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AAG of the study identifies the fundamental rationale for a possible issuance of a digital euro: to preserve the role of public money in a digital economy. It outlines the policy options, trade-offs as well as design issues that its creation would raise. 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)

This year marks the 50th anniversary of the signing of the accession treaties to the former European Communities by Ireland and Denmark. The path to membership was not smooth for either country, with their first two applications made in 1961 and 1967, together with the United Kingdom, effectively blocked by French opposition. With a change of government in France, the six members of the European Communities reaffirmed their agreement to the enlargement of the Communities, and negotiations on membership ...

One year after the outbreak of the coronavirus pandemic, the fight against the virus will again top the agenda of the European Council meeting on 25-26 March 2021. EU leaders are expected to focus their discussions on ‘digital green certificates’ (providing proof of vaccination and/or Covid-19 test results) and progress on production, delivery and deployment of vaccines. They will work further on developing a common EU approach to the gradual lifting of restrictions and refer to global solidarity ...

EPRS invites leading experts and commentators to share their thinking and insights on important features of the European Union as a political and economic system. In this paper, David O'Sullivan, former Secretary General of the European Commission and EU Ambassador to the United States, reflects on the Union's contribution to and standing in the multilateral system which it has done so much to support and pioneer, as well as on some of the issues that confront Europe if it is to maximise its influence ...

We present the set of measures that the ECB has undertaken to fight the pandemic crisis by outlining the deep impact that COVID-19 is having on economic structures, and by highlighting the differences between the current policy package and previous ECB’s programmes. Moreover, we discuss what are the challenges that await the ECB in the medium to long run, contingent on different post-COVID scenarios concerning economic growth and inflation, considering its peculiar multinational jurisdiction. This ...

The issuance of EU debt in the context of the recovery plan for Europe creates scope for strengthening the international role of the euro. However, with a large share of safe euro assets likely to be absorbed by the pandemic emergency purchase programme of the ECB, a shortage of eligible bonds stands to impede such progress. The ECB could decisively increase the supply of safe assets by issuing tradable ECB certificates of deposit as a way of overcoming this obstacle. This document was provided ...

The euro is the second most important global currency after the US dollar. However, its international role has not increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial market for US dollar-denominated assets is larger and deeper; network externalities and inertia also play a role. Increasing the attractiveness of the euro outside the euro area requires, among others, a proactive role for the European Central Bank and completing ...

This paper summarises recent trends in the international use of the euro and potential benefits and drawbacks of acquiring the status of an international currency, with a focus on implications for monetary policy. The benefits of international currency status are found to likely be limited and the effects on monetary policy to be ambiguous. The international role of the euro could be strengthened by policy initiatives in specific markets or as a by-product of improvements in the soundness of euro ...

The Euro and the Geopolitics of Post-COVID-19

Λεπτομερής ανάλυση 15-05-2020

This note provides a critical overview on the current status and recent trends related to the euro’s international standing over the last decade and reflects on the opportunities and risks for the role of the euro going forward, including the post-COVID-19 international trade and political order. 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.

Global Currencies During a Crisis: Swap Line Use Reveals the Crucial Ones

Λεπτομερής ανάλυση 15-05-2020

The current crisis has confirmed the importance of the currency swap lines offered by the Federal Reserve. They enhance the role of the USD as the dominant global currency. However, one should not expect much impact on the international role of the euro when the ECB offers similar currency swap lines. Currency competition is not won by competing on the generosity of currency swap lines. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at ...