1470

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Economic Dialogue with the President of the Eurogroup - ECON on 7 December 2017

05-12-2017

Jeroen Dijsselbloem, President of the Eurogroup, has been invited to a regular Economic Dialogue, in particular, in accordance with Article 2ab of Regulation 1466/97 as amended. This briefing provides an overview of the ongoing work of the Eurogroup as regards public finances, macro-economic imbalances, financial adjustment programmes and the banking union. Mr Dijsselbloem has been the Eurogroup President since January 2013. As the President of the Eurogroup, he is also chairing the Board of Governors ...

Jeroen Dijsselbloem, President of the Eurogroup, has been invited to a regular Economic Dialogue, in particular, in accordance with Article 2ab of Regulation 1466/97 as amended. This briefing provides an overview of the ongoing work of the Eurogroup as regards public finances, macro-economic imbalances, financial adjustment programmes and the banking union. Mr Dijsselbloem has been the Eurogroup President since January 2013. As the President of the Eurogroup, he is also chairing the Board of Governors of the European Stability Mechanism. His mandate ends on 13 January 2018 when his successor Mário Centeno, Portugal’s Minister of Finance, will take office.

Pauvreté, genre et cycle de vie: Figures de la pauvreté dans l’Union européenne

30-11-2017

Près d’une personne sur quatre (23,8 %) est menacée de pauvreté ou d’exclusion sociale dans l’Union européenne en 2015. Les conditions de vie, le degré de précarité et les parcours d’entrée et de sortie de la pauvreté diffèrent en fonction de l’âge et du genre mais également au cours du cycle de vie. Les enfants constituent la population la plus touchée aujourd’hui en Europe tandis que les jeunes âgés entre 18 et 24 ans représentent désormais 10 % des personnes menacées de pauvreté ou d’exclusion ...

Près d’une personne sur quatre (23,8 %) est menacée de pauvreté ou d’exclusion sociale dans l’Union européenne en 2015. Les conditions de vie, le degré de précarité et les parcours d’entrée et de sortie de la pauvreté diffèrent en fonction de l’âge et du genre mais également au cours du cycle de vie. Les enfants constituent la population la plus touchée aujourd’hui en Europe tandis que les jeunes âgés entre 18 et 24 ans représentent désormais 10 % des personnes menacées de pauvreté ou d’exclusion sociale dans l’Union. À cet âge, la différence de genre est mineure alors qu’elle est majeure chez les personnes plus âgées. Le milieu de vie se caractérise désormais de manière très diversifiée en fonction du genre, de la situation familiale et/ou professionnelle. Les femmes, les familles monoparentales, les familles nombreuses ou les travailleurs pauvres sont, à ce moment de leur vie, plus exposés au risque de pauvreté ou d’exclusion sociale. Enfin, désormais, les personnes plus âgées sont, à la fois, les moins touchées par le risque de pauvreté en moyenne et parmi les plus vulnérables lorsque l’âge se décline au féminin.

The Provision of Critical Functions at Global, National and Regional Level—Is there a need for further legal/regulatory clarification if liquidation is the default option for failing banks?

30-11-2017

This paper defines critical banking functions and considers whether there is a need for further legal/regulatory clarification if liquidation is the default option for failing banks. We rely on EU law and soft law principles (FSB) bearing in mind that ‘liquidation’ is at times a loosely defined concept. Despite efforts to agree upon a set of qualitative and quantitative criteria to assess the critical nature, or lack thereof, of relevant functions we argue that simplification is needed. Given the ...

This paper defines critical banking functions and considers whether there is a need for further legal/regulatory clarification if liquidation is the default option for failing banks. We rely on EU law and soft law principles (FSB) bearing in mind that ‘liquidation’ is at times a loosely defined concept. Despite efforts to agree upon a set of qualitative and quantitative criteria to assess the critical nature, or lack thereof, of relevant functions we argue that simplification is needed. Given the discretionary element in the determination of public interest and critical functions and the existence of different legal sources with different purposes, we recommend a consistent application of the resolution rules to build up credibility in the Banking Union project, considering in particular the differential treatment by the competent resolution authorities in recent Spanish and Italian liquidation and resolution cases.

External author

Rosa M. Lastra, Rodrigo Olivares-Caminal, Costanza A. Russo

The provision of critical functions at global, national or regional level

30-11-2017

The introduction of a bank resolution framework for EU banks has created the need for clear legal definitions of the main elements in resolution. This paper assesses one of these elements, namely “critical functions”, which encompasses the activities of a bank that are of significant importance for the real economy. The assessment of the regulation and implementation shows that there is room for sharpening the definition and equal application across all banks. It is questionable, however, whether ...

The introduction of a bank resolution framework for EU banks has created the need for clear legal definitions of the main elements in resolution. This paper assesses one of these elements, namely “critical functions”, which encompasses the activities of a bank that are of significant importance for the real economy. The assessment of the regulation and implementation shows that there is room for sharpening the definition and equal application across all banks. It is questionable, however, whether regulatory intervention is necessary given the on-going work of authorities at different levels. In turn, legislative intervention will be required to align the objectives of the resolution framework and state aid. The latter currently leaves more room for public support measures, which are not necessarily in the public interest.

External author

Willem Pieter de Groen

Critical functions and public interest in banking services: Need for clarification?

30-11-2017

Under the EU framework for dealing with banking problems, resolution is seen as an exception to be granted only if liquidation under national insolvency proceedings is not warranted. We look at the recent liquidation of two Italian banks to show how resolution and liquidation differ substantially when it comes to the scope of legislation applicable to the use of public funds. We argue that more clarity would be needed as to the role that the concepts of critical functions and public interest play ...

Under the EU framework for dealing with banking problems, resolution is seen as an exception to be granted only if liquidation under national insolvency proceedings is not warranted. We look at the recent liquidation of two Italian banks to show how resolution and liquidation differ substantially when it comes to the scope of legislation applicable to the use of public funds. We argue that more clarity would be needed as to the role that the concepts of critical functions and public interest play in Member States’ decision to grant liquidation aid, and that the two-tier system – in which resolution is done at the EU level but insolvency remains a national prerogative – raises issues in the context of Banking Union.

External author

Silvia Merler, Bruegel

Economic Dialogue with the Commission on the launch of the 2018 European Semester Cycle

24-11-2017

ECON and EMPL on 27 November 2017 Vice-President Dombrovskis, Commissioner Moscovici and Commissioner Thyssen are participating in an Economic Dialogue on the “European Semester Autumn Package”, based on the provisions of the economic governance framework. This document gives an overview of the elements of the package and presents the next steps.

ECON and EMPL on 27 November 2017 Vice-President Dombrovskis, Commissioner Moscovici and Commissioner Thyssen are participating in an Economic Dialogue on the “European Semester Autumn Package”, based on the provisions of the economic governance framework. This document gives an overview of the elements of the package and presents the next steps.

Economic Dialogue with the Commission on 2018 Draft Budgetary Plans

24-11-2017

ECON on 27 November 2017 Vice-president Dombrovskis and Commissioner Moscovici have been invited to an Economic Dialogue on the European Commission Opinions on the 2018 Draft Budgetary Plans of the Euro Area Member States based on Articles 7 and 15 of EU Regulation 473/2013.

ECON on 27 November 2017 Vice-president Dombrovskis and Commissioner Moscovici have been invited to an Economic Dialogue on the European Commission Opinions on the 2018 Draft Budgetary Plans of the Euro Area Member States based on Articles 7 and 15 of EU Regulation 473/2013.

The role of national fiscal bodies: State of play (November 2017)

23-11-2017

This briefing provides an overview of the role played by national fiscal institutions in the preparations of forthcoming budgets in EU Member States. As part of the scrutiny of the implementation of the economic governance framework in the European Union, the objective of the briefing is twofold: 1) to give and overview of the extent to which the Stability or Convergence Programmes and the Draft Budgetary Plans contain information about the involvement of independent national fiscal bodies in the ...

This briefing provides an overview of the role played by national fiscal institutions in the preparations of forthcoming budgets in EU Member States. As part of the scrutiny of the implementation of the economic governance framework in the European Union, the objective of the briefing is twofold: 1) to give and overview of the extent to which the Stability or Convergence Programmes and the Draft Budgetary Plans contain information about the involvement of independent national fiscal bodies in the preparation of these programmes/plans; and 2) to give an overview of the current set-up and role of these independent fiscal bodies based on the most recent assessment by the European Commission.

Free and fair trade for all?

21-11-2017

With its strategy paper entitled ‘Trade for all’ in 2015, the Commission launched an EU trade policy that focussed on values such as human rights, workers’ rights, environmental protection and sustainable development. The idea was that free trade should be fair for both consumers in Europe and for citizens elsewhere. This approach was pursued in bilateral trade negotiations and in legislative proposals on, for example, conflict minerals, dual-use goods or the investment court system. But by the end ...

With its strategy paper entitled ‘Trade for all’ in 2015, the Commission launched an EU trade policy that focussed on values such as human rights, workers’ rights, environmental protection and sustainable development. The idea was that free trade should be fair for both consumers in Europe and for citizens elsewhere. This approach was pursued in bilateral trade negotiations and in legislative proposals on, for example, conflict minerals, dual-use goods or the investment court system. But by the end of 2016 the tenor of the debate on international trade had changed, shifting the focus to national interests and fairness for consumers and producers at home. The UK’s decision to withdraw from the EU and the election of President Trump in the US, together with the expiry of the clause recognising China’s non-market economy status, contributed to this shift. The European Parliament has played a crucial role in shaping the direction of EU trade policy. While its 2015 resolution on the Transatlantic Trade and Investment Partnership (TTIP) set the values-based trade agenda, its resolutions in 2016 and 2017 on China’s market economy status and global value chains reflected the shift in values. The Commission is seeking to balance free and fair trade but new challenges lie ahead, notably in the EU’s neighbourhood: Russia, the Eastern Partnership, Turkey and the UK’s withdrawal from the EU.

How to further strengthen the European Semester?

20-11-2017

The economic governance of the European Monetary Union is yearly organized during the so-called European Semester. The improvement of the European Semester is an on-going process, and some recent propositions must be positively acknowledged. Still, the European Semester and Country Specific recommendations don’t focus enough on issues with clear spill-overs on other countries. This Briefing Paper argues for a systematic discussion of a nominal stance at the European level, based on wage and price ...

The economic governance of the European Monetary Union is yearly organized during the so-called European Semester. The improvement of the European Semester is an on-going process, and some recent propositions must be positively acknowledged. Still, the European Semester and Country Specific recommendations don’t focus enough on issues with clear spill-overs on other countries. This Briefing Paper argues for a systematic discussion of a nominal stance at the European level, based on wage and price analysis. It would monitor price and wage developments to avoid nominal and current account divergences or deflationary convergence. Seven suggestions are provided to improve the European Semester and European Economic Governance.

External author

X. Ragot

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