1865

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Outlook for the European Council and Euro Summit meetings, 20-21 June 2019

19-06-2019

The June 2019 European Council will discuss, and potentially agree on, high-level appointments to EU institutions and adopt the 2019-2024 strategic agenda. Other agenda topics are the next Multiannual Financial Framework (MFF), the EU’s common climate ambition, disinformation, enlargement and foreign policy issues, including relations with Russia. EU-27 leaders will meet for a Euro Summit in extended format to discuss the report submitted by the Eurogroup on EMU reforms.

The June 2019 European Council will discuss, and potentially agree on, high-level appointments to EU institutions and adopt the 2019-2024 strategic agenda. Other agenda topics are the next Multiannual Financial Framework (MFF), the EU’s common climate ambition, disinformation, enlargement and foreign policy issues, including relations with Russia. EU-27 leaders will meet for a Euro Summit in extended format to discuss the report submitted by the Eurogroup on EMU reforms.

Implementation of the Stability and Growth Pact (June 2019)

14-06-2019

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.

European Council conclusions - A rolling check-list of commitments to date

14-06-2019

The role of the European Council – to 'provide the Union with the necessary impetus for its development' and to define its 'general political directions and priorities' – has evolved rapidly over the last decade. Since June 2014, the European Council Oversight Unit within the European Parliamentary Research Service (EPRS), the European Parliament's in-house research service and think tank, has been monitoring and analysing the European Council's delivery on commitments made in the conclusions of ...

The role of the European Council – to 'provide the Union with the necessary impetus for its development' and to define its 'general political directions and priorities' – has evolved rapidly over the last decade. Since June 2014, the European Council Oversight Unit within the European Parliamentary Research Service (EPRS), the European Parliament's in-house research service and think tank, has been monitoring and analysing the European Council's delivery on commitments made in the conclusions of its meetings. This overview of European Council conclusions is a new, updated and more comprehensive edition of the Rolling Check-List, which has been published regularly by the European Council Oversight Unit since 2014. It distinguishes between four types of European Council conclusions (commitments, reviews, endorsements and statements) and indicates the follow-up given to calls for action made by EU leaders. It also offers an introductory analysis of each policy area, highlighting the background to the main orientations given by the European Council, as well as the follow-up to them and the future challenges.

Sovereign Debt Restructuring and Debt Mutualisation in the Euro Area: An Assessment

04-06-2019

Existing proposals for reform in the euro area, including the introduction of an orderly sovereign debt restructuring mechanism and of forms of debt mutualisation, rely on similar implicit or explicit assumptions: The “diabolic loop” between sovereign debt and domestic banks is to be mitigated or avoided; market discipline has to be maintained; and moral hazard has to be avoided. This paper discusses the stated goals of existing proposals, together with their likely anticipated and unanticipated ...

Existing proposals for reform in the euro area, including the introduction of an orderly sovereign debt restructuring mechanism and of forms of debt mutualisation, rely on similar implicit or explicit assumptions: The “diabolic loop” between sovereign debt and domestic banks is to be mitigated or avoided; market discipline has to be maintained; and moral hazard has to be avoided. This paper discusses the stated goals of existing proposals, together with their likely anticipated and unanticipated effects and trade-offs. It recognizes that several of these underlying assumptions and frameworks are at odds with the extant empirical evidence. It concludes by setting forth a three-pronged proposal for reform in the Euro Area. First, it is desirable to have a more explicit seniority structure in sovereign debt, which should be achieved by introducing a junior class of risky sovereign bonds linked to nominal GDP growth. Second, governments with high legacy debt and/or high deficits should be required to access new financing by issuing such junior bonds. Third, the extent of fiscal stabilization and banking union in the Euro area should be increased.

External author

S. Rossi

Balanced and fairer world trade defence: EU, US and WTO perspectives

29-05-2019

This workshop of the Committee on International Trade discussed recent developments in trade defence legislation and practice from the perspectives of the EU, the USA and the WTO. A set of trade defence rules have been agreed in the framework of the World Trade Organisation (WTO), in particular on anti-dumping, anti-subsidies and safeguards. The WTO also provides a dispute settlement system for cases brought forward by its members. The EU has recently adopted two sets of new legislation on Trade ...

This workshop of the Committee on International Trade discussed recent developments in trade defence legislation and practice from the perspectives of the EU, the USA and the WTO. A set of trade defence rules have been agreed in the framework of the World Trade Organisation (WTO), in particular on anti-dumping, anti-subsidies and safeguards. The WTO also provides a dispute settlement system for cases brought forward by its members. The EU has recently adopted two sets of new legislation on Trade Defence Instruments (TDI), known as ‘TDI methodology’ and ‘TDI modernisation’. These new rules aim at enhancing the EU’s trade defence, without deviating from its commitment to an open economic environment set in an international rules based order. The US has its own rules and practice for trade defence and continues to distinguish between countries having a market economy and those who don’t - a difference abandoned by the EU in its latest reform. Moreover, the Trump Administration has imposed many new tariffs on foreign imports, often based on the national security exception provided by the WTO - a justification contested by most of the countries targeted. Furthermore, the US expressed concerns about the system of dispute settlement in the WTO, blocking nominations to its Appellate Body. Experts gave their views on whether all these recent developments are contributing to an international trade defence regime that is ‘fair’ and ‘balanced’, taking into account the different perspectives.

External author

Erdal YALCIN, Hannes WELGE, André SAPIR, Petros C. MAVROIDIS

Expected Unemployment Rate for 2019 in EU Member States

28-05-2019

The map below shows the 2019 expected unemployment rate based on the European Commission’s spring 2019 forecast; the data will be updated on regular basis once new forecasts will be available.

The map below shows the 2019 expected unemployment rate based on the European Commission’s spring 2019 forecast; the data will be updated on regular basis once new forecasts will be available.

Spirit drinks: Definition, labelling and geographical indications

28-05-2019

In December 2016, the European Commission proposed to replace Regulation (EC) No 110/2008 – the Spirit Drinks Regulation – with a new one, with the aim of aligning it with the Treaty on the Functioning of the European Union (TFEU). The proposal mainly involves grouping the provisions adopted by the Commission into delegated and implementing acts. In addition, it replaces the existing procedures for the protection of geographical indications (GIs) of spirit drinks with new ones, modelled on the recently ...

In December 2016, the European Commission proposed to replace Regulation (EC) No 110/2008 – the Spirit Drinks Regulation – with a new one, with the aim of aligning it with the Treaty on the Functioning of the European Union (TFEU). The proposal mainly involves grouping the provisions adopted by the Commission into delegated and implementing acts. In addition, it replaces the existing procedures for the protection of geographical indications (GIs) of spirit drinks with new ones, modelled on the recently updated procedures for quality schemes applied to agricultural products and foodstuffs. According to spirits industry representatives, the proposal contained some substantive changes that needed to be studied in detail to determine their impact. The Committee on the Environment, Public Health and Food Safety (ENVI) was responsible for the file in the European Parliament. A provisional agreement was reached at the third trilogue meeting, on 27 November 2018. The agreement was confirmed by the Special Committee on Agriculture in December 2018 and approved in the ENVI committee on 22 January 2019. A plenary vote in the EP was held on 13 March 2019. The act was signed on 17 April and the regulation published in the Official Journal on 17 May 2019. Third edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure. Please note this document has been designed for on-line viewing.

CO2 standards for new cars and vans

28-05-2019

In November 2017, the European Commission adopted a proposal for a regulation on reducing CO2 emissions from new passenger cars and light commercial vehicles (vans). The proposed measures and targets are aligned with the 2030 climate and energy framework and with the energy union strategy, which envisages a reduction in transport emissions and energy consumption. The Commission sets new targets for the EU fleetwide average CO2 emissions of new passenger cars and vans. Average CO2 emissions from new ...

In November 2017, the European Commission adopted a proposal for a regulation on reducing CO2 emissions from new passenger cars and light commercial vehicles (vans). The proposed measures and targets are aligned with the 2030 climate and energy framework and with the energy union strategy, which envisages a reduction in transport emissions and energy consumption. The Commission sets new targets for the EU fleetwide average CO2 emissions of new passenger cars and vans. Average CO2 emissions from new passenger cars and vans registered in the EU would have to be 15 % lower in 2025, and 30 % lower in 2030, compared to their respective limits in 2021. The proposal includes a dedicated incentive mechanism for zero- and low-emission vehicles, in order to accelerate their market uptake. Interinstitutional trilogue negotiations concluded in December with an agreement setting a 37.5 % CO2 reduction target for new cars by 2030, and a 31 % target for new vans. Parliament approved the agreed text on 27 March 2019. The regulation was published in the Official Journal on 25 April 2019. It entered into force on 15 May 2019 and will apply from 1 January 2020. Fourth edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Expected real GDP growth for 2019 in EU Member States

27-05-2019

The map below shows the 2019 expected real Gross Domestic Product growth based on the European Commission’s spring 2019 forecast; the data will be updated on regular basis once new forecasts will be available.

The map below shows the 2019 expected real Gross Domestic Product growth based on the European Commission’s spring 2019 forecast; the data will be updated on regular basis once new forecasts will be available.

External author

New edition 2016

Are the current “automatic stabilisers” in the Euro Area Member States sufficient to smooth economic cycles?

27-05-2019

Since 2008, and as the result of central banks reaching the zero-lower bound, fiscal policy has come back as a potential, possibly primary, tool to stabilize business cycles. We present evidence that European countries have historically relied on automatic stabilisers for counter-cyclical policies, while discretionary fiscal policy has been pro-cyclical (unlike in the US). Pro-cyclical fiscal policies became so strong in the years 2010-14 that they completely eliminated the benefits of automatic ...

Since 2008, and as the result of central banks reaching the zero-lower bound, fiscal policy has come back as a potential, possibly primary, tool to stabilize business cycles. We present evidence that European countries have historically relied on automatic stabilisers for counter-cyclical policies, while discretionary fiscal policy has been pro-cyclical (unlike in the US). Pro-cyclical fiscal policies became so strong in the years 2010-14 that they completely eliminated the benefits of automatic stabilisers. Looking forward, there are calls to strengthen automatic stabilisers. We argue in this paper that without addressing the reasons behind the pro-cyclicality of discretionary policy, this cannot be a solution. Strengthening automatic stabilisers faces similar challenges and trade-offs as proposals to make discretionary policy more countercyclical.

External author

A.Fatas

Upcoming events

25-06-2019
Meeting EU energy and climate goals: Energy storage for grids and low-carbon mobility
Other event -
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