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Thematic Overview: Member States whose 2017 Draft Budgetary Plans Were Assessed To Be "At Risk of Non-Compliance" with the Stability and Growth Pact

25-04-2017

This briefing gives an overview of the recent European Commission (COM) assessments of eight Member States (Spain, Portugal, Italy, Belgium, Cyprus, Lithuania, Slovenia and Finland) whose 2017 Draft Budgetary Plans (DBPs) are considered to be “at risk of non-compliance” with their current obligations under the Stability and Growth Pact (SGP). This briefing will be updated as further assessments by the COM become available regarding compliance with the SGP.

This briefing gives an overview of the recent European Commission (COM) assessments of eight Member States (Spain, Portugal, Italy, Belgium, Cyprus, Lithuania, Slovenia and Finland) whose 2017 Draft Budgetary Plans (DBPs) are considered to be “at risk of non-compliance” with their current obligations under the Stability and Growth Pact (SGP). This briefing will be updated as further assessments by the COM become available regarding compliance with the SGP.

Euro Area Key Indicators: Latest Forecasts by EC, IMF, ECB and OECD

24-04-2017

This table prepared by the Economic Governance Support Unit includes Euro Area key indicators and latest forecasts from the Commission, IMF, ECB and OECD.

This table prepared by the Economic Governance Support Unit includes Euro Area key indicators and latest forecasts from the Commission, IMF, ECB and OECD.

Key Macroeconomic Indicators in the Euro Area and the United States

24-04-2017

Latest forcest by EC, IMF and OECD.

Latest forcest by EC, IMF and OECD.

European Fund for Strategic Investments – EFSI 2.0

24-04-2017

On 14 September 2016, the Commission, in accordance with Article 18 of Regulation (EU) 2015/1017, proposed an extension of the duration of the European fund for strategic investments (EFSI) until 31 December 2020 and the introduction of technical enhancements for that fund and the European Investment Advisory Hub. The new proposal, referred to as EFSI 2.0, includes an increase in the EU guarantee from €16 to 26 billion and in EIB capital from €5 to 7.5 billion, which should mobilise private and public ...

On 14 September 2016, the Commission, in accordance with Article 18 of Regulation (EU) 2015/1017, proposed an extension of the duration of the European fund for strategic investments (EFSI) until 31 December 2020 and the introduction of technical enhancements for that fund and the European Investment Advisory Hub. The new proposal, referred to as EFSI 2.0, includes an increase in the EU guarantee from €16 to 26 billion and in EIB capital from €5 to 7.5 billion, which should mobilise private and public investment of €500 billion over the period until 2020. The proposal also focuses on project sustainability, enhancement of geographical coverage and ways to reinforce take-up in less developed regions, while also aiming to enhance the transparency of investment decisions and governance procedures, and reinforce the social dimension by means of additional financial instruments. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Structural reform support programme 2017-2020

21-04-2017

The European Parliament is due to vote on the Commission proposal for a structural reform support programme offering Member States technical help in designing and implementing growth-enhancing structural reforms. The proposed budget of €142.8 million is to be redirected from the technical assistance resources available under the European Structural and Investment Funds.

The European Parliament is due to vote on the Commission proposal for a structural reform support programme offering Member States technical help in designing and implementing growth-enhancing structural reforms. The proposed budget of €142.8 million is to be redirected from the technical assistance resources available under the European Structural and Investment Funds.

Understanding the macroeconomic imbalance procedure: Origin, rationale and aims

20-04-2017

Both the global financial crisis and the European sovereign debt crisis uncovered a high level of macroeconomic imbalances, which constituted major economic fault-lines, and led to the spread and acceleration of these crises. Imbalances had built up over years, sometimes decades, and correcting them proved to be a long and painful process. The main source of imbalance was the consequences of an unprecedented expansion in demand, fuelled by large credit inflows into the euro-area periphery. This created ...

Both the global financial crisis and the European sovereign debt crisis uncovered a high level of macroeconomic imbalances, which constituted major economic fault-lines, and led to the spread and acceleration of these crises. Imbalances had built up over years, sometimes decades, and correcting them proved to be a long and painful process. The main source of imbalance was the consequences of an unprecedented expansion in demand, fuelled by large credit inflows into the euro-area periphery. This created major problems when the EU, already bending under the financial crisis that originated in the USA, saw its own financial markets lose confidence. The financial flows from Europe's economic core to the periphery reversed, leaving the periphery vulnerable, and creating repercussions throughout Europe and beyond. In parallel to coping with the immediate problems, lawmakers took steps to avoid a re-occurrence of such events. The EU's economic governance framework, which had proven inadequate, underwent a major overhaul, with the addition of a macroeconomic imbalance procedure (MIP) being the most important part. The aim of the MIP is to identify and correct imbalances as early as possible in order to avoid deeper problems at a later stage, thus supplementing the Stability and Growth Pact (SGP). A framework was created in which each individual Member State, especially those part of the euro area, is thoroughly screened for macroeconomic imbalances, and preventive as well as corrective action is taken whenever necessary.

Tax evasion, money laundering and tax transparency in the EU Overseas Countries and Territories: Ex-Post Impact Assessment

20-04-2017

This study aims to present the legal, political and institutional framework governing offshore practices in the Overseas Countries and Territories (OCTs) of the European Union, which are under the sovereignty of four Member States: Denmark, France, the Netherlands and the United Kingdom. The institutional arrangements of the OCTs with the relevant EU Member States directly affect the possibility to establish policies and adopt regulations, including on taxation and money laundering. Regardless of ...

This study aims to present the legal, political and institutional framework governing offshore practices in the Overseas Countries and Territories (OCTs) of the European Union, which are under the sovereignty of four Member States: Denmark, France, the Netherlands and the United Kingdom. The institutional arrangements of the OCTs with the relevant EU Member States directly affect the possibility to establish policies and adopt regulations, including on taxation and money laundering. Regardless of the level of control of the EU Member States over their OCTs, implementation of the law by the local authorities is of concern in a number of the UK and Dutch OCTs, both in terms of structural weaknesses, but also because of limited financial and human resources. In the case of the French OCTs, suboptimal oversight controls and lack of information make it difficult to supervise financial activities. The opening analysis compares the French, Dutch and British cases in terms of combating tax evasion, money laundering and enhancing tax transparency; explores the case of Greenland; and draws conclusions on how the EU could better use its leverage in these overseas territories. The analysis is based on the detailed annexed contributions, written by external experts, which cover in detail the OCTs under French, Dutch, and British rule. This ex-post impact assessment has been produced by the European Parliamentary Research Service at the request of the European Parliament's Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA) to assist it in the context of its ongoing work.

External author

Prof. Alexandre Maitrot de la Motte of the University of Paris-Est Creteil, Prof. Dr H.E. Bröring, Prof. Dr O.O. Cherednychenko, Prof. Dr H.G. Hoogers and G. Karapetian LL.M. (Department of Constitutional Law, Administrative Law and Public Administration/Groningen Centre for European Financial Services Law (GCEFSL), University of Groningen), Dr Peter Clegg of the University of the West of England

Rules on independence and responsibility regarding auditing, tax advice, accountancy, account certification services and legal services

14-04-2017

This study maps the rules on independence and responsibility that are applicable at national, EU, and international level that govern the service provision by intermediaries such as companies working in auditing, tax advice, accountancy and account certification or by legal advisors (attorneys, solicitors, legal consultants, in-house lawyers, etc.). The mapping forms the basis for policy recommendations to encourage intermediaries to deliver a positive contribution to combatting tax evasion, tax ...

This study maps the rules on independence and responsibility that are applicable at national, EU, and international level that govern the service provision by intermediaries such as companies working in auditing, tax advice, accountancy and account certification or by legal advisors (attorneys, solicitors, legal consultants, in-house lawyers, etc.). The mapping forms the basis for policy recommendations to encourage intermediaries to deliver a positive contribution to combatting tax evasion, tax avoidance and money laundering. This document was prepared for Policy Department A at the request of the Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA).

External author

Ian ROXAN (LSE), Saipriya KAMATH (LSE), Willem Pieter DE GROEN (CEPS) ; Research support: Katharina EHRHART (LSE Enterprise)

Role of advisors and intermediaries in the schemes revealed in the Panama Papers

14-04-2017

The use of offshore entities that facilitate money laundering, tax avoidance and tax evasion undermines the fair distribution of the tax burden in onshore jurisdictions. The Panama Papers shed some light on the activities that are usually conducted in secrecy, with the disclosure of information on 213,634 offshore entities in jurisdictions such as the British Virgin Islands, Panama and the Seychelles. This analysis assesses the role of advisors (tax experts, legal experts, administrators, investment ...

The use of offshore entities that facilitate money laundering, tax avoidance and tax evasion undermines the fair distribution of the tax burden in onshore jurisdictions. The Panama Papers shed some light on the activities that are usually conducted in secrecy, with the disclosure of information on 213,634 offshore entities in jurisdictions such as the British Virgin Islands, Panama and the Seychelles. This analysis assesses the role of advisors (tax experts, legal experts, administrators, investment advisors) and intermediaries (law firms, accounting firms, trust companies, banks, etc.) involved in the phases of the identified decision-making cycle (advice, creation, maintenance, enforcement). This document was prepared for Policy Department A at the request of the Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA).

External author

Willem Pieter DE GROEN (CEPS)

Amending capital requirements: The 'CRD-V package'

06-04-2017

Despite significant progress since the financial crisis of 2007-2008, the overhaul of the financial regulatory framework remains a European Commission priority. The existing Capital Requirements Directive and Regulation (the 'CRD-IV package') set the prudential framework for financial institutions operating in the EU. The proposed amendments to the package implement the most recent international regulatory provisions for banks (that is, higher risk-sensitivity), set by the Basel Committee on Banking ...

Despite significant progress since the financial crisis of 2007-2008, the overhaul of the financial regulatory framework remains a European Commission priority. The existing Capital Requirements Directive and Regulation (the 'CRD-IV package') set the prudential framework for financial institutions operating in the EU. The proposed amendments to the package implement the most recent international regulatory provisions for banks (that is, higher risk-sensitivity), set by the Basel Committee on Banking Supervision (Basel III framework). They also address regulatory shortcomings and aim to contribute to sustainable bank financing of the economy. The Parliament's ECON Committee has named Peter Simon (S&D, Germany) rapporteur for both dossiers. First 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.

Upcoming events

27-04-2017
European Social Pillar and EMU: Setting European priorities
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EPRS
03-05-2017
EU action to combat marine litter
Workshop -
ENVI
03-05-2017
Workshop on Sectarianism in the Middle East and North Africa
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