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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.

EU policies – Delivering for citizens: Economic policy

28-06-2019

In the European Union (EU), although economic policy falls within the remit of each Member State, there is, nevertheless, multilateral coordination of economic policies between individual countries. The global financial crisis and the European sovereign debt crisis put this framework severely to the test. Partly as a result, recovery in the EU was slower than recovery in the United States, and was not achieved equally by all Member States. Furthermore, it has to a large extent been based on accommodative ...

In the European Union (EU), although economic policy falls within the remit of each Member State, there is, nevertheless, multilateral coordination of economic policies between individual countries. The global financial crisis and the European sovereign debt crisis put this framework severely to the test. Partly as a result, recovery in the EU was slower than recovery in the United States, and was not achieved equally by all Member States. Furthermore, it has to a large extent been based on accommodative fiscal and monetary policies that only partly hide underlying signs of fiscal or financial fragility in some countries. To remedy this, the European institutions began a twofold process in 2011: initiatives were taken to strengthen the current framework for economic governance and banking supervision in the euro area while, in parallel, discussions began on possible ways to reduce the economic divergences between Member States, provide incentives for risk reduction and risk-sharing, render the governance process more transparent and ensure democratic accountability. In this latter area, several initiatives – that did not require changes to the EU Treaties – were taken between 2015 and 2017. In summer 2017, discussions on deepening the policy framework for economic and monetary union (EMU) intensified. This process, which was advocated in the Five Presidents' Report (the presidents of the main EU institutions) and should be completed by 2025, is now being considered at Member State level. The current state of play points towards two main policy preferences, dividing Member States into two groups: those that prioritise risk-sharing measures (such as France), and those that argue instead for further risk-reduction initiatives (for example, Germany). This lack of consensus has so far meant that the European Council has not been able to reach a breakthrough. This is an update of an earlier briefing issued in advance of the 2019 European elections.

Reform of the European Globalisation Adjustment Fund

11-01-2019

The European Globalisation Adjustment Fund (EGF) was created in 2006 to finance active labour market policies targeting workers who have lost their jobs because of trade adjustment. The fund was subsequently modified in 2009 to cover major structural changes triggered by the economic and financial crisis. The rules of the EGF are laid down in EU Regulation (EU) No 1309/2013, which stipulates that the fund will continue to be financed until 31 December 2020. In May 2018, the European Commission submitted ...

The European Globalisation Adjustment Fund (EGF) was created in 2006 to finance active labour market policies targeting workers who have lost their jobs because of trade adjustment. The fund was subsequently modified in 2009 to cover major structural changes triggered by the economic and financial crisis. The rules of the EGF are laid down in EU Regulation (EU) No 1309/2013, which stipulates that the fund will continue to be financed until 31 December 2020. In May 2018, the European Commission submitted a proposal to reform the EGF and maintain it as a special instrument outside the MFF ceiling. The proposal introduces modifications to the eligibility criteria, the co-financing rules and the mobilisation procedure. The report was voted in the EMPL committee on 27 November 2018, and the report is due to be debated in plenary in January 2019, with a view to finalising Parliament's position for trilogue negotiations. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

The Venezuelan migrant crisis: A growing emergency for the region

17-12-2018

Although the Bolivarian Republic of Venezuela has traditionally been a country of destination for migrants, around 2010 its migratory profile started to change to that of a country of origin. In fact, in the past few years migration away from Venezuela has reached massive levels, creating an unprecedented humanitarian crisis in the region. According to the United Nations' International Organization for Migration (IOM), the number of Venezuelans abroad has risen from under 700 000 in 2015 to 3 million ...

Although the Bolivarian Republic of Venezuela has traditionally been a country of destination for migrants, around 2010 its migratory profile started to change to that of a country of origin. In fact, in the past few years migration away from Venezuela has reached massive levels, creating an unprecedented humanitarian crisis in the region. According to the United Nations' International Organization for Migration (IOM), the number of Venezuelans abroad has risen from under 700 000 in 2015 to 3 million in November 2018. About 70 % of this human wave has been directed to South American countries such as Colombia, Peru, Ecuador, Chile, Argentina and Brazil, but also to North and Central America and the Caribbean, and even Europe. The main factors contributing to this exodus are Venezuela's deteriorating political situation, a severe economic crisis and increasing violence. This mass migration could have a destabilising effect on the main recipient and transit countries. Besides individual responses developed by host countries to provide migrants with emergency assistance and protection and to facilitate their integration, Latin American countries are trying to give a coordinated regional response to the crisis. Furthermore, migration authorities, ombudsmen and NGOs have also promoted regional initiatives to defend the rights of Venezuelan migrants abroad and their access to basic services. The UN and regional organisations are also working to help deal with the crisis, and the EU is contributing €35.1 million in emergency aid and medium-term development assistance for the Venezuelan people and the affected neighbouring countries. The European Parliament sent an ad hoc mission to Brazil and Colombia in June 2018 to assess the situation, and has adopted resolutions on the subject.

Future EU-Turkey relations

23-10-2018

In June 2018, Recep Tayyip Erdogan was re-elected as president of Turkey, this time with extended powers under the revised Turkish Constitution. Over the previous couple of years, his country's relationship with the EU had been challenged by issues such as the ongoing management of the migration crisis and the EU-Turkey Agreement, the attempted military coup in Istanbul and Ankara, and the ensuing purge, which the EU and international organisations criticised for its disproportionate severity. With ...

In June 2018, Recep Tayyip Erdogan was re-elected as president of Turkey, this time with extended powers under the revised Turkish Constitution. Over the previous couple of years, his country's relationship with the EU had been challenged by issues such as the ongoing management of the migration crisis and the EU-Turkey Agreement, the attempted military coup in Istanbul and Ankara, and the ensuing purge, which the EU and international organisations criticised for its disproportionate severity. With the constitutional referendum and the subsequent parliamentary and presidential elections, President Erdogan further reinforced his position at the helm of the institutional system and raised concerns among the EU and NATO about his commitment to Western institutions. Turkey deepened its relations with Russia, buying military equipment and coordinating with it on Syrian policies on the ground. At the same time, US-Turkish relations worsened due to the Syrian conflict and the imprisonment of a US pastor by Turkey, although he was subsequently released. Negotiations on Turkey's accession to the EU have nevertheless continued, despite an increasingly lively debate in some Member States about whether or not they should be halted. Some have proposed striking an economic agreement with Turkey as an alternative to membership. Others believe the outcome of the negotiations on the UK's future relationship with the EU might also provide a possible model for Turkey. Despite the numerous hurdles before it, accession not only remains the ultimate objective of EU-Turkey relations, endorsed by both the European Council and by Turkey, but it also provides potential for reform and dialogue regarding common standards, not least in the area of civil liberties.

Non-performing loans in the Banking Union - Stocktaking and challenges

15-10-2018

This briefing gives a short introduction into the topic non-performing loans (NPLs), takes stock of the current situation in the euro area, touches on the impact of NPLs on credit supply, and summarises the activities taken at European level to address the problem.

This briefing gives a short introduction into the topic non-performing loans (NPLs), takes stock of the current situation in the euro area, touches on the impact of NPLs on credit supply, and summarises the activities taken at European level to address the problem.

Brazil ahead of the 2018 elections

05-10-2018

On 7 October 2018, about 147 million Brazilians will go to the polls to choose a new president, new governors and new members of the bicameral National Congress and state legislatures. If, as expected, none of the presidential candidates gains over 50 % of votes, a run-off between the two best-performing presidential candidates is scheduled to take place on 28 October 2018. Brazil's severe and protracted political, economic, social and public-security crisis has created a complex and polarised political ...

On 7 October 2018, about 147 million Brazilians will go to the polls to choose a new president, new governors and new members of the bicameral National Congress and state legislatures. If, as expected, none of the presidential candidates gains over 50 % of votes, a run-off between the two best-performing presidential candidates is scheduled to take place on 28 October 2018. Brazil's severe and protracted political, economic, social and public-security crisis has created a complex and polarised political climate that makes the election outcome highly unpredictable. Pollsters show that voters have lost faith in a discredited political elite and that only anti-establishment outsiders not embroiled in large-scale corruption scandals and entrenched clientelism would truly match voters' preferences. However, there is a huge gap between voters' strong demand for a radical political renewal based on new faces, and the dramatic shortage of political newcomers among the candidates. Voters' disillusionment with conventional politics and political institutions has fuelled nostalgic preferences and is likely to prompt part of the electorate to shift away from centrist candidates associated with policy continuity to candidates at the opposite sides of the party spectrum. Many less well-off voters would have welcomed a return to office of former left-wing President Luiz Inácio Lula da Silva (2003-2010), who due to a then booming economy, could run social programmes that lifted millions out of extreme poverty and who, barred by Brazil's judiciary from running in 2018, has tried to transfer his high popularity to his much less-known replacement. Another part of the electorate, appalled by growing public-security issues and endemic corruption, but also disappointed with democracy more broadly, appears to be strongly attracted by the simple and unconventional answers to complex challenges posed by far-right populist rhetoric. The latter – worryingly – glorifies Brazil's dictatorship (1964-1985). As candidates with unorthodox political approaches appear to be an emerging norm, Brazilians may opt for a populist turn as well. If so, EU-Brazil relations may become more complex in the future.

Seven economic challenges for Russia: Breaking out of stagnation?

18-07-2018

This publication describes the current condition of the Russian economy, which has suffered recently from external shocks, such as a collapse in oil prices and Western sanctions. However, it argues that poor economic performance has more to do with long-term internal problems, including a lack of competitive markets, low levels of investment, an absence of innovation and excessive dependence on natural resources. Finally, it discusses President Putin's promises of economic reforms to tackle such ...

This publication describes the current condition of the Russian economy, which has suffered recently from external shocks, such as a collapse in oil prices and Western sanctions. However, it argues that poor economic performance has more to do with long-term internal problems, including a lack of competitive markets, low levels of investment, an absence of innovation and excessive dependence on natural resources. Finally, it discusses President Putin's promises of economic reforms to tackle such issues, and evaluates the prospects for major change.

Greece’s financial assistance programme - June 2018

22-06-2018

This briefing provides an overview of the economic situation in Greece and the main developments under the third financial assistance programme. This version updates the briefing published on 3 October 2017.

This briefing provides an overview of the economic situation in Greece and the main developments under the third financial assistance programme. This version updates the briefing published on 3 October 2017.

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.

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