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Progress on the Banking Union?

Briefing 27-01-2023

While the Eurogroup did not agree on concrete steps towards the completion of Banking Union, its June 2022 statement does entail some elements that the forthcoming Commission proposals could build upon, making improvements to the crisis management and deposit insurance framework that eventually bring the completion of the Banking Union closer.

The euro area’s current high inflation rate is due to both internally generated demand pressures and external shocks that have raised food and energy prices. This paper argues that the latter element is more important than the former. Central banks need to tighten monetary policy to address high inflation but, with central banks around the world under pressure to restore their anti-inflationary credentials, it is possible that there is going to be too much tightening of global financial conditions ...

This document provides regularly updated information on EU Member States which have 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, Cyprus, Spain and Romania ...

The Sustainable Development Goals were established in 2015 as part of the United Nations (UN) 2030 Agenda for Sustainable Development. The signatories adopted a policy framework with 17 goals, addressing issues such as poverty, hunger, health and wellbeing, education, gender equality, environment and climate, strong institutions, peace and justice. Sustainable development aims at balancing social, economic and environmental aspects, seeing them as interconnected. The European Union (EU) has contributed ...

This note looks at the 2022 recommendation on the economic policies of the euro area proposed by the Commission and agreed by the Council. It also provides an overview of the follow up of the 2021 recommendations, making use of public information and based on proxies such as on how the Eurogroup has integrated euro area recommendations’ concerns in their “thematic discussions” and work programmes. In addition, the note provides a review of the euro area recommendations from an institutional perspective ...

This study develops on the status quo in relation to the assessment of resolvability of credit institutions and banking groups in the Banking Union and the removal of substantive impediments to their resolvability under the EU legal framework governing banking resolution, as in force, taking due account of the policies developed in that respect by the Single Resolution Board within the Single Resolution Mechanism.

Based on a brief assessment of the current EU fiscal framework, the paper discusses when and how fiscal surveillance should be enacted again, and investigates possible options for reform. The general escape clause should be lifted as soon as epidemiological conditions allow for economic activity to normalise, probably by 2022. We propose a transitory arrangement if the discussion on a broader reform of the fiscal framework remains inconclusive while the general escape clause is in force.

Vice-President Dombrovskis and Commissioners Schmit and Gentiloni have been invited to an Economic Dialogue to discuss the 2021 European Semester Cycle, in line with the relevant EU law. This briefing note covers the main elements of the 2021 European Semester Package proposed by the Commission. It gives an overview of the implementation of the previous Semester Cycles and of the on-going work to strengthen the governance and the resilience of Economic and Monetary Union.

Due to the pandemic, the European Semester for economic policy coordination will look rather different (in both form and substance) to what it was in previous cycles. This document provides an overview on how the various policy instruments comprised in the European Semester have been or are being implemented as part of the EU Recovery Plan, notably the interactions with the proposed Recovery and Resilience Facility.

This paper provides a framework for considering when and how to deactivate the general escape clause of the Stability and Growth Pact (SGP). That framework takes into account the goals of the SGP, the desire to avoid pro-cyclical policy influences that might stifle Europe’s economic recovery, and the necessity not to endanger fiscal sustainability in the medium term. The framework also considers the variation in performance across countries and the indicators that might be used to map transitional ...