943

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Banking Union: Completing the Single Rule Book

18-07-2019

This briefing provides an insight into where banking legislation stands in terms of providing a ‘single rule book’ for the purposes of supervising banks in the Banking Union It also identifies the key areas where further harmonisation would facilitate both supervision and resolution.

This briefing provides an insight into where banking legislation stands in terms of providing a ‘single rule book’ for the purposes of supervising banks in the Banking Union It also identifies the key areas where further harmonisation would facilitate both supervision and resolution.

An Effective Regime for Non-viable Banks: US Experience and Considerations for EU Reform

17-07-2019

For 85 years, the US regime for non-viable banks has maintained a high degree of stability and public confidence by protecting deposits, while working to minimize the public cost of that protection. With awareness of the difference in context, EU reformers can draw valuable insights from the US experience. On balance, a review of the US regime supports arguments in favour of harmonization and centralization of bank insolvency proceedings and deposit insurance in Europe’s banking union. A unitary ...

For 85 years, the US regime for non-viable banks has maintained a high degree of stability and public confidence by protecting deposits, while working to minimize the public cost of that protection. With awareness of the difference in context, EU reformers can draw valuable insights from the US experience. On balance, a review of the US regime supports arguments in favour of harmonization and centralization of bank insolvency proceedings and deposit insurance in Europe’s banking union. A unitary regime would improve on the current EU status quo along multiple dimensions: deposit protection, creditor rights, controlling moral hazard, predictability and operational effectiveness, transparency and accountability, and financial stability. It would help break the bank-sovereign vicious circle in the euro area. The US experience suggests that substantial improvements are achievable in a well-designed system of institutional checks and balances that learns and adapts over time.

Auteur externe

A.Gelpern, N.Véron

Banking Union: Towards new arrangements for the provision of liquidity in resolution?

16-07-2019

The recent case of Banco Popular has shown the importance of liquidity funding in the context of bank resolution. The Eurogroup report endorsed by the December 2018 Euro Summit noted the “broad support for the assessment of the institutions [i.e. ECB, SRB and Commission] that there are limitations in the current framework [for liquidity provision in resolution] which may hamper its effectiveness. The June 2019 Euro summit has not yet reached any conclusions on the design of that liquidity facility ...

The recent case of Banco Popular has shown the importance of liquidity funding in the context of bank resolution. The Eurogroup report endorsed by the December 2018 Euro Summit noted the “broad support for the assessment of the institutions [i.e. ECB, SRB and Commission] that there are limitations in the current framework [for liquidity provision in resolution] which may hamper its effectiveness. The June 2019 Euro summit has not yet reached any conclusions on the design of that liquidity facility, as planned. The Eurogroup is expected to report back to the Euro-Summit in December 2019. This briefing (1) describes the existing arrangements in the Banking Union, (2) compares those arrangements with the US and the UK regimes and (3) echoes ongoing reflections on possible new arrangements with a view to completing the Banking Union. This briefing is an updated version of a briefing initially drafted in July 2018.

Banking Union: Defusing the “home/host” debate

16-07-2019

While a banking group located in the Banking Union is supervised by a single supervisor (SSM) and no longer by home and host supervisors, subsidiaries are subject to individual requirements with remaining national powers over legal entities of a group. Further integration of banking groups’ risk management has been identified by the Chair of the Single Supervisory Mechanism (SSM) as one of the remaining steps to completing the Banking Union. For the Chair of the SSM, there are “still obstacles to ...

While a banking group located in the Banking Union is supervised by a single supervisor (SSM) and no longer by home and host supervisors, subsidiaries are subject to individual requirements with remaining national powers over legal entities of a group. Further integration of banking groups’ risk management has been identified by the Chair of the Single Supervisory Mechanism (SSM) as one of the remaining steps to completing the Banking Union. For the Chair of the SSM, there are “still obstacles to the integrated management of bank capital and liquidity within cross-border groups operating in the banking union”. As the SSM put it “the fences should be removed; they are out of place within a banking union where the concept of home and host supervisors has disappeared”.

Les politiques de l’Union – Au service des citoyens: Lutte contre la fraude fiscale

28-06-2019

Au cours des cinq dernières années, la politique fiscale et la lutte contre la fraude fiscale ont été particulièrement mises en avant à la suite des fuites d’informations successives et des enquêtes journalistiques sur le sujet. L’hostilité envers les pratiques fiscales préjudiciables s’en est vue renforcée, notamment depuis la récession et les restrictions budgétaires qui en ont résulté. La lutte contre la fraude fiscale vise à recouvrer les recettes qui n’ont pas été versées aux pouvoirs publics ...

Au cours des cinq dernières années, la politique fiscale et la lutte contre la fraude fiscale ont été particulièrement mises en avant à la suite des fuites d’informations successives et des enquêtes journalistiques sur le sujet. L’hostilité envers les pratiques fiscales préjudiciables s’en est vue renforcée, notamment depuis la récession et les restrictions budgétaires qui en ont résulté. La lutte contre la fraude fiscale vise à recouvrer les recettes qui n’ont pas été versées aux pouvoirs publics. Elle a également pour objectif de faire en sorte que les fraudeurs ne bénéficient pas d’un avantage par rapport aux contribuables qui respectent leurs obligations, garantissant ainsi l’équité fiscale entre tous les contribuables. Les impôts non payés entraînent une réduction des budgets nationaux et du budget de l’Union européenne. Si l’ampleur des impôts non payés est, par nature, difficile à déterminer, les évaluations donnent à penser que les montants sont élevés. L’opinion des citoyens concernant l’engagement de l’Union dans la lutte contre la fraude fiscale s’est améliorée, mais, dans chaque État membre, une majorité de la population souhaite toujours voir cet engagement renforcé. Malgré cette amélioration, cet engagement reste toujours bien en deçà des attentes des citoyens. Les réponses apportées aux ordres de priorité et aux attentes des citoyens de l’Union peuvent encore être perfectionnées. La lutte contre la fraude fiscale compte parmi les objectifs communs des États membres et de l’Union. Relevant du domaine de la politique fiscale, cette lutte reste étroitement liée à la souveraineté des États membres, protégée par l’exigence de l’unanimité et par une procédure législative spéciale en vertu de laquelle les questions fiscales demeurent strictement sous le contrôle du Conseil. Tel a été le cas depuis les débuts de l’Union, malgré les propositions visant à modifier légèrement le cadre fiscal. Les lacunes ayant été déterminées avec plus de précision, les discussions ont été relancées lors des derniers discours sur l’état de l’Union prononcés par le président de la Commission européenne devant le Parlement européen. La lutte contre la fraude fiscale ne consiste pas seulement à lutter contre les comportements illégaux; il s’agit également de dissuader les fraudeurs et de prendre des mesures pour renforcer le respect des lois fiscales. Il est ainsi nécessaire de revoir en profondeur les dispositions fiscales afin de les améliorer en les adaptant à l’ampleur et aux caractéristiques de la fraude fiscale telle qu’elle existe et à mesure qu’elle évolue. En dépit des contributions notables apportées pendant la législature 2014-2019, il reste du travail à accomplir, notamment en raison de toutes les dispositions qui doivent être mises en œuvre, appliquées, contrôlées et, si nécessaire, mises à jour afin de s’adapter à la variabilité de la fraude fiscale et de suivre l’évolution numérique au niveau mondial. Le présent document est une mise à jour d’une note plus ancienne, publiée avant les élections européennes de 2019.

Structural Budget Balances in EU Member States - June 2019

28-06-2019

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 (SGP) and in the implementation of the balanced budget rule by the contracting parties of the intergovernmental Treaty on Stability, Coordination and Governance in the EMU (the fiscal section of the Treaty is called “Fiscal Compact”). This document provides a short overview of the concept and application of the structural balance rule(s) in ...

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 (SGP) and in the implementation of the balanced budget rule by the contracting parties of the intergovernmental Treaty on Stability, Coordination and Governance in the EMU (the fiscal section of the Treaty is called “Fiscal Compact”). This document provides a short overview of the concept and application of the structural balance rule(s) in the EU. It will be regularly updated, in particular, the Annex that shows progress made (based on the latest Commission forecast) by Member States in reaching their structural budget commitments under the preventive arm of the SGP.

Public finances in Euro Area Member States: selected indicators - June 2019

28-06-2019

This document presents selected indicators on public finance for the Euro Area Member States and the Euro Area as a whole. For each indicator, it gives a short explanation and the employed sources. A final section provides a summary on how the sustainability of public finances is assessed by the European and other international institutions.

This document presents selected indicators on public finance for the Euro Area Member States and the Euro Area as a whole. For each indicator, it gives a short explanation and the employed sources. A final section provides a summary on how the sustainability of public finances is assessed by the European and other international institutions.

European Parliament's Banking Union reports in 2015 - 2018

26-06-2019

This briefing provides an overview of the European Parliament’s expectations and priorities for the banking union as set out in its annual Banking Union reports during the 8th legislative term. The main themes found in these reports over the last 4 years are highlighted in the first section of this briefing, while the second part turns to the ECB Banking Supervisor’s response to the 2017 Banking Union report, the most recent response available, as well as concrete actions expected from the SRB, who ...

This briefing provides an overview of the European Parliament’s expectations and priorities for the banking union as set out in its annual Banking Union reports during the 8th legislative term. The main themes found in these reports over the last 4 years are highlighted in the first section of this briefing, while the second part turns to the ECB Banking Supervisor’s response to the 2017 Banking Union report, the most recent response available, as well as concrete actions expected from the SRB, who as yet have not provided a formal response. The annex of the briefing includes a comparison of the positions taken by the EP in the annual reports in the following policy areas: banking developments and structures; institutional and organisational issues; regulatory issues; completing the banking unions; risk assessment; supervisory issues and priorities; crisis management; and policies related to Anti-Money-Laundering (AML)

Comparison of key figures in the 2019 Stability Programmes and European Commission spring 2019 forecast

24-06-2019

The purpose of this document is to show the differences between some key indicators of the 2019 Stability Programmes (SP) of the Euro Area Member States and the spring 2019 forecast of the European Commission (EC). In accordance with Art. 4 of Council Directive 2011/85/EU, the budgetary planning of the Member States “shall be based on the most likely macrofiscal scenario or on a more prudent scenario. (…). Significant dif¬fe¬ren¬ces between the chosen macrofiscal scenario and the (most recent) Commission ...

The purpose of this document is to show the differences between some key indicators of the 2019 Stability Programmes (SP) of the Euro Area Member States and the spring 2019 forecast of the European Commission (EC). In accordance with Art. 4 of Council Directive 2011/85/EU, the budgetary planning of the Member States “shall be based on the most likely macrofiscal scenario or on a more prudent scenario. (…). Significant dif¬fe¬ren¬ces between the chosen macrofiscal scenario and the (most recent) Commission’s forecast shall be described with reasoning (…).”

Euro Area Scrutiny: External expertise on economic governance issues during the 8th Parliamentary term

24-06-2019

This document provides the summaries of all external experts papers published during the 8th parliamentary term (2014-2019) by the Economic Governance Support Unit, aimed at supporting the scrutiny work on the functioning of the Euro Area, especially in view of the bi-annual Economic Dialogues with the President of the Eurogroup.

This document provides the summaries of all external experts papers published during the 8th parliamentary term (2014-2019) by the Economic Governance Support Unit, aimed at supporting the scrutiny work on the functioning of the Euro Area, especially in view of the bi-annual Economic Dialogues with the President of the Eurogroup.

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