National parliaments and information asymmetries in the European Semester

This paper analyses information asymmetries in relevant procedures in the European Semester. The paper seeks to map the consequences for parliaments' standing and provide a contribution on the role of parliaments for checks of executive institutions in issues of finance in light of the many changes driven by the economic and financial crisis. Several measures were adopted to strengthen the European Economic and Monetary Union and to better coordinate European Union Member States fiscal and economic policies. One of these measures is the European Semester in which framework Member States interact with the Commission to guarantee sound public finances. Consequently, national budgetary authorities now operate in a more constrained framework. In particular, national parliaments' “power of the purse” has been affected as they are not always sufficiently informed and involved in these Euro-national procedures.