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In the aftermath of the 2008 financial crisis, which showed the need for more sophisticated and demanding capital requirements for banks, new regulations were agreed at international level – known as the Basel III Agreements. In the EU, they were implemented essentially by amending the Capital Requirements Directive (CRD) and adopting the Capital Requirements Regulation (CRR). On 27 October 2021, the Commission tabled two interconnected proposals to amend the CRR and the CRD, respectively. The objective ...

An independent media is a pillar of democracy and an important part of the economy, helping to shape public opinion and hold those in power to account. In recent years, however, there have been increasingly worrying trends across the European Union (EU), as documented in the annual rule of law reports by the European Commission and other tools such as the Media Pluralism Monitor. Tabled on 16 September 2022, the proposed European media freedom act (EMFA) would introduce a new set of rules to promote ...

Luxembourg's National Recovery and Resilience Plan (NRRP) was initially to be financed by the Recovery and Resilience Facility (RRF) with a total of €93.4 million in grants. This allocation accounted for around 51 % of the total estimated value of the Luxembourgish NRRP (€183.1 million). A further 46 % of the costs are to be covered by the national budget, and 3 % from other EU co-financing. Under the RRF Regulation, Member States can request RRF loans until 31 August 2023; Luxembourg has not done ...

This document provides an overview of public hearings and exchange of views with the Chair of the Single Resolution Board (SRB) in the ECON Committee since July 2019. It also provides an overview of all external papers requested by the ECON Committee by a standing panel of banking experts. Lastly, the annex contains an overview of the respective legal bases for these hearings as part of the accountability framework of the SRB. For an overview of public hearings during the 8th parliamentary term, ...

On 7 December 2022, the European Commission made two proposals to amend EU legislation on derivative markets to reduce the excessive and concentrated exposure of EU financial institutions to third-country central counterparties (CCPs). CCPs are clearing platforms that mitigate counterparty risks on derivative instruments by demanding collateral. Among other things, the proposals would require EU financial institutions to retain a portion of mandatory CCP derivative trading, to be handled through ...

This document provides an overview of the public hearings of the Chair of the Supervisory Board of the European Central Bank in the ECON Committee during the 9th parliamentary term (since July 2019), and lists all research papers requested by the ECON Committee, which are in general provided by a standing panel of banking experts. The annex gives an overview of the respective legal bases for those hearings, which form part of the accountability framework of the Single Supervisory Mechanism (SSM). ...

Two European Union (EU) directives regulate the EU collective investment funds industry: the Directive relating to undertakings for collective investment in transferable securities (UCITS) and the Alternative Investment Funds Manager Directive (AIFMD). The UCITS Directive, which covers mutual funds, lays down uniform rules, allowing them to be offered cross-border, while the AIFMD, which covers hedge funds and private equity, lays down the rules for authorising, supervising and overseeing the managers ...

On 15 December 2021, the European Commission adopted a major revision (recast) of the Energy Performance of Buildings Directive (EPBD), as part of the 'fit for 55' package. This package is a core part of the European Green Deal, which aims to set the EU firmly on the path towards net zero GHG emissions (climate neutrality) by 2050. The recast EPBD aims to accelerate building renovation rates, reduce GHG emissions and energy consumption, and promote the uptake of renewable energy in buildings. It ...

Air pollution is the single largest environmental health risk in the EU and causes significant damage to ecosystems. As part of the European Green Deal's zero pollution ambition, on 26 October 2022 the Commission tabled a proposal for a revision of the Ambient Air Quality Directives. The proposed directive would set air quality standards for 2030 that are more closely aligned with the Word Health Organization's recommendations, as updated in 2021. It would also include a mechanism for the standards ...

As required by EU water legislation, and in line with the European Green Deal's zero pollution ambition, on 26 October 2022 the European Commission tabled a proposal to revise the lists of surface water and groundwater pollutants that need to be monitored and controlled for the purpose of protection of EU freshwater bodies, and the associated environmental quality standards. The proposal also seeks to remedy shortcomings identified in the current framework as regards chemical pollution in waters, ...