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Single Resolution Mechanism - Main Features, Oversight and Accountability

16-07-2019

One of the key lessons learned from the financial crisis in 2007-2008 is that in order to reduce the direct and indirect costs of bank failures for national governments, one has to have a credible framework in place to deal with banks’ failures, including clear rules as to the allocation of losses and the conditions attached to the use of common resources, to provide strong incentives for taking measures of precaution in good times and minimise losses in times of crisis. To that end, Europe has put ...

One of the key lessons learned from the financial crisis in 2007-2008 is that in order to reduce the direct and indirect costs of bank failures for national governments, one has to have a credible framework in place to deal with banks’ failures, including clear rules as to the allocation of losses and the conditions attached to the use of common resources, to provide strong incentives for taking measures of precaution in good times and minimise losses in times of crisis. To that end, Europe has put together a framework for resolving banks in difficulties. That framework is the Single Resolution Mechanism, headed by an European agency, the Single Resolution Board (SRB), based on Regulation 806/2014 and comprising all national resolution authorities of the Member States participating in the Banking Union.

The financing of the ‘Islamic State’ in Iraq and Syria (ISIS)

11-09-2017

Threatening both its caliphate project and its sources of funding, the series of military setbacks that the so-called Islamic State group (IS) as suffered for several months have called into question the group’s very existence. That is not to say that its offensive capabilities will be neutered – the organisation will remain able to employ ’low-cost‘ terrorist attacks to target civilians throughout the Middle East, Africa, Europe, America or Asia. In mobilising Member States to fight against terrorism ...

Threatening both its caliphate project and its sources of funding, the series of military setbacks that the so-called Islamic State group (IS) as suffered for several months have called into question the group’s very existence. That is not to say that its offensive capabilities will be neutered – the organisation will remain able to employ ’low-cost‘ terrorist attacks to target civilians throughout the Middle East, Africa, Europe, America or Asia. In mobilising Member States to fight against terrorism, the European Parliament’s role is crucial. Individually, Member States have an important part to play in effectively implementing common decisions. Their varying levels of engagement, as well as the progress they have made in confronting the financing of terrorism and especially IS, should be considered. An annual reporting framework should be put into place to better evaluate the measures taken by both Member States and the Commission in this area.

Autor extern

Agnès LEVALLOIS, Associate researcher, FRS, France; Jean-Claude COUSSERAN, Associate researcher, FRS, France; Cartographical support: Lionel KERRELLO, Owner, Geo4I, France

ISIL/Da'esh: From Mosul to Mosul

13-07-2017

In June 2014, ISIL/Da'esh took over the city of Mosul in Iraq, and from there declared the advent of an Islamic State. Three years later, in July 2017, after nine months of battle involving Iraqi security forces, popular militias and Kurdish troops, ISIL/Da'esh has been expelled from its Iraqi stronghold, adding to the past two years' severe territorial losses. This is an important victory; however, it does not yet represent the eradication of a terrorist group that still has many supporters.

In June 2014, ISIL/Da'esh took over the city of Mosul in Iraq, and from there declared the advent of an Islamic State. Three years later, in July 2017, after nine months of battle involving Iraqi security forces, popular militias and Kurdish troops, ISIL/Da'esh has been expelled from its Iraqi stronghold, adding to the past two years' severe territorial losses. This is an important victory; however, it does not yet represent the eradication of a terrorist group that still has many supporters.

Financial instruments and grants for EU regions

10-05-2017

Financial instruments are increasingly used in EU regional funding, in addition to more traditional grants. Such instruments can be considered a resource-efficient way of using public funding in times of budgetary constraint. However, it is crucial to reach the right synergies and explore which combination best meets cohesion policy goals. The right mix of funding is an important issue for debate in the context of the EU’s forthcoming post-2020 cohesion policy.

Financial instruments are increasingly used in EU regional funding, in addition to more traditional grants. Such instruments can be considered a resource-efficient way of using public funding in times of budgetary constraint. However, it is crucial to reach the right synergies and explore which combination best meets cohesion policy goals. The right mix of funding is an important issue for debate in the context of the EU’s forthcoming post-2020 cohesion policy.

Research for the TRAN Committee - Infrastructure funding challenges in the sharing economy

04-05-2017

The study analyses the disruption created by shared mobility in the funding of transport infrastructure. While recognizing the benefits of shared mobility in terms of reduction of private car use, the study identifies that there might be short term negative effects on the revenues of long distance railway and coach operators. It also points out other potential risks, which include capture of value by commissions charged by platforms mediating mass-transit services (Mobility as a Service), freeriding ...

The study analyses the disruption created by shared mobility in the funding of transport infrastructure. While recognizing the benefits of shared mobility in terms of reduction of private car use, the study identifies that there might be short term negative effects on the revenues of long distance railway and coach operators. It also points out other potential risks, which include capture of value by commissions charged by platforms mediating mass-transit services (Mobility as a Service), freeriding and lower tax contributions. The study makes recommendations to reduce these risks.

Autor extern

Matthias FINGER, Juan José Montero, Nadia BERT, David KUPFER, Marcin WOLEK

Crowdfunding in Europe: Introduction and state of play

16-01-2017

Crowdfunding is a relatively 'young' form of financing – especially for SMEs and start-ups, but also for not-for-profit projects – that is developing fast in Europe. While researchers point out its benefits, among them the fact that project owners have greater control, and financial risk is spread among a larger number of people, they also note its drawbacks. The latter include a high cost of capital, occasional displays of a 'herd mentality', capable of depriving potentially worthier projects of ...

Crowdfunding is a relatively 'young' form of financing – especially for SMEs and start-ups, but also for not-for-profit projects – that is developing fast in Europe. While researchers point out its benefits, among them the fact that project owners have greater control, and financial risk is spread among a larger number of people, they also note its drawbacks. The latter include a high cost of capital, occasional displays of a 'herd mentality', capable of depriving potentially worthier projects of adequate funding, and risks for investors from incompetence or fraud on the part of the project owners, and unclear regulations. The European Commission (through a communication and two reports) and the European Parliament (through three resolutions) have taken an active interest in this form of financing. As a result, the Commission recently conducted a study on the state of the European crowdfunding market. It found that, while crowdfunding is developing fast, it is still concentrated in a few countries (the United Kingdom, France, Germany, Italy and the Netherlands), which have introduced tailored domestic regimes, and that it remains, for the time being, a national phenomenon with limited cross-border activity. The study therefore concluded that for the moment there is no strong case for EU-level policy intervention. Nonetheless, given the encouraging trends and the potential of crowdfunding to become a key source of financing for SMEs over the long term, the Commission noted that it will maintain regular dialogue with European supervisory authorities, Member States and the crowdfunding sector to monitor and review its development.

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.

Loss Absorbing Capacity in the Banking Union: TLAC Implementation and MREL Review

07-07-2016

This note explains the objectives of and main differences between the Minimum Requirement for own funds and Eligible Liabilities (MREL) under the BRRD framework and the Total Loss Absorbing Capacity (TLAC) standard developed globally by the Financial Stability Board (FSB). It also summarizes the issues arising from the need to implement the TLAC standard under EU law.

This note explains the objectives of and main differences between the Minimum Requirement for own funds and Eligible Liabilities (MREL) under the BRRD framework and the Total Loss Absorbing Capacity (TLAC) standard developed globally by the Financial Stability Board (FSB). It also summarizes the issues arising from the need to implement the TLAC standard under EU law.

Synthetic securitisation: A closer look

22-06-2016

In September 2015, the European Commission adopted two legislative proposals: one that aims to develop an EU-wide framework for simple, transparent and standardised (STS) securitisations, and another that aims to make the capital treatment of securitisations for banks and investment firms more risk-sensitive by amending the Capital Requirements Regulation (CRR). While the European Commission did not include synthetic securitisations in the STS scheme, it left open the possibility for some of them ...

In September 2015, the European Commission adopted two legislative proposals: one that aims to develop an EU-wide framework for simple, transparent and standardised (STS) securitisations, and another that aims to make the capital treatment of securitisations for banks and investment firms more risk-sensitive by amending the Capital Requirements Regulation (CRR). While the European Commission did not include synthetic securitisations in the STS scheme, it left open the possibility for some of them to be included at a later stage. Similarly, while synthetic securitisations in general do not benefit from a different prudential treatment under the CRR, the Commission proposed that a specific category of synthetic transactions should – under specific conditions – benefit from an equivalent regime. The European Banking Authority (EBA), the Council of the EU and the European Central Bank (ECB) have all given their views on the matter and the debate has yet to conclude, as the two proposals are under discussion in the European Parliament's Committee on Economic and Monetary Affairs. The question of synthetic securitisations benefiting from a specific regime carries opportunities (by broadening the market for originators and freeing up capital to finance the real economy, notably SMEs) as well as risks, depending on the synthetic securitisation used and the final framing of the regime. Hence, this briefing gives a general introduction to the subject and outlines the positions of the Commission, the Council, the EBA and the ECB.

The Implementation of the Environmental Liability Directive: A Survey of the Assessment Process Carried Out by the Commission

06-06-2016

By letter dated 26 January 2016 the Legal Affairs Committee requested the Policy Department for Citizens’ Rights and Constitutional Affairs to commission a research project looking into the way Directive 2004/35/CE of the European Parliament and of the Council of 21 April 2004 on environmental liability with regard to the prevention and remedying of environmental damage (ELD) is applied in the Member States with a view to putting forward conclusions and recommendations for future policy steps.

By letter dated 26 January 2016 the Legal Affairs Committee requested the Policy Department for Citizens’ Rights and Constitutional Affairs to commission a research project looking into the way Directive 2004/35/CE of the European Parliament and of the Council of 21 April 2004 on environmental liability with regard to the prevention and remedying of environmental damage (ELD) is applied in the Member States with a view to putting forward conclusions and recommendations for future policy steps.

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Europe's Future: Where next for EU institutional Reform?
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