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The role of non-financial performance indicators and integrated reporting in achieving sustainable value creation EN

24-09-2021 PE 662.943 ECON
De un vistazo
Resumen : The original full study is a structured analysis of the current scientific evidence on the effects of sustainability reporting including non-financial performance indicators, stand-alone sustainability reporting as well as integrated reporting. It discusses the benefits and challenges particularly related to internal decision-making, external transparency as well as financial and non-financial/environmental, social and governance effects. Further, it offers policy recommendations in view of the European Commission’s proposal on the Corporate Sustainability Reporting Directive.
Autores : Udo BUX, RADOSTINA PARENTI

Update on recent banking developments EN

23-09-2021 PE 689.431 ECON
Briefing
Resumen : This briefing summarises recent publications that are particularly relevant in the context of bank supervision, namely: 1) the Basel Committee Interim report on early lessons from the Covid-19 pandemic on the Basel reforms, 2) the EBA peer review report on the prudential assessment of the acquisition of qualifying holdings, 3) the ECB Supervisory Banking Statistics for the first quarter 2021, and 4) the EBA report on High Earners.
Autores : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Recovery and Resilience Plans: stakeholders’ involvement EN

23-09-2021 PE 689.453 ECON
Análisis en profundidad
Resumen : Based on the Commission assessments of national Recovery and Resilience Plans, this paper provides an overview of the overall involvement of stakeholders in the national recovery and resilience plans. In view of supporting the scrutiny of the implementation of the national plans, the paper also makes references to some positions and assessments by EU level stakeholders and other relevant institutions and bodies, including specific monitoring activities by think tanks and civil society organisations. The paper will be regularly updated.
Autores : Kajus HAGELSTAM, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS

Background reader on the European Semester and monitoring of the RRF from a parliamentary perspective EN

23-09-2021 PE 689.446 ECON
Estudio
Resumen : This sixth edition of the background reader on the European Semester, prepared by the Economic Governance Support Unit (EGOV) in the Directorate for Economic and Scientific Policies of the European Parliament, provides an overview of publications related to the European Semester and the monitoring of the RRF from a parliamentary perspective. It aims at further increasing the links between Members of the European Parliament and national Parliaments, notably during inter-parliamentary meetings.
Autores : Kajus HAGELSTAM, WOLFGANG LEHOFER

EU economic developments and projections EN

22-09-2021 PE 645.716 ECON
Briefing
Resumen : This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions
Autores : Javier María VEGA BORDELL, OVIDIU IONUT TURCU, KRISTINA GRIGAITE

European Parliament involvement in scrutinising the Recovery and Resilience Facility EN

22-09-2021 PE 659.627 ECON
Briefing
Resumen : This note provides a brief overview of Parliament involvement in scrutinising the Recovery and Resilience Facility (and the European Union Recovery Instrument). It is based on Regulation 2021/241 of 21 February, setting out the Recovery and Resilience Facility, and the relevant parts of the new Interinstitutional Agreement on budgetary matters established between the Parliament, the Council and the Commission. It does not cover nor discusses in detail other instruments or frameworks for scrutiny, namely those relating to the European Semester, EU budgetary procedures, written or oral questions or any discharge procedures. This paper updates an earlier one initially published on January 2021.
Autores : CRISTINA SOFIA PACHECO DIAS

Recovery and Resilience Plans - state of play (September 2021) EN

22-09-2021 PE 689.459 ECON
Análisis en profundidad
Resumen : This document provides a state of play of the Recovery and Resilience Plans (RRPs) under the Recovery and Resilience Facility (RRF) covering, notably, Commission assessment and Council adoption procedures. It is based on an earlier EGOV paper, dated June 2021. The document will be regularly updated.
Autores : Alice ZOPPÉ, OVIDIU IONUT TURCU, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Fair and simpler taxation supporting the recovery strategy – Ways to improve exchange of information and compliance to reduce the VAT gap EN

20-09-2021 PE 694.223 ECON
Estudio
Resumen : European Parliament legislative-initiative reports drawn up on the basis of Article 225 of the Treaty on the Functioning of the European Union are automatically accompanied by a European added value assessment (EAVA). Such assessments are aimed at evaluating the potential impacts, and identifying the advantages, of proposals made in legislative-initiative reports. This EAVA accompanies a resolution based on a legislative-initiative report prepared by the European Parliament's subcommittee on Tax Matters (FISC), presenting recommendations to the European Commission on avenues to follow to support the Next Generation EU recovery strategy and reduce the VAT gap in the EU by means of fair and simpler taxation. The main purpose of the EAVA is to identify possible gaps in European Union (EU) legislation. The various policy options to address such gaps are then analysed and their potential costs and benefits are assessed.
Autores : JEROME LEON SAULNIER

The Recovery and Resilience Plans: governance at national level EN

17-09-2021 PE 689.444 ECON
Análisis en profundidad
Resumen : Based on the Commission assessments of national Recovery and Resilience Plans, this paper provides an overview of two specific dimensions of such analysis - the governance and control structures set up at national level for implementation of the national plans. The briefing summarises in an annex the relevant references in the Commission documents. It also presents, in the introduction, a high level analysis of some related elements of the national plans, as assessed by the Commission and related reports and initiatives. It also refers to the relevant legal framework in the Recovery and Resilience Facility Regulation. This paper will be updated once additional plans are assessed by the Commission.
Autores : CRISTINA SOFIA PACHECO DIAS

Rise in Inflation: Temporary or Sign of a More Permanent Trend? EN

14-09-2021 PE 695.447 ECON
Estudio
Resumen : Inflation in the euro area, as measured by the harmonised index of consumer prices (HICP), has risen to 3% in August 2021. According to the latest projections, the European Central Bank (ECB) expects inflation to increase further in the fourth quarter, and then decline to 1.7% (2022) and 1.5% (2023), well below its medium-term target of 2%. Will the current increase of inflation truly be short-lived because it is driven by temporary factors? Or has, after years of persistently low inflation, the disruption caused by COVID-19 ushered in a period of more sustained inflationary pressure? Five papers were prepared by the ECON Committee’s Monetary Expert Panel, looking into the drivers of the current rise in inflation, factors likely to influence the medium-term path of inflation, and implications for monetary policy. This publication is provided by Policy Department A for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 27 September 2021.
Autores : Christophe BLOT, Caroline BOZOU, Jérôme CREEL, Kerstin BERNOTH, Gökhan IDER, Karl WHELAN, Joscha BECKMANN, Klaus-Jürgen GERN, Philipp HAUBER, Nils JANNSEN, Ulrich STOLZENBURG, Luigi BONATTI, Roberto TAMBORINI

The Tail Wagging the Dog? Overcoming Financial Dominance EN

13-09-2021 PE 662.945 ECON
Análisis en profundidad
Resumen : The idea of financial dominance has gained some notoriety in recent years as a further constraint on central bank policymaking. This paper examines the reality of financial dominance and how the financial sector may be an impediment to the necessary unwinding of all unconventional monetary policies in Europe. In line with the existing literature, I conclude that the financial sector has been made more vulnerable as a result of quantitative easing – and allowing the financial tail to wag the monetary dog will lead to only more vulnerability. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 September 2021.
Autores : Christopher A. HARTWELL

What About Policy Normalisation? EN

13-09-2021 PE 662.946 ECON
Análisis en profundidad
Resumen : As the ECB follows the time-honoured inflation targeting strategy, it runs the risk of, once more, failing to normalise its policy in time for the next unexpected shock. With interest rates at their lower bounds and facing historic uncertainty that undermines its policy effectiveness, a strong case can be made for developing a Plan B. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 September 2021.
Autores : Charles WYPLOSZ

Financial Dominance: Not an Immediate Danger EN

13-09-2021 PE 695.449 ECON
Análisis en profundidad
Resumen : Financial dominance describes a situation in which a central bank does not dare to tighten its policy stance as this would threaten the stability of the financial system. The danger of this happening is limited at present. The banking system is well capitalised. Private credit has not expanded much, not even during the COVID-19 recession in most euro area countries – except in France. However, in some countries, the financial sector remains highly exposed to sovereign debt. "Indirect financial dominance" could thus easily arise if sovereign risk premia return. Continuing asset purchases under the PEPP increases the danger of fiscal dominance. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 September 2021.
Autores : Daniel GROS, Farzaneh SHAMSFAKHR

Inflation on the Upswing - Just a Hiccup or a Trend Reversal After All? EN

13-09-2021 PE 695.450 ECON
Análisis en profundidad
Resumen : Although energy price volatility has recently been the largest contributor to movements in the headline inflation rate, there are other factors indicating that inflation in the euro area will remain elevated in the months ahead. However, most of them have only a temporary effect. A major risk to the further development of inflation is a rise in inflation expectations, which should be monitored critically. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 September 2021.
Autores : Kerstin BERNOTH, Gökhan IDER

Rise in Inflation: Much Ado About Nothing? EN

13-09-2021 PE 695.452 ECON
Análisis en profundidad
Resumen : Euro area inflation reached 3% in August, a rapid increase from August 2020 when it was -0.3%. As the inflation rate now outpaces the ECB's medium-term target of 2%, could it become a concern for the central bank? After showing that the health crisis was unprecedented in its nature and sectoral characteristics, we study the determinants of inflation in the short term and then discuss various elements that could influence the trajectory of future inflation and mitigate inflation fears. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 September 2021.
Autores : Christophe BLOT, Caroline BOZOU and Jérôme CREEL

Should ECB Be Worried About Inflation? EN

13-09-2021 PE 695.454 ECON
Análisis en profundidad
Resumen : Inflation jumped to 3% in August raising questions about whether the ECB needs to alter its monetary policy. This paper reviews the recent evidence on euro area inflation and concludes the current increase is likely to be temporary, being driven by a rise in energy prices that is likely to end soon and a range of temporary factors relating to the pandemic. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 September 2021.
Autores : Karl WHELAN

Is High Inflation the New Challenge for Central Banks? EN

13-09-2021 PE 695.455 ECON
Análisis en profundidad
Resumen : In this paper we briefly review the macroeconomic theory of inflation, relating it to the recent developments in the advanced economies. Then, we analyse the drivers of the rise in inflation observed in 2021 in the United States and in Europe, and we illustrate the factors that may affect the inflationary scenario of the advanced economies in the longer term. Finally, we discuss what challenges the Federal Reserve and the European Central Bank have to meet in the face of current inflationary pressures. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 September 2021.
Autores : Luigi BONATTI, Roberto TAMBORINI

Beyond the Pandemic: Avoiding the Risk of Financial Dominance and Disorderly Market Reactions EN

13-09-2021 PE 695.446 ECON
Estudio
Resumen : The concept of financial dominance may be simplified as a situation where monetary policy becomes dominated by short-term concerns about the financial sector. As such, it may distract the central bank from its primary objective of maintaining price stability. While other policies, e.g. macroprudential, are considered the first line of defence against financial instability, following the 2007-2008 global financial crisis, financial stability considerations became an integral part of monetary policy decision-making in advanced economies. The interplay between these considerations and the central bank’s primary objective could become relevant in the post-pandemic environment. Four papers were prepared by the ECON Committee’s Monetary Expert Panel, assessing the risk of financial dominance and disorderly market reactions to monetary policy decisions in the euro area. This publication is provided by Policy Department A for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 27 September 2021.
Autores : Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI, Charles WYPLOSZ, Daniel GROS, Farzaneh SHAMSFAKHR, Christopher A. HARTWELL

Rising Inflation: Transitory or Cause for Concern? EN

13-09-2021 PE 695.453 ECON
Estudio
Resumen : Consumer price inflation in the euro area has sharply risen to 3% in the course of 2021. This increase was mainly due to higher energy prices and other transitory factors. Recent macroeconomic forecasts generally expect inflation to return to below target values next year. However, there are several factors in place that could lead to more sustained upward pressure on prices, and materialisation of these upward risks could force the ECB to take difficult choices. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 September 2021.
Autores : Joscha BECKMANN, Klaus-Jürgen GERN, Philipp HAUBER, Nils JANNSEN, Ulrich STOLZENBURG

The role of non-financial performance indicators and integrated reporting in achieving sustainable value creation EN

10-09-2021 PE 662.944 ECON
Estudio
Resumen : Structured analysis of the current scientific evidence on the effects of sustainability reporting including non-financial performance indicators, stand-alone sustainability reporting as well as integrated reporting. It discusses the benefits and challenges particularly related to internal decision-making, external transparency as well as financial and non-financial/environmental, social and governance effects. Further, it offers policy recommendations in view of the European Commission’s proposal on the Corporate Sustainability Reporting Directive.
Autores : Udo BUX, RADOSTINA PARENTI

Policy Departments’ Monthly Highlights - September 2021 EN

De un vistazo
Resumen : The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

Economic Dialogue with the other EU Institutions under the European Semester Cycles during the 9th legislative term - State of play September 2021 EN

09-09-2021 PE 624.436 ECON
Briefing
Resumen : This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent committee(s) of the European Parliament since September 2019 under the European Semester for economic policy coordination. It also lists the Recovery and Resilience Dialogues with the European Commission as undertaken by the competent committee(s) since the entry of force of the Recovery and Resilience Facility in 2021. It also includes an overview of the respective legal bases for these dialogues.
Autores : Kajus HAGELSTAM

Economic Dialogues and Exchanges of Views with the Member States under the European Semester Cycles - State-of-Play EN

08-09-2021 PE 497.736 ECON
Briefing
Resumen : This table provides a regular update on Member States invited for an Economic Dialogue in the competent Committee of the European Parliament and an overview of the respective legal base.
Autores : Kajus HAGELSTAM

Economic Dialogue with Greece 1 September 2021 EN

30-08-2021 PE 689.457 ECON
Análisis en profundidad
Resumen : This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an economic dialogue and exchange of views with Christos Staikouras, Minister of Finance of Greece, in the ECON committee of the European Parliament. The invitation for an exchange of views is in accordance with the EU economic governance framework. The last exchange of views with the Greek authorities took place in March 2016.
Autores : Alice ZOPPÉ, Jost ANGERER, Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Recovery and Resilience Dialogue with the European Commission 1 September 2021 EN

30-08-2021 PE 689.458 ECON
Análisis en profundidad
Resumen : Executive Vice-President Dombrovskis and Commissioner Gentiloni have been invited to the third Recovery and Resilience Dialogue under the Recovery and Resilience Facility Regulation. This briefing addresses the following subjects: the state of play of the Recovery and Resilience plans and of the Recovery and Resilience Facility; the statistical recording of the Recovery and Resilience Facility and some data on the current economic situation and estimates on the impact of the Facility.
Autores : Alice ZOPPÉ, Jost ANGERER, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Macro-Financial Assistance to EU Member States – State of Play – August 2021 EN

26-08-2021 PE 651.367 ECON
Análisis en profundidad
Resumen : This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, the EFSF, the EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Since August 2018 all financial assistance programmes to EU Member States have been concluded; therefore, the document focuses on the implementation of the enhanced surveillance framework for Greece and post-programme reviews for Ireland, Portugal, Romania, Cyprus and Spain undertaken by the European Commission (EC) in liaison with the ECB (Post-Programme Surveillance, PPS), the IMF (Post-Programme Monitoring, PPM, and Article IV assessments) and the ESM (Early Warning System, EWS).
Autores : Jost ANGERER, CRISTINA SOFIA PACHECO DIAS

Implementation of the Macroeconomic Imbalance Procedure: State of play August 2021 EN

25-08-2021 PE 497.739 ECON
Análisis en profundidad
Resumen : This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.
Autores : Alice ZOPPÉ

Improving corporate sustainability reporting EN

27-07-2021 PE 694.219 JURI ECON
Briefing
Resumen : The European Commission proposed to improve sustainability reporting by revising the non-financial reporting directive 2014/95/EU. The accompanying impact assessment (IA) provides a well-defined problem that is substantiated with evidence, a clear set of objectives that correspond to the problems identified and makes effort to cover SMEs in the consultation strategy. Overall, the evidence used in the IA seems recent and reliable. However, the IA has not set any concrete targets, indicators or timelines for achieving its objectives. The range of options in the IA appears rather imbalanced, the analysis has been predominantly economic and has focused on the effectiveness of meeting the specific objectives and their costs, while the discussion of benefits has remained rather descriptive. Environmental impacts seem to have been completely excluded, the costs of indirect effects on SMEs in the supply chains of large companies have not been quantified and the benefits for listed SMEs have not been elaborated on.
Autores : Vera VIKOLAINEN

Euro Area fiscal policies and capacity in post-pandemic times EN

23-07-2021 PE 651.393 ECON
Análisis en profundidad
Resumen : The Covid-19 pandemic has created huge challenges for policymakers in the whole world. These challenges have to do with both the short run and the long run. In addition, in the euro area, these challenges have dimensions that are peculiar to the fact that the euro area is a monetary union with one monetary authority and nineteen separate budgetary authorities. In this policy brief, the author provides some answer to two questions: • Which policy mix (national/supranational) supports smooth recovery, sustainability of public finances and resilience of the euro area? • Which EMU governance reforms should be prioritised so as to improve the functioning of the euro area?
Autores : Paul De Grauwe

Study in focus: Shadow Banking: what kind of Macroprudential Regulation Framework? EN

16-07-2021 PE 662.938 ECON
De un vistazo
Resumen : This publication summarises the key findings of the original study on Shadow banking. Shadow banking is a form of bank-like intermediation where regulatory standards are looser than for regular banks. It includes money market funds and other funds using leverage, securities and derivatives dealers, securitisations, securities financing transactions and derivatives, as well as new players like digital lenders and stablecoins. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON).
Autores : Andrea RESTI, Marco ONADO, Mario QUAGLIARIELLO and Phil MOLYNEUX

Recovery and Resilience Dialogue with the European Commission 14 July 2021 EN

13-07-2021 PE 689.456 ECON
Análisis en profundidad
Resumen : Executive Vice-President Dombrovskis and Commissioner Gentiloni have been invited to the second Recovery and Resilience Dialogue under the Recovery and Resilience Facility Regulation. This briefing addresses the following subjects: the Recovery and Resilience Facility and its scrutiny; the state of play of adoption and assessment of the Recovery and Resilience plans; the European Parliament resolutions on the Recovery and Resilience Facility; the financing of national Recovery and Resilience plans and some data on the current economic situation and estimates on the impact of Facility.
Autores : CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE

Study in focus: Robo-advisors EN

12-07-2021 PE 662.935 ECON
De un vistazo
Resumen : This document summarises the key findings of the orginal study which analyses if and to what extent the current EU legal framework provides effective investor protection for customers of robo-advisors. It puts emphasis on structural conflicts of interests, the difficulties presented by the supervision of algorithms, and potential threats to the stability of the financial system. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON).
Autores : Philipp MAUME

Economic Dialogue and Exchange of Views with the President of the Council (ECOFIN) EN

09-07-2021 PE 689.454 ECON
Análisis en profundidad
Resumen : Minister Andrej Šircelj, Minister of Finance of Slovenia, is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the Slovenian Presidency (July-December 2021). In accordance with the Treaty of the Union, “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”. This briefing provides an overview of the Slovenian Presidency priorities in ECON matters, including the Council’s work relating to the implementation of the European Semester for economic coordination, notably the application of the Recovery and Resilience Facility and deepening of the Economic and Monetary Union (EMU).
Autores : Jost ANGERER, Marcel MAGNUS, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE, KATJA KOMAZEC

Economic Dialogue with Spain EN

09-07-2021 PE 689.455 ECON
Análisis en profundidad
Resumen : This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Nadia Calviño, Minister of Economic Affairs and Digital Transformation in Spain, in the ECON committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic governance framework. The last exchange of views with the Spanish authorities took place in November 2012, January 2014, November 2016 and 22 January 2019.
Autores : Alice ZOPPÉ, Jost ANGERER, Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE, KATJA KOMAZEC

What are the main differences between the practice of supervising large banks in the UK and in the euro area, and what are the main risks of regulatory divergence? EN

05-07-2021 PE 689.443 ECON
Análisis en profundidad
Resumen : This in-depth analysis provides evidence on differences in the practice of supervising large banks in the UK and in the euro area. It identifies the diverging institutional architecture (partially supranationalised vs. national oversight) as a pivotal determinant for a higher effectiveness of supervisory decision making in the UK. The ECB is likely to take a more stringent stance in prudential supervision than UK authorities. The setting of risk weights and the design of macroprudential stress test scenarios document this hypothesis.
Autores : R. Haselmann, T. Tröger

What Are the Effects of the ECB’s Negative Interest Rate Policy? EN

02-07-2021 PE 662.922 ECON
Análisis en profundidad
Resumen : Several central banks, including the European Central Bank since 2014, have added negative policy rates to their toolboxes after exhausting conventional easing measures. It is essential to understand the effects on the economy of prolonged negative rates. This paper explores the potential effects (and side effects) of negative rates in theory and examines the evidence to determine what these effects have been in practice in the euro area. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Autores : Grégory CLAEYS

Euro Area fiscal policies and capacity in post-pandemic times EN

02-07-2021 PE 689.445 ECON
Estudio
Resumen : This paper situates the EU’s fiscal response to the pandemic (suspending the Stability and Growth Pact, creating the SURE and Recovery and Resilience Facility) within longstanding debates on reforming EU fiscal governance and offers recommendations on the way forward, specifically the SGP reforms needed prior to returning to its rules and creating a budget with a stabilisation capacity.
Autores : M. CHANG

Should They Stay or Should They Go? Negative Interest Rate Policies Under Review EN

30-06-2021 PE 662.918 ECON
Análisis en profundidad
Resumen : Negative interest rate policies (NIRP) have become an established monetary policy instrument in the toolkit of the ECB. We discuss NIRP in the euro area based on theoretical considerations and available empirical evidence. We find that NIRP had some positive impact on loan growth and investment in the euro area, but that the room to further loosen monetary policy via NIRP may be small. NIRP is discussed also in the context of the general monetary policy environment. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Autores : Joscha BECKMANN, Klaus-Jürgen GERN, Nils JANNSEN

Low for Long: Side Effects of Negative Interest Rates EN

30-06-2021 PE 662.920 ECON
Estudio
Resumen : Policy rate cuts in negative territory have increased credit supply and improved the macroeconomic environment similar to cuts in positive territory. Dreaded disruptions to the monetary policy transmission channels as well as adverse side effects on bank profitability have so far largely failed to materialise. Thus, the evidence available today shows that the negative interest rate policy is an effective policy tool. However, systemic risks, including in the non-bank sector, should be closely monitored as negative rates are expected to remain low for longer. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Autores : Justus INHOFFEN, Atanas PEKANOV, Thomas URL

Shadow Banking: what kind of Macroprudential Regulation Framework? EN

30-06-2021 PE 662.925 ECON
Estudio
Resumen : Shadow banking is a form of bank-like intermediation where regulatory standards are looser than for regular banks. It includes money market funds and other funds using leverage, securities and derivatives dealers, securitisations, securities financing transactions and derivatives, as well as new players like digital lenders and stablecoins. We look at theoretical contributions and empirical data and suggest possible policy options. We recommend that rules be unambiguous and apply to all institutions performing similar functions. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON).
Autores : Andrea RESTI, Marco ONADO, Mario QUAGLIARIELLO and Phil MOLYNEUX

Robo-advisors EN

30-06-2021 PE 662.928 ECON
Estudio
Resumen : This study analyses if and to what extent the current EU legal framework provides effective investor protection for customers of robo-advisors. It puts emphasis on structural conflicts of interests, the difficulties presented by the supervision of algorithms, and potential threats to the stability of the financial system. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON).
Autores : Philipp MAUME

Once More, the US Leads Europe EN

29-06-2021 PE 662.914 ECON
Análisis en profundidad
Resumen : The US and European economic approaches to the COVID-19 pandemic have differed in many ways. It is most likely that the US recovery will come sooner and will be stronger than in Europe, pretty much as has been the case with the global financial crisis a decade ago. In order to achieve a solid and lasting recovery, Europe needs to learn from the previous crisis and to prepare for the effects of the coming rapid US expansion. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Autores : Charles WYPLOSZ

Public hearing with Elke König, Chair of the Single Resolution Board 1 July 2021 EN

28-06-2021 PE 689.429 ECON
Briefing
Resumen : This note is prepared in view of an ordinary public hearing with the Chair of the Single Resolution Board (SRB), Elke König, which will take place on 1 July 2021. The Chair will present the SRB’s annual report for 2020. This briefing addresses (i) the review of the crisis management framework, and in particular the SRB’s input to the Commission’s public consultation; (ii) MREL policy and statistics; (iii) liquidity in resolution; (iv) the relationship with the United Kingdom: contractual recognition of bailinable liabilities issued under third country laws; (v) developments in respect of particular resolution cases; (vi) contributions to the Single Resolution Fund; and (vii) SRB and some other publications.
Autores : OLIVER SLOCOCK, Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE

Public hearing with Christine Lagarde, Chair of the European Systemic Risk Board EN

28-06-2021 PE 689.430 ECON
Briefing
Resumen : This note is prepared in view of a regular public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 1 July 2021. The aim of the meeting is to present the ESRB Annual Report and to discuss recent developments in macroprudential policy field, potential systemic risks looming ahead, notably the impact of the pandemic. The briefing takes stock of (i) the ESRB and national macroprudential authorities’ response to the pandemic outbreak; (ii) summarises recent risk assessments; and takes a closer look at the following topics as potential sources of increasing systemic risk: (iii) corporate insolvency risks, (iv) macroprudential policy implications from low interest rates and (v) macroprudential concerns beyond banking.
Autores : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE, GIULIA GOTTI, KATJA KOMAZEC

Public hearing with Andrea Enria, Chair of the ECB Supervisory Board 1 July 2021 EN

28-06-2021 PE 689.442 ECON
Análisis en profundidad
Resumen : This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 1 July 2021. The briefing addresses (i) the ECB’s TRIM Project Report, (ii) data on significant banks’ holdings of sovereign debt, (iii) the ECB’s publication on banks’ recovery plans, (iv) the ECB’s Supervisory banking statistics for the fourth quarter of 2020, (v) the ECB consultation on revised “fit & proper” guidance, (vi) the EBA 2020 Report on the convergence of supervisory practices, (vii) statistics regarding the gender-balance on the boards of significant banks, (viii) the EBA pilot on climate risk, (ix) the EBA thematic note on provisioning in the EU vs the US, and (x) summaries of external papers commissioned on the request of ECON.
Autores : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE, KATJA KOMAZEC

Digital transformation - why do some significant banks fall behind? EN

25-06-2021 PE 689.440 ECON
Análisis en profundidad
Resumen : This paper shows that larger banks and better capitalised banks invest more in computer software. These findings could reflect that larger banks can attain greater benefits from computer software and that better capitalised banks have more resources to make larger software investments. All the same, smaller and less capitalised banks will also have to make substantial software investments to maintain sustainable businesses, something that supervisors will need to point that out to these banks.
Autores : A.C. Bertay, H. Huizinga

Euro area fiscal policies and capacity in post-pandemic times EN

25-06-2021 PE 651.392 ECON
Estudio
Resumen : The main legacy of the post-Covid-19-crisis euro area fiscal framework should be the development of a unique integrated fiscal policy and of a permanent and independent Fiscal Fund to implement it. To arrive at this conclusion, we analyse the challenges and build on current research on the optimal design of a fiscal fund. We characterise the fiscal policy, and the development of the Fund, together with the role and form that the Stability and Growth Pact can take in the new fiscal framework.
Autores : R. Marimon, A. Wicht

UK banks in international markets-Implications of UK-euro area divergence in regulation and supervisory practice EN

24-06-2021 PE 689.438 ECON
Análisis en profundidad
Resumen : The UK enters the post-Brexit period with a regulatory framework that is closely aligned with that of the UK, and stronger in some areas. This paper highlights that the changes in regulatory strategy and the institutional framework that have been announced by the UK will make its bank regulation more responsive, and greater use of proportionality the sector will become more competitive. Competition for EU banks in international markets will intensify, though not due to an erosion of regulatory standards.
Autores : A.Lehmann, Bruegel

Low IT spending by banks: Reason for concern? EN

24-06-2021 PE 689.439 ECON
Análisis en profundidad
Resumen : We collect data on IT spending as reported by banks directly supervised by the ECB in their 2020 annual reports. Slightly more than 50% of these banks report their IT spending. Our analysis, using data for those banks that do report IT expenditure, suggests that the distribution of IT expenses as share of operating income, operating expenses or total assets is uneven. We identify banks that score low on one or more of these ratios. It turns out that this group is very diverse. We argue that these banks are not necessarily in the danger zone with regard to future profitability as high IT spending is no guarantee for good performance.
Autores : Jakob De Haan

Economic Dialogue with the European Commission - 28 June 2021 EN

24-06-2021 PE 689.441 ECON
Análisis en profundidad
Resumen : Executive Vice-President Dombrovskis and Commissioners Schmit and Gentiloni have been invited to an Economic Dialogue on the 2021 European Semester package, in line with the relevant EU law. This briefing note covers the main elements of the Semester Package, the latest developments under the Semester surveillance framework, the state-of-play on the recovery and resilience plans under the Recovery and Resilience Facility, and on-going work to strengthen the governance and the resilience of Economic and Monetary Union.
Autores : Kajus HAGELSTAM, Alice ZOPPÉ, OVIDIU IONUT TURCU, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE, KATJA KOMAZEC

The ECB’s Monetary Policy Response to the COVID-19 Crisis EN

18-06-2021 PE 648.787 ECON
Briefing
Resumen : (Updated 18 June 2021) The COVID-19 pandemic was an unprecedented shock to the euro area economy. The ECB's Governing Council took a series of measures that collectively provided a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions. This briefing, which is reguarly updated since March 2020, summarises these monetary policy measures.
Autores : Drazen RAKIC

Economic Dialogue with the President of the Eurogroup - June 2021 EN

18-06-2021 PE 689.437 ECON
Análisis en profundidad
Resumen : Paschal Donohoe is attending his second Economic Dialogue in the ECON Committee since being elected as President of the Eurogroup in July 2020. His first Economic Dialogue took place on 25 January. The exchange of views will cover the ongoing work of the Eurogroup, notably short term policy measures intended to combat the economic, financial and social consequences of COVID-19, medium term policies to support a sustainable recovery and increase resilience of the euro area and longer term measures relating to the Economic and Monetary Union governance framework, including completing the Banking Union. This briefing covers the following issues: the Eurogroup work programme until June 2021 (Section 1); 2021 Euro Area Recommendation (Section 2); Economic situation and developments (Section 3); Recovery and Resilience Facility (Section 4); 2021 European Semester Cycle (Section 5); review of the governance framework (section 6) and Banking Union developments (Section 7).
Autores : Alice ZOPPÉ, Jost ANGERER, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE

Public finances in Euro Area Member States: Selected indicators - June 2021 EN

17-06-2021 PE 624.406 ECON
Briefing
Resumen : 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 provides a short explanation and the data sources. The final section presents a short overview of the main indicators used by the European and other international institutions to assess debt sustainability.
Autores : Alice ZOPPÉ, GIULIA GOTTI

Euro Area fiscal policies and capacity in post-pandemic times EN

17-06-2021 PE 659.658 ECON
Análisis en profundidad
Resumen : The euro area response to the Covid crisis avoided a financial crisis. In the short term, the withdrawal of fiscal stimulus should be guided by unemployment, output gap and inflation data. Over the medium term, reducing public debt ratios will require maintaining the growth of primary spending below the (higher) GDP growth rate to be achieved through structural reforms. Over the longer term, creating a central fiscal capacity, strengthening the enforcement of fiscal rules in good times and completing the banking and capital market unions remain priorities.
Autores : Carlo COTTARELLI

Monetary and Fiscal Spillovers Across the Atlantic: The Role of Financial Markets EN

17-06-2021 PE 662.915 ECON
Análisis en profundidad
Resumen : We present a review of the channels through which the US fiscal and monetary post-pandemic policies may affect the euro area. US spillovers will likely be relevant and worth considering while setting the policy stance in the euro area, at a crossroad between economic global recovery and global overheating. A key role is going to be played by global financial markets, their appetite for open-ended stimulative policies and fears of hard disinflation scenarios affecting central banks' ability to keep the economies on the recovery path and inflation expectations anchored. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Autores : Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI

Could the Euro Area Benefit From the US Stimulus Packages? EN

17-06-2021 PE 662.921 ECON
Análisis en profundidad
Resumen : The recent US fiscal packages have raised some concerns on their magnitude, but also their spillovers to the euro area economy. After discussing US fiscal measures and reviewing the literature on international spillovers, we show that the US policy mix may have rather positive macroeconomic effects on the euro area. We conclude though that these effects need to be balanced against growing financial risks. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Autores : Christophe BLOT, Caroline BOZOU, Jérôme CREEL

The role (and accountability) of the President of the Eurogroup EN

16-06-2021 PE 602.116 ECON
Briefing
Resumen : This note provides an overview of the role of the President of the Eurogroup, the procedures for his/her appointment, as well as proposals on a “full time position” as part of the wider debate on deepening the Economic and Monetary Union. The note also briefly addresses the mandate and working methods of the Eurogroup. In addition, this note refers to the debate around the transparency of Eurogroup proceedings. It is updated regularly.
Autores : Kajus HAGELSTAM, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS

Implications for the Euro Area of US Macroeconomic Policies EN

16-06-2021 PE 662.917 ECON
Análisis en profundidad
Resumen : The US has undertaken much larger discretionary fiscal packages than euro area governments, particularly in 2021. The large 2021 US fiscal package is likely to provide a welcome boost to the euro area economy. There is a risk, however, that US fiscal policy could lead to overheating of the US economy and a possible monetary tightening from the Fed which could trigger a recession. This paper argues this scenario is unlikely to occur but discusses the implications for the ECB if it did. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Autores : Karl WHELAN

Looking Through and Past COVID-19: Do Spillovers Matter? EN

16-06-2021 PE 662.916 ECON
Estudio
Resumen : The main thrust of fiscal and monetary responses to the pandemic in the EU and the US are contrasted. Estimates of the spillovers from US fiscal policy to Europe are estimated. They are found to be significant but economically modest. Consequences for debt and debt sustainability in the long-run are also examined. Concerns over debt sustainability in the EU and the US are warranted. Observers advocating much higher debt levels need to consider lessons from history. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Autores : Pierre L. SIKLOS

Recovery and Resilience Plans - An overview EN

15-06-2021 PE 659.657 ECON
Análisis en profundidad
Resumen : This document provides an overview of the adoption of the Recovery and Resilience Plans (RRPs) under the Recovery and Resilience Facility (RRF) and some relevant developments. The document will be regularly updated.
Autores : Alice ZOPPÉ, Jost ANGERER, OVIDIU IONUT TURCU, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE, GIULIA GOTTI, KATJA KOMAZEC

Technical Support Instrument: main features EN

14-06-2021 PE 659.652 ECON
Análisis en profundidad
Resumen : In order to help national authorities in improving their capacity to design, develop and implement reforms, including those covered by recovery and resilience plans pursuant to Regulation (EU) 2021/241), the European Parliament and the Council adopted on 10 February 2021 the Regulation (EU) 2021/240 establishing a Technical Support Instrument. The Instrument may finance a broad range of technical assistance actions refering to policy areas related to cohesion, competitiveness and others, with specific emphasis on digital and just green transitions.This note presents its main characteristics, focusing notably in its connection with the EU economic governance framework and the European Semester.
Autores : Jost ANGERER, CRISTINA SOFIA PACHECO DIAS

Exchange of views with Commissioner Elisa Ferreira on the implementation of the Technical Support Instrument EN

11-06-2021 PE 659.644 ECON
Briefing
Resumen : Ahead of BUDG-ECON exchange of views with Commissioner Ferreira, on 14 June, this note provides a brief overview on the 2021 annual workplan, ongoing and finalised projects and some other elements of the Technical Support Instrument.
Autores : Jost ANGERER, CRISTINA SOFIA PACHECO DIAS

The main building blocks of the Recovery and Resilience Facility EN

11-06-2021 PE 659.656 ECON
Análisis en profundidad
Resumen : This note presents the main features of the Recovery and Resilience Facility relevant for scrutiny by the European Parliament, namely its financing; the Recovery and Resilience Plans and the framework for their assessment; and EU level governance of the RRF, in terms of both its implementation and monitoring and oversight . It also highlights the changes the Facility is bringing to the European Semester.
Autores : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL

Country-Specific Recommendations for 2019, 2020 and 2021 EN

11-06-2021 PE 651.391 ECON
Estudio
Resumen : This document presents: • The 2019 Country-Specific Recommendations (CSRs) adopted by the Council in the framework of the European Semester on 9 July 2019 (on the basis of European Commission proposals of 5 June 2019). • The European Commission’s assessments of the implementation of the 2019 CSRs based on its Country Reports published on 26 February 2020. • The 2020 CSRs adopted by the Council in the framework of the European Semester on 20 July 2020 (on the basis of European Commission proposals of 20 May 2020). • The 2021 fiscal recommendations (recommendations for Council opinions on the 2021 Stability and Convergence Programmes) proposed by the European Commission on 2 June 2021 and to be adopted by the Council in July. During the 2021 Semester Cycle, exceptionally, due to the preparations and adoptions of the Recovery and Resilience Plans under the Recovery and Resilience Facility, there will be no further Country Specific Recommendations (CSRs) under the European Semester.
Autores : Jost ANGERER, KRISTINA GRIGAITE, GIULIA GOTTI, KATJA KOMAZEC

Implementation of the Stability and Growth Pact under pandemic times EN

10-06-2021 PE 659.655 ECON
Análisis en profundidad
Resumen : This document provides an overview of key developments under the preventive and corrective arms of the Stability and Growth Pact on the basis of the latest Commission and Council decisions and recommendations in the framework of the Stability and Growth Pact and the latest European Commission economic forecasts. This document is regularly updated.
Autores : Jost ANGERER, GIULIA GOTTI

Preventing money laundering in the banking sector - reinforcing the supervisory and regulatory framework EN

09-06-2021 PE 659.654 ECON
Análisis en profundidad
Resumen : This paper provides an overview of current initiatives and actions aiming at reinforcing the anti-money laundering (AML) supervisory and regulatory framework in the EU, in particular from a Banking Union perspective. This briefing first outlines the EU framework for fighting money laundering, which includes legislation (most notably the 5th AML Directive) and a number of Commission and Council Action Plans. Secondly, an overview of AML prevention relevant authorities, at both the EU and national level, is provided. This section also explains the 2019 review of the founding regulations of the European Supervisory Authorities, through which competences relating to preventing AML in the financial sector were consolidated within the European Banking Authority. Lastly, the paper highlights expected upcoming changes to the AML framework, largely based on the Commission’s May 2020 Action plan for a comprehensive Union policy on preventing money laundering and terrorism financing, and associated legislative initiatives expected in July 2021. It is relevant to note that this briefing focuses on AML concerns in the banking sector. While financial and non-financial intermediaries have an important role to play, these are not the focus of this briefing. Nevertheless, reference is made to closely related areas (notably, to Financial Intelligence Units, the work of markets and insurance supervisors on preventing AML and related matters) when relevant to a better understanding of its impacts on the banking sector. This paper builds on and updates a previous EGOV briefing on the same topic.
Autores : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE, KATJA KOMAZEC

US Macroeconomic Policy Response to COVID-19: Spillovers to the Euro Area EN

08-06-2021 PE 662.923 ECON
Estudio
Resumen : The United States (US) have responded to the COVID-19 shock with a massive fiscal stimulus in 2020 and 2021. At the same time, the Federal Reserve (Fed) has maintained a highly accommodative monetary policy stance. However, the Fed’s new average inflation targeting regime is being put to the test by the spike in inflation observed in recent months. Due to the global influence of the US economy and interlinkages with the euro area, questions arise over the possibility of significant spillovers from these US policy measures. Five papers were prepared by the ECON Committee’s Monetary Expert Panel, looking into the channels of Transatlantic fiscal and monetary policy spillovers and their significance in the current context. This publication is provided by Policy Department A for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 21 June 2021.
Autores : Pierre L. SIKLOS, Karl WHELAN, Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI, Christophe BLOT, Caroline BOZOU, Jérôme CREEL, Charles WYPLOSZ

Low for Longer: Effects of Prolonged Negative Interest Rate Policies EN

08-06-2021 PE 662.924 ECON
Estudio
Resumen : In June 2014, the European Central Bank (ECB) was among the first major central banks to lower policy rates into negative territory. The deposit facility rate was subsequently cut four more times, lastly in September 2019 (to -0.5%). As an unconventional monetary policy instrument used over a prolonged period, negative interest rates require attention because of their uncertain or possibly negative side effects on the banking sector and economy at large. Four papers were prepared by the ECON Committee’s Monetary Expert Panel, assessing the experience with negative interest rates in the euro area over the past seven years. This publication is provided by Policy Department A for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 21 June 2021.
Autores : Grégory CLAEYS, Joscha BECKMANN, Klaus-Jürgen GERN, Nils JANNSEN, Justus INHOFFEN, Atanas PEKANOV, Thomas URL, Daniel GROS, Farzaneh SHAMSFAKHR

Comparison of key figures in the 2021 Stability Programmes and European Commission Spring 2021 forecast EN

07-06-2021 PE 659.630 ECON
Briefing
Resumen : The purpose of this document is to show the differences between some key indicators of the 2021 Stability and Convergence Programmes (SCP) of the EU Member States and the Spring 2021 economic forecast of the European Commission. 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 (…).”
Autores : Jost ANGERER, KATJA KOMAZEC

NIRP, Bank Profitability and Risk-Taking: Much Ado About 50 Basis Points EN

01-06-2021 PE 662.919 ECON
Análisis en profundidad
Resumen : A widespread concern about negative policy rates is that they might depress bank profits and encourage risk-taking. We find that the impact of negative rates per se is limited. Other policy measures (TLTROs, tiered deposits) have largely neutralised the impact of NIRP on bank profits. Asset purchases might have been more important by compressing the yield curve. Any small positive impact of negative rates on lending and aggregate demand may have been swamped by the negative impact of low rates on productivity. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.
Autores : Daniel GROS, Farzaneh SHAMSFAKHR

Economic Dialogue with Cyprus - ECON on 3 June 2021 EN

31-05-2021 PE 659.653 ECON
Análisis en profundidad
Resumen : This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Constantinos Petrides, Cyprus Finance Minister, in the ECON committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic governance framework. The last exchange of views with the Cypriot authorities took place on 25 January 2016.
Autores : Alice ZOPPÉ, Jost ANGERER, Marcel MAGNUS, OVIDIU IONUT TURCU, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE, GIULIA GOTTI, KATJA KOMAZEC

The SURE: Implementation EN

28-05-2021 PE 659.638 ECON
Briefing
Resumen : Council Regulation 2020/672 established SURE, the European instrument for temporary support to mitigate unemployment risks in an emergency, which has been in force since 20 May 2020. This note provides an overview in tabular format of the SURE implementing decisions as adopted by Council, of Commission issuances under SURE and of disbursements. It will be regularly updated.
Autores : CRISTINA SOFIA PACHECO DIAS, GIULIA GOTTI, KATJA KOMAZEC

Gender balance on the boards of significant banks in the Banking Union EN

28-05-2021 PE 659.643 ECON
Briefing
Resumen : EGOV analysed publicly available information on the corporate governance structures to determine the gender balance on the boards of the banks in the euro area supervised by the ECB (“significant institutions”), comparing the situation in 2014 with that in 2020. The general observation is that, overall, the share of female executive directors has risen in significant banks from 15.3% to 27.4% (see figure 1) and the share of female supervisory directors has increased from 22.3% to 31.7% (see figure 2, further down); these levels are still quite distant from an equal gender distribution. Moreover, the differences between the nature of board (executive versus supervisory boards) and between the type of bank (large versus small) have become smaller. Large banks are, for our purposes, those with assets exceeding EUR 100 bn. Large differences in the share of female directors persist, though, if the data is grouped at the country level.
Autores : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE, GIULIA GOTTI, KATJA KOMAZEC

Non-performing Loans - New risks and policies? - What factors drive the performance of national asset management EN

27-05-2021 PE 651.390 ECON
Estudio
Resumen : As the COVID-19 pandemic hits all Member States severely, some initial signs are surfacing of what is likely to be a substantial increase in bank non-performing loans (NPLs) in the coming months. Strengthening the tools needed to face the problems caused by NPLs is therefore of foremost importance. This paper argues that asset management companies (AMCs) can be an effective tool in this direction. It further discusses the legal issues related to their implementation, presenting several examples from past experiences illustrating how such issues can be solved. The paper concludes that a network of national publicly funded AMCs, applying the same standards and procedures across all European Member States, would be an effective and feasible solution to the problems presented by NPLs.
Autores : C. Brescia Morra, A. Guaccero, A.F. Pozzolo, G. Rojas Elgueta, N. Vardi, A. Zoppini

Taxonomy Regulation: Approved EU Taxonomy Climate Delegated Act under Art. 10(3) and 11(3)of the Taxonomy Regulation EN

11-05-2021 PE 648.248 ECON
Briefing
Resumen : This briefing has been prepared to support the parliamentary scrutiny of the Delegated Act (DA) on climate change mitigation and climate change adaptation as foreseen by Regulation (EU) No 2020/852 on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation) . In accordance with the empowerments set out in Articles 10 and 11 of the Taxonomy Regulation, the Commission shall adopt a delegated act establishing screening criteria to determine the conditions under which an economic activity qualifies as contributing substantially to climate change adaptation or mitigation and whether it does not cause significant harm to one or more of the environmental objectives listed under Article 9.
Autores : Sebastien VANHOUCKE, Stephanie HONNEFELDER, GAELLE CHARLOTTE CHAILLET

First Recovery and Resilience Dialogue with the European Commission EN

07-05-2021 PE 659.651 ECON
Análisis en profundidad
Resumen : Vice-President Dombrovskis and Commissioner Gentiloni have been invited to the first Recovery and Resilience Dialogue under the Recovery and Resilience Facility Regulation. This briefing addresses the following subjects: the Recovery and Resilience Facility and its scrutiny; the framework for defining and assessing Recovery and Resilience Plans and the procedures and timelines for their adoption; the financing of the Facility; data on the current economic situation and some estimates on the impact of Facility. Five annexes present, respectively, a timeline of the Facility; the state of play with national plans; economic data; the European Semester roadmap and survey data on involvement of national parliaments in the Facility.
Autores : Alice ZOPPÉ, Jost ANGERER, OVIDIU IONUT TURCU, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE, GIULIA GOTTI, KATJA KOMAZEC

Country-Specific Recommendations for 2019 and 2020 - A tabular comparison and an overview of implementation EN

06-05-2021 PE 651.389 ECON
Estudio
Resumen : This document presents: • The 2019 Country-Specific Recommendations proposed by the European Commission on 5 June 2019 and adopted by the Council on 9 July 2019 and • The European Commission’s assessments of the implementation of the 2018 Country-Specific Recommendations based on its Country Reports published on 27 February 2019. • The 2018 Country-Specific Recommendations proposed by the European Commission on 23 May 2018 and adopted by the Council on 13 July 2018
Autores : Jost ANGERER, KRISTINA GRIGAITE, GIULIA GOTTI, KATJA KOMAZEC

Update on recent banking developments - Calendar week 17 EN

30-04-2021 PE 659.642 ECON
Briefing
Resumen : This briefing gives an update on and summarises recent events and developments in the Banking Union, based on publicly available information. The following topics are specifically addressed: recent ECB banking supervision publications (the Targeted Review of Internal Models Project Report, the ECB annual report on supervisory activities and the most recent supervisory statistics); the recent SRB guidance on bail-in for international debt securities; risks and vulnerabilities in the financial sector (ESRB Risk Dashboard; Joint Committee Report on Risks and Vulnerabilities); macroprudential concerns in the non-banking sector; recent ESMA publications (consultation on money market funds; peer review on CCPs supervision); and two reports on climate related risks published by the Basel Committee on Banking Supervision.
Autores : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE, GIULIA GOTTI, KATJA KOMAZEC

The Euro Area Fiscal Stance EN

21-04-2021 PE 587.374 ECON
Briefing
Resumen : The concept of “Euro area fiscal stance” is used by European and international institutions, as well as academics, to measure the discretionary fiscal effort at the level of euro area as a whole. From 2012 to 2018, the Commission has referred to the euro area fiscal stance in its “Opinions on Draft Budgetary Plans” and has expressed its position on the appropriate fiscal stance in its proposals for the Council recommendation on the economic policies of the euro area. The concept became more prominent with the publication of the Commission Communication on “Towards a Positive Fiscal Stance” of November 2016. Since 2019, however, the Commission has not explicitly proposed an appropriate euro area fiscal stance for the upcoming year. The euro area fiscal stance is also the subject of a report and of a recommendation by the European Fiscal Board. This note (which is regularly updated) provides an overview of the concept and of the latest developments.
Autores : Alice ZOPPÉ, GIULIA GOTTI

Single Resolution Board: Accountability arrangements (9th parliamentary term) EN

14-04-2021 PE 659.621 ECON
Briefing
Resumen : This document provides an overview of public hearings and exchange of views with the Chair of the Single Resolution Board (SRB) in the ECON Committee since July 2019. It also provides an overview of all external papers requested by the ECON Committee by a standing panel of banking experts. Lastly, the annex contains an overview of the respective legal bases for these hearings as part of the accountability framework of the SRB. For an overview of public hearings during the 8th parliamentary term, please see here.
Autores : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL