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The Advisory European Fiscal Board

23-06-2017

This note examines the main features of the advisory European Fiscal Board that was established by the European Commission on 21 October 2015, in the context of the implementation of an integrated framework for sound fiscal policies, as referred to in the Five Presidents' Report of June 2015. This document is regularly updated.

This note examines the main features of the advisory European Fiscal Board that was established by the European Commission on 21 October 2015, in the context of the implementation of an integrated framework for sound fiscal policies, as referred to in the Five Presidents' Report of June 2015. This document is regularly updated.

Macro-financial assistance

23-06-2017

Macro-financial assistance (MFA) is an instrument designed to provide loans and grants from the EU to candidate, potential candidate and neighbourhood countries in acute balance of payments crises. An MFA operation is exceptional and temporary, based on economic and political conditions, and linked to an International Monetary Fund (IMF) adjustment programme. In addition to solving short term balance of payments problems, MFA is designed to stabilise public finances and to encourage structural reforms ...

Macro-financial assistance (MFA) is an instrument designed to provide loans and grants from the EU to candidate, potential candidate and neighbourhood countries in acute balance of payments crises. An MFA operation is exceptional and temporary, based on economic and political conditions, and linked to an International Monetary Fund (IMF) adjustment programme. In addition to solving short term balance of payments problems, MFA is designed to stabilise public finances and to encourage structural reforms. Since 1990, there have been more than 60 MFA operations and the evaluation of the instrument is largely positive.

Macro-Financial Assistance to EU Member States - State of Play, June 2017

22-06-2017

This document provides regularly updated information on EU Member States receiving financial assistance from the ESM, the EFSF, the EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. It also covers the post-programme reviews undertaken by the European Commission (EC) in liaison with the ECB (Post-Programme Surveillance, PPS), the IMF (Post-Programme Monitoring, PPM) and the ESM (Early Warning System, EWS).

This document provides regularly updated information on EU Member States receiving financial assistance from the ESM, the EFSF, the EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. It also covers the post-programme reviews undertaken by the European Commission (EC) in liaison with the ECB (Post-Programme Surveillance, PPS), the IMF (Post-Programme Monitoring, PPM) and the ESM (Early Warning System, EWS).

Greece's financial assistance programme (June 2017)

22-06-2017

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 10 March 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 10 March 2017).

Single Supervisroy Mechanism (SSM) – Accountability Arrangements and Legal Base for Hearings in the European Parliament - State of Play - June 2017

21-06-2017

This note prepared by the Economic Governance Support Unit provides an overview of the EP’s accountability hearings in the context of the Single Supervisory Mechanism.

This note prepared by the Economic Governance Support Unit provides an overview of the EP’s accountability hearings in the context of the Single Supervisory Mechanism.

Controls of cash entering or leaving the European Union

21-06-2017

The anonymity of cash transactions and the illegal nature of the problems identified in the IA bring about considerable challenges for the analysis, including a limited evidence base and trade-offs between the options to tackle the problems and their impact on several Union principles. The mostly qualitative analysis is generally logical and coherent, leading to a pertinent set of preferred options. For various reasons, however, it provides, very little quantification of costs and none of benefits ...

The anonymity of cash transactions and the illegal nature of the problems identified in the IA bring about considerable challenges for the analysis, including a limited evidence base and trade-offs between the options to tackle the problems and their impact on several Union principles. The mostly qualitative analysis is generally logical and coherent, leading to a pertinent set of preferred options. For various reasons, however, it provides, very little quantification of costs and none of benefits, and focuses mainly on administrative burdens for competent authorities. To partly compensate for the lack of reliable data, despite apparent time constraints for the preparation of the evaluation and the IA – both conducted internally – the IA consistently indicates stakeholder views, which appear to support most of the preferred options of the IA, although they cannot be considered representative due to the small number of respondents.

Level-2 measures on draft RTS under IFR (Interchange Fees Regulation)

20-06-2017

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion of 20 June 2017 on the draft European Banking Authority (EBA) RTS under Regulation (EU) 2015/751 on interchange fees for card-based payment transactions (IFR) . The empowerment for the adoption of the RTS – introduced following an amendment by the European Parliament – is the only empowerment for a level 2 measure under the IFR.

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion of 20 June 2017 on the draft European Banking Authority (EBA) RTS under Regulation (EU) 2015/751 on interchange fees for card-based payment transactions (IFR) . The empowerment for the adoption of the RTS – introduced following an amendment by the European Parliament – is the only empowerment for a level 2 measure under the IFR.

European Council Conclusions: A Rolling Check-List of Commitments to Date (12th edition)

20-06-2017

The European Council's role – to 'provide the Union with the necessary impetus for its development' and to define its 'general political directions and priorities' - has developed rapidly over the past seven years. 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 of the various commitments made in the conclusions ...

The European Council's role – to 'provide the Union with the necessary impetus for its development' and to define its 'general political directions and priorities' - has developed rapidly over the past seven years. 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 of the various commitments made in the conclusions of its meetings. This overview, presented in the form of a regularly updated Rolling Check-List of Commitments to Date, is designed to review the degree of progress in realising the goals which the European Council has set itself since January 2010 and to assist the Parliament in exercising its important oversight role in this field.

Revision of the Fourth Anti-Money-Laundering Directive

19-06-2017

Directive (EU) 2015/849, which forms part of the EU regulatory framework to combat financial crime, has shown gaps in the light of recent terrorist attacks and the ‘Panama papers’ revelations. In this context, the European Commission proposed to amend the directive, along with Directive 2009/101/EC, to broaden their scope, lower thresholds benefiting from exemptions and provide for the creation of automated centralised mechanisms (e.g. central electronic data retrieval systems). The European Parliament ...

Directive (EU) 2015/849, which forms part of the EU regulatory framework to combat financial crime, has shown gaps in the light of recent terrorist attacks and the ‘Panama papers’ revelations. In this context, the European Commission proposed to amend the directive, along with Directive 2009/101/EC, to broaden their scope, lower thresholds benefiting from exemptions and provide for the creation of automated centralised mechanisms (e.g. central electronic data retrieval systems). The European Parliament and Council have each put forward substantial modifications to the Commission proposal. These include: the obligation for Member States to provide data on trusts and legal arrangements to the Commission; specific professional secrecy obligations for staff working, or having worked for, competent authorities supervising credit and financial institutions; cooperation between competent authorities; and the creation of an independent authority to supervise and coordinate anti-money-laundering activities carried out by national competent authorities and law enforcement bodies.

Economic Dialogue and Exchange of Views with the President of the Council (ECOFIN) - ECON on 19 June 2017

19-06-2017

Edward Scicluna, Minister of Finance of Malta, is participating in the ECON Committee as current President of the ECOFIN Council during the Maltese Presidency (January - June 2017). According to the Treaty of the Union “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”. This briefing reviews recent developments with regard to Economic Governance issues, including activities in the context of the European Semester, as well ...

Edward Scicluna, Minister of Finance of Malta, is participating in the ECON Committee as current President of the ECOFIN Council during the Maltese Presidency (January - June 2017). According to the Treaty of the Union “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”. This briefing reviews recent developments with regard to Economic Governance issues, including activities in the context of the European Semester, as well as the latest developments in completing the Banking Union.

Upcoming events

26-06-2017
Gender equality in the media sector in the EU
Hearing -
FEMM
26-06-2017
Antimicrobial Resistance - WORKSHOP POSTPONED, NEW DATE WILL BE ANNOUNCED.
Workshop -
ENVI
26-06-2017
Twelfth meeting of the IMCO Working Group on the Digital Single Market
Other event -
IMCO

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