13

result(s)

Word(s)
Publication type
Policy area
Author
Keyword
Date

Virtual currencies in the Eurosystem: challenges ahead

16-07-2018

Speculation on Bitcoin, the evolution of money in the digital age, and the underlying blockchain technology are attracting growing interest. In the context of the Eurosystem, this briefing paper analyses the legal nature of privately issued virtual currencies (VCs), the implications of VCs for central bank’s monetary policy and monopoly of note issue, and the risks for the financial system at large. The paper also considers some of the proposals concerning central bank issued virtual currencies. ...

Speculation on Bitcoin, the evolution of money in the digital age, and the underlying blockchain technology are attracting growing interest. In the context of the Eurosystem, this briefing paper analyses the legal nature of privately issued virtual currencies (VCs), the implications of VCs for central bank’s monetary policy and monopoly of note issue, and the risks for the financial system at large. The paper also considers some of the proposals concerning central bank issued virtual currencies. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.

External author

Rosa María LASTRA, Jason Grant ALLEN

Guarantee Fund for External Action and EIB external lending mandate

16-05-2018

In response to a sharp increase in the number of people trying to migrate to Europe illegally, and as part of the mid-term review of the European Investment Bank's external lending mandate (ELM), the Commission proposed an external investment plan to tackle the root causes of migration from countries neighbouring the European Union, consisting of a European Fund for Sustainable Development (EFSD) and quantitative and qualitative changes to the ELM. These changes entailed two legislative proposals ...

In response to a sharp increase in the number of people trying to migrate to Europe illegally, and as part of the mid-term review of the European Investment Bank's external lending mandate (ELM), the Commission proposed an external investment plan to tackle the root causes of migration from countries neighbouring the European Union, consisting of a European Fund for Sustainable Development (EFSD) and quantitative and qualitative changes to the ELM. These changes entailed two legislative proposals. A compromise package was agreed in trilogue between Council and Parliament, and adopted at first reading during the February I 2018 plenary session. Both acts entered into force on 8 April 2018. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Combating fraud and counterfeiting of non-cash means of payment

08-12-2017

The IA presents the problem of non-cash payment fraud in a coherent and clear manner. The link between the problem (sub-) drivers, specific and general objectives of the proposal is rather straightforward. The objectives could be more specific and time-bound, however, to bring them in line with the SMART criteria. The IA sets out the content of all options in a clear manner. However, the quality of data, analysis and stakeholder consultation leaves an overall poor impression, partly because the combined ...

The IA presents the problem of non-cash payment fraud in a coherent and clear manner. The link between the problem (sub-) drivers, specific and general objectives of the proposal is rather straightforward. The objectives could be more specific and time-bound, however, to bring them in line with the SMART criteria. The IA sets out the content of all options in a clear manner. However, the quality of data, analysis and stakeholder consultation leaves an overall poor impression, partly because the combined IA and evaluation study, which is the external expertise informing the assessment, is not available online and therefore impossible to verify. For instance, according to the IA, the qualitative scores were validated with the focus group participants and external reviewers; however, the results of the validations are not reported in the IA report and only seven stakeholders attended the focus group. Such low attendance is rather surprising, considering that the qualitative assessment was given particular weight when deciding on the preferred option. The IA provides a rather inconsistent synopsis of the three consultation processes and the stakeholders’ contributions are not available online. The IA does not make clear what the stakeholders’ views were on the retained or discarded measures and options. Making the study accessible online could perhaps provide the information needed to understand the logic behind the assessment, the stakeholder consultation and the choice of the preferred option.

External author

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Organised crime in the European Union

06-09-2013

It is impossible to measure accurately the socio-economic cost of crime. However, the estimates available invariably quote very high figures, which lead to reflection in times of financial crisis and austerity. Numerous organised crime groups are active in the EU, often with cross-border reach and multi-ethnic composition. Some of them, having established a strong position in their countries of origin, go on to engage in illicit markets throughout the EU.

It is impossible to measure accurately the socio-economic cost of crime. However, the estimates available invariably quote very high figures, which lead to reflection in times of financial crisis and austerity. Numerous organised crime groups are active in the EU, often with cross-border reach and multi-ethnic composition. Some of them, having established a strong position in their countries of origin, go on to engage in illicit markets throughout the EU.

Customs enforcement of intellectual property rights

06-06-2013

During the past ten years the number of shipments detained due to suspected infringement of intellectual property rights (IPR) has been rising sharply. To prevent counterfeits from entering the EU market, the European Commission (EC) has proposed to revise existing customs regulation by broadening its scope and simplifying procedures for their destruction.

During the past ten years the number of shipments detained due to suspected infringement of intellectual property rights (IPR) has been rising sharply. To prevent counterfeits from entering the EU market, the European Commission (EC) has proposed to revise existing customs regulation by broadening its scope and simplifying procedures for their destruction.

Protection of the Euro and Other Currencies against Counterfeiting: Initial Appraisal of the Commission's Impact Assessment

15-05-2013

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's Impact Assessment accompanying the above proposal, submitted on 5 February 2013. The euro and other currencies continue to be targeted by organised crime groups active in forging money throughout the European Union. The importance and widespread use of the euro area - the second most traded currency in the world, shared by the 17 Member States and the 330 million people of the euro – make it ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's Impact Assessment accompanying the above proposal, submitted on 5 February 2013. The euro and other currencies continue to be targeted by organised crime groups active in forging money throughout the European Union. The importance and widespread use of the euro area - the second most traded currency in the world, shared by the 17 Member States and the 330 million people of the euro – make it particularly vulnerable to counterfeiting on a transnational scale.

Criminal penalties for counterfeiting the euro

11-03-2013

Since 2002, when euro notes and coins were introduced, numerous investigations have revealed the existence of illegal print shops and mints producing fakes, despite EU instruments to combat this. The Lisbon Treaty created new possibilities to fight counterfeiting of the euro through EU legislation. On this basis, the Commission proposed, in February 2013, a Directive using criminal law to protect the euro and other currencies against counterfeiting.

Since 2002, when euro notes and coins were introduced, numerous investigations have revealed the existence of illegal print shops and mints producing fakes, despite EU instruments to combat this. The Lisbon Treaty created new possibilities to fight counterfeiting of the euro through EU legislation. On this basis, the Commission proposed, in February 2013, a Directive using criminal law to protect the euro and other currencies against counterfeiting.

ACTA - Anti-Counterfeiting Trade Agreement

29-06-2012

The Anti-Counterfeiting Trade Agreement (ACTA) is a plurilateral agreement between the EU, its Member States (MS) and ten other countries, including the USA and Japan.

The Anti-Counterfeiting Trade Agreement (ACTA) is a plurilateral agreement between the EU, its Member States (MS) and ten other countries, including the USA and Japan.

The Anti-Counterfeiting Trade Agreement (ACTA) : An Assessment

11-07-2011

The ACTA was motivated by a desire to establish equivalent provisions in international trade agreements containing rules on anti-counterfeiting. This is important at a time when free trade agreements are being negotiated by different parties. For the European Union it is also of importance to protect EU intellectual property rights (IPR) as future EU competitiveness depends on its ability to move into higher value added activities such as those for which IPRs are important. At the same time international ...

The ACTA was motivated by a desire to establish equivalent provisions in international trade agreements containing rules on anti-counterfeiting. This is important at a time when free trade agreements are being negotiated by different parties. For the European Union it is also of importance to protect EU intellectual property rights (IPR) as future EU competitiveness depends on its ability to move into higher value added activities such as those for which IPRs are important. At the same time international agreements on IPRs will only be sustainable when they have the support of all parties. Within the EU the ACTA has also been the source of some concerns regarding the non-transparent way it was negotiated and whether it meets to aims agreed by the European Parliament and Commission that it would be compatible with the existing acquis communautaire and the World Trade Organisation’s Trade Related intellectual Property rights (TRIPs) Agreement.

External author

Anselm Kamperman Sanders (Faculty of Law, Maastricht University, the Netherlands) ; Dalindyebo Bafana Shabalala (Faculty of Law, Maastricht University, the Netherlands) ; Anke Moerland (Faculty of Law, Maastricht University, the Netherlands) ; Meir Pugatch (University of Haifa, Israel) and Paolo R. Vergano (Fratini Vergano, European Lawyers)

Asian Organized Crime in the European Union

15-06-2011

The note shows that Asian organized crime, which is a relatively new phenomenon, has entered the criminal area in a number of EU countries. It analyses how the activities of Asian criminal groups are linked to migrant communities and which fields are concerned. They include extortion, human smuggling/trafficking and money laundering. In collaboration with other non-Asian criminal groups, Asian organized crime is also active in the production and trade of illegal drugs, matchfixing and counterfeiting ...

The note shows that Asian organized crime, which is a relatively new phenomenon, has entered the criminal area in a number of EU countries. It analyses how the activities of Asian criminal groups are linked to migrant communities and which fields are concerned. They include extortion, human smuggling/trafficking and money laundering. In collaboration with other non-Asian criminal groups, Asian organized crime is also active in the production and trade of illegal drugs, matchfixing and counterfeiting of consumer goods. This note proposes appropriate solutions on how to fight this particular form of organized crime.

External author

Dina Siegel-Rozenblit (Utrecht University, the Netherlands)

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