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This paper analyses how the European Central Bank (ECB) can incorporate climate change considerations in its monetary policy implementation. It reviews the impact of climate shocks on inflation and the instruments to decarbonise the ECB’s asset and collateral portfolio. The paper concludes with recommendations for the ECB to increase the low-carbon allocation in its monetary policy framework. This will in turn speed up the green transition and decrease the euro area’s fossil fuel dependency. This ...

High inflation negatively affects firms and households in a variety of ways, including by eroding real incomes and by widening inequality. Central banks responded by tightening monetary policy stances significantly. This has naturally constrained demand through rising borrowing costs and smaller credit flows to the real economy. The negative impact on economic activity and growth is a standard feature of tightening, yet it deserve to be closely monitored. Four papers were prepared by the ECON Committee ...

Restrictive monetary policy dampens inflation effectively, but it also raises stress in financial markets. This happens through revaluations of financial assets on banks’ balance sheets and through dampened economic activity. Moreover, apart from the positive effect of exiting negative interest rates, banks’ net interest margin is generally negatively affected by interest rate hikes. With most of the disinflationary impact of higher interest rates yet to materialise, monetary policy should allow ...

Les sociétés écrans sont des entités qui n’exercent aucune activité économique ou n’exercent qu’une activité économique minimale. Si elles peuvent parfois remplir des fonctions commerciales utiles, elles peuvent également être utilisées de manière abusive à des fins de planification fiscale agressive ou de fraude fiscale. La proposition de la Commission de directive contre les entités écrans (proposition «Unshell») est destinée à empêcher les sociétés écrans de l’Union de bénéficier d’avantages fiscaux ...

This study aims to assess how major economies were affected by the Covid-19 pandemic, in particular with respect to economic growth and public debt sustainability. It reviews the heterogeneity of policy measures taken, and aims to identify best practices. A special focus is placed on the euro area and its largest Member States. Principles and practices for ensuring sustained growth and sustainable public finances are discussed.

La présente étude, la sixième de la série annuelle des «Perspectives» produite par le Service de recherche du Parlement européen (EPRS), offre une vue d’ensemble de la situation économique et budgétaire dans l’Union européenne et au-delà de ses frontières et résume les principaux indicateurs économiques de l’Union et de la zone euro ainsi que leurs tendances sur deux ans. Dans les sept chapitres de l’étude, les auteurs proposent une explication et une analyse du budget annuel de l’Union, ainsi qu ...

This briefing has been prepared to support the parliamentary scrutiny of the Delegated Act (DA) on climate change mitigation and climate change adaptation as foreseen by Regulation (EU) No 2020/852 on the establishment of a framework to facilitate sustainable investment (Taxonomy Regulation) . In accordance with the empowerments set out in Articles 10 and 11 of the Taxonomy Regulation, the Commission shall adopt a delegated act establishing screening criteria to determine the conditions under which ...

The Åland Islands is an autonomous, demilitarised, Swedish-speaking region of Finland. The archipelago has its own government and parliament. The Åland Islands is a small society with an open economy that is dependent on trade with its neighbouring regions, notably Southern Finland and the Stockholm region. In 2017 the Åland Islands had 6 aquaculture facilities operating. The number of employed persons in the aquaculture sector was 95 people in that same year. The number of employed persons in the ...

This briefing was prepared to provide information for the visit to Romania’s North-West (Nord-Vest) Region (Cluj-Napoca and Turda) of 18 to 20 September 2017 by a delegation of the European Parliament’s Committee on Regional Development.

This publication consists of the proceedings and of three studies which were presented during the workshop on trade and economic relations with Asia: - Asia as a new global engine: foreign trade and regional cooperation ; - EU external trade strategy vis-à-vis Asia ; - Implementation of the EU-Republic of Korea FTA.