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Were the US to impose large and lasting tariffs on its imports from the EU, the effect on the euro area (EA) would be substantial and far-reaching. We expect the direct impact to be inflationary in the US and contractionary on EA aggregate demand and output. The indirect impact through an appreciation of the dollar (partly already occurred) tends to transfer inflation from the US to Europe. The ECB should be mindful that both deflationary and inflationary influences may ensue, and be ready to adjust ...

This paper examines the impact of US protectionist trade policies on the euro area economy, focusing on macroeconomic and financial repercussions. While direct tariff effects are mitigated by exchange rate adjustments and ECB policies, broader risks arise from global trade disruptions and financial contagion. Increased risk premia on US bonds elevate European financing costs, posing fiscal challenges. We highlight the importance of trade diversification, innovation incentives, and prudent monetary ...

The euro area experienced an unprecedented surge of inflation in 2021 and 2022 followed by a decline in 2023 and 2024. The ECB raised policy rates too late. Simple rules would have prescribed an earlier response. The policy easing since summer 2024, however, is quite in line with such rules. This experience provides a number of lessons that could lead to improvements in the policy strategy that is currently under review. The current level of policy rates appears appropriate. However, there are some ...

This study first analyses the existing European security architecture, as it has emerged since World War II. It does so from an organisational perspective, looking at NATO, the OCSE and EU defence policy, as well as from a series of national country perspectives, trying to find underlying motives for national defence policies. After looking at recent policy responses to the Russian invasion of Ukraine in the pivotal years since 2022, five scenarios for a possible future European security architecture ...

This study explores the current and future flexibility needs in the electricity system as well as existing and potential solutions to efficiently integrate renewable energy and facilitate electrification of end-uses. Key findings highlight the importance of flexible electricity generation, demand response and energy storage solutions for daily, weekly, and seasonal flexibility provision. However, challenges persist due to inadequate market rules and regulatory frameworks, and economic issues. The ...

This research study provides an overview of other revenue and its current and potential future relevance in the EU revenue system. After setting out the conceptual foundations and important definitions related to other revenue, the study maps the different categories of other revenue and presents their development over time. Finally, the study discusses several options to strengthen the role of other revenue, considering both existing and potential new other revenue sources. This study was provided ...

Using an own, newly elaborated functional definition of mobility poverty, this study first estimates mobility poverty in the nine EU outermost regions and assesses its effects on their transport and tourism sectors. It then reviews the Fit for 55 transport-related legislation and analyses its implications for these remote territories. It also outlines the main EU, national and regional measures tackling the adverse effects of both mobility poverty and the new climate legislation, and finally concludes ...

The study investigates how Cohesion Policy responds to emerging and existing demographic and socio-economic challenges. Following an overview of the main socio-economic challenges, it provides an assessment of Cohesion Policy strengths and weaknesses in tackling these challenges in the 2014-2020 and 2021-2027 periods. It then considers the policy implications for future Cohesion Policy and the role of the European Parliament. The study is based on a review of the relevant literature and data, stakeholders ...

This study constitutes a targeted substitute impact assessment of the Commission’s proposal for a revised Facilitation Directive (COM(2023) 755), presented on 28 November 2023 as part of a package to address migrant smuggling. It provides a critical review of the existing legal and policy framework at EU level and its shortcomings regarding transposition and implementation. It also undertakes a critical and thorough appraisal of the proposed objectives and measures in terms of coherence, effectiveness ...

Este documento se integra en una serie de estudios que, desde una perpectiva de Derecho Comparado, tienen como objeto analizar el principio de protección del Medio Ambiente en diferentes ordenamientos jurídicos. Tras la explicación de la normativa y la jurisprudencia de aplicación, se examinan el contenido, los límites y la posible evolución de dicho concepto. El presente estudio tiene por objeto el caso de España. El análisis parte de la consagración constitucional del principio de protección del ...