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What do we know about the BICC today?

27-04-2020

The budgetary instrument for convergence and competitiveness is part of the Eurogroup December 2018 “comprehensive plan to strengthen the Euro’’, and may gain prominence also as part of the response to the corona crisis. This note presents its main features, as known on the basis of public sources. It addresses its connection with the European Semester and the more general framework of economic policy coordination. On 22 and 24 April, draft reports for the BICC governance proposal and the Reform ...

The budgetary instrument for convergence and competitiveness is part of the Eurogroup December 2018 “comprehensive plan to strengthen the Euro’’, and may gain prominence also as part of the response to the corona crisis. This note presents its main features, as known on the basis of public sources. It addresses its connection with the European Semester and the more general framework of economic policy coordination. On 22 and 24 April, draft reports for the BICC governance proposal and the Reform Support Programme were put forward. This note is updated on the basis of further available information.

Euro Area Scrutiny: External expertise on economic governance issues during the 8th Parliamentary term

24-06-2019

This document provides the summaries of all external experts papers published during the 8th parliamentary term (2014-2019) by the Economic Governance Support Unit, aimed at supporting the scrutiny work on the functioning of the Euro Area, especially in view of the bi-annual Economic Dialogues with the President of the Eurogroup.

This document provides the summaries of all external experts papers published during the 8th parliamentary term (2014-2019) by the Economic Governance Support Unit, aimed at supporting the scrutiny work on the functioning of the Euro Area, especially in view of the bi-annual Economic Dialogues with the President of the Eurogroup.

Plenary round-up – Strasbourg, March I 2019

15-03-2019

Highlights of the March I plenary session included debates on Brexit, preparation of the European Council meeting of 21-22 March 2019, and the latest debate on the Future of Europe, with Peter Pellegrini, Slovakia's Prime Minister. Parliament also held debates on a proposed European human rights violations sanctions regime; the situation in Venezuela and Nicaragua; opening EU-US trade negotiations; climate change; gender balance in nominations to EU economic and monetary affairs bodies; and on the ...

Highlights of the March I plenary session included debates on Brexit, preparation of the European Council meeting of 21-22 March 2019, and the latest debate on the Future of Europe, with Peter Pellegrini, Slovakia's Prime Minister. Parliament also held debates on a proposed European human rights violations sanctions regime; the situation in Venezuela and Nicaragua; opening EU-US trade negotiations; climate change; gender balance in nominations to EU economic and monetary affairs bodies; and on the urgency to establish an EU blacklist of third countries with weak regimes on anti-money-laundering and countering terrorist financing. Finally, Parliament adopted first-reading positions on three further proposed funding programmes for the 2021-2027 period. A number of Brexit-preparedness measures were also adopted.

Establishment of a European monetary fund (EMF)

06-03-2019

The European Commission's proposal for transforming the intergovernmental European Stability Mechanism (ESM) into a European monetary fund (EMF) under EU law would provide it with wide-ranging tasks. The ESM was created at the height of the European sovereign debt crisis in order to provide financial assistance for governments that had lost, or were about to lose, access to financial markets. It was established outside the Community framework by an intergovernmental treaty and is a permanent rescue ...

The European Commission's proposal for transforming the intergovernmental European Stability Mechanism (ESM) into a European monetary fund (EMF) under EU law would provide it with wide-ranging tasks. The ESM was created at the height of the European sovereign debt crisis in order to provide financial assistance for governments that had lost, or were about to lose, access to financial markets. It was established outside the Community framework by an intergovernmental treaty and is a permanent rescue mechanism aimed at safeguarding the financial stability of the euro area. The proposal met with considerable opposition at Council level, as the Council wishes to maintain the ESM's intergovernmental character, and would expand its remit only slightly. The European Parliament, whose legislative powers are limited within the consent procedure, will vote on an interim report in plenary.

The ESM and the proposed EMF: a tabular comparison

14-06-2018

This paper presents some aspects of the draft Council Regulation on the establishment of a European Monetary Fund, proposed by the Commission in the context of the Roadmap to deepening Europe’s Economic and Monetary Union of December 2017. The paper includes a full comparison between the European Stabilisation Mechanism (ESM) Treaty and the Statute of the proposed EMF.

This paper presents some aspects of the draft Council Regulation on the establishment of a European Monetary Fund, proposed by the Commission in the context of the Roadmap to deepening Europe’s Economic and Monetary Union of December 2017. The paper includes a full comparison between the European Stabilisation Mechanism (ESM) Treaty and the Statute of the proposed EMF.

European Stability Mechanism

12-12-2017

A proposal to transform the European Stability Mechanism (ESM) into a European Monetary Fund (EMF) within EU law was adopted by the Commission on 6 December 2017. The publication of the proposal was announced in Annex I of the 2018 Commission work programme, as one of the actions within the item 'Completing the Economic and Monetary Union'. In the context of the proposal, this briefing provides information on the functioning of the ESM, which recently celebrated its fifth anniversary. The European ...

A proposal to transform the European Stability Mechanism (ESM) into a European Monetary Fund (EMF) within EU law was adopted by the Commission on 6 December 2017. The publication of the proposal was announced in Annex I of the 2018 Commission work programme, as one of the actions within the item 'Completing the Economic and Monetary Union'. In the context of the proposal, this briefing provides information on the functioning of the ESM, which recently celebrated its fifth anniversary. The European Stability Mechanism is an intergovernmental organisation that began operating on 8 October 2012, with the aim of providing financial assistance to euro-area countries experiencing or threatened by severe financing problems, and with a lending capacity of €500 billion. During the last five years, five EU countries: Ireland, Portugal, Greece, Cyprus and Spain have received support from the ESM. Around 33 % of the ESM's lending capacity has been committed.

Outlook for the meetings of EU leaders on 14-15 December 2017

12-12-2017

On 14 and 15 December 2017, EU leaders will convene in four different settings with varying compositions and levels of formality: a regular summit of the European Council, a Leaders’ meeting on migration, a European Council (Article 50) meeting, and an enlarged Euro Summit. The agenda of the formal European Council concentrates on defence, social policy, and education and culture, whilst the informal Leaders’ meeting will focus exclusively on migration, and notably on the reform of the Common European ...

On 14 and 15 December 2017, EU leaders will convene in four different settings with varying compositions and levels of formality: a regular summit of the European Council, a Leaders’ meeting on migration, a European Council (Article 50) meeting, and an enlarged Euro Summit. The agenda of the formal European Council concentrates on defence, social policy, and education and culture, whilst the informal Leaders’ meeting will focus exclusively on migration, and notably on the reform of the Common European Asylum System. At the European Council (Article 50) meeting, EU leaders will consider the Commission's recommendation that ‘sufficient progress’ has been made in the negotiations with the United Kingdom, and decide whether to move to the next phase. The enlarged Euro Summit will discuss further developments in the euro area, the banking union and the gradual completion of Economic and Monetary Union (EMU).

Euro-area reform [What Think Tanks are thinking]

01-12-2017

The Heads of State or Government of the countries sharing the euro currency will hold a summit on 15 December 2017 to discuss ways to improve the functioning of the euro area. European Council President Donald Tusk, who also chairs the Euro Summit, has said that the discussion will focus on further steps to complete Banking Union and on setting the direction for deeper euro-area economic integration, with decisions to be taken in June 2018. European Union Member States which are not members of the ...

The Heads of State or Government of the countries sharing the euro currency will hold a summit on 15 December 2017 to discuss ways to improve the functioning of the euro area. European Council President Donald Tusk, who also chairs the Euro Summit, has said that the discussion will focus on further steps to complete Banking Union and on setting the direction for deeper euro-area economic integration, with decisions to be taken in June 2018. European Union Member States which are not members of the 19-nation euro bloc, other than the UK, have also been invited to the Euro Summit. Among proposals floated are that the single currency area should have a budget and a finance minister and that the existing euro-area bailout fund, the European Stability Mechanism (ESM), should be transformed into a European Monetary Fund. Germany, in particular, is cautious about far-reaching reforms. This note brings together commentaries, analyses and studies by major international think tanks and research institutes on euro area reforms and related issues.

Economic Dialogue with Ireland - ECON on 8 November 2016

04-11-2016

This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Michael Noonan, Ireland’s Minister for Finance, in the competent committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic governance framework, in particular Article 2a of EU Regulation 1467 as amended by Regulation 1177/2011 and Article 7(10) of EU Regulation 472/2013.

This note presents selected information on the current status of the EU economic governance procedures and related relevant information in view of an Economic Dialogue with Michael Noonan, Ireland’s Minister for Finance, in the competent committee of the European Parliament. The invitation for a dialogue is in accordance with the EU economic governance framework, in particular Article 2a of EU Regulation 1467 as amended by Regulation 1177/2011 and Article 7(10) of EU Regulation 472/2013.

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