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Macro-Financial Assistance to EU Member States - State of Play, March 2019

21-03-2019

This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, EFSF, EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Against the background that since August 2018 all financial assistance programmes to EU Member States have been concluded, the document focuses now on the implementation of the enhanced surveillance framework for Greece and post-programme reviews (including IMF Article IV ...

This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, EFSF, EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Against the background that since August 2018 all financial assistance programmes to EU Member States have been concluded, the document focuses now on the implementation of the enhanced surveillance framework for Greece and post-programme reviews (including IMF Article IV assessments) for Ireland, Portugal, Romania and Spain undertaken by the European Commission (EC) in liaison with the ECB (Post-Programme Surveillance, PPS), the IMF (Post-Programme Monitoring, PPM) and the ESM (Early Warning System, EWS).

Key Macroeconomic Indicators for Cyprus, Greece, Ireland and Portugal

19-03-2019

This document provides a selection of key indicators in Member States that are or have been subject to a Macroeconomic Adjustment Programme. Greece is still under a programme, while Ireland, Portugal and Cyprus have exited their programmes and are now under so-called post-programme surveillance. For more information on the programmes, please see a separate document on Financial Assistance to EU Member States.

This document provides a selection of key indicators in Member States that are or have been subject to a Macroeconomic Adjustment Programme. Greece is still under a programme, while Ireland, Portugal and Cyprus have exited their programmes and are now under so-called post-programme surveillance. For more information on the programmes, please see a separate document on Financial Assistance to EU Member States.

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.

Energy: a shaping factor for regional stability in the Eastern Mediterranean?

16-05-2017

Since 2010 the Eastern Mediterranean region has become a hotspot of international energy discussions due to a series of gas discoveries in the offshore of Israel, Cyprus and Egypt. To exploit this gas potential, a number of export options have progressively been discussed, alongside new regional cooperation scenarios. Hopes have also been expressed about the potential role of new gas discoveries in strengthening not only the regional energy cooperation, but also the overall regional economic and ...

Since 2010 the Eastern Mediterranean region has become a hotspot of international energy discussions due to a series of gas discoveries in the offshore of Israel, Cyprus and Egypt. To exploit this gas potential, a number of export options have progressively been discussed, alongside new regional cooperation scenarios. Hopes have also been expressed about the potential role of new gas discoveries in strengthening not only the regional energy cooperation, but also the overall regional economic and political stability. However, initial expectations largely cooled down over time, particularly due to delays in investment decision in Israel and the downward revision of gas resources in Cyprus. These developments even raised scepticism about the idea of the Eastern Mediterranean becoming a sizeable gas-exporting region. But initial expectations were revived in 2015, after the discovery of the large Zohr gas field in offshore Egypt. Considering its large size, this discovery has reshaped the regional gas outlook, and has also raised new regional cooperation prospects. However, multiple lines of conflict in the region continue to make future Eastern Mediterranean gas activities a major geopolitical issue. This study seeks to provide a comprehensive analysis of all these developments, with the ultimate aim of assessing the realistic implications of regional gas discoveries for both Eastern Mediterranean countries and the EU.

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Rules on independence and responsibility regarding auditing, tax advice, accountancy, account certification services and legal services

14-04-2017

This study maps the rules on independence and responsibility that are applicable at national, EU, and international level that govern the service provision by intermediaries such as companies working in auditing, tax advice, accountancy and account certification or by legal advisors (attorneys, solicitors, legal consultants, in-house lawyers, etc.). The mapping forms the basis for policy recommendations to encourage intermediaries to deliver a positive contribution to combatting tax evasion, tax ...

This study maps the rules on independence and responsibility that are applicable at national, EU, and international level that govern the service provision by intermediaries such as companies working in auditing, tax advice, accountancy and account certification or by legal advisors (attorneys, solicitors, legal consultants, in-house lawyers, etc.). The mapping forms the basis for policy recommendations to encourage intermediaries to deliver a positive contribution to combatting tax evasion, tax avoidance and money laundering. This document was prepared for Policy Department A at the request of the Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA).

THE INSTRUMENTS PROVIDING MACRO-FINANCIAL SUPPORT TO EU MEMBER STATES

12-01-2017

This paper revises the European instruments for macro-financial stability providing financial support to member states. Three instruments, created on an ad-hoc basis during the crisis, are temporary and should gradually disappear. One instrument reserved for non-euro area member states, and others targeted at euro area countries remain in place. In the long term, the European Stability Mechanism is likely to become the only instrument for macro-financial assistance, but its current standing outside ...

This paper revises the European instruments for macro-financial stability providing financial support to member states. Three instruments, created on an ad-hoc basis during the crisis, are temporary and should gradually disappear. One instrument reserved for non-euro area member states, and others targeted at euro area countries remain in place. In the long term, the European Stability Mechanism is likely to become the only instrument for macro-financial assistance, but its current standing outside the EU legal framework needs to be addressed.

Amendment of Common Provisions Regulation articles for Member States in financial difficulty

19-10-2016

The implementation of programmes under the European Structural and Investment Funds (ESI Funds) is challenging, not least because of the liquidity problems resulting from the fiscal consolidation efforts being made in various EU Member States. The European Commission is suggesting amendments to the Common Provisions Regulation (CPR), the main regulation covering the ESI Funds, in order to ease the liquidity problems that various countries are facing.

The implementation of programmes under the European Structural and Investment Funds (ESI Funds) is challenging, not least because of the liquidity problems resulting from the fiscal consolidation efforts being made in various EU Member States. The European Commission is suggesting amendments to the Common Provisions Regulation (CPR), the main regulation covering the ESI Funds, in order to ease the liquidity problems that various countries are facing.

Vicious circles: The interplay between Europe's financial and sovereign debt crises

06-06-2016

From 2007 a series of crises in the economic and financial sphere hit the European Union. These were partly linked and tended to amplify each other. Two of the hardest hitting, the financial and sovereign debt crises, were closely intertwined and put immense pressure on the euro area, stressing the financial sector and pushing Member State governments' budgets to their very limits. Several Member States lost access to the capital markets, and required financial assistance from both the euro area ...

From 2007 a series of crises in the economic and financial sphere hit the European Union. These were partly linked and tended to amplify each other. Two of the hardest hitting, the financial and sovereign debt crises, were closely intertwined and put immense pressure on the euro area, stressing the financial sector and pushing Member State governments' budgets to their very limits. Several Member States lost access to the capital markets, and required financial assistance from both the euro area and the IMF. Unlike the United States economy, the euro area economy has failed to bounce back from the economic crisis owing to its ongoing sovereign debt crisis. Although the initial shock of the financial crisis came from the United States of America, the crisis took a different twist in the euro area, which was not prepared for such an event. There were no proper crisis resolution mechanisms in place, nor were there sufficient budgetary margins available to save the banks and reinvigorate the economy without putting the sustainability of public finances in jeopardy. The Stability and Growth Pact, a central element of Economic and Monetary Union, had failed to produce the necessary fiscal margin. Problems were compounded by macroeconomic imbalances that had built up inside several Member States. The European Union fought on two parallel fronts: saving banks and supporting stressed sovereigns in order to extinguish the fire, while also correcting the framework with the aim of avoiding a recurrence of similar crises. Although the worst seems to be over, problems persist and a renewed flare-up is not impossible.

Cyprus' Financial Assistance Programme (March 2016)

17-03-2016

Cyprus exited the IMF extended fund facility arrangement on 7 March 2016, more than two months before it was set to expire. Cyprus is also to exit the ESM financial assistance programme on 31 March 2016. Against this background, this note provides an overview of the latest economic, fiscal and financial sector developments in Cyprus and recalls the main elements of the above-mentioned programme. This note is an updated version of the briefing provided to the ECON Committee in view of an Economic ...

Cyprus exited the IMF extended fund facility arrangement on 7 March 2016, more than two months before it was set to expire. Cyprus is also to exit the ESM financial assistance programme on 31 March 2016. Against this background, this note provides an overview of the latest economic, fiscal and financial sector developments in Cyprus and recalls the main elements of the above-mentioned programme. This note is an updated version of the briefing provided to the ECON Committee in view of an Economic Dialogue with Harris Georgiades, Minister of Finance of Cyprus, that took place on 25 January 2016.

The Implementation of Bail-In in Recent Resolution Cases

22-02-2016

Since 1 January 2016 it has become mandatory under the BRRD to bail-in shareholders and creditors for a minimum amount of 8% of total liabilities before any SRF fund be injected into banks under resolution.

Since 1 January 2016 it has become mandatory under the BRRD to bail-in shareholders and creditors for a minimum amount of 8% of total liabilities before any SRF fund be injected into banks under resolution.

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