13

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Politikbereich
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Datum

Free movement of capital within the European Union

31-05-2018

Amongst the four fundamental freedoms that underpin the EU single market (free movement of persons, goods, services and capital), the free movement of capital is the most recent. Until the mid-1990s it did not exist in practice in a number of Member States. Financial operations in other Member States or in other currencies within the EU were subject to prior authorisation requirements by national authorities. These controls enabled national authorities to prevent or restrict financial operations. ...

Amongst the four fundamental freedoms that underpin the EU single market (free movement of persons, goods, services and capital), the free movement of capital is the most recent. Until the mid-1990s it did not exist in practice in a number of Member States. Financial operations in other Member States or in other currencies within the EU were subject to prior authorisation requirements by national authorities. These controls enabled national authorities to prevent or restrict financial operations. Free movement of capital became applicable with the 1993 Maastricht treaty, which removed all restrictions on capital movements and payments, both between Member States and with third countries. The principle has direct effect, meaning that it requires no further legislation at either EU or Member State level.

Pan-European pension product

21-03-2018

This European added value assessment, prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON), analyses the added value of a pan-European pension product, in particular from the taxation viewpoint. It presents the issues that led to the PEPP proposal being made and provides a short overview of key stakeholders' opinions and existing studies. Moreover it considers the question of PEPP taxation and the impact of costs on final pensions. The analysis concludes by identifying ...

This European added value assessment, prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON), analyses the added value of a pan-European pension product, in particular from the taxation viewpoint. It presents the issues that led to the PEPP proposal being made and provides a short overview of key stakeholders' opinions and existing studies. Moreover it considers the question of PEPP taxation and the impact of costs on final pensions. The analysis concludes by identifying the potential European added value that could be achieved by means of the PEPP proposal.

Common agricultural policy

12-01-2018

After World War II, Europe was in pieces, devastated and facing a shortage of food. The main objective of the European Coal and Steel Community, a new institution set up in 1952, was therefore to work to unite a fragmented Europe. Lack of food was one of earliest challenges; action at European level was necessary in order to make Europe self-sufficient in food and to secure an adequate food supply and the free flow of food and agricultural products within Europe. The common agricultural policy (CAP ...

After World War II, Europe was in pieces, devastated and facing a shortage of food. The main objective of the European Coal and Steel Community, a new institution set up in 1952, was therefore to work to unite a fragmented Europe. Lack of food was one of earliest challenges; action at European level was necessary in order to make Europe self-sufficient in food and to secure an adequate food supply and the free flow of food and agricultural products within Europe. The common agricultural policy (CAP) was formed in 1962 to ensure that people could have food at affordable prices and that farmers would earn a fair living for their work. CAP is one of the European Union's oldest common polices

The added value of international trade and impact of trade barriers - Cost of Non-Europe Report

25-10-2017

This Cost of Non-Europe Report, prepared for the European Parliament’s Committee on International Trade, analyses the economic added value of international trade. Aimed at feeding into on-going debates about the roles of globalisation and the rules-based multilateral trade system, it presents an overview of key trade theories, global trade patterns and the arguments for opening and restricting international trade. It analyses distributional consequences of such trade, the role of global value chains ...

This Cost of Non-Europe Report, prepared for the European Parliament’s Committee on International Trade, analyses the economic added value of international trade. Aimed at feeding into on-going debates about the roles of globalisation and the rules-based multilateral trade system, it presents an overview of key trade theories, global trade patterns and the arguments for opening and restricting international trade. It analyses distributional consequences of such trade, the role of global value chains and the consequences of protectionism.

Sovereign debt restructuring Main drivers and mechanism

28-02-2017

This briefing provides an overview of the main issues relating to the restructuring of sovereign debt, and outlines the factors which impact the decision as to whether or not to proceed with debt restructuring. Restructuring is a complex issue – it involves positive and negative aspects, which need to be analysed in order to be able to determine whether it can deliver any added value. ‘A sovereign debt restructuring can be defined as an exchange of outstanding sovereign debt instruments, such as ...

This briefing provides an overview of the main issues relating to the restructuring of sovereign debt, and outlines the factors which impact the decision as to whether or not to proceed with debt restructuring. Restructuring is a complex issue – it involves positive and negative aspects, which need to be analysed in order to be able to determine whether it can deliver any added value. ‘A sovereign debt restructuring can be defined as an exchange of outstanding sovereign debt instruments, such as loans or bonds, for new debt instruments or cash through a legal process’. The current situation in the euro area, characterised by high levels of debt and the continuing trend of many Member States to run budget deficits, combined with a low growth environment, raises the issue of debt sustainability. In addition, the low level of inflation recorded in recent years (and deflation in some cases) has played an important role in the increase of debt burdens. The lack of an EU - level transparent framework for sovereign debt restructuring could potentially entail higher additional costs. As part of the EU’s financial stability management instruments, sovereign debt restructuring could form a part of the EU toolbox.

ECB’s unconventional monetary policy - Tapering or Extension? Options on the table

21-11-2016

In advance of the decision of the European Central Bank (ECB), expected on 8 December 2016, regarding the Asset Purchase Programme (APP, often referred as Quantitative Easing – QE) this note provides an insight to possible policy options for the ECB. It also looks at the ECB’s options to address the scarcity of eligible assets; if not addressed, scarcity of eligible assets could put at risk the proper functioning of the APP.

In advance of the decision of the European Central Bank (ECB), expected on 8 December 2016, regarding the Asset Purchase Programme (APP, often referred as Quantitative Easing – QE) this note provides an insight to possible policy options for the ECB. It also looks at the ECB’s options to address the scarcity of eligible assets; if not addressed, scarcity of eligible assets could put at risk the proper functioning of the APP.

Perspectives on transatlantic cooperation: Digital Economy

11-07-2016

Digitalisation is transforming our societies – new types of business activity are emerging and consumer habits are rapidly evolving. The internet, broadband networks, mobile applications, IT services and hardware form the basis of the digital economy which has a dynamic that is fundamentally different to that of more traditional sectors: it strengthens cooperation, enables a higher volume of cross-border activity and is a major factor in increasing prosperity and growth overall. In this context, ...

Digitalisation is transforming our societies – new types of business activity are emerging and consumer habits are rapidly evolving. The internet, broadband networks, mobile applications, IT services and hardware form the basis of the digital economy which has a dynamic that is fundamentally different to that of more traditional sectors: it strengthens cooperation, enables a higher volume of cross-border activity and is a major factor in increasing prosperity and growth overall. In this context, regulators and legislators are faced with a dilemma: How to legislate at national or at regional level on issues which are truly global? How to avoid unhealthy regulatory and taxation competition between the US and the EU? How to ensure that the US and the EU join forces regarding the development of a global digital economy? Will a joint approach of leading global economies lead to global impacts? These are just a few of the questions to which the EU and the US must find answers in order to allow the smooth and fair development of the digital economy and digital transatlantic and global markets. This briefing forms part of a broader research project on the perspectives on transatlantic cooperation in the US election year, requested by the Chair of the European Parliament's delegation for relations with the United States.

The Cost of Non-Schengen: the Impact of Border Controls within Schengen on the Single Market

07-06-2016

This paper considers the costs of four scenarios for the reintroduction of border controls within the Schengen area: for two years for seven countries; for two years across the Schengen area; indefinitely for seven countries; and indefinitely across the Schengen area. It identifies how a reintroduction of borders would create costs of 'non-Schengen' and estimates that cost quantitatively. For the highest-cost scenario — indefinite suspension of the whole Schengen area – the cost is 0.06-0.14 per ...

This paper considers the costs of four scenarios for the reintroduction of border controls within the Schengen area: for two years for seven countries; for two years across the Schengen area; indefinitely for seven countries; and indefinitely across the Schengen area. It identifies how a reintroduction of borders would create costs of 'non-Schengen' and estimates that cost quantitatively. For the highest-cost scenario — indefinite suspension of the whole Schengen area – the cost is 0.06-0.14 per cent of EU GDP, or some €100 billion to €230 billion over ten years.

Cost of Non-Schengen: The Impact of Border Controls within Schengen on the Single Market

16-05-2016

The study lists currently applied measures re-introducing temporary border controls within Schengen area and evaluates them in the light of different policy options and smart Single Market regulation criteria. The study highlights the added value of free movement within the Schengen area for the Single Market and quantifies the costs of re-establishing internal border controls, with particular reference to the transportation sector. Welfare of consumers is affected by “non-Schengen”, as the prices ...

The study lists currently applied measures re-introducing temporary border controls within Schengen area and evaluates them in the light of different policy options and smart Single Market regulation criteria. The study highlights the added value of free movement within the Schengen area for the Single Market and quantifies the costs of re-establishing internal border controls, with particular reference to the transportation sector. Welfare of consumers is affected by “non-Schengen”, as the prices of imports increase relative to domestic goods due to higher trade costs. A failure of Schengen would not only reduce the future benefits of the Single Market, but also undermine other aspects of EU integration. The study was prepared for Policy Department A and EAVA at the request of the Internal Market and Consumer Protection Committee.

Externe Autor

Tim Breemersch, Filip Vanhove (Transport & Mobility Leuven) ; Matthias Luecke (Kiel Istitute for the World Economy)

Prüfung der Widerstandsfähigkeit der Bankenunion

25-04-2016

Im vorliegenden „Bericht über die Kosten des Verzichts auf EU-politisches Handeln“ wird die Robustheit des Rahmens der Bankenunion unter verschiedenen Stressszenarien untersucht, und es werden die Kosten der Unterlassung eines weiteren EU-politischen Handelns in diesem Bereich beziffert. Die Schlussfolgerung der Studie lautet, dass sich durch eine vertiefte Wirtschafts- und Währungsunion erhebliche potenzielle Gewinne erzielen ließen, falls es erneut zu einer Finanz- und/oder Staatsschuldenkrise ...

Im vorliegenden „Bericht über die Kosten des Verzichts auf EU-politisches Handeln“ wird die Robustheit des Rahmens der Bankenunion unter verschiedenen Stressszenarien untersucht, und es werden die Kosten der Unterlassung eines weiteren EU-politischen Handelns in diesem Bereich beziffert. Die Schlussfolgerung der Studie lautet, dass sich durch eine vertiefte Wirtschafts- und Währungsunion erhebliche potenzielle Gewinne erzielen ließen, falls es erneut zu einer Finanz- und/oder Staatsschuldenkrise kommen sollte. Laut der Schlussfolgerung der Studie ist der derzeit vorgeschlagene Rechtsrahmen für die Bankenunion hinsichtlich der Reserven und Ressourcen nicht ausreichend, um die systemischen Auswirkungen einer erneuten Krise vollständig abzufangen. Im vorliegenden Bericht wird insbesondere aufgezeigt, dass – selbst wenn die für das Jahr 2023 vorgesehene Architektur der Bankenunion schon jetzt verwirklicht wäre – Rettungsaktionen auf Kosten der europäischen Steuerzahler erforderlich wären, um Schocks standzuhalten, deren Ausmaß dem Ausmaß der Schocks der Jahre 2007–2009 entspricht. Die Kosten eines Finanzschocks mittlerer Größe werden auf der Ebene des Euro-Währungsraums auf einen kumulierten Verlust von 1 Billionen EUR beim BIP (d. h. -9,4 % beim BIP), auf Arbeitsplatzverluste von 1,91 Millionen und auf einen Anstieg der öffentlichen Verschuldung um 51,4 Mrd. EUR geschätzt. Ausgehend von der Annahme, dass ein derartiger Finanzschock sich durchschnittlich alle zehn Jahre einstellt, würden sich die jährlichen Kosten auf potenziell circa 100 Mrd. EUR an Einbußen bei der Wirtschaftsleistung sowie auf 0,19 Millionen Arbeitsplatzverluste pro Jahr belaufen. Durch Maßnahmen auf EU-Ebene ließe sich die Wahrscheinlichkeit, dass es zu Finanzschocks kommt, sowie ihre Auswirkung auf die Realwirtschaft erheblich verringern. In diesem „Bericht über die Kosten des Verzichts auf EU-politisches Handeln“ werden die Mängel in der derzeitigen Architektur der Bankenunion aufgezeigt und politische Optionen herausgearbeitet, um gegen diese Mängel anzugehen.

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