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The adoption of the next multiannual financial framework (MFF) for the period from 2028 will be one of the second von der Leyen Commission's defining projects. Striking a delicate balance between the EU's growing financial needs and many Member States' reluctance to shoulder higher payments to the EU has always been a challenging task. However, never before have the EU's many financial needs been greater – and, at the same time, Member States' budgets are under heavy constraints. On the expenditure ...

The purpose of Draft Amending Budget No 2/2024 (DAB 2/2024) to the EU's 2024 general budget is to enter the €632.6 million surplus from implementation of the 2023 budget as revenue into the 2024 budget. Inclusion of the surplus will lead to a corresponding reduction in Member States' gross national income (GNI) contributions to the 2024 budget. The European Parliament is expected to vote on the Council's position on DAB 2/2024 during the October II plenary session.

Parliament is expected to vote on provisional agreements on amendments to the Capital Requirements Directive (CRD) and to the Capital Requirements Regulation (CRR) during the April II plenary session. The CRD and CRR provide the prudential framework in the EU banking single rulebook. The Commission tabled a package of two interconnected proposals to amend the CRR and the CRD in 2021. The objective is two-fold: (i) implement final Basel Agreement arrangements; and (ii) enhance harmonisation of banking ...

The purpose of draft amending budget No 3/2023 (DAB 3/2023) to the EU's 2023 general budget is to update the revenue side, taking into account the latest economic forecasts. DAB 3/2023 also adjusts the 2023 budget to cover recent developments such as the Defence Industrial Reinforcement Instrument, the European Chips Act and fisheries agreements. Parliament is expected to vote on the Council's position on DAB 3/2023 during its October II plenary session.

On 22 December 2021, the European Commission announced its proposal for the introduction of new own resources. The underlying objective is to decrease the share of own resources based on gross national income (GNI) in the revenue mix while preserving existing long-term EU policy commitments. The initiative also seeks to secure the necessary resources to cover new budgetary expenditures, such as the repayments of the debt arising from the Next Generation EU recovery fund and the recently adopted Social ...

Executive Vice-President Dombrovskis and Commissioner Gentiloni are invited to the eleventh Recovery and Resilience Dialogue (RRD) under the Recovery and Resilience Facility (RRF) Regulation. Section 1 of this briefing covers recent developments relating to the implementation of RRF, in particular the European Semester assessment of the general RRF implementation progress, the status quo of new REPowerEU chapters, requests for additional loans, and the mid-term evaluation of the RRF. Section ...

The tentative agenda for the forthcoming European Commission meeting of 20 June 2023 includes a proposal on a second basket of new own resources, with the title 'An adjusted package for the next generation of own resources'. The proposal would be adopted together with the revision of the 2021-2027 multiannual financial framework (MFF). In the roadmap for new own resources annexed to the interinstitutional agreement (IIA) of 16 December 2020, the decision on the second basket was initially envisaged ...

Among the highlights of the May I plenary session were debates on the EU budget and own resources, as well as on 55 reports on the discharge for the 2021 budget. Members addressed a variety of issues, including the revision of the Stability and Growth Pact, and the role of farmers as enablers of the green transition and a resilient agricultural sector. Further debates concerned Ukrainian cereals on the European market, the act in support of ammunition production (on which Parliament voted to fast-track ...

The highlight of the November II 2022 plenary session was the ceremony marking the 70th anniversary of the European Parliament, with the participation of the Prime Ministers of France, Belgium and Luxembourg. Russia's war against Ukraine again featured high on the agenda, not least with the adoption of a resolution recognising the Russian Federation as a state sponsor of terrorism, and a joint debate with a vote on regulations governing EU financial assistance to Ukraine. Political debates were held ...

To ensure the credibility of market discipline induced by bail-in, neither retail investors nor peer banks should appear prominently among the investor base of banks’ loss absorbing capital. Empirical evidence on bank-level data provided by the German Federal Financial Supervisory Authority raises a few red flags. Our list of policy recommendations encompasses disclosure policy, data sharing among supervisors, information transparency on holdings of bail-inable debt for all stakeholders, threshold ...