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Impacts of the COVID-19 pandemic on EU industries

29-03-2021

The COVID-19 crisis has had a substantial impact on the EU27 economy and triggered unprecedented policy responses across Europe and the globe. With evidence on the effects on the EU industry manifested until the beginning of 2021, this report aims to address the following key issues: (1) impact of COVID-19 on the EU economy as a whole and across sectors; (2) impact on strategic value chains; and (3) necessary recovery measures to meet the needs of the EU industry. This document was provided by the ...

The COVID-19 crisis has had a substantial impact on the EU27 economy and triggered unprecedented policy responses across Europe and the globe. With evidence on the effects on the EU industry manifested until the beginning of 2021, this report aims to address the following key issues: (1) impact of COVID-19 on the EU economy as a whole and across sectors; (2) impact on strategic value chains; and (3) necessary recovery measures to meet the needs of the EU industry. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Industry, Research and Energy (ITRE).

Ulkopuolinen laatija

Jan Maarten DE VET, Daniel NIGOHOSYAN, Jorge NÚÑEZ FERRER, Ann-Kristin GROSS, Silvia KUEHL, and Michael FLICKENSCHILD

Adjusting Support in a K-Shaped Recovery

01-03-2021

As recovery from the pandemic continues, fiscal and monetary support can be reduced, at least for industry. Cliff effects are unlikely to arise under a gradual reduction of support. With financial markets in a “risk on” phase, monetary policy support becomes less relevant. The withdrawal of the various pandemic measures should not pose a risk to the recovery or to financial stability. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request ...

As recovery from the pandemic continues, fiscal and monetary support can be reduced, at least for industry. Cliff effects are unlikely to arise under a gradual reduction of support. With financial markets in a “risk on” phase, monetary policy support becomes less relevant. The withdrawal of the various pandemic measures should not pose a risk to the recovery or to financial stability. 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 18 March 2021.

Ulkopuolinen laatija

Daniel GROS, Farzaneh SHAMSFAKHR

Balanced Withdrawal of Policy Support to Avoid Cliff Effects

01-03-2021

The COVID-19 crisis has triggered unprecedented concerted economic policy response. The paper investigates potential cliff effects that may arise from the temporary nature of the measures adopted and their different phase-out schedules. It finds that the concern that premature policy tightening could jeopardise the recovery are overblown. The major challenges for economic policy lie in the medium term. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies ...

The COVID-19 crisis has triggered unprecedented concerted economic policy response. The paper investigates potential cliff effects that may arise from the temporary nature of the measures adopted and their different phase-out schedules. It finds that the concern that premature policy tightening could jeopardise the recovery are overblown. The major challenges for economic policy lie in the medium term. 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 18 March 2021.

Ulkopuolinen laatija

Klaus-Jürgen GERN

Taiwan in 2020 and beyond

24-02-2021

The Taiwanese went to the polls in early 2020 and overwhelmingly elected President Tsai Ing-wen of the Democratic Progressive Party (DPP) for a second term, while navigating pervasive disinformation and influence operations and closely watching events in Hong Kong. The Covid-19 pandemic was an opportunity for Taiwan to leverage its robust virus containment policy for global outreach. The self-ruled democratic island somewhat reduced its economic overreliance on mainland China through diversification ...

The Taiwanese went to the polls in early 2020 and overwhelmingly elected President Tsai Ing-wen of the Democratic Progressive Party (DPP) for a second term, while navigating pervasive disinformation and influence operations and closely watching events in Hong Kong. The Covid-19 pandemic was an opportunity for Taiwan to leverage its robust virus containment policy for global outreach. The self-ruled democratic island somewhat reduced its economic overreliance on mainland China through diversification and relocation strategies. Taiwan witnessed a spike in military incursions into its airspace and waters by mainland China's air and naval forces. Key issues to watch are the impact of the strategic rivalry between the US and China on Taiwan's economy and the future of US strategic ambiguity as a deterrent against a potential hostile invasion of the island. This is an update of the 2019 EPRS briefing Taiwan's political survival in a challenging geopolitical context, PE 635.606.

Coronavirus: Uncertainty and discontent [What Think Tanks are thinking]

04-02-2021

As the latest wave of the coronavirus pandemic intensifies and some highly infectious new mutations of the virus spread, a growing number of countries have increased restrictions on travel and some lockdowns have been intensified. Whilst a series of vaccines are progressively gaining official approval, and their roll-out has started, pharmaceutical companies struggle with production capacity issues, the effectiveness of the vaccines on mutations is still uncertain, and a broader debate is opening ...

As the latest wave of the coronavirus pandemic intensifies and some highly infectious new mutations of the virus spread, a growing number of countries have increased restrictions on travel and some lockdowns have been intensified. Whilst a series of vaccines are progressively gaining official approval, and their roll-out has started, pharmaceutical companies struggle with production capacity issues, the effectiveness of the vaccines on mutations is still uncertain, and a broader debate is opening up on the global fairness of vaccine distribution beyond the ‘first’ world. This note offers links to recent commentaries, studies and reports from international think tanks on the coronavirus and related issues. More studies on the topics can be found in a previous edition in this series, published in December 2020.

Independent fiscal institutions in the EU: Guardians of sound public finances

08-12-2020

'Independent fiscal institutions', or in some cases 'fiscal institutions', are an integral part of the EU's economic governance framework. This paper provides an introduction to these bodies and their role, the EU legal framework that underpins them, and a summary of the recent discussion around them in the context of the review of the wider economic governance framework in the European Union.

'Independent fiscal institutions', or in some cases 'fiscal institutions', are an integral part of the EU's economic governance framework. This paper provides an introduction to these bodies and their role, the EU legal framework that underpins them, and a summary of the recent discussion around them in the context of the review of the wider economic governance framework in the European Union.

Uncertainty and the Pandemic Shocks

18-11-2020

The COVID-19 pandemic shocks are a significant source of uncertainty in several aspects. In particular, these shocks influence the landscape, in which policymakers operates, and create further uncertainty about policy decisions and about their effectiveness. The aim of this paper is to offer some relative measures of the uncertainty caused by the pandemic, and to discuss the impact of this uncertainty on the possible evolution of European economies during the second wave of COVID-19. Emphasis will ...

The COVID-19 pandemic shocks are a significant source of uncertainty in several aspects. In particular, these shocks influence the landscape, in which policymakers operates, and create further uncertainty about policy decisions and about their effectiveness. The aim of this paper is to offer some relative measures of the uncertainty caused by the pandemic, and to discuss the impact of this uncertainty on the possible evolution of European economies during the second wave of COVID-19. Emphasis will be placed on the effectiveness of the policies implemented. This document 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 19 November 2020.

Ulkopuolinen laatija

Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI

What future for the social economy?

11-11-2020

Traditionally the social economy is considered to be an ever-growing set of private, formally organised enterprises and networks that build on multiple types of resources and cooperation, with local anchorage and democratic and participatory decision-making processes. Its primary aim is not to make profit but to meet the needs of its members and that of the wider society. The social economy is active in an increasing number of sectors, and while some of its actors are small non-profit organisations ...

Traditionally the social economy is considered to be an ever-growing set of private, formally organised enterprises and networks that build on multiple types of resources and cooperation, with local anchorage and democratic and participatory decision-making processes. Its primary aim is not to make profit but to meet the needs of its members and that of the wider society. The social economy is active in an increasing number of sectors, and while some of its actors are small non-profit organisations, others are large organisations with international outreach. It generates 6 to 8 % of the European Union's gross domestic product (GDP). However, it is a driver not only of economic activity but also of normative values, such as solidarity and inclusion. Since its conception in the 19th century, it has taken on board innovation in social relations and in societal and community spheres, human development targets and socio-political empowerment. In the first two decades of the 21st century, with new risks and opportunities arising owing to the twin digital and green transformations there is an emerging debate, rethinking economic growth theories with more focus on inclusion and combatting inequality, and exploring the relevance of traditional welfare state models. This debate has intensified in the wake of the 2008 crisis, and now also as a result of the coronavirus pandemic and crisis. The social economy can play a central role in this context. While it has been badly affected by these crises, it also has the potential to mitigate some of the negative impacts. The social economy's values-based approach to the economy can enable it to generate new elements in the ecosystems in which it exists and be an important 'engine' in the immediate recovery and the longer-term possible restructuring of the economy towards more resilience, fairness and sustainability. For the social economy to be able to reach its full potential across the Member States and help to achieve green and inclusive growth with renewed welfare state models, it needs to be supported simultaneously at all levels. EU action can contribute to this. The main areas of EU intervention are: facilitating access to finance and markets, including the digital single market; creating better framework conditions, including for cooperation and cross-border activity; supporting innovation, including new business models; and developing international relations. The Commission action plan on the social economy expected in 2021 might address many of these issues.

Country-specific recommendations: An overview - September 2020

22-09-2020

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2020), including from the legal base perspective. Finally, it gives insights on the level of implementation of recommendations issued under the 2012-2019 European Semester cycles. The note is updated on a regular basis.

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2020), including from the legal base perspective. Finally, it gives insights on the level of implementation of recommendations issued under the 2012-2019 European Semester cycles. The note is updated on a regular basis.

The ESM and the EIB: comparison of some features

07-04-2020

This paper presents in a tabular format the main characteristics of the European Stability Mechanism and the European Investment Bank. Both institutions collect funds on capital markets. The ESM provides loans to Member States, while the EIB provides loans and venture capital to private and public institutions. Both institutions have been called on to take initiatives in the context of EU reaction to the economic crisis due to the Covid-19 pandemic.

This paper presents in a tabular format the main characteristics of the European Stability Mechanism and the European Investment Bank. Both institutions collect funds on capital markets. The ESM provides loans to Member States, while the EIB provides loans and venture capital to private and public institutions. Both institutions have been called on to take initiatives in the context of EU reaction to the economic crisis due to the Covid-19 pandemic.

Tulevat tapahtumat

21-06-2021
Ensuring effective protection of European consumers in the digital economy
Kuulemistilaisuus -
IMCO
22-06-2021
AFCO ICM on the Reform of European Electoral Law & Parliament's Right of Inquiry
Muu tapahtuma -
AFCO
22-06-2021
The development of new tax practices:what new schemes should the EU pay attention to?
Kuulemistilaisuus -
FISC

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