658

result(s)

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Publication type
Author
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Date

Country Specific Recommendations for 2016 and 2017 - A comparison and an overview of implementation

31-07-2017

This document presents: • The Country Specific Recommendations for 2016 generally endorsed by the European Council on 28/29 June 2016 and adopted by the Council on 12 July 2016; • The assessment of the implementation of 2016 Country Specific Recommendations based on the European Commission Country Reports as published on 22 February 2017; • The Draft Country Specific Recommendations for 2017 proposed by the European Commission (COM) on 22 May 2017 and to be adopted by the Council in July 2017; ...

This document presents: • The Country Specific Recommendations for 2016 generally endorsed by the European Council on 28/29 June 2016 and adopted by the Council on 12 July 2016; • The assessment of the implementation of 2016 Country Specific Recommendations based on the European Commission Country Reports as published on 22 February 2017; • The Draft Country Specific Recommendations for 2017 proposed by the European Commission (COM) on 22 May 2017 and to be adopted by the Council in July 2017; and • The Council Recommendation on the economic policy of the euro area approved by the Council on 21 March 2017.

The Real Effective Exchange Rate in Euro Area Member States

27-07-2017

This note provides an overview of competitiveness developments as measured by the Real Effective Exchange Rate.

This note provides an overview of competitiveness developments as measured by the Real Effective Exchange Rate.

Overcapacities in the European Banking Sector

26-07-2017

This briefing explores the issue of possible overcapacities in the European Banking Sector that are said to be a factor for the current low level of bank profitability.

This briefing explores the issue of possible overcapacities in the European Banking Sector that are said to be a factor for the current low level of bank profitability.

The orderly liquidation of Veneto Banca and Banca Popolare di Vicenza

25-07-2017

This briefing focusses on the failure of two Italian banks, Veneto Banca and Banca Popolare di Vicenza (hereunder “the Veneto banks”), and their subsequent liquidation through a special insolvency procedure under Italian law.

This briefing focusses on the failure of two Italian banks, Veneto Banca and Banca Popolare di Vicenza (hereunder “the Veneto banks”), and their subsequent liquidation through a special insolvency procedure under Italian law.

Have European banks actually changed since the start of the crisis? An updated assessment of their main structural characteristics

24-07-2017

This paper documents trends in key bank variables over the 2003-2016 period for the set of banks that the ECB directly supervises as of January 1, 2017. A range of variables is considered that together indicate to what extent banks have been moving in the direction of better performance and greater stability. We examine variables related to bank profitability, activity mix, size, balance sheet composition, and loan impairment. The identified trends provide a mixed picture of whether banks have been ...

This paper documents trends in key bank variables over the 2003-2016 period for the set of banks that the ECB directly supervises as of January 1, 2017. A range of variables is considered that together indicate to what extent banks have been moving in the direction of better performance and greater stability. We examine variables related to bank profitability, activity mix, size, balance sheet composition, and loan impairment. The identified trends provide a mixed picture of whether banks have been moving in the right direction since the start of the crisis.

External author

Ata Can Bertay, Harry Huizinga

Competition Policy and an Internal Energy Market

18-07-2017

This study identifies selected important competition-related issues in the internal energy market. It discusses the role of competition law with respect to the following issues: State aid, congestion management, capacity remuneration mechanisms, balancing markets, effective competition between suppliers, integration of new players in the market, and energy poverty. To tackle these present and possible upcoming issues, the study provides indications regarding the current and future need for applying ...

This study identifies selected important competition-related issues in the internal energy market. It discusses the role of competition law with respect to the following issues: State aid, congestion management, capacity remuneration mechanisms, balancing markets, effective competition between suppliers, integration of new players in the market, and energy poverty. To tackle these present and possible upcoming issues, the study provides indications regarding the current and future need for applying instruments of competition law as well as other types of instruments. The study was provided by Policy Department A at the request of the ECON Committee.

External author

Robert Haffner, Olga Batura, Karolina Ryszka, Kimberley van den Bergen, Ecorys Netherlands

Hybrid mismatches with third countries

17-07-2017

Hybrid mismatch is a situation where a cross-border activity is treated differently for tax purposes by the countries involved, resulting in favourable tax treatment. Hybrid mismatches are used as aggressive tax planning structures, which in turn trigger policy reactions to neutralise their tax effects. When adopting the Anti-Tax Avoidance Directive in July 2016, the Council requested that the Commission put forward a proposal on hybrid mismatches involving third countries. The amendment proposed ...

Hybrid mismatch is a situation where a cross-border activity is treated differently for tax purposes by the countries involved, resulting in favourable tax treatment. Hybrid mismatches are used as aggressive tax planning structures, which in turn trigger policy reactions to neutralise their tax effects. When adopting the Anti-Tax Avoidance Directive in July 2016, the Council requested that the Commission put forward a proposal on hybrid mismatches involving third countries. The amendment proposed by the Commission on 25 October broadens the provisions of the directive accordingly. It seeks to neutralise mismatches by obliging Member States to deny the deduction of payments by taxpayers or by requiring taxpayers to include a payment or a profit in their taxable income. The Parliament’s opinion was prepared by the Economic and Monetary Affairs Committee. As this is a tax measure, Parliament is only consulted. The proposal was adopted by the Council on 29 May 2017.

Money Market Funds: Measures to improve stability and liquidity

17-07-2017

Money Market Funds (MMFs) are a type of collective fund that invest in short-term debt and provide financing for financial institutions, corporations and governments. During the financial crisis their liquidity and stability were challenged, which prompted the Commission to propose a regulation on MMFs, in 2013. Its proposal aimed to improve their ability to weather stressed market conditions, mainly through establishing a capital buffer, introducing conditions on portfolio structure, addressing ...

Money Market Funds (MMFs) are a type of collective fund that invest in short-term debt and provide financing for financial institutions, corporations and governments. During the financial crisis their liquidity and stability were challenged, which prompted the Commission to propose a regulation on MMFs, in 2013. Its proposal aimed to improve their ability to weather stressed market conditions, mainly through establishing a capital buffer, introducing conditions on portfolio structure, addressing over-reliance on external credit rating agencies and improving their internal risk management, transparency and reporting. The final text lays down rules and common standards to ensure that MMFs have a stable structure and improved liquidity, that they invest in diversified assets of a sufficiently high credit quality, and are able to deal with unexpected redemption requests. It was approved by the EP in April 2017 and by the Council in May. Third edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure. To view earlier editions of this briefing, please see: PE 589.826, October 2016.

How the EU budget is spent: Instrument for Nuclear Safety Cooperation

14-07-2017

The EU's Instrument for Nuclear Safety Cooperation (INSC) was created to help promote a high level of nuclear safety, radiation protection, and safeguards for nuclear material outside the EU. It does this by funding peer support for, and technical assistance to, third countries that are managing or in the process of developing nuclear power. EU cooperation in the field of nuclear energy dates back to the EU's post-war beginnings, but financial assistance to non-EU countries only began in the 1990s ...

The EU's Instrument for Nuclear Safety Cooperation (INSC) was created to help promote a high level of nuclear safety, radiation protection, and safeguards for nuclear material outside the EU. It does this by funding peer support for, and technical assistance to, third countries that are managing or in the process of developing nuclear power. EU cooperation in the field of nuclear energy dates back to the EU's post-war beginnings, but financial assistance to non-EU countries only began in the 1990s, with the TACIS programme to help the countries that emerged from the former Soviet Union to manage their nuclear legacy.

Deepening EMU and fiscal union: Risk sharing versus risk reduction

14-07-2017

The debate on how to deepen economic and monetary union (EMU) is in full swing, despite gradual recovery since 2015 from the 2007-2008 crisis. There is controversy surrounding whether delegation of monetary sovereignty to EMU necessarily entails some euro-area fiscal stabilisation competences and, if so, what kind. Proposals for such a mechanism range from (re)insurance solutions, investment strategies and funding instruments, to actual budgetary competence for the euro area. Current research supports ...

The debate on how to deepen economic and monetary union (EMU) is in full swing, despite gradual recovery since 2015 from the 2007-2008 crisis. There is controversy surrounding whether delegation of monetary sovereignty to EMU necessarily entails some euro-area fiscal stabilisation competences and, if so, what kind. Proposals for such a mechanism range from (re)insurance solutions, investment strategies and funding instruments, to actual budgetary competence for the euro area. Current research supports a stronger EMU fiscal union and the introduction of stabilising policy instruments. However, the capacity to absorb future shocks will also depend on the ability to off-set diverging trends between Member States, caused by different economic systems and labour market institutions. Despite recent signs of economic recovery, divergence may prove difficult to reverse. In June 2015, the Five Presidents' Report contributed to the debate about a euro-area 'fiscal union' by suggesting the development of a fiscal stabilisation function by 2025. Initially announced as a white paper, the European Commission's reflection paper on the 'deepening of the economic and monetary union', presented on 31 May 2017, does not formulate concrete steps, as envisaged in the 2015 report. Instead it offers four guiding principles on how to build the future EMU architecture. 'At the latest' by 2025, a 'central stabilisation function' could take the form of a European investment protection scheme or a European unemployment reinsurance scheme. This briefing is one in a series on the European Commission's reflection papers following up the March 2017 White Paper on the future of Europe.

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