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Data di pubblicazione: 23-02-2018

President Trump's record to date [What Think Tanks are thinking]

23-02-2018

Donald Trump has made a number of highly controversial decisions during his first 13 months as US President – whether on foreign trade, climate change, migration, taxation or healthcare. His unorthodox communication style, often using emotional tweets, has frequently confused both domestic and international audiences. Although his 'America First' polices have not gone as far as some had feared, and he has presided over a period of continued economic growth, there remains very considerable anxiety ...

Donald Trump has made a number of highly controversial decisions during his first 13 months as US President – whether on foreign trade, climate change, migration, taxation or healthcare. His unorthodox communication style, often using emotional tweets, has frequently confused both domestic and international audiences. Although his 'America First' polices have not gone as far as some had feared, and he has presided over a period of continued economic growth, there remains very considerable anxiety about the path ahead.

An economic recovery with little signs of inflation acceleration: Transitory phenomenon or evidence of a structural change?

15-02-2018

Inflation has been persistently below the inflation target of the ECB despite the ongoing economic recovery in the euro area. In this paper, we analyse whether the relationship between inflation and economic activity in the euro area has changed based on a review of the literature and discuss implications for monetary policy.

Inflation has been persistently below the inflation target of the ECB despite the ongoing economic recovery in the euro area. In this paper, we analyse whether the relationship between inflation and economic activity in the euro area has changed based on a review of the literature and discuss implications for monetary policy.

Autore esterno

Salomon FIEDLER, Nils JANNSEN, Ulrich STOLZENBURG, Kiel Institute for the World Economy

Note on the interactions between payment systems and monetary policy

15-02-2018

This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the ECB and, on the other hand, Post-Trading-Financial Market Infrastructures. Its basic conclusion is that Payment Systems are critical for monetary policy while Central Counter Parties (CCPs) are critical for financial stability. However, in stressed conditions CCPs can be the source of risks also for monetary policy.

This paper analyses the interactions between, on one hand, monetary policy and financial stability responsibilities of the ECB and, on the other hand, Post-Trading-Financial Market Infrastructures. Its basic conclusion is that Payment Systems are critical for monetary policy while Central Counter Parties (CCPs) are critical for financial stability. However, in stressed conditions CCPs can be the source of risks also for monetary policy.

Autore esterno

Francesco PAPADIA, Bruegel

The euro-area denominated payment systems and the conduct of monetary policy: Some considerations ahead of Brexit

15-02-2018

The framework for euro-denominated payment systems has undergone significant changes in recent years leading to a concentration of payments performed by Central Counterparty Clearing Houses. As it stands, a large part of euro-denominated transactions, derivatives in particular, are cleared through CCPs located in the UK; which poses challenges to the current supervisory framework because of the UK leaving the EU. Against this background, this note discusses the extent to which the current set-up ...

The framework for euro-denominated payment systems has undergone significant changes in recent years leading to a concentration of payments performed by Central Counterparty Clearing Houses. As it stands, a large part of euro-denominated transactions, derivatives in particular, are cleared through CCPs located in the UK; which poses challenges to the current supervisory framework because of the UK leaving the EU. Against this background, this note discusses the extent to which the current set-up bears risks, including for the conduct of the ECB monetary policy.

Autore esterno

Corrado MACCHIARELLI, Mara MONTI, London School of Economics

Data di pubblicazione: 22-02-2018

Revamping the regulation on spirit drinks

22-02-2018

In December 2016, the European Commission proposed to replace the current Spirit Drinks Regulation with a new one. The Parliament is expected to vote during the February II plenary on the ENVI committee's report on the proposal and on a mandate for interinstitutional trilogue negotiations.

In December 2016, the European Commission proposed to replace the current Spirit Drinks Regulation with a new one. The Parliament is expected to vote during the February II plenary on the ENVI committee's report on the proposal and on a mandate for interinstitutional trilogue negotiations.

Tax transparency for intermediaries

22-02-2018

Disclosure of tax information by tax intermediaries or taxpayers is seen as a tool to fight tax avoidance and aggressive tax planning, by providing tax authorities with a full picture and enabling them to address the part of a tax situation which falls within their jurisdictions. Parliament is due to vote in plenary in February on a Commission proposal to ensure automatic exchange of such information.

Disclosure of tax information by tax intermediaries or taxpayers is seen as a tool to fight tax avoidance and aggressive tax planning, by providing tax authorities with a full picture and enabling them to address the part of a tax situation which falls within their jurisdictions. Parliament is due to vote in plenary in February on a Commission proposal to ensure automatic exchange of such information.

Banking union – Annual report 2017

22-02-2018

The European Parliament's own-initiative report on the banking union in 2017 is due to be voted during the February II plenary. It touches on cooperation between authorities, risks inherent in bank balance sheets, prudential rules and emerging challenges. It also notes that the banking union remains incomplete, in as far as it lacks a fiscal backstop and a European deposit insurance scheme.

The European Parliament's own-initiative report on the banking union in 2017 is due to be voted during the February II plenary. It touches on cooperation between authorities, risks inherent in bank balance sheets, prudential rules and emerging challenges. It also notes that the banking union remains incomplete, in as far as it lacks a fiscal backstop and a European deposit insurance scheme.

EU-US bilateral agreement on prudential measures regarding insurance and reinsurance

22-02-2018

The EU-US agreement on insurance and reinsurance was signed in September 2017. It aims at eliminating some key trade barriers in the sector, in particular collateral and local presence requirements. The agreement also tackles the issue of supervisory authority and exchange of information. The European Parliament is due to vote on giving its consent to the Council for the conclusion of the agreement during its February II plenary session.

The EU-US agreement on insurance and reinsurance was signed in September 2017. It aims at eliminating some key trade barriers in the sector, in particular collateral and local presence requirements. The agreement also tackles the issue of supervisory authority and exchange of information. The European Parliament is due to vote on giving its consent to the Council for the conclusion of the agreement during its February II plenary session.

North Korean human rights abuses

22-02-2018

In February 2018, the world was exposed to cheerful images of Kim Jong-un's sister, Kim Yo-jong, smiling and shaking hands with the South Korean president Moon Jae-in, and of North and South Koreans marching together under the same flag, while an all-female squad of cheerleaders dressed in red occasionally upstaged the athletes at the PyeongChang Winter Olympics. Against this charm offensive, a few dozen kilometres north, far from the spotlight, up to 120 000 political prisoners continued experiencing ...

In February 2018, the world was exposed to cheerful images of Kim Jong-un's sister, Kim Yo-jong, smiling and shaking hands with the South Korean president Moon Jae-in, and of North and South Koreans marching together under the same flag, while an all-female squad of cheerleaders dressed in red occasionally upstaged the athletes at the PyeongChang Winter Olympics. Against this charm offensive, a few dozen kilometres north, far from the spotlight, up to 120 000 political prisoners continued experiencing atrocities in inhumane political prison camps, known as kwanliso.

Transparent and predictable working conditions

22-02-2018

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above-mentioned proposal, submitted on 21 December 2017 and referred to the European Parliament's Committee on Employment and Social Affairs. The proposal updates and replaces Directive 91/533/EEC (the Written Statement Directive, hereafter WSD), which gives employees the right to be notified in writing of the essential aspects of their contract or employment ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above-mentioned proposal, submitted on 21 December 2017 and referred to the European Parliament's Committee on Employment and Social Affairs. The proposal updates and replaces Directive 91/533/EEC (the Written Statement Directive, hereafter WSD), which gives employees the right to be notified in writing of the essential aspects of their contract or employment relationship. Taking into account that the labour market has evolved and new forms of work have developed in recent years, the REFIT evaluation of the WSD found that there is a need to modernise and complement the existing obligations to inform workers of their working conditions, and to create minimum standards to ensure that each worker benefits from more clarity regarding his/her working terms, irrespective of the type of employment relationship they have. According to the IA, the initiative would set a framework within which new forms of work could develop, offering fairer protection for workers, a clearer legal framework and a more level playing field for companies in the internal market (IA, pp. 6-7). The proposal, which is part of the 2018 Commission work programme, is a follow-up to the European Pillar of Social Rights. In line with the Treaty on the Functioning of the European Union (TFEU), the Commission conducted a two-stage consultation with the social partners on the revision of the WSD. There was no agreement among the social partners to enter into direct negotiations on concluding an EU-level agreement. The European Parliament has stressed the need to address the developments of the labour market and protect workers in all forms of employment. It has called for a framework directive on decent working conditions and for a revision of the WSD to take account of new forms of employment.

Prossimi eventi

27-02-2018
Public Hearing on the Review of the European System of Financial Supervision
Audizione -
ECON
27-02-2018
The UN Global Compacts on refugees and migrants and the role of Parliaments
Altro evento -
LIBE
27-02-2018
Better law-making: A lawyer's perspective
Altro evento -
EPRS

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