1620

result(s)

Word(s)
Publication type
Policy area
Author
Keyword
Date

The role of national fiscal bodies. State of play - February 2019

13-02-2019

This briefing provides an overview of the role played by independent national fiscal bodies in the preparations of forthcoming budgets in EU Member States.

This briefing provides an overview of the role played by independent national fiscal bodies in the preparations of forthcoming budgets in EU Member States.

Implementation of the Stability and Growth Pact (February 2019)

11-02-2019

This document gives an overview of key developments under the preventive and corrective arms of the Stability and Growth Pact (SGP) on the basis of (1) the latest Council decisions and recommendations in the framework of the SGP; (2) the latest European Commission (COM) economic forecast; and (3) the latest COM Opinions on the Draft Budgetary Plans (DBPs) of euro area Member States. The document is regularly updated.

This document gives an overview of key developments under the preventive and corrective arms of the Stability and Growth Pact (SGP) on the basis of (1) the latest Council decisions and recommendations in the framework of the SGP; (2) the latest European Commission (COM) economic forecast; and (3) the latest COM Opinions on the Draft Budgetary Plans (DBPs) of euro area Member States. The document is regularly updated.

Money laundering - Recent cases from a EU banking supervisory perspective

11-02-2019

This briefing (1) provides some insight into recent cases of breaches or alleged breaches of anti-money laundering (AML) rules by SSM supervised banks and (2) identifies some common prudential features. The briefing also outlines (3) the respective roles of European and national authorities in applying AML legislation that have been further specified in the 5th AML Directive adopted by the EP Plenary on 19 April, and (4) ways that have been proposed to further improve the AML supervisory framework ...

This briefing (1) provides some insight into recent cases of breaches or alleged breaches of anti-money laundering (AML) rules by SSM supervised banks and (2) identifies some common prudential features. The briefing also outlines (3) the respective roles of European and national authorities in applying AML legislation that have been further specified in the 5th AML Directive adopted by the EP Plenary on 19 April, and (4) ways that have been proposed to further improve the AML supervisory framework, including the 12 September Commission’s communication and the changes to the European Supervisory Authority (ESA) Regulation proposed by the Commission. The Commission suggests a three-pronged approach to reinforce AML supervision: (i) further guidelines and best practices developed by EBA; (ii) stronger powers - including an obligation to act - for the European Banking Authority (‘EBA’) as part of the ESA review being negotiated at Council and Parliament; (iii) establishing, where appropriate, an EU body, at a later stage, as part of the review clause of the 5th AML Directive in 2022. This briefing is an updated version of the April 2018 EGOV briefing.

Liquidation of Banks: Towards an ‘FDIC’ for the Banking Union?

08-02-2019

This briefing looks at the key differences between the US and the Banking Union resolution and liquidation framework (Section 1) including differences in terms of funding arrangements (Section 2). In view of recent liquidation and resolution experiences, the briefing further assesses what an EU insolvency regime would bring to the Banking Union both in terms of small and medium-size banks’ resolution (Section 3) and in terms of strengthening the existing BRRD resolution framework (Section 4). The ...

This briefing looks at the key differences between the US and the Banking Union resolution and liquidation framework (Section 1) including differences in terms of funding arrangements (Section 2). In view of recent liquidation and resolution experiences, the briefing further assesses what an EU insolvency regime would bring to the Banking Union both in terms of small and medium-size banks’ resolution (Section 3) and in terms of strengthening the existing BRRD resolution framework (Section 4). The briefing finally outlines (Section 5) the key building blocks of an EU liquidation regime for the Banking Union.

Completing the Banking Union

06-02-2019

The present briefing gives an overview of the state of play of the various workstreams on completing the Banking Union, covering both risk sharing (European Deposit Insurance Scheme -EDIS) and risk reduction measures (see tables overleaf). It will be regularly updated.

The present briefing gives an overview of the state of play of the various workstreams on completing the Banking Union, covering both risk sharing (European Deposit Insurance Scheme -EDIS) and risk reduction measures (see tables overleaf). It will be regularly updated.

Happy birthday? The euro at 20

31-01-2019

We analyse the first twenty years of the euro both from an economic and an institutional perspective. We find that in particular during the period since the financial crisis, convergence as measured by a variety of indicators has not improved. Design flaws in the Eurozone institutional architecture have contributed importantly to this lack of convergence. This is why further reforms are urgently needed. This document was provided by Policy Department A at the request of the Committee on Economic ...

We analyse the first twenty years of the euro both from an economic and an institutional perspective. We find that in particular during the period since the financial crisis, convergence as measured by a variety of indicators has not improved. Design flaws in the Eurozone institutional architecture have contributed importantly to this lack of convergence. This is why further reforms are urgently needed. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

External author

K. BERNOTH, F. BREMUS, G. DANY-KNEDLIK, H. ENDERLEIN, M. FRATZSCHER, L. GUTTENBERG, A. KRIWOLUZKY, R. LASTRA

Understanding public responses to low carbon technologies

30-01-2019

This report reviews different models and frameworks that explain public responses to low carbon technologies (LCTs). Based on insights from literature, it highlights the need for a multidimensional perspective to understand the complexities surrounding public acceptance or opposition to LCTs. It also proposes two key solutions for how public responses can be better accommodated in a way that engenders support from the public: by integrating social and values-based aspects in planning, and by ensuring ...

This report reviews different models and frameworks that explain public responses to low carbon technologies (LCTs). Based on insights from literature, it highlights the need for a multidimensional perspective to understand the complexities surrounding public acceptance or opposition to LCTs. It also proposes two key solutions for how public responses can be better accommodated in a way that engenders support from the public: by integrating social and values-based aspects in planning, and by ensuring procedural justice in technology deployment. Reflecting on these, policy options are drawn for how these solutions might help contribute to delivering better approaches in engaging the public in the low carbon transition.

External author

DG, EPRS

The Euro@20: A critical assessment

30-01-2019

To review the strengths, weaknesses and robustness of the Euro system after 20 years is an enormous project. This paper picks out three of the less usually discussed themes, at least in this context. It focuses on the policy lessons and where design improvements are needed. It makes three points. i) the achievements in the single market are palpable and substantial, but they derive more from investment and productivity growth than they do from trade as such. This carries its own dangers: if the markets ...

To review the strengths, weaknesses and robustness of the Euro system after 20 years is an enormous project. This paper picks out three of the less usually discussed themes, at least in this context. It focuses on the policy lessons and where design improvements are needed. It makes three points. i) the achievements in the single market are palpable and substantial, but they derive more from investment and productivity growth than they do from trade as such. This carries its own dangers: if the markets are allowed to use low real wages to substitute cheap labour for more expensive capital, these gains will be lost. ii) The Euro area needs to reassess its use of monetary policy, and the need to introduce an explicit financial stability mandate. We find that financial stability and traditional monetary objectives can be achieved without one limiting the achievement of the other because the ECB has new policy tools derived from the regulatory metrics introduced to handle the expanded balance sheets of the post-crisis macro-prudential framework. iii) Fiscal governance remains a crucial issue. The North remains divided from the South over how much coordination (possibly loans or transfers) to allow. But, despite the Euro system being based on the separation of monetary and fiscal powers, the economic consequences of using those powers cannot be separated in practice. More active debt management policies offer a better and more robust way to deal with this difficulty. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

External author

Professor Andrew Hughes Hallett

The euro at 20: A concise critical assessment

30-01-2019

Eurozone monetary governance was framed for a stable macroeconomic environment. While the ECB policy framework changed much after the global financial crisis, this did not prevent important nominal divergences. These ones prove the importance of non-monetary factors affecting relative nominal prices, such as fiscal policy and labor market institutions. New tools are necessary to limit these nominal divergences, otherwise real divergence will continue to weaken the euro. This document was provided ...

Eurozone monetary governance was framed for a stable macroeconomic environment. While the ECB policy framework changed much after the global financial crisis, this did not prevent important nominal divergences. These ones prove the importance of non-monetary factors affecting relative nominal prices, such as fiscal policy and labor market institutions. New tools are necessary to limit these nominal divergences, otherwise real divergence will continue to weaken the euro. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

External author

Christophe BLOT, Jérôme CREEL and Xavier RAGOT

Twenty years of the euro: Resilience in the face of unexpected challenges

30-01-2019

The first 20 years of the euro were very different from what had been anticipated. Deflation, rather than inflation became a problem. Financial markets, which had been neglected, became a major source of instability. However, the euro area proved resilient and support for the euro is at historic highs. Looking to the future, the greatest danger might not be another financial crisis, but sluggish growth and an increasing gulf between countries that have successfully adjusted their public finances ...

The first 20 years of the euro were very different from what had been anticipated. Deflation, rather than inflation became a problem. Financial markets, which had been neglected, became a major source of instability. However, the euro area proved resilient and support for the euro is at historic highs. Looking to the future, the greatest danger might not be another financial crisis, but sluggish growth and an increasing gulf between countries that have successfully adjusted their public finances and those where this goal remains increasingly distant. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

External author

Daniel GROS, Cinzia ALCIDI

Upcoming events

18-02-2019
ECON/TAX3 - Joint session with National Parliaments
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TAX3
19-02-2019
Hearing on attacks on the legal profession and lawyers defending human rights
Hearing -
DROI
19-02-2019
Just energy transition, opportunity for EU industries
Workshop -
ITRE

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