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The single monetary policy and its decentralised implementation: An assessment

15-09-2017

While the Eurosystem has considerably improved its operational transparency in the last few years, it is still lagging the Federal Reserve System (Fed), especially in terms of the information it provides on operating costs and staff numbers, for which it provides very scarce data. In addition, the available information is scattered throughout different publications, rather than being presented in a user-friendly fashion. Compared to the Fed, the Eurosystem seems to have higher staff numbers and operational ...

While the Eurosystem has considerably improved its operational transparency in the last few years, it is still lagging the Federal Reserve System (Fed), especially in terms of the information it provides on operating costs and staff numbers, for which it provides very scarce data. In addition, the available information is scattered throughout different publications, rather than being presented in a user-friendly fashion. Compared to the Fed, the Eurosystem seems to have higher staff numbers and operational costs for similar tasks. Also because of the Treaty requirement to implement monetary policy in a decentralised way, the Eurosystem’s implementation of monetary policy is fairly complex.

Parlamendiväline autor

Francesco PAPADIA, Alexander ROTH (Bruegel)

The single monetary policy and its decentralised implementation: An assessment

15-09-2017

The statutes of the European Central Bank (ECB) stipulate that it should have recourse to national central banks (NCBs) to carry out monetary policy operations. Such a structure would not be a problem if these operations were all identical across member states and if the resulting profits and losses were shared. But this is not the case today. In this sense, the euro area no longer has a ‘single’ monetary policy. There is little one can do about this situation, except to wait until the government ...

The statutes of the European Central Bank (ECB) stipulate that it should have recourse to national central banks (NCBs) to carry out monetary policy operations. Such a structure would not be a problem if these operations were all identical across member states and if the resulting profits and losses were shared. But this is not the case today. In this sense, the euro area no longer has a ‘single’ monetary policy. There is little one can do about this situation, except to wait until the government purchase programme ends and is then reversed. However, two steps could be undertaken already now: i) the granting of emergency liquidity assistance should be shifted to the ECB, and ii) the NCBs should be forbidden to undertake any financial operation that is not a direct consequence of their execution of the ECB’s monetary policy decisions. The existing stocks of assets (and liabilities), the so-called ANFA (Agreement on Net Financial Assets) holdings, which are not related to monetary policy, should be transferred to either national finance ministries or national special purpose vehicles.

Parlamendiväline autor

Daniel GROS (CEPS)

Understanding 'development effectiveness': An overview of concepts, actors and tools

05-04-2017

In the context of the limited availability of development aid, there is increased demand for effective results. This means that both developed and developing countries must commit to spending and using aid more effectively. Public funding is not enough to cover all needs, but can leverage initiatives from civil society or the private sector. The multiplication of stakeholders and intervention methods, combined with the necessity to address needs in the field more precisely has led to a global rethink ...

In the context of the limited availability of development aid, there is increased demand for effective results. This means that both developed and developing countries must commit to spending and using aid more effectively. Public funding is not enough to cover all needs, but can leverage initiatives from civil society or the private sector. The multiplication of stakeholders and intervention methods, combined with the necessity to address needs in the field more precisely has led to a global rethink of how to assess development. High-level forums and stakeholder networks have helped to fine-tune the main principles of development effectiveness and shift from a donor-recipient relationship to a more cooperative framework. Methods and tools have improved and led to better planning, implementation and appraisal of development projects. The EU has been closely involved in designing and implementing the effectiveness principles. The European Parliament often refers to them, insisting that they must not be sacrificed for short- term interests. While not aiming to appraise the effectiveness of EU development policies, this briefing is designed to promote a better understanding the main concepts at stake.

The Costs of Each Euro from the EU Budget to Implement EU Policies in Different Member States: Mastering Implementation Costs of European Grants

27-10-2016

This study provides a sound understanding, notably through estimates, of the costs linked to grant management – from both the grant provider (EU / National / Regional Authorities) and the grant seeker (applicant / beneficiary) perspective. It covers EU policy fields related to Competitiveness for growth and jobs, Economic, social and territorial cohesion, and Common Agricultural Policy – Pillar I, within the Multiannual Financial Framework 2014-2020. The study aims to analyse the differences between ...

This study provides a sound understanding, notably through estimates, of the costs linked to grant management – from both the grant provider (EU / National / Regional Authorities) and the grant seeker (applicant / beneficiary) perspective. It covers EU policy fields related to Competitiveness for growth and jobs, Economic, social and territorial cohesion, and Common Agricultural Policy – Pillar I, within the Multiannual Financial Framework 2014-2020. The study aims to analyse the differences between the different grants processes and to identify areas for improvement in the grant management processes. Finally, the study formulates a number of recommendations aimed at removing cost-generating inefficiencies and unnecessary burden, and indicates possibilities to leverage good practices from any grant instrument, in other instruments.

Parlamendiväline autor

Thierry Van Schoubroeck, Tim De Meyer, Mathieu Saunier and Steven Van Noten

Boosting Building Renovation: What Potential and Value for Europe?

14-10-2016

Renovation of buildings is key to meet the EU’s energy efficiency targets. This paper reviews the literature on the state of the building stock and assesses various policy options and their potential for boosting the energy efficient renovation of buildings in Europe. This document has been commissioned by Policy Department A at the request of the Committee on Industry, Research and Energy (ITRE) of the European Parliament.

Renovation of buildings is key to meet the EU’s energy efficiency targets. This paper reviews the literature on the state of the building stock and assesses various policy options and their potential for boosting the energy efficient renovation of buildings in Europe. This document has been commissioned by Policy Department A at the request of the Committee on Industry, Research and Energy (ITRE) of the European Parliament.

Parlamendiväline autor

Irati ARTOLA, Koen RADEMAEKERS, Rob WILLIAMS and Jessica YEARWOOD

Special Reports of the European Court of Auditors: A Rolling Check-List of recent findings

14-04-2016

This rolling check-list is intended to present a comprehensive overview of the Special Reports of teh European Court of Auditors (ECA), concentrating on those relevant for the 2014 EU Discharge procedure. This document aims to relate the topics covered in the Special Reports to the relevant debates and positions within the European Parliament, including, notably, the working documents of the Committee on Budgetary Control and the work of specialised parliamentary committees, as well as to Members ...

This rolling check-list is intended to present a comprehensive overview of the Special Reports of teh European Court of Auditors (ECA), concentrating on those relevant for the 2014 EU Discharge procedure. This document aims to relate the topics covered in the Special Reports to the relevant debates and positions within the European Parliament, including, notably, the working documents of the Committee on Budgetary Control and the work of specialised parliamentary committees, as well as to Members' written and oral questions. Accordingly, it provides a tool for parliamentary committees and Members to better analyse the different stages in the policy cycle. It is produced by the Policy Cycle Unit of the European Parliamentary Research Service (EPRS), the EP's in-house research service and think tank, as part of its on-going support for parliamentary committees and individual Members in scrutinising the executive in its implementation of EU law, policies and programmes.The European Parliament is strongly committed to the concept of Better Law-Making, and particularly to the effective use of ex-ante impact assessment and ex-post evaluation throughout the whole legislative cycle. It is in this spirit that the Parliament has a particular interest in following the transposition, implementation and enforcement of EU law, and more generally, monitoring the impact, operation, effectiveness and delivery of policy and programmes in practice.

Labour Market Integration of Refugee: EU Funding Instruments

17-02-2016

The briefing note on EU funding instruments to support labour market integrations of refugees has been prepared by Policy Department A for the Committee on Employment and Social Affairs. It gives an overview of relevant instruments including those for migrants with a view to the changed situation and needs.

The briefing note on EU funding instruments to support labour market integrations of refugees has been prepared by Policy Department A for the Committee on Employment and Social Affairs. It gives an overview of relevant instruments including those for migrants with a view to the changed situation and needs.

LIFE – How to Use €3.46 Billion for Environment and Climate Protection - Workshop proceedings

12-01-2016

This report summarises the presentations and discussions of the Workshop on ‘LIFE – How to use €3.46 billion for environment and climate protection’, held at the European Parliament in Brussels on Tuesday 10 November 2015. The aim of the workshop was to explore the new features of the LIFE Programme and understand how it can contribute effectively to achieving environmental protection and climate change targets. This workshop and the respective document were prepared by the Policy Department A at ...

This report summarises the presentations and discussions of the Workshop on ‘LIFE – How to use €3.46 billion for environment and climate protection’, held at the European Parliament in Brussels on Tuesday 10 November 2015. The aim of the workshop was to explore the new features of the LIFE Programme and understand how it can contribute effectively to achieving environmental protection and climate change targets. This workshop and the respective document were prepared by the Policy Department A at the request of the Committee on Environment, Public Health and Food Safety.

Parlamendiväline autor

Paola Banfi, Lyssa Bode, Manon Emonts, Alicia McNeill and Hana Spanikova

The precautionary principle: Definitions, applications and governance

09-12-2015

The precautionary principle enables decision-makers to adopt precautionary measures when scientific evidence about an environmental or human health hazard is uncertain and the stakes are high. It first emerged during the 1970s and has since been enshrined in a number of international treaties on the environment, in the Treaty on the Functioning of the European Union and the national legislation of certain Member States. The precautionary principle divides opinions. To some, it is unscientific and ...

The precautionary principle enables decision-makers to adopt precautionary measures when scientific evidence about an environmental or human health hazard is uncertain and the stakes are high. It first emerged during the 1970s and has since been enshrined in a number of international treaties on the environment, in the Treaty on the Functioning of the European Union and the national legislation of certain Member States. The precautionary principle divides opinions. To some, it is unscientific and an obstacle to progress. To others, it is an approach that protects human health and the environment. Different stakeholders, experts and jurisdictions apply different definitions of the principle, mainly depending on the degree of scientific uncertainty required for the authorities to take action. Although most experts agree that the precautionary principle does not call for specific measures (such as a ban or reversal of the burden of proof), opinions are divided on the method for determining when to apply precautionary measures. The application of the precautionary principle presents many opportunities as well as challenges. The precautionary principle is closely linked to governance. This has three aspects: risk governance (risk assessment, management and communication), science-policy interfaces and the link between precaution and innovation.

Annual report of the European Court of Auditors

18-11-2015

On 26 November, the Court of Auditors' (ECA) annual report concerning 2014 is due to be presented to the plenary. The report is an important element in the annual discharge procedure, and as in recent years, the Court has signed off the EU's accounts for 2014.

On 26 November, the Court of Auditors' (ECA) annual report concerning 2014 is due to be presented to the plenary. The report is an important element in the annual discharge procedure, and as in recent years, the Court has signed off the EU's accounts for 2014.

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