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Posted on 09-04-2021

The role of the European Council in negotiating the 2021-27 MFF

09-04-2021

To assess the role of the European Council in the process of the adoption of the multiannual financial framework and its evolution over time, this paper provides a comparative analysis of the similarities and differences between the European Council's involvement in the 2014‑2020 and 2021‑2027 MFF negotiations. An additional content analysis of EU leaders' Twitter communication on the MFF focuses in particular on key moments in the European Council's decision-making process.  The 2021‑2027 MFF negotiations ...

To assess the role of the European Council in the process of the adoption of the multiannual financial framework and its evolution over time, this paper provides a comparative analysis of the similarities and differences between the European Council's involvement in the 2014‑2020 and 2021‑2027 MFF negotiations. An additional content analysis of EU leaders' Twitter communication on the MFF focuses in particular on key moments in the European Council's decision-making process.  The 2021‑2027 MFF negotiations provide yet another example of the ways in which EU leaders not only intervene in the parts of the policy cycle envisaged for the European Council in the Treaties, but extend the scope of their involvement and influence, to areas where this is expressly prohibited by the Treaties, such as regarding legislation. The European Council's involvement in legislative matters against the letter of the Treaties can be considered both as 'déjà vu' and as a further evolution of its involvement.

EU-UK private-sector data flows after Brexit: Settling on adequacy

09-04-2021

EU-UK data flows – the lifelines of our shared digital trade – have come under pressure following the UK's withdrawal from the EU. To take regulatory and business decisions, a clear understanding of the state of play and future prospects for EU-UK transfers of personal data is indispensable. This EPRS in-depth analysis reviews and assesses trade dealings, adequacy challenges and transfer instruments under the EU's General Data Protection Regulation (GDPR).

EU-UK data flows – the lifelines of our shared digital trade – have come under pressure following the UK's withdrawal from the EU. To take regulatory and business decisions, a clear understanding of the state of play and future prospects for EU-UK transfers of personal data is indispensable. This EPRS in-depth analysis reviews and assesses trade dealings, adequacy challenges and transfer instruments under the EU's General Data Protection Regulation (GDPR).

Posted on 29-03-2021

Protecting workers from asbestos

29-03-2021

Asbestos is responsible for more than half of the deaths from occupational cancer in the world. Since 2005 Asbestos is banned in Europe. The risks remain, because of the maintenance or demolition work on older buildings and their renovation (increasing energy efficiency) result in substantial exposure to asbestos and many people still work and live in asbestos contaminated buildings.

Asbestos is responsible for more than half of the deaths from occupational cancer in the world. Since 2005 Asbestos is banned in Europe. The risks remain, because of the maintenance or demolition work on older buildings and their renovation (increasing energy efficiency) result in substantial exposure to asbestos and many people still work and live in asbestos contaminated buildings.

Posted on 25-03-2021

Implementation of the EU Trust Funds and the Facility for Refugees in Turkey - Update- March 2021

25-03-2021

This paper proposes a factual overview of recent developments in the implementation of the EU Bêkou Trust Fund for the Central African Republic, the EU Regional Trust Fund in response to the Syrian crisis (Madad), the EU Trust Fund for Peace in Colombia, the EU Trust Fund for Africa and the Facility for Refugees in Turkey.

This paper proposes a factual overview of recent developments in the implementation of the EU Bêkou Trust Fund for the Central African Republic, the EU Regional Trust Fund in response to the Syrian crisis (Madad), the EU Trust Fund for Peace in Colombia, the EU Trust Fund for Africa and the Facility for Refugees in Turkey.

External author

Alix Delasnerie

Posted on 19-03-2021

Public hearing with Andrea Enria, Chair of the ECB Supervisory Board

19-03-2021

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 23 March 2021. During the hearing, Chair Enria will present the Annual Report on supervisory activities 2020, which will be published the same day. This paper addresses (i) the implications of supervisory measures in response to COVID-19; (ii) supervisory work for 2021 (supervisory priorities, stress test, fit and proper assessments ...

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 23 March 2021. During the hearing, Chair Enria will present the Annual Report on supervisory activities 2020, which will be published the same day. This paper addresses (i) the implications of supervisory measures in response to COVID-19; (ii) supervisory work for 2021 (supervisory priorities, stress test, fit and proper assessments, recovery planning); (iii) medium and longer term structural risks (Basel III, anti-money laundering, climate risk, and completing the Banking Union); (iv) recent ECB publications; and (v) recent developments in the banking sector relating to the Greensill case.

Posted on 18-03-2021

From the Cliff to the Top: The Path to a Resilient and Sustainable Europe

01-03-2021

The European Union has put in place an extraordinary array of policy measures to mitigate the devastating economic consequences of the COVID-19 pandemic. The sheer amount and extent of the support economic lifelines makes a rushed termination of policies potentially subject to dire cliff effects. Avoiding these cliff effects requires a combination of decisive and long-lasting fiscal stimuli with an accommodating monetary stance, as well as a renewed European strategy that presents a unified fiscal ...

The European Union has put in place an extraordinary array of policy measures to mitigate the devastating economic consequences of the COVID-19 pandemic. The sheer amount and extent of the support economic lifelines makes a rushed termination of policies potentially subject to dire cliff effects. Avoiding these cliff effects requires a combination of decisive and long-lasting fiscal stimuli with an accommodating monetary stance, as well as a renewed European strategy that presents a unified fiscal policy, growth-enhancing investments, and a green modernisation of the economy. 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 18 March 2021.

External author

Jan Phillip FRITSCHE, Anna GIBERT, Chi Hyun KIM

When and how to unwind COVID-support measures to the banking system? The quest for safe landing place

17-03-2021

Bank loans increased considerably in 2020, due to an unprecedented wave of extraordinary measures aimed at supporting bank borrowers. Where constraints posed by public-sector deficits were tighter, the response was more focused on contingent/fiscally-neutral measures (e.g. public guarantees and moratoria), which might lead to greater unbalances in the future. Post-Covid recovery can be expected to be selective in nature, both across industries and within. Accordingly, emergency measures cannot simply ...

Bank loans increased considerably in 2020, due to an unprecedented wave of extraordinary measures aimed at supporting bank borrowers. Where constraints posed by public-sector deficits were tighter, the response was more focused on contingent/fiscally-neutral measures (e.g. public guarantees and moratoria), which might lead to greater unbalances in the future. Post-Covid recovery can be expected to be selective in nature, both across industries and within. Accordingly, emergency measures cannot simply be dismantled, but rather must be replaced by interventions aimed at smoothing the transition towards a different economic environment.

External author

A. Resti

Balanced Withdrawal of Policy Support to Avoid Cliff Effects

01-03-2021

The COVID-19 crisis has triggered unprecedented concerted economic policy response. The paper investigates potential cliff effects that may arise from the temporary nature of the measures adopted and their different phase-out schedules. It finds that the concern that premature policy tightening could jeopardise the recovery are overblown. The major challenges for economic policy lie in the medium term. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies ...

The COVID-19 crisis has triggered unprecedented concerted economic policy response. The paper investigates potential cliff effects that may arise from the temporary nature of the measures adopted and their different phase-out schedules. It finds that the concern that premature policy tightening could jeopardise the recovery are overblown. The major challenges for economic policy lie in the medium term. 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 18 March 2021.

External author

Klaus-Jürgen GERN

Posted on 17-03-2021

The Challenging Cliff-Edge

01-03-2021

From an economic policy viewpoint, the harder part will come once the pandemic is over. The crisis will leave many scars that are likely to significantly slow growth down. Countering these effects will require continuous and well-targeted fiscal policy support. Monetary policy, which provided adequate support during the crisis, will have to eventually normalise its interest rates. The ECB could play a crucial role in reducing the large debts that fragilize several member countries. This paper was ...

From an economic policy viewpoint, the harder part will come once the pandemic is over. The crisis will leave many scars that are likely to significantly slow growth down. Countering these effects will require continuous and well-targeted fiscal policy support. Monetary policy, which provided adequate support during the crisis, will have to eventually normalise its interest rates. The ECB could play a crucial role in reducing the large debts that fragilize several member countries. 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 18 March 2021.

External author

Charles WYPLOSZ

Adjusting Support in a K-Shaped Recovery

01-03-2021

As recovery from the pandemic continues, fiscal and monetary support can be reduced, at least for industry. Cliff effects are unlikely to arise under a gradual reduction of support. With financial markets in a “risk on” phase, monetary policy support becomes less relevant. The withdrawal of the various pandemic measures should not pose a risk to the recovery or to financial stability. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request ...

As recovery from the pandemic continues, fiscal and monetary support can be reduced, at least for industry. Cliff effects are unlikely to arise under a gradual reduction of support. With financial markets in a “risk on” phase, monetary policy support becomes less relevant. The withdrawal of the various pandemic measures should not pose a risk to the recovery or to financial stability. 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 18 March 2021.

External author

Daniel GROS, Farzaneh SHAMSFAKHR

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