The Frugal Four is the nickname of an informal cooperation among like-minded fiscally conservative European countries, including Austria, Denmark, the Netherlands and Sweden. It partly evolved as a successor of the New Hanseatic League that was set up to make up for the loss of the like-minded United Kingdom in the European political arena after Brexit.[2] However, it was never founded as a transnational organisation like similar cooperations of countries in the European Union with shared interests.
The Frugal Four
Members of the Frugal Four after Germany's departure (shown in blue).
Along with like-minded Germany, the Frugal Four advocate for EU budget rebates and tight fiscal policies in the eurozone governed by the Stability and Growth Pact, and generally advocate against a large distributive European budget and collective EU debt.[3] They are, however, not Eurosceptic.[4]
In an op-ed by Austria's former chancellor Sebastian Kurz published in the Financial Times, he described the goals of the Frugal Four as a focus on budget contribution to the EU remaining stable, namely at a maximum of 1 per cent of the EU's gross national income, as well as devoting at least 25 per cent of it to fighting climate change. Furthermore, the Frugal Four wish for spending conditions that are tied to supporting the effective implementation of EU-wide policy objectives and the upholding of the rule of law.[4] These positions came as a response to those countries within the bloc that see a need for higher contributions to the EU's budget after Brexit. The Frugal Four also disagrees with the idea of Eurobonds, a tool for joint bonds within the eurozone, as well as taking mutualised debts within the EU.[5] As a consequence, the group stands opposed to the idea of corona bonds as well.[citation needed]
During a summit of EU leaders on 26 March 2020,[6] Germany and the Frugal Four rejected a joint European recovery initiative.[7] Germany was widely considered to be as fiscally conservative as the Frugal Four, hence the context in which the coalition of states was also sometimes referred to as the "Frugal Five".[8] This changed in May 2020 the latest when Germany joined France's call for a €500 billion recovery fund for the EU.[9] This new measure to tackle the pandemic and its consequences would lead to shared borrowing with other EU member countries, a position that Germany tried to avoid until that point.[10] Later the original group's demands were supported by Finland.[11]
^"GDP, PPP (current international $) - Austria, Denmark, Netherlands, Sweden". The World Bank.
^"The EU's new Hanseatic League picks its next Brussels battle". Financial Times. October 2018. Retrieved 23 May 2020.
^"After Brexit, who will be the British of the EU?". Economist. 30 January 2020. Retrieved 23 May 2020.
^ abKurz, Sebastian (16 February 2020). "The 'frugal four' advocate a responsible EU budget". Financial Times. Retrieved 23 May 2020.
^"'Frugal four' nations counter Franco-German EU initiative". DW. Retrieved 23 May 2020.
^Video conference of the members of the European Council, 26 March 2020 Retrieved 15 January 2021.
^EU leaders clash over economic response to coronavirus crisis Retrieved 15 January 2021.
^"EU Budget negotiations: the 'frugal five' and development policy". ETTG. 21 January 2020. Retrieved 23 May 2020.
^"Coronavirus: France, Germany propose €500 billion recovery fund". DW. 18 May 2020. Retrieved 23 May 2020.
^McHugh, David (19 May 2020). "Germany breaks taboo in effort to get EU through pandemic". CTV News. Retrieved 23 May 2020.
^"Coronavirus: EU leaders reach recovery deal after marathon summit". BBC News. 21 July 2020. Retrieved 21 July 2020.
^Non-paper EU support for efficient and sustainable COVID-19 recovery Retrieved 15 January 2021.
^Special European Council, 17-21 July 2020 - Main results Retrieved 15 January 2021.
April 10, 2024
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The Frugal Four is the nickname of an informal cooperation among like minded fiscally conservative European countries including Austria Denmark the Netherlands and Sweden It partly evolved as a successor of the New Hanseatic League that was set up to make up for the loss of the like minded United Kingdom in the European political arena after Brexit 2 However it was never founded as a transnational organisation like similar cooperations of countries in the European Union with shared interests The Frugal FourMembers of the Frugal Four after Germany s departure shown in blue Membership Austria Denmark Netherlands SwedenArea Total618 800 km2 238 900 sq mi Population 2019 estimate42 313 923 Density68 5 km2 177 4 sq mi GDP PPP 2019 estimate Total 2 480 trillion 1 Per capita 58 406CurrencyEuro Swedish Krona Danish Krone EUR SEK DKK Along with like minded Germany the Frugal Four advocate for EU budget rebates and tight fiscal policies in the eurozone governed by the Stability and Growth Pact and generally advocate against a large distributive European budget and collective EU debt 3 They are however not Eurosceptic 4 The Frugal Four experienced widespread media coverage throughout the COVID 19 pandemic in Europe Contents 1 Position 2 Frugal Four heads of government in 2023 3 COVID 19 pandemic and member change 4 ReferencesPosition editIn an op ed by Austria s former chancellor Sebastian Kurz published in the Financial Times he described the goals of the Frugal Four as a focus on budget contribution to the EU remaining stable namely at a maximum of 1 per cent of the EU s gross national income as well as devoting at least 25 per cent of it to fighting climate change Furthermore the Frugal Four wish for spending conditions that are tied to supporting the effective implementation of EU wide policy objectives and the upholding of the rule of law 4 These positions came as a response to those countries within the bloc that see a need for higher contributions to the EU s budget after Brexit The Frugal Four also disagrees with the idea of Eurobonds a tool for joint bonds within the eurozone as well as taking mutualised debts within the EU 5 As a consequence the group stands opposed to the idea of corona bonds as well citation needed Frugal Four heads of government in 2023 edit nbsp nbsp AustriaKarl Nehammer Chancellor nbsp nbsp DenmarkMette Frederiksen Prime Minister nbsp nbsp NetherlandsMark Rutte Prime Minister nbsp nbsp SwedenUlf Kristersson Prime MinisterCOVID 19 pandemic and member change editDuring a summit of EU leaders on 26 March 2020 6 Germany and the Frugal Four rejected a joint European recovery initiative 7 Germany was widely considered to be as fiscally conservative as the Frugal Four hence the context in which the coalition of states was also sometimes referred to as the Frugal Five 8 This changed in May 2020 the latest when Germany joined France s call for a 500 billion recovery fund for the EU 9 This new measure to tackle the pandemic and its consequences would lead to shared borrowing with other EU member countries a position that Germany tried to avoid until that point 10 Later the original group s demands were supported by Finland 11 Although the Frugal Four in a non paper vetoed any deal leading to debt mutualisation 12 they eventually accepted the joint European Next Generation EU fund on the European Council in July 2020 13 References edit GDP PPP current international Austria Denmark Netherlands Sweden The World Bank The EU s new Hanseatic League picks its next Brussels battle Financial Times October 2018 Retrieved 23 May 2020 After Brexit who will be the British of the EU Economist 30 January 2020 Retrieved 23 May 2020 a b Kurz Sebastian 16 February 2020 The frugal four advocate a responsible EU budget Financial Times Retrieved 23 May 2020 Frugal four nations counter Franco German EU initiative DW Retrieved 23 May 2020 Video conference of the members of the European Council 26 March 2020 Retrieved 15 January 2021 EU leaders clash over economic response to coronavirus crisis Retrieved 15 January 2021 EU Budget negotiations the frugal five and development policy ETTG 21 January 2020 Retrieved 23 May 2020 Coronavirus France Germany propose 500 billion recovery fund DW 18 May 2020 Retrieved 23 May 2020 McHugh David 19 May 2020 Germany breaks taboo in effort to get EU through pandemic CTV News Retrieved 23 May 2020 Coronavirus EU leaders reach recovery deal after marathon summit BBC News 21 July 2020 Retrieved 21 July 2020 Non paper EU support for efficient and sustainable COVID 19 recovery Retrieved 15 January 2021 Special European Council 17 21 July 2020 Main results Retrieved 15 January 2021 Retrieved from https en wikipedia org w index php title Frugal Four amp oldid 1212855237, wikipedia, wiki, book, books, library,
