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Moving from Broad to Targeted Pandemic Fiscal Support

Задълбочен анализ 31-01-2022

This paper conceptualizes an appropriate path for fiscal policy starting from the early phase of the pandemic up to the final transition to a post-pandemic new normal. Using this yardstick, it assesses the initial fiscal response of Member States. It exploits fiscal projections and programme data to analyse the adjustment to the economic recovery. For loan guarantees and short-time work schemes, it identifies programme-specific parameters that improve target precision and identifies examples of different ...

This paper reviews the main differences between the prospects for NPL build-up and resolution between the current pandemic and the financial crisis of 2008-2009. To facilitate NPL reduction following the pandemic, the ECB should actively counter the revealed tendency of banks with low profitability to implement relatively low loan loss provisions.

When and how to unwind COVID-support measures to the banking system?

Задълбочен анализ 09-03-2021

Designing exit strategy requires judgment, coordination among different institutions, and graduality. Restoring banks’ balance sheet transparency is a first-order objective. To this end, borrower relief measures should be phased out ahead of the other measures. Relaxation of loan classification and provisioning policies can be lifted in a second stage. The last one to be unwounded would be capital relief initiatives. To provide banks time and space of manoeuvre, exit strategies needs to be communicated ...

Model estimates of NPLs of a large sample of banks in the euro area suggest that macro-economic factors drive NPLs. This implies that the NPL-ratio may not increase in a similar fashion as after the global financial crisis. However, the low fit of the model shows that idiosyncratic factors play a major role in explaining NPLs. This is illustrated in a case study for the Netherlands which suggests that deferred tax payments may lead to increasing NPLs. This paper was prepared by the Economic Governance ...

When and how to unwind COVID-support measures to the banking system?

Задълбочен анализ 04-03-2021

This paper examines regulatory measures and supervisory practices that have supported public guarantee schemes and moratoria in euro-area countries. The focus is on flexibility shown with regard to default classifications, accounting practices and the treatment of non-performing loans. The paper identifies a number of undesirable effects and examines how soon such policies can be normalised. This document was provided by the Economic Governance Support Unit at the request of the ECON Committee.

The increasing importance of central counterparties (CCPs), and challenges such as the United Kingdom's withdrawal from the EU, call for a more comprehensive supervision of CCPs in EU and non-EU countries to secure financial market infrastructure and build confidence. In June 2017, the Commission proposed amendments to Regulation (EU) No 1095/2010 (ESMA – European Securities and Markets Authority) and Regulation (EU) No 648/2012 (EMIR – European Market Infrastructure), to strengthen the regulatory ...

The Guarantee Fund for External Actions (GFEA) backs loans and loan guarantees granted to non-EU countries, or to finance projects in non-EU countries. Its objectives are to help protect the EU budget against the risks associated with such loans. The main objective of the actions backed by the GFEA is to support the increase of growth and jobs, and to improve the business environment in developing countries by strengthening the involvement of the private sector. The GFEA also contributes to the European ...

In September 2016, the European Commission proposed amendments to the regulation on the Guarantee Fund for External Actions (GFEA) and the decision granting an EU guarantee to the European Investment Bank (EIB) against losses under financing operations supporting investment projects outside the EU (external lending mandate, ELM). The agreement on the proposals, reached after eight months of trilogue negotiations, needs a confirmation vote during the February I plenary.

‘Derivatives’, ‘central counterparties’ and ‘trade repositories’. What are they and how are they inter-related? Why was regulation necessary, and how does the European Market Infrastructure Regulation (EMIR) regulate? This paper places these elements in context and provides an introduction to the subject of over-the-counter derivatives, as well as the developments that led to the Commission's proposals for revision of the legislation in 2017.

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the JURI Committee compares the preventive insolvency restructuring regimes of various Member States and sets forth the scope of the Commission proposal for a draft Directive of 22 November 2016, the transposition of such proposal and policy recommendations in connection therewith.