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Understanding equivalence and the single passport in financial services: Third-country access to the single market

09-02-2017

Alongside closer integration of the single market in financial services on the one hand and the more general globalisation of the sector on the other, the issue of access for third-country institutions has become increasingly important – not least recently in relation to the question of access to the continent for City of London-based financial services firms in the context of the United Kingdom's withdrawal from the European Union (Brexit). Companies established in any European Economic Area (EEA ...

Alongside closer integration of the single market in financial services on the one hand and the more general globalisation of the sector on the other, the issue of access for third-country institutions has become increasingly important – not least recently in relation to the question of access to the continent for City of London-based financial services firms in the context of the United Kingdom's withdrawal from the European Union (Brexit). Companies established in any European Economic Area (EEA) Member State have access to the single market for financial services under single passport rights. This means that they can establish branches in other EEA countries or provide financial services across the EEA without the need for further authorisation. The debate on access for third countries has intensified since the 2008 financial crisis, resulting in an increasing number of legal acts in recent years containing 'equivalence provisions'. These allow third countries to ask for an assessment of equivalence of their regulatory system with that of the European Union. Equivalence, if granted, offers in most cases a much more piecemeal access to the single market than passport rights. Quite often, equivalence concerns more technical matters and does not significantly alter third-country access terms. Only in some instances can access under equivalence be considered 'passport-like', and in the most significant cases, this concerns legislation which is not yet in force.

Recapitalisation of Monte dei Paschi di Siena: state of play

08-02-2017

Banca Monte dei Paschi di Siena S.p.A. (MPS) is the fifth largest bank in Italy, holding total assets of around EUR 160 billion as of 30 September 2016 (in comparison, the bank held total assets of EUR 214 billion at the end of 2008). This briefing is based on publicly available information and provides an overview of the recent developments, in particular the recapitalisation, of this bank.

Banca Monte dei Paschi di Siena S.p.A. (MPS) is the fifth largest bank in Italy, holding total assets of around EUR 160 billion as of 30 September 2016 (in comparison, the bank held total assets of EUR 214 billion at the end of 2008). This briefing is based on publicly available information and provides an overview of the recent developments, in particular the recapitalisation, of this bank.

European Semester: Assessing the 2017 priorities

07-02-2017

The European Semester is a key monitoring element of the EU's economic governance framework which aims to detect, prevent, and correct problematic economic trends such as excessive government deficits or public debt levels. As part of the annual evaluation cycle, three European Parliament Committees discuss the European Commission's priority areas for 2017: boosting investment, pursuing structural reforms and ensuring responsible fiscal policies. The Committee reports assess the priorities from an ...

The European Semester is a key monitoring element of the EU's economic governance framework which aims to detect, prevent, and correct problematic economic trends such as excessive government deficits or public debt levels. As part of the annual evaluation cycle, three European Parliament Committees discuss the European Commission's priority areas for 2017: boosting investment, pursuing structural reforms and ensuring responsible fiscal policies. The Committee reports assess the priorities from an economic, employment and single market point of view before the Commission presents dedicated country reports in late February. Plenary discussion on all three reports is planned for the February II part-session.

The Basel Committee on Banking Supervision (BCBS)

07-02-2017

This briefing gives an overview of the role of the Basel Committee on Banking Supervision (BCBS) in setting international standards in banking regulation and supervision. It also raises the questions on how the preparatory work is organised in the European Union in order to enhance transparency and co-operation.

This briefing gives an overview of the role of the Basel Committee on Banking Supervision (BCBS) in setting international standards in banking regulation and supervision. It also raises the questions on how the preparatory work is organised in the European Union in order to enhance transparency and co-operation.

ECA’s Special Report on the Single Supervisory Mechanism

06-02-2017

This briefing is prepared in view of the joint CONT-ECON meeting on 13 February 2017 from 20:30 to 21:30 in Strasbourg (room WIC 200) on the European Court of Auditors' Special Report "Single Supervisory Mechanism – Good start but further improvements needed" of 18 November 2016.

This briefing is prepared in view of the joint CONT-ECON meeting on 13 February 2017 from 20:30 to 21:30 in Strasbourg (room WIC 200) on the European Court of Auditors' Special Report "Single Supervisory Mechanism – Good start but further improvements needed" of 18 November 2016.

The Financial Stability Board (FSB)

03-02-2017

This briefing prepared by the Economic Governance Support Unit is prepared in view of the visit of ECON Members to the FSB on Monday, 13 February 2017, giving an overview of issues on the FSB’s work plan for 2017.

This briefing prepared by the Economic Governance Support Unit is prepared in view of the visit of ECON Members to the FSB on Monday, 13 February 2017, giving an overview of issues on the FSB’s work plan for 2017.

European Commission follow-up to European Parliament requests

02-02-2017

In addition to its well-known role as a co-legislator, the European Parliament also supervises and scrutinises the work of the European Commission. The Parliament can therefore ask the Commission to take action to fulfil its role as guardian of the Treaties and to contribute to the improved functioning of the European Union and its legislation. Such requests usually take the form of resolutions. This Rolling Check-List covers the resolutions adopted by Parliament on the basis of own-initiative reports ...

In addition to its well-known role as a co-legislator, the European Parliament also supervises and scrutinises the work of the European Commission. The Parliament can therefore ask the Commission to take action to fulfil its role as guardian of the Treaties and to contribute to the improved functioning of the European Union and its legislation. Such requests usually take the form of resolutions. This Rolling Check-List covers the resolutions adopted by Parliament on the basis of own-initiative reports and legislative own-initiative reports during the current eighth legislative term up to December 2015, and the actions taken by the Commission as a result up to 31 October 2016. In total, the report covers 97 resolutions across almost all parliamentary committees. It provides a detailed overview of the Parliament's requests, and tracks the Commission's response and any further action taken. It thus offers a comprehensive scrutiny and reference tool, providing easy access to the follow-up given by the Commission to the Parliament's requests.

An Evolutionary Approach to a Genuine Economic and Monetary Union

25-01-2017

Further to the publication of the Five Presidents’ report, the Commission is planning to release in spring 2017 a white paper including measures to complete the EMU. During the 2017 European Parliamentary Week, participants will take stock of the strengths and weaknesses of the current economic governance framework, with a view to give an input to such discussion from a parliamentary perspective. This document provides some elements for this debate and gives an overview on the implementation of the ...

Further to the publication of the Five Presidents’ report, the Commission is planning to release in spring 2017 a white paper including measures to complete the EMU. During the 2017 European Parliamentary Week, participants will take stock of the strengths and weaknesses of the current economic governance framework, with a view to give an input to such discussion from a parliamentary perspective. This document provides some elements for this debate and gives an overview on the implementation of the short-term measures as included in the Five President’s report.

The Euro Area Fiscal Stance

24-01-2017

The concept of “Euro area fiscal stance” is increasingly used by the European Commission, the ECB, the Eurogroup, the IMF and academics, to measure the discretionary fiscal effort at euro area level. It became prominent with the publication of the Commission Communication on “Towards a Positive Fiscal Stance” of November 2016. This note provides an overview of the concept and the latest developments, as well as of positions and contributions published recently on the subject.

The concept of “Euro area fiscal stance” is increasingly used by the European Commission, the ECB, the Eurogroup, the IMF and academics, to measure the discretionary fiscal effort at euro area level. It became prominent with the publication of the Commission Communication on “Towards a Positive Fiscal Stance” of November 2016. This note provides an overview of the concept and the latest developments, as well as of positions and contributions published recently on the subject.

Structural Budget Balances in EU Member States

24-01-2017

Structural budget balances play an important role in the fiscal policy frameworks of the EU both as part of the application of the Stability and Growth Pact and in the implementation of the balanced budget rule (“Fiscal Compact”) by the contracting parties of the intergovernmental Treaty on Stability, Coordination and Governance in the EMU. This document gives an overview of the concept and application of the structural balance rule(s) in the EU.

Structural budget balances play an important role in the fiscal policy frameworks of the EU both as part of the application of the Stability and Growth Pact and in the implementation of the balanced budget rule (“Fiscal Compact”) by the contracting parties of the intergovernmental Treaty on Stability, Coordination and Governance in the EMU. This document gives an overview of the concept and application of the structural balance rule(s) in the EU.

Upcoming events

27-02-2017
The state and development of the biomass of fish stocks managed by the CFP
Hearing -
PECH
28-02-2017
The Third Reform of the Common European Asylum System - Up for the Challenge
Other event -
LIBE
28-02-2017
Workshop on the consequences of Brexit
Workshop -
IMCO

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