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Economic dialogue with the President of the Eurogroup

22-01-2021

Paschal Donohoe has been invited to his first Economic Dialogue in the ECON Committee since his election as President of the Eurogroup in July 2020. The previous dialogue with Mário Centeno took place on 21 April 2020. The exchange of views with Members of the ECON Committee will cover the ongoing work of the Eurogroup, notably short term policy measures intended to combat the economic, financial and social consequences of COVID-19, medium term policies to support a sustainable recovery and increase ...

Paschal Donohoe has been invited to his first Economic Dialogue in the ECON Committee since his election as President of the Eurogroup in July 2020. The previous dialogue with Mário Centeno took place on 21 April 2020. The exchange of views with Members of the ECON Committee will cover the ongoing work of the Eurogroup, notably short term policy measures intended to combat the economic, financial and social consequences of COVID-19, medium term policies to support a sustainable recovery and increase resilience of the Euro Area and longer term objectives relating to the robustness of the EMU governance framework, including completing the Banking Union. This briefing covers the following issues: the Eurogroup work programme until June 2021 (Section 1); Economic situation and developments (Section 2); the Recovery and Resilience Facility and the 2021 European Semester Cycle (Section 3); EU/EA policy measures taken to mitigate the economic effects of the pandemic (Section 4); Financial assistance programmes and reform of European Stability Mechanism (Section 5) and Banking Union developments (Section 6). For an overview of the role of the President of the Eurogroup, please see Briefing: The role (and accountability) of the President of the Eurogroup.

The proposed amendments to the Treaty establishing the European Stability Mechanism

18-01-2021

This document presents the proposed amendments to the Treaty establishing the European Stability Mechanism (ESM). The note outlines the relevant changes and provides a comparison between the current ESM Treaty and the proposed amended one. This note will be updated in light of relevant developments and it complements two separate EGOV briefings: The European Stability Mechanism: Main Features, Instruments and Accountability and the ESM Pandemic Crisis Support.

This document presents the proposed amendments to the Treaty establishing the European Stability Mechanism (ESM). The note outlines the relevant changes and provides a comparison between the current ESM Treaty and the proposed amended one. This note will be updated in light of relevant developments and it complements two separate EGOV briefings: The European Stability Mechanism: Main Features, Instruments and Accountability and the ESM Pandemic Crisis Support.

When and how to deactivate the SGP general escape clause?

15-01-2021

The unprecedented level of economic uncertainty requires clarifying the European fiscal rules. To avoid repeating the mistakes of the last crisis, the deactivation of the General Escape Clause should be state-dependent, not time-dependent and should take place only when 1) a reform of the SGP has been agreed upon, 2) the EU has returned to its pre-crisis level in terms of GDP per capita or employment. The state-dependent strategy should also apply at the country level.

The unprecedented level of economic uncertainty requires clarifying the European fiscal rules. To avoid repeating the mistakes of the last crisis, the deactivation of the General Escape Clause should be state-dependent, not time-dependent and should take place only when 1) a reform of the SGP has been agreed upon, 2) the EU has returned to its pre-crisis level in terms of GDP per capita or employment. The state-dependent strategy should also apply at the country level.

External author

Philippe MARTIN, Xavier RAGOT

Macro-Financial Assistance to EU Member States -January 2021

14-01-2021

This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, the EFSF, the EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Since August 2018 all financial assistance programmes to EU Member States have been concluded; therefore, the document focuses on the implementation of the enhanced surveillance framework for Greece and post-programme reviews for Ireland, Portugal, Romania, Cyprus ...

This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, the EFSF, the EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Since August 2018 all financial assistance programmes to EU Member States have been concluded; therefore, the document focuses on the implementation of the enhanced surveillance framework for Greece and post-programme reviews for Ireland, Portugal, Romania, Cyprus and Spain undertaken by the European Commission (EC) in liaison with the ECB (Post-Programme Surveillance, PPS), the IMF (Post-Programme Monitoring, PPM, and Article IV assessments) and the ESM (Early Warning System, EWS).

Ten issues to watch in 2021

06-01-2021

This is the fifth edition of an annual EPRS publication aimed at identifying and framing some of the key issues and policy areas that are likely to feature prominently on the political agenda of the European Union over the coming year. The topics analysed are: the Covid-19 race for a vaccine; the recovery plan; access to food; inequality; challenges for culture and the performing arts; a digital boost for the circular economy; critical raw materials; border controls; Turkey and the eastern Mediterranean ...

This is the fifth edition of an annual EPRS publication aimed at identifying and framing some of the key issues and policy areas that are likely to feature prominently on the political agenda of the European Union over the coming year. The topics analysed are: the Covid-19 race for a vaccine; the recovery plan; access to food; inequality; challenges for culture and the performing arts; a digital boost for the circular economy; critical raw materials; border controls; Turkey and the eastern Mediterranean; and the new US administration.

Implementation of the Macroeconomic Imbalance Procedure: State of play December 2020

06-01-2021

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

The link between biodiversity loss and the increasing spread of zoonotic diseases

22-12-2020

Over the last decades, a variety of fatal infectious diseases have had zoonotic origins. The linkages between hosts, vectors, parasites and pathogens can be influenced by a multitude of factors, such as biodiversity, wildlife and land use. High levels of biodiversity may be a potential source of pathogen transmission, but biodiversity loss can also promote transmission by increasing the number of competent hosts for a pathogen. Biodiversity conservation reduces the risk of zoonotic diseases when ...

Over the last decades, a variety of fatal infectious diseases have had zoonotic origins. The linkages between hosts, vectors, parasites and pathogens can be influenced by a multitude of factors, such as biodiversity, wildlife and land use. High levels of biodiversity may be a potential source of pathogen transmission, but biodiversity loss can also promote transmission by increasing the number of competent hosts for a pathogen. Biodiversity conservation reduces the risk of zoonotic diseases when it provides additional habitats for species and reduces the potential contact between wildlife, livestock and humans. Additionally, host and vector management is a viable option. Other crucial measures include the restriction and sanitary control of wildlife trade, while considering the needs of indigenous peoples and local communities. Each case requires an assessment of the best way to reduce risk while considering implications for other ecosystem functions or services. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on the Environment, Public Health and Food Safety (ENVI).

External author

Frank VAN LANGEVELDE, Hugo René RIVERA MENDOZA

EU/EA measures to mitigate the economic, financial and social effects of coronavirus State-of-play 18 December 2020

18-12-2020

This document compiles information, obtained from public sources, on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid19. It will be regularly updated, following new developments.

This document compiles information, obtained from public sources, on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid19. It will be regularly updated, following new developments.

The European space sector as an enabler of EU strategic autonomy

16-12-2020

Today, the European Union can boast a degree of strategic autonomy in space. Projects such as Galileo have not only enhanced the EU’s economy, but they may confer on the Union the ability to amplify its Common Foreign and Security Policy and Common Security and Defence Policy. While the EU continues to promote the safe, secure and sustainable use of space, it is also true that space is rapidly becoming a political arena that hangs over geopolitical competition on earth. Space is crucial for EU security ...

Today, the European Union can boast a degree of strategic autonomy in space. Projects such as Galileo have not only enhanced the EU’s economy, but they may confer on the Union the ability to amplify its Common Foreign and Security Policy and Common Security and Defence Policy. While the EU continues to promote the safe, secure and sustainable use of space, it is also true that space is rapidly becoming a political arena that hangs over geopolitical competition on earth. Space is crucial for EU security and defence. Yet the EU is at a cross-roads and it needs to develop ways to ensure that it maintains its strategic autonomy in space. Without strategic autonomy in space, there can be no strategic autonomy on earth. There is a need for the Union to invest in its space presence, push the technological frontier in space, ensure that its ground- and space-based critical infrastructure is protected, ensure that its industrial supply chains are resilient and utilise new initiatives in security and defence to further enhance the EU’s ability to act autonomously.

External author

Daniel FIOTT

When and how to deactivate the SGP general escape clause?

15-12-2020

This paper analyses the conditions under which to lift the SGP general escape clause (GEC). It is advisable that the timing for lifting the GEC be Member State-specific and contingent to the Member State’s return to its pre-Covid-19 output gap or real GDP level. Medium-Term Budgetary Objectives should be redesigned to take into account the debt-to-GDP level and the interest rate-growth differential. Maintaining government debt yields at low levels after the pandemic would make debt reduction less ...

This paper analyses the conditions under which to lift the SGP general escape clause (GEC). It is advisable that the timing for lifting the GEC be Member State-specific and contingent to the Member State’s return to its pre-Covid-19 output gap or real GDP level. Medium-Term Budgetary Objectives should be redesigned to take into account the debt-to-GDP level and the interest rate-growth differential. Maintaining government debt yields at low levels after the pandemic would make debt reduction less costly in terms of output.

External author

Luisa LAMBERTINI

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