2.8

Science, research and development outside of higher education institutions

12,268

3.8

13,290

 3.9

6,649

7,198

+8.3

Social security, family affairs and youth, labour market policy

168,801

51.9

173,006

 50.4

132,333

135,665

+2.5

Social insurance including unemployment insurance

111,703

34.3

115,063

 33.5

90,178

92,909

+3.0

including:

General pension insurance

82,381

 25.3

85,316 

24.8

67,356

69,941

+3.8

Labour market policy

37,590

11.6

36,728

 10.7

28,026

27,129

 -3.2

including:

 

 

 

 

 

 

 

Basic income support for jobseekers under Book II of the Social Code

21,423

6.6

20,400

 5.9

16,450

15,818

 -3.8

Government housing and heating allowances under Book II of the Social Code

6,753

2.1

6,900

 2.0

5,065

5,073

+0.2

Family assistance, welfare services, etc.

8,296

2.5

8,946

 2.6

6,287

6,797

+8.1

Social benefits for the consequences of war and political events

1,930

0.6

2,082

 0.6

1,563

1,477

 -5.5

Health, environment, sport, recreation

2,303

0.7

2,856

 0.8

1,409

1,475

+4.7

Housing, regional planning and local community services

2,923

0.9

3,549

 1.0

1,968

1,861

 -5.5

Housing, home ownership savings premium

2,267

0.7

2,580

 0.8

1,761

1,622

 -7.9

Food, agriculture and forestry

1,068

0.3

1,233

 0.4

508

394

 -22.3

Energy and water supply, trade and services

4,195

1.3

5,481

 1.6

3,135

2,612

 -16.7

Regional support measures

726

0.2

910

 0.3

434

327

 -24.7

Mining, manufacturing and construction

1,532

0.5

1,491

 0.4

1,372

1,213

 -11.6

Transport and communication

21,228

6.5

21,140

 6.2

14,277

13,722

 -3.9

Roads

9,484

2.9

10,081

 2.9

5,882

6,524

+10.9

Railways and public transport

7,047

2.2

6,162

 1.8

4,978

3,957

 -20.5

Financial management

30,532

9.4

30,416

 8.9

22,599

23,499

+4.0

Interest expenditure and borrowing-related expenditure

17,500

5.4

18,107

 5.3

16,763

15,661

 -6.6

Total expenditure 1

325,380

100.0

343,600

 100.0

243,790

247,331

+1.5

Trends in federal expenditure by economic category

Actual 2017

2018 target

Actual

Year-on-year

change (year to date)

January to September 2017

January to September 2018

in €m

share in %

in €m

share in %

in €m

in %

Consumption expenditure

291,367

89.5

304,483

88.6

223,160

227,379

+1.9

Human resources expenditure

31,824

9.8

33,397

9.7

24,612

24,973

+1.5

Salary payments

23,182

7.1

24,796

7.2

17,698

18,000

+1.7

Pensions

8,643

2.7

8,602

2.5

6,914

6,973

+0.9

Operating expenditure

28,693

8.8

30,587

8.9

18,298

18,733

+2.4

Administrative expenditure (excl. human resources)

1,571

0.5

1,588

0.5

1,059

1,132

+6.9

Military procurement

10,625

3.3

12,316

3.6

6,021

6,464

+7.4

Other

16,498

5.1

16,682

4.9

11,218

11,137

 -0.7

Interest expenditure

17,497

5.4

18,098

5.3

16,760

15,658

 -6.6

Ongoing grants and subsidies

212,582

65.3

221,491

64.5

162,821

167,349

+2.8

to public administrations

24,814

7.6

28,691

8.4

17,898

21,420

+19.7

to other areas

187,768

57.7

192,800

56.1

144,923

145,929

+0.7

including:

 

 

 

 

 

 

 

Companies

28,527

8.8

30,362

8.8

20,011

19,624

 -1.9

Pensions, assistance, etc.

30,127

9.3

29,391

8.6

23,179

22,686

 -2.1

Social security funds

117,495

36.1

120,190

35.0

94,091

96,931

+3.0

Other asset transfers

770

0.2

910

0.3

670

666

 -0.6

Investment expenditure

34,013

10.5

39,803

11.6

20,629

19,952

 -3.3

Financial assistance

24,170

7.4

29,312

8.5

14,730

13,871

 -5.8

Grants and subsidies

21,421

6.6

27,131

7.9

12,664

13,144

+3.8

Loans, guarantees

1,221

0.4

1,618

0.5

799

614

 -23.2

Acquisition of holdings; capital contributions

1,528

0.5

564

0.2

1,267

113

 -91.1

Fixed asset investment

9,843

3.0

10,490

3.1

5,899

6,081

+3.1

Construction projects

7,631

2.3

7,742

2.3

4,636

4,886

+5.4

Acquisition of movable assets

1,713

0.5

1,954

0.6

946

868

 -8.2

Acquisition of real property

499

0.2

794

0.2

318

327

+2.8

General reduction/increase in expenditure

0

0.0

-686

-0.2

0

0

X

Total expenditure1

325,380

100.0

343,600

100.0

243,790

247,331

+1.5

Fiscal balance

The federal budget recorded a surplus of €6.1bn for the period from January to September 2018.

Revenue and expenditure are subject to strong fluctuations over the course of the fiscal year and thus have an uneven effect on cash funds in individual months. Net borrowing also tends to fluctuate considerably over the course of the year. This means that the fiscal balance at this point in the year and the corresponding net borrowing figures are not reliable indicators of the end-of-year figures for the fiscal balance and net borrowing.

Trends in general government tax revenue

2018 trends in tax revenue (excluding local authority taxes)

2018

September

Year-on-year
change 

January

to September

Year-on-year

change  

2018 estimates4

Year-on-year
change

in €m

in %

in €m

in %

in €m

in %

Joint taxes            
Wages tax2

15,677

+7.5

149,822

+6.4

206,450

+5.6

Assessed income tax

13,784

+2.1

45,212

+1.5

61,650

+3.7

Non-assessed taxes on earnings

1,021

+15.2

19,438

+13.5

21,900

+4.7

Final withholding tax on interest and capital gains

(including the former withholding tax on interest income)

372

 -7.5

5,755

+5.3

7,895

+7.7

Corporation tax

7,650

+31.3

25,912

+15.6

32,330

+10.5

Value added taxes (VAT)

19,184

+3.6

174,219

+3.6

235,000

+3.8

Trade tax apportionment

1

 -76.2

2,662

+2.7

4,758

+1.6

Increased trade tax apportionment

1

 -76.4

2,159

+1.9

3,899

+0.1

Total joint taxes

57,690

+7.4

425,180

+5.4

573,882

+4.8

Taxes accruing to the Federation
Energy duty

3,472

+1.3

25,445

+0.2

41,300

+0.7

Tobacco duty

1,081

 -19.1

9,796

 -3.4

14,160

-1.7

Alcohol duty (formerly spirits duty)

171

+6.3

1,588

+2.1

2,100

+0.3

Insurance tax

639

 -9.1

11,582

+3.4

13,670

+3.0

Electricity duty

565

 -0.5

5,208

+1.0

6,930

-0.2

Motor vehicle tax

654

 -5.7

7,091

+0.7

9,010

+0.7

Aviation tax

111

+3.6

818

+4.6

1,175

+4.9

Nuclear fuel duty

0

X

0

X

0

X

Solidarity surcharge

2,144

+5.1

14,067

+6.0

18,750

+4.4

Other taxes accruing to the Federation

119

 -4.0

1,055

 -0.1

1,467

+1.5

Total taxes accruing to the Federation

8,956

 -2.2

76,650

+12.1

108,562

+8.6

Taxes accruing to the Länder
Inheritance tax

471

 -10.2

5,061

+8.2

6,020

-1.5

Real property transfer tax

1,136

+2.7

10,438

+5.6

13,900

+5.8

Betting and lottery tax

137

 -0.3

1,413

+2.3

1,851

+0.8

Beer duty

67

+6.1

511

+0.4

665

+0.1

Other taxes accruing to the Länder

35

+9.3

381

+2.1

465

+3.1

Total taxes accruing to the Länder

1,846

 -0.9

17,804

+5.8

22,901

+3.1

EU own resources
Customs duties

480

+5.0

3,781

 -1.0

5,200

+2.7

VAT-based own resources

201

+2.1

1,782

+0.6

2,510

+6.3

GNI-based own resources

1,860

+17.8

14,690

+55.0

22,610

+58.6

Total EU own resources

2,541

+13.8

20,254

+34.4

30,320

+39.8

Federation3

31,279

+4.3

236,202

+5.8

321,336

+3.9

Länder 3

30,069

+6.6

231,392

+4.7

310,276

+4.0

EU

2,541

+13.8

20,254

+34.4

30,320

+39.8

Local authorities’ share of income and value added tax

5,083

+6.8

35,567

+7.8

48,613

+7.7

Total tax revenue (excluding local authority taxes)

68,972

+5.8

523,415

+6.3

710,545

+5.3

Tax revenue in September 2018

Total tax revenue (excluding local authority taxes) was up by 5.8% in September 2018 over the same month last year. Revenue from joint taxes saw a disproportionately large rise of 7.4%, with receipts from wages tax and corporation tax posting particularly high growth. Yields also increased for value-added taxes and non-assessed taxes on earnings. Revenue from taxes accruing solely to the Federation was down by 2.2% on the year. However, this figure was skewed downwards as a result of a technical effect. Receipts from taxes accruing to the Länder declined by 0.9% on the year.

EU own resources

Transfers of own resources to the EU, including customs duties, stood at approximately €2.5bn in September 2018, 13.8% more than in September 2017. Transfers to the EU are based on the planned financial framework for 2018, with fluctuations over the course of the year depending on the EU’s financing needs at any given time.

Cumulative overview of the January–September 2018 period

In the first nine months of 2018, total tax receipts increased by 6.3% on the year. Broken down by category, revenue from joint taxes was up by 5.4%, receipts from federal taxes saw a rise of 12.1%, and the yield from Länder taxes increased by 6.3%.

Distribution among the Federation, Länder and local authorities

The Federation’s tax receipts (after accounting for supplementary federal grants to the Länder ) were up by 4.3% on the year in September 2018. Länder tax receipts recorded a year-on-year gain of 6.6%. These results were driven by the increased share of revenue from joint taxes allocated to the Federation and the Länder : The Federation’s share increased by 7.3% and the Länder’s share rose by 7.6%. The Federation’s tax take was reduced by a slight year-on-year increase in deductions (EU own resources and supplementary federal grants to the Länder) and a lower take from federal taxes. The local authorities’ take from joint taxes was up by 6.8% on the year.

Joint taxes

Wages tax

Wages tax receipts again recorded strong growth in September 2018, with gross revenue from this tax increasing by 5.8% on the year. This reflected continuing employment growth and rising incomes in Germany. Salary back-payments for 2018 are likely to have increased the yield from wages tax in September, as well. Child benefit payments – which are financed from wages tax receipts – fell by 1.9% on the year in September 2018. One Land is experiencing problems with preparing the underlying data for child benefit payments, which continues to skew this figure. However, this effect had no impact on cash receipts. On balance, cash receipts from wages tax increased by 7.5% on the year in September 2018. Cumulative cash receipts from wages tax were up by 6.4% on the year in the January–September 2018 period.

Corporation tax

Gross receipts from corporation tax were up by 31.3% in September, a month when prepayments are due and revenue therefore tends to be high. On balance, after accounting for lower back-payments on the one hand, but also lower refunds on the other hand, the rise in prepayments led to a better overall result. Cash receipts from corporation tax recorded a cumulative gain of 15.6% on the year for the nine months from January to September 2018.

Assessed income tax

As with corporation tax, prepayments for assessed income tax are due in September, meaning that roughly a fifth of the annual yield from this tax tends to be generated in this month. Here too, prepayments posted robust gains. However, a decline in back-payments and an increase in refunds both slowed revenue growth, which stood at 3.0% on the year. Employee refunds also posted a rise (of 14.1%). After subtracting these (along with investment allowance payments and owner-occupied homes premiums, which are negligible in terms of amount), cash receipts from assessed income tax rose by 2.1%. In cumulative terms, cash receipts from assessed income tax were up by 1.5% on the year in the first nine months of 2018.

Non-assessed taxes on earnings

September 2018 saw an 8.2% year-on-year rise in gross receipts from non-assessed taxes on earnings. Taking into account a decline in refunds paid out by the Federal Central Tax Office, which are financed from this revenue, cash receipts from non-assessed taxes on earnings rose by 15.2%. Overall, the trend in revenue from non-assessed taxes on earnings has been very volatile over the course of the year. The cumulative result provides a more solid basis for analysis: Cumulative cash receipts from non-assessed taxes on earnings were up by 13.5% on the year in the January–September period.

Final withholding tax on interest and capital gains

Revenue from final withholding tax on interest and capital gains fell by 7.5% on the year in September 2018. Taken cumulatively, cash receipts from final withholding tax on interest and capital gains were up by 5.3% in year-on-year terms in January–September 2018.

Value added taxes (VAT)

The yield from value added taxes posted a rise of 3.6% on the year in September 2018. Revenue from domestic VAT increased by 3.0% in year-on-year terms, while import VAT receipts climbed by 5.3% on the year. Cumulative cash receipts from value added taxes were up by 3.6% on the year in the first nine months of 2018.

Taxes accruing to the Federation

In September 2018, revenue from federal taxes was 2.2% below last year’s level. The main cause for this was the fact that roughly €200m in revenue from tobacco duty will not be recorded until October, which also explains the sharp 19.1% drop in tobacco duty receipts. An opposite effect is expected to occur in October. Taxes posting revenue growth included solidarity surcharge (up by 5.1%) and energy duty (up by 1.3%). Alongside tobacco duty, taxes recording year-on-year revenue declines included insurance tax (down by 9.1%) and motor vehicle tax (down by 5.7%). Trends in revenue from other taxes had only a minor impact on the overall results for federal taxes.

Taxes accruing to the Länder

Revenue from taxes accruing solely to the Länder fell by 0.9% on the year in September 2018. This is attributable to a year-on-year drop of 10.2% in inheritance tax receipts. The take from betting and lottery tax remained roughly unchanged from 2017 (down by 0.3%). Revenue growth was recorded for real property transfer tax (+2.7%), beer duty (+6.1%) and fire protection tax (+9.3%).

Borrowing and guarantees

Debt trends for the Federation and its special funds (in €m)

Debt level

Borrowing
(increase)

Debt repayment
(decrease)

Debt level 

Change in debt level
(balance)

31 August 2018

September 2018

September 2018

30 September 2018

September 2018

Budget borrowing

1,082,936

13,969

-13,020

1,083,884

949

broken down by purpose

Federal budget

1,041,512

13,521

-12,572

1,042,461

949

Financial Market Stabilisation Fund

22,466

384

-384

22,466

0

Investment and Redemption Fund

18,958

64

-64

18,958

0

broken down by debt type

Federal securities

1,070,316

13,969

-13,020

1,071,264

949

Federal bonds

700,088

3,189

-

703,277

3,189

30-year federal bonds

214,567

995

-

215,561

995

10-year federal bonds

485,521

2,194

-

487,716

2,194

Inflation-linked federal securities

63,556

747

-

64,304

747

30-year inflation-linked federal bonds

7,531

179

-

7,709

179

10-year inflation-linked federal bonds

56,026

569

-

56,594

569

Federal notes

191,501

2,855

-

194,356

2,855

Federal Treasury notes

99,592

3,983

-13,000

90,575

-9,017

Treasury discount papers issued by the Federation

14,145

3,195

-

17,340

3,195

Other federal securities

1,432

-

-20

1,412

-20

Securitised loans

8,145

-

-

8,145

-

Other loans and ordinary debts

4,475

-

-

4,475

-

broken down by maturity

up to one year

154,972

 

 

157,149

2,177

one to four years

327,183

 

 

336,988

9,804

over four years

600,781

 

 

589,748

-11,033

Additional information1

Liabilities from the capital indexing of inflation-linked federal securities

4,735

 

 

4,548

-187

Reserves in accordance with the Final Payment Financing Act (Schlusszahlungsfinanzierungsgesetz)

3,484

 

 

3,505

20

Guarantees

  

Authorised

amount

Amount allocated

as of 30 September 2018

Amount allocated

as of 30 September 2017

in €bn

Export credit guarantees

153.0

120.3

121.1

Loans to foreign debtors, foreign direct investment, EIB loans

65.0

42.8

44.0

Financial cooperation projects

28.5

21.1

17.9

Food stockpiling

0.7

0.0

0.0

Domestic guarantees

158.0

101.1

103.2

International financial institutions

66.0

60.0

60.0

Treuhandanstalt successor organisations

1.0

1.0

1.0

Interest compensation guarantees

15.0

15.0

15.0

Calendar

Publication schedule of the monthly reports

Monthly report Reporting period Publication date

November 2018 issue

October 2018

22 November 2018

December 2018 issue

November 2018

20 December 2018

January 2019 issue

December 2018

31 January 2019

February 2019 issue

January 2019

21 February 2019

March 2019 issue

February 2019

21 March 2019

April 2019 issue

March 2019

23 April 2019

May 2019 issue

April 2019

20 May 2019

June 2019 issue

May 2019

20 June 2019

July 2019 issue

June 2019

22 July 2019

August 2019 issue

July 2019

22 August 2019

September 2019 issue

August 2019

20 September 2019

October 2019 issue

September 2019

21 October 2019

November 2019 issue

October 2019

21 November 2019

December 2019 issue

November 2019

20 December 2019

Key dates on the fiscal and economic policy agenda

5–6 November 2018

Eurogroup and ECOFIN Council meetings in Brussels

30 November–1 December 2018

G20 summit in Buenos Aires, Argentina

3–4 December 2018

Eurogroup and ECOFIN Council meetings in Brussels