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The original full study presents data from 27 banking groups in 10 EU Member States, where it is found that banks have used COVID-19 relief measures extensively, with some cross-country differences as for the intensity of use. Flexibility in risk classification does not seem to have impaired banks’ ability to report and recognise risk properly, even for loans under moratoria. The findings suggest that the impact of the measures on banks’ credit supply has been overall positive and mainly driven ...

The original full study presents data from 27 banking groups in 10 EU Member States, where it is found that banks have used COVID-19 relief measures extensively, with some cross-country differences as for the intensity of use. Flexibility in risk classification does not seem to have impaired banks’ ability to report and recognise risk properly, even for loans under moratoria. The findings suggest that the impact of the measures on banks’ credit supply has been overall positive and mainly driven ...

The European Semester is a framework for the coordination of economic policies across the European Union that was established after the European sovereign debt crisis. This paper aims to provide a simple but comprehensive introduction, explaining the main steps of the Semester from November to July each year. It also provides a short review of the academic and institutional debates around the Semester, before closing with the priorities in the relevant areas identified by the new European Commission ...

Multi-level governance requires the involvement of all levels of government, central, regional and local, in decision-making. Obstacles to appropriate and adequate involvement may lead to infringements of the principles of subsidiarity. However, under the cycle of EU economic and fiscal policy coordination known as the European Semester, local and regional administrations are considered to be 'stakeholders' – that is, they are not categorised as part of general government. Recent extension of the ...

During its September 2019 plenary sitting, the European Parliament is expected to vote on a resolution on the candidate (Christine Lagarde) for president of the European Central Bank (ECB). While it is the European Council that appoints the ECB president, it must first consult Parliament. Parliament's Economic and Monetary Affairs Committee (ECON) held a hearing with Christine Lagarde in September 2019 and then voted favourably on the candidacy. The ECB president is a key figure within the Eurosystem ...

During the September 2019 plenary sitting, the European Parliament is expected to vote on a resolution on the candidate (Christine Lagarde) for the position of President of the European Central Bank (ECB), to succeed Mario Draghi, whose term is due to end on 1 November 2019. The President is appointed by the European Council, while Parliament and the Bank’s Governing Council are consulted. Prior to the vote, the candidate will receive a series of questions for written answer, and be invited to a ...

Le 6 décembre 2017, la Commission européenne a rendu publique une proposition visant à transformer le mécanisme européen de stabilité (MES) en un Fonds monétaire européen (FME) ancré dans le cadre juridique de l’Union. Ce Fonds devrait être doté de prérogatives supplémentaires et fonctionner selon des mécanismes décisionnels radicalement différents, qui limiteront quelque peu l’emprise des États membres. Cette proposition s’est heurtée à une forte résistance au Conseil. Lors du sommet de la zone ...

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 idea behind the Commission's proposed European Investment Stabilisation Function is to use dedicated financial means from the EU budget to help Member States stabilise their economies in the event of a major asymmetric shock. The Commission would borrow on the financial markets and then lend to the country concerned, which would use the money to finance public investment. Once the crisis was over, the Member State would reimburse the debt. The Commission hopes the other Member States would agree ...

Single digital gateway

Briefing 19-12-2018

As part of the ‘compliance package’, the Commission intends to provide a single digital entry point to offer easy and efficient online access for businesses and citizens, comprising: (1) information about Union and national law and administrative requirements, (2) procedures, such as company registration, and (3) services providing assistance upon request. The portal would serve start-ups and growing companies, as well as helping companies conducting business in another country. Access to these services ...