1432

result(s)

Word(s)
Publication type
Policy area
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Keyword
Date

Research of the Policy Department for Citizens’ Rights and Constitutional Affairs and the EPRS in the Fields of Responsibilities of the Special Committee on Terrorism

06-10-2017

This paper provides a detailed analysis of the responsibilities of the Special Committee on Terrorism and the corresponding available and upcoming research of the Policy Department for Citizens' Rights and Constitutional Affairs and the EPRS.

This paper provides a detailed analysis of the responsibilities of the Special Committee on Terrorism and the corresponding available and upcoming research of the Policy Department for Citizens' Rights and Constitutional Affairs and the EPRS.

Greece's financial assistance programme (September 2017)

04-10-2017

This briefing provides an overview of the economic situation in Greece and the main elements of the third financial assistance programme. This briefing is regularly updated (this version replaces the version published on 22 June 2017).

This briefing provides an overview of the economic situation in Greece and the main elements of the third financial assistance programme. This briefing is regularly updated (this version replaces the version published on 22 June 2017).

Implementation of Macroeconomic Imbalance Procedure - State-of-Play (September 2017)

26-09-2017

This note presents the Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by other institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

This note presents the Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by other institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

EU framework programmes for research and innovation: Evolution and key data from FP1 to Horizon 2020 in view of FP9

20-09-2017

The framework programme for research was originally set up in the 1980s to streamline the adoption of Community research programmes. With the subsequent iterations of the process and Treaty modifications, the framework programme became a financial and strategic tool to support and implement EU research and innovation policies. As the scope of the framework programme widened and with the multiplication of the type of instruments used to implement it, the framework programme progressively supported ...

The framework programme for research was originally set up in the 1980s to streamline the adoption of Community research programmes. With the subsequent iterations of the process and Treaty modifications, the framework programme became a financial and strategic tool to support and implement EU research and innovation policies. As the scope of the framework programme widened and with the multiplication of the type of instruments used to implement it, the framework programme progressively supported all activities of the innovation process, research being just one of them. As the discussions on the structure and content of FP9 are expected to begin in autumn 2017, this paper reflects on the evolution of the framework programme since its origin and points out key issues that will be debated in the coming years among the European institutions, the Member States and stakeholders regarding the structure of the framework programme, its objectives and its implementation.

Youth Employment Initiative (YEI) in Croatia

15-09-2017

The paper provides analysis of recent development in youth (un)employment and the implementation of the Youth Employment Initiative (YEI) in Croatia. The analysis covers recent trends in the employment and unemployment indicators, policies adopted to fight youth unemployment and inactivity and the analysis of YEI role in the context of the goal to reduce unemployment. This document was provided by Policy Department A at the request of the Committee on Employment and Social Affairs of the European ...

The paper provides analysis of recent development in youth (un)employment and the implementation of the Youth Employment Initiative (YEI) in Croatia. The analysis covers recent trends in the employment and unemployment indicators, policies adopted to fight youth unemployment and inactivity and the analysis of YEI role in the context of the goal to reduce unemployment. This document was provided by Policy Department A at the request of the Committee on Employment and Social Affairs of the European Parliament.

External author

Valerija BOTRIĆ, The Institute of Economics, Zagreb.

The Corporate Sector Purchase Programme (CSPP): Challenges and future prospects

15-09-2017

Large-scale asset purchase programmes are a form of monetary policy in which market interest rates are reduced by different amounts at different maturities – and lower them at the long rates that affect investment and consumption decisions. They are designed to stimulate spending by increasing liquidity, raising asset prices, creating wealth effects, lowering borrowing costs and increasing investment. Corporate bond purchases (CSPP) are complementary to, not an alternative to standard QE policies ...

Large-scale asset purchase programmes are a form of monetary policy in which market interest rates are reduced by different amounts at different maturities – and lower them at the long rates that affect investment and consumption decisions. They are designed to stimulate spending by increasing liquidity, raising asset prices, creating wealth effects, lowering borrowing costs and increasing investment. Corporate bond purchases (CSPP) are complementary to, not an alternative to standard QE policies. They increase the impact of QE policies; widen the pool of (potentially) high quality assets that can be used (itself a risk reducing measure that reduces the pressure on reserves); and make it easier to steer economic performance by reducing risk premia, that is sectoral or regional interest spreads. That not only reduces average borrowing costs; it delivers better economic performance where it matters most. More important perhaps, this technique allows us to bypass the risk aversion and regulatory constraints in the banking system that have limited the transmission of greater liquidity into loans and new investment spending despite lower borrowing costs. The risks to the ECB’s balance sheet appear to be small, and likely to be less than using bonds from highly indebted governments.

External author

Andrew HUGHES HALLETT

The corporate sector purchase programme (CSPP): Challenges and future prospects

15-09-2017

The ECB has adopted a variety of different unconventional monetary policy measures since the Global Financial Crisis. In 2016, the ECB additionally adopted the corporate sector purchase programme (CSPP), during which the ECB buys bonds of the private non-financial sector for the first time. One important reason for the adoption of the CSPP possibly was that business investment has been persistently weak in the euro area after the Global Financial Crisis. In this briefing paper, we provide a first ...

The ECB has adopted a variety of different unconventional monetary policy measures since the Global Financial Crisis. In 2016, the ECB additionally adopted the corporate sector purchase programme (CSPP), during which the ECB buys bonds of the private non-financial sector for the first time. One important reason for the adoption of the CSPP possibly was that business investment has been persistently weak in the euro area after the Global Financial Crisis. In this briefing paper, we provide a first assessment of the CSPP, including a discussion of challenges for and future prospects of the programme.

External author

Salomon FIEDLER, Nils JANNSEN, Matthias RADDANT (Kiel Institute for the World Economy)

The single monetary policy and its decentralised implementation: An assessment

15-09-2017

While the Eurosystem has considerably improved its operational transparency in the last few years, it is still lagging the Federal Reserve System (Fed), especially in terms of the information it provides on operating costs and staff numbers, for which it provides very scarce data. In addition, the available information is scattered throughout different publications, rather than being presented in a user-friendly fashion. Compared to the Fed, the Eurosystem seems to have higher staff numbers and operational ...

While the Eurosystem has considerably improved its operational transparency in the last few years, it is still lagging the Federal Reserve System (Fed), especially in terms of the information it provides on operating costs and staff numbers, for which it provides very scarce data. In addition, the available information is scattered throughout different publications, rather than being presented in a user-friendly fashion. Compared to the Fed, the Eurosystem seems to have higher staff numbers and operational costs for similar tasks. Also because of the Treaty requirement to implement monetary policy in a decentralised way, the Eurosystem’s implementation of monetary policy is fairly complex.

External author

Francesco PAPADIA, Alexander ROTH (Bruegel)

The single monetary policy and its decentralised implementation: An assessment

15-09-2017

The statutes of the European Central Bank (ECB) stipulate that it should have recourse to national central banks (NCBs) to carry out monetary policy operations. Such a structure would not be a problem if these operations were all identical across member states and if the resulting profits and losses were shared. But this is not the case today. In this sense, the euro area no longer has a ‘single’ monetary policy. There is little one can do about this situation, except to wait until the government ...

The statutes of the European Central Bank (ECB) stipulate that it should have recourse to national central banks (NCBs) to carry out monetary policy operations. Such a structure would not be a problem if these operations were all identical across member states and if the resulting profits and losses were shared. But this is not the case today. In this sense, the euro area no longer has a ‘single’ monetary policy. There is little one can do about this situation, except to wait until the government purchase programme ends and is then reversed. However, two steps could be undertaken already now: i) the granting of emergency liquidity assistance should be shifted to the ECB, and ii) the NCBs should be forbidden to undertake any financial operation that is not a direct consequence of their execution of the ECB’s monetary policy decisions. The existing stocks of assets (and liabilities), the so-called ANFA (Agreement on Net Financial Assets) holdings, which are not related to monetary policy, should be transferred to either national finance ministries or national special purpose vehicles.

External author

Daniel GROS (CEPS)

The corporate sector purchase programme (CSPP): Effectiveness and challenges ahead

15-09-2017

In March 2016 the ECB announced the launching of the Corporate Sector Purchase Programme (CSPP), enabling the direct purchase by the ECB of investment grade euro-denominated bonds issued by non-bank corporations based in the Euro area in the primary and secondary markets. Although a new monetary policy instrument in the Eurosystem, the CSPP is not a global innovation, since other central banks have resorted to similar initiatives since the onset of the Great Recession in 2008. While undoubtedly contributing ...

In March 2016 the ECB announced the launching of the Corporate Sector Purchase Programme (CSPP), enabling the direct purchase by the ECB of investment grade euro-denominated bonds issued by non-bank corporations based in the Euro area in the primary and secondary markets. Although a new monetary policy instrument in the Eurosystem, the CSPP is not a global innovation, since other central banks have resorted to similar initiatives since the onset of the Great Recession in 2008. While undoubtedly contributing to the smooth functioning of the transmission mechanism for monetary policy, CSPP also present challenges, like other aspects of the ECB’s Asset Purchase Programme. This note discusses the effectiveness of the programme and some options available to the ECB.

External author

Corrado MACCHIARELLI, Mara MONTI, Andrea VEDOLIN

Upcoming events

19-10-2017
Rational optimism: Should we fear the future?
Other event -
STOA
07-11-2017
Area of Freedom, Security and Justice: The untapped potential
Other event -
EPRS
07-11-2017
Round table discussion: Being European
Other event -
EPRS

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