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Tailoring prudential policy to bank size. The application of proportionality in the US and euro area

13-10-2021

All jurisdictions tailor their prudential policies to bank size, with generally more complex – though not necessarily more stringent – requirements for larger banks. This paper compares such policies in the euro area and United States, in the context of the differences in banking system structures and legal frameworks. There are vastly more stand-alone smaller banks and credit unions in the US than in the euro area. The US approach to prudential requirements is generally more differentiated by bank ...

All jurisdictions tailor their prudential policies to bank size, with generally more complex – though not necessarily more stringent – requirements for larger banks. This paper compares such policies in the euro area and United States, in the context of the differences in banking system structures and legal frameworks. There are vastly more stand-alone smaller banks and credit unions in the US than in the euro area. The US approach to prudential requirements is generally more differentiated by bank size than the euro area’s, but the US has a more uniform framework for bank crisis management and resolution. Given the permanence of cross-border fragmentation and overbanking in the euro area, further size-based policy differentiation would be ill-advised.

Autor externo

A. Lehmann, N. Véron- Bruegel

Did the pandemic lead to structural changes in the banking sector?

11-10-2021

We discuss the main structural changes triggered by Covid19 in banking. Direct consequences include: the impact of the lockdown on remote shopping and telework, lower cash usage and a further shift towards innovative payment methods, the downturn suffered by the economy and bank borrowers. Indirect consequences (partly reinforcing pre-existing trends) include: the further development of payment services provided by non-bank competitors, an acceleration in bank digitalisation, a rise in cyber-attacks ...

We discuss the main structural changes triggered by Covid19 in banking. Direct consequences include: the impact of the lockdown on remote shopping and telework, lower cash usage and a further shift towards innovative payment methods, the downturn suffered by the economy and bank borrowers. Indirect consequences (partly reinforcing pre-existing trends) include: the further development of payment services provided by non-bank competitors, an acceleration in bank digitalisation, a rise in cyber-attacks, a drop in the value of real estate collateral.

Autor externo

Andrea RESTI

The Human Right to Drinking Water: Impact of large-scale agriculture and industry

30-09-2021

Access to safe drinking water is a human right. It is indispensable to a healthy, dignified and productive life. However, a significant proportion of the global population is not able to enjoy this human right. The purpose of this in-depth analysis is to consider the impacts of large-scale agricultural activity and industry on the progressive realisation of the human right to drinking water. In particular, it considers how the European Union and the European Parliament can better support non-EU countries ...

Access to safe drinking water is a human right. It is indispensable to a healthy, dignified and productive life. However, a significant proportion of the global population is not able to enjoy this human right. The purpose of this in-depth analysis is to consider the impacts of large-scale agricultural activity and industry on the progressive realisation of the human right to drinking water. In particular, it considers how the European Union and the European Parliament can better support non-EU countries to realise this human right. States and businesses have obligations and responsibilities towards citizens to ensure safe drinking water. However, fulfilling these obligations and responsibilities is in contention with competing water uses and economic considerations and marred by poor enabling environments and power dynamics. Achieving the human right to drinking water needs to be considered in the context of trade-offs emerging from the water-food-energy nexus where water use in one sector can have impacts on others. Virtual water embedded in the trade of agricultural goods demonstrates that demand for food can affect local water availability, posing challenges to ensuring the human right to drinking water in these places. Existing good practices focus on better recognition of obligations and responsibilities through a human rights-based approach, improved assessments of impacts, enhanced stakeholder engagement and mechanisms for due diligence. There are opportunities for the EU to extend the discussion on the human right to drinking water with other interlinked rights, noting the complex and integrated impacts of water resources.

Autor externo

• Dr Naho MIRUMACHI • Dr Aleksandra DUDA • Jagoda GREGULSKA • Joanna SMĘTEK

Preventing money laundering in the banking sector - reinforcing the supervisory and regulatory framework

30-09-2021

This paper provides an overview of current initiatives and actions aiming at reinforcing the anti-money laundering (AML) supervisory and regulatory framework in the EU, in particular from a Banking Union perspective. This briefing first outlines the EU framework for fighting money laundering, which includes legislation (most notably the 5th AML Directive) and a number of Commission and Council Action Plans. Secondly, an overview of AML prevention relevant authorities, at both the EU and national ...

This paper provides an overview of current initiatives and actions aiming at reinforcing the anti-money laundering (AML) supervisory and regulatory framework in the EU, in particular from a Banking Union perspective. This briefing first outlines the EU framework for fighting money laundering, which includes legislation (most notably the 5th AML Directive) and a number of Commission and Council Action Plans. Secondly, an overview of AML prevention relevant authorities, at both the EU and national level, is provided. This section also explains the 2019 review of the founding regulations of the European Supervisory Authorities, through which competences relating to preventing AML in the financial sector were consolidated within the European Banking Authority. Lastly, the paper highlights the latest proposed changes to the AML framework, as proposed by the Commission in their AML package published in July 2021. It is relevant to note that this briefing focuses on AML concerns in the banking sector. While financial and non-financial intermediaries have an important role to play, these are not the focus of this briefing. Nevertheless, reference is made to closely related areas (notably, to Financial Intelligence Units, the work of markets and insurance supervisors on preventing AML and related matters) when relevant to a better understanding of its impacts on the banking sector. This paper builds on and updates a previous EGOV briefing on the same topic.

Recovery and Resilience Plans: stakeholders’ involvement

23-09-2021

Based on the Commission assessments of national Recovery and Resilience Plans, this paper provides an overview of the overall involvement of stakeholders in the national recovery and resilience plans. In view of supporting the scrutiny of the implementation of the national plans, the paper also makes references to some positions and assessments by EU level stakeholders and other relevant institutions and bodies, including specific monitoring activities by think tanks and civil society organisations ...

Based on the Commission assessments of national Recovery and Resilience Plans, this paper provides an overview of the overall involvement of stakeholders in the national recovery and resilience plans. In view of supporting the scrutiny of the implementation of the national plans, the paper also makes references to some positions and assessments by EU level stakeholders and other relevant institutions and bodies, including specific monitoring activities by think tanks and civil society organisations. The paper will be regularly updated.

Recovery and Resilience Plans - state of play (September 2021)

22-09-2021

This document provides a state of play of the Recovery and Resilience Plans (RRPs) under the Recovery and Resilience Facility (RRF) covering, notably, Commission assessment and Council adoption procedures. It is based on an earlier EGOV paper, dated June 2021. The document will be regularly updated.

This document provides a state of play of the Recovery and Resilience Plans (RRPs) under the Recovery and Resilience Facility (RRF) covering, notably, Commission assessment and Council adoption procedures. It is based on an earlier EGOV paper, dated June 2021. The document will be regularly updated.

The Recovery and Resilience Plans: governance at national level

17-09-2021

Based on the Commission assessments of national Recovery and Resilience Plans, this paper provides an overview of two specific dimensions of such analysis - the governance and control structures set up at national level for implementation of the national plans. The briefing summarises in an annex the relevant references in the Commission documents. It also presents, in the introduction, a high level analysis of some related elements of the national plans, as assessed by the Commission and related ...

Based on the Commission assessments of national Recovery and Resilience Plans, this paper provides an overview of two specific dimensions of such analysis - the governance and control structures set up at national level for implementation of the national plans. The briefing summarises in an annex the relevant references in the Commission documents. It also presents, in the introduction, a high level analysis of some related elements of the national plans, as assessed by the Commission and related reports and initiatives. It also refers to the relevant legal framework in the Recovery and Resilience Facility Regulation. This paper will be updated once additional plans are assessed by the Commission.

Regulating facial recognition in the EU

15-09-2021

The European Union is considering regulating facial recognition in the proposed artificial intelligence act, currently under discussion. This EPRS publication explains the state of play and further highlights the concerns raised by the use and the potential impacts on people's fundamental rights of facial recognition technologies. Against this background, the paper explores the current EU legal framework applicable to facial recognition and examines the recent proposals for regulating facial recognition ...

The European Union is considering regulating facial recognition in the proposed artificial intelligence act, currently under discussion. This EPRS publication explains the state of play and further highlights the concerns raised by the use and the potential impacts on people's fundamental rights of facial recognition technologies. Against this background, the paper explores the current EU legal framework applicable to facial recognition and examines the recent proposals for regulating facial recognition technologies at EU level in depth.

The Tail Wagging the Dog? Overcoming Financial Dominance

13-09-2021

The idea of financial dominance has gained some notoriety in recent years as a further constraint on central bank policymaking. This paper examines the reality of financial dominance and how the financial sector may be an impediment to the necessary unwinding of all unconventional monetary policies in Europe. In line with the existing literature, I conclude that the financial sector has been made more vulnerable as a result of quantitative easing – and allowing the financial tail to wag the monetary ...

The idea of financial dominance has gained some notoriety in recent years as a further constraint on central bank policymaking. This paper examines the reality of financial dominance and how the financial sector may be an impediment to the necessary unwinding of all unconventional monetary policies in Europe. In line with the existing literature, I conclude that the financial sector has been made more vulnerable as a result of quantitative easing – and allowing the financial tail to wag the monetary dog will lead to only more vulnerability. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 September 2021.

Autor externo

Christopher A. HARTWELL

What About Policy Normalisation?

13-09-2021

As the ECB follows the time-honoured inflation targeting strategy, it runs the risk of, once more, failing to normalise its policy in time for the next unexpected shock. With interest rates at their lower bounds and facing historic uncertainty that undermines its policy effectiveness, a strong case can be made for developing a Plan B. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs ...

As the ECB follows the time-honoured inflation targeting strategy, it runs the risk of, once more, failing to normalise its policy in time for the next unexpected shock. With interest rates at their lower bounds and facing historic uncertainty that undermines its policy effectiveness, a strong case can be made for developing a Plan B. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 September 2021.

Autor externo

Charles WYPLOSZ