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This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions. Annex 1 includes latest GDP data and forecasts for all EU Member States and Annex 2 the latest inflation data and developments.

This tabular document provides an overview of the Monetary Dialogues with the President of the European Central Bank (ECB) that have taken place in the Economic and Monetary Affairs (ECON) Committee of the European Parliament since September 2019. It also includes an overview of the legal basis for these dialogues and of the formal arrangements between the European Parliament and the ECB on how to structure their interaction in the area of central banking. During the 9th legislative term, the ECON ...

This briefing outlines the institutional role of the European Parliament in ensuring democratic accountability within the Economic and Monetary Union (Section 1), notably in its three policy pillars - monetary policy (Section 2), economic governance (Section 3), including recovery and resilience facility (Section 4), and banking supervision/resolution (Section 5). It highlights the EP's legal mandates, as well as its practical involvement through dialogues, resolutions, and public hearings.

This report investigates how the EU should deal with shockflation - inflation unleashed by shocks to systemically significant prices such as energy and food. We argue that the ECB’s monetary policy is not an adequate instrument to deal with this kind of inflation. Therefore, the EU currently lacks adequate governance structures. The EU should develop a new inflation governance framework that targets shocks to systemically significant prices directly, before they are propagated through the economy ...

General tax policy

EU Fact Sheets 13-06-2024

Taxation is a prerogative of the Member States, the EU having only limited competences. As EU tax policy is geared towards the smooth running of the single market, the harmonisation of indirect taxation was addressed before that of direct taxation. Efforts to combat the problem of tax evasion and tax avoidance then followed. EU tax legislation must be adopted unanimously by the Member States. The European Parliament has the right to be consulted on tax matters; for budgetary-related issues it is ...

Indirect taxation

EU Fact Sheets 11-06-2024

Indirect taxes include value added tax (VAT) and excise duties on alcohol, tobacco and energy. The common VAT system is generally applicable to goods and services that are bought and sold for use or consumption in the EU. Excise duties are levied on the sale or use of specific products. EU legislative activities are aimed at coordinating and harmonising VAT law and harmonising duties on alcohol, tobacco and energy, with the aim of ensuring the proper functioning of the internal market. In accordance ...

Financial services policy

EU Fact Sheets 10-06-2024

Financial services form an essential part of the EU’s efforts to complete the internal market, under the free movement of services and capital. Progress has come in phases: (1) removal of national entry barriers (1957-1973); (2) harmonisation of national laws and policies (1973-1983); (3) completion of the internal market (1983-1992); (4) creation of the single currency area (1993-2007); and (5) the global financial crisis and post-crisis reform (from 2007 onwards).

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 ...

The Single Resolution Board (SRB) possesses statutory, formal independence by law, and its decisions are guided by a set of objectives whose application requires interpretation and trade-offs. The resulting discretion is balanced by accountability to the EU Institutions, and in particular, to the European Parliament. To support parliamentary scrutiny of the SRB during the 10th parliamentary term, this briefing presents the provisions on accountability in the SRB’s founding legislation and analyses ...

Amidst a changed global environment and with the goal to defend its geopolitical weight, the EU should provide public goods with EU value added, so that efficiency gains can be achieved at the EU level. We propose an expanded EU budget to serve the dual role of more automatic stabilisation and the provision of EU public goods, where the European Parliament should have an enhanced role in setting investment priorities. We discuss three such areas of investment priority – infrastructure, defence and ...