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The debate on how to deepen economic and monetary union (EMU) is in full swing, despite gradual recovery since 2015 from the 2007-2008 crisis. There is controversy surrounding whether delegation of monetary sovereignty to EMU necessarily entails some euro-area fiscal stabilisation competences and, if so, what kind. Proposals for such a mechanism range from (re)insurance solutions, investment strategies and funding instruments, to actual budgetary competence for the euro area. Current research supports ...

The European Semester is a key monitoring element of the EU's economic governance framework which aims to detect, prevent, and correct problematic economic trends such as excessive government deficits or public debt levels. As part of the annual evaluation cycle, three European Parliament Committees discuss the European Commission's priority areas for 2017: boosting investment, pursuing structural reforms and ensuring responsible fiscal policies. The Committee reports assess the priorities from an ...

This study presents the economic and budgetary outlook for the European Union (EU) in 2017 and beyond. Economic estimates point to moderate growth and creation of new employment against a backdrop of persistent external and internal challenges that may hinder recovery. An investment gap persist in almost all EU Member States and a number of EU measures contribute to addressing it. While fiscal policies remain mainly within EU Member States' remit, they are increasingly coordinated at EU level through ...

The idea to create a 'fiscal capacity' for the euro area was launched in the wake of the sovereign debt crisis, with the recognition that weaknesses in the Economic and Monetary Union (EMU) had worsened the crisis. Although the debate has lost some momentum as euro-area countries have stepped back from the acute phase of the crisis, the EU institutions continue to work on designing a framework to bolster EMU, looking in particular at automatic stabilisers. The European Parliament's Committees on ...

Capital and liquidity requirements are provisions to make banking activities safer through measures to cover a firm’s unexpected losses as well as to fund its ongoing activities. The supervision of financial institutions is benchmarked against international standards (Basel III), set by the Basel Committee on Banking Supervision (BCBS). These non-binding provisions are transposed into EU norms through the Capital Requirements Directive and Regulation (CRD-IV/CRR – the ‘CRD-IV package’). Current data ...

As part of its ambition to create a Capital Markets Union, the European Commission wants to revive the securitisation market in the EU, in order to offer new financing tools and ease credit provision, especially for small and medium-sized enterprises. Its 'securitisation initiative', set out in a proposed regulation on 30 September 2015, would establish a new framework for 'simple, transparent, and standardised' (STS) securitisations. This new initiative also has implications for the overall prudential ...

The European Union has not yet fully recovered from the global financial and economic crisis. GDP growth rates have begun to increase only slowly, and in most EU Member States investment activity lags behind pre-crisis levels – indicating sizable investment gaps. In fact, gross fixed capital formation in the euro area has declined by 15% since 2007. In 2014, the European Investment Bank (EIB), the EU's public bank and largest multilateral lending institution, contributed financing of €80.3 billion ...

As part of its ambition to complete the Banking Union, the European Commission proposes the introduction of a European Deposit Insurance Scheme (EDIS), in order to reduce the potential spill-over risk of local bank failures on the financial stability of the economic and monetary union as a whole. According to the proposal of 24 November 2015, the EDIS would be the third pillar of the Banking Union and be introduced gradually, in three separate phases between 2017 and 2024, complementing national ...

Banking Union – 2015 annual report

Lühitutvustus 01-03-2016

Banking Union (BU) is an EU-level banking supervision and resolution system. It is one of the key components of the EU's attempt to create a 'genuine Economic and Monetary Union' (EMU) and to restore confidence in the banking sector in the aftermath of the financial and economic crisis. On 24 November 2015, the European Commission proposed to 'complete' the BU with a third pillar, a European Deposit Insurance Scheme (EDIS). In its first annual report, the European Parliament's Economic and Monetary ...

The European Semester is the EU's annual cycle which provides policy guidance and surveillance. It is a key element of the EU's economic governance framework which aims to detect, monitor, prevent, and correct problematic economic trends such as excessive government deficits or public debt levels. On 21 October 2015, the European Commission proposed to 'revamp' the European Semester process and better align the overall EU and euro-area recommendations with those regarding individual Member States ...