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To keep the euro-area economy afloat, the European Central Bank (ECB) has announced a large number of measures since the beginning of the COVID-19 crisis. This response has triggered fears of a future increase in inflation. We discuss the risks that the ECB is unable to fulfil its price-stability mandate, and also whether these new measures respect legal limits set by the EU Treaties. We conclude that the measures introduced by the ECB during the crisis and the resulting increase in the size of its ...

Common agricultural policy

Briefing 12-01-2018

After World War II, Europe was in pieces, devastated and facing a shortage of food. The main objective of the European Coal and Steel Community, a new institution set up in 1952, was therefore to work to unite a fragmented Europe. Lack of food was one of earliest challenges; action at European level was necessary in order to make Europe self-sufficient in food and to secure an adequate food supply and the free flow of food and agricultural products within Europe. The common agricultural policy (CAP ...

The Common Agricultural Policy (CAP) concerns the pooling of European Union resources spent on agriculture and aimed at protecting the viable production of food, the sustainable management of natural resources and to support rural vitality. It consists of two pillars, the first includes direct payments (i.e. annual payments to farmers to help stabilise farm revenues in the face of volatile market prices and weather conditions) and market measures (to tackle specific market situations and to support ...

ETS Market Stability Reserve

Ve stručnosti 29-06-2015

In order to tackle the over-supply of allowances in the EU Emissions Trading System (ETS), the European Commission has proposed a new mechanism under which surplus allowances would be placed in a Market Stability Reserve (MSR), starting in 2021. In a trilogue agreement, Parliament and Council brought forward the start date to 2019, and agreed to place 'backloaded' and unallocated allowances directly into the reserve.

This report summarises the presentations and discussions during the workshop on the ETS Market Stability Reserve (MSR), held on the 5th November 2014. The aim of the workshop was to allow an exchange of views between MEPs, the European Commission, stakeholders from energy and industry sectors and NGOs on the need to intervene in the EU ETS in order to address the current oversupply of allowances that are undermining the effectiveness of the policy instrument. There was a general consensus amongst ...

The EU Emissions Trading System (ETS) aims to achieve cost-efficient reduction of greenhouse gas (GHG) emissions through a market for trading emission allowances. The amount of available allowances is fixed in advance, in line with the EU's GHG reduction targets.

The Financial Stability Board proposes to dampen the pro-cyclicality that may be caused by changes in haircuts in repo and securities lending during a crisis, by introducing minimum standards for the calculation of haircuts, in order to stabilise them across the cycle. They are also considering putting a floor under calculations, at least on risky assets that exhibit pro-cyclicality. Higher haircuts would also help curtail the build-up of excessive leverage.

In many financial markets repurchase agreements (repos) and securities lending agreements benefit from special insolvency treatment which - broadly speaking consists of an exemption from a number of insolvency law mechanisms. In line with FSB Recommendation 13 on repos and securities lending, insolvency treatment of these transactions should not be changed. Instead, the regulators should be given the power to temporarily stay close-out netting, as in bank resolution proceedings. Regulatory haircuts ...

The European Central Bank has taken a series of standard and non-standard measures throughout the financial turmoil, the global financial crisis and the eurozone debt crisis. After several measures meant to revitalise financial markets, the ECB announced its second action on the sovereign-debt market on 6 September 2012, the Outright Monetary Transactions programme.

This note analyses the European Commission’s proposals for reform of the common agricultural policy for the period 2014–2020. The analysis focuses on measures intended to respond to the volatility of agricultural markets. After explaining the possible justifications for public action aimed at mitigating and managing risks in agriculture, we will examine the effectiveness of the new measures that have been proposed, which include a crisis reserve and mutual funds for economic losses, as well as the ...