97

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National budgets and the European Union budget since 2007

16-07-2021

National budgets are a competence of the national governments of the Member States. However, EU countries adopting the euro have to meet specific conditions designed to ensure economic convergence, known as the convergence criteria or Maastricht criteria (agreed by the Member States in the Maastricht Treaty of 1992). They include conditions on sound and sustainable public finances, along with the macroeconomic indicators - price stability, durability of convergence, and exchange rate stability.

National budgets are a competence of the national governments of the Member States. However, EU countries adopting the euro have to meet specific conditions designed to ensure economic convergence, known as the convergence criteria or Maastricht criteria (agreed by the Member States in the Maastricht Treaty of 1992). They include conditions on sound and sustainable public finances, along with the macroeconomic indicators - price stability, durability of convergence, and exchange rate stability.

Understanding initial coin offerings: A new means of raising funds based on blockchain

13-07-2021

Initial coin offerings (ICOs) are a relatively new method of raising capital for early-stage ventures. They allow businesses to raise capital for their projects, by issuing digital tokens in exchange for crypto assets or fiat currencies. They constitute an alternative to more traditional sources of start-up funding such as venture capital (VC) and angel finance. ICOs can potentially offer advantages in comparison with traditional ways of raising capital. At the same time, their opacity and the general ...

Initial coin offerings (ICOs) are a relatively new method of raising capital for early-stage ventures. They allow businesses to raise capital for their projects, by issuing digital tokens in exchange for crypto assets or fiat currencies. They constitute an alternative to more traditional sources of start-up funding such as venture capital (VC) and angel finance. ICOs can potentially offer advantages in comparison with traditional ways of raising capital. At the same time, their opacity and the general tendency for issuers to exploit regulatory loopholes can carry significant risk for investors, may make ICOs vulnerable to money laundering and terrorist financing, and could even create financial stability concerns. ICOs have been met with a wide range of initial regulatory responses: from an outright ban in the case of China and South Korea, to more supportive approaches in other jurisdictions, with Singapore in Asia and Switzerland in Europe leading the way. As for the European Union (EU) and the United States, the relevant regulatory agencies initially published warning notices, reinforced by statements that securities laws could apply and registration be necessary. The EU went a step further and is currently seeking to partially regulate ICOs, with a proposal for a regulation on markets in crypto-assets (MiCA regulation). Meanwhile, some Member States are currently implementing regulatory sandboxes, to provide an impetus for innovation without imposing the immediate burden of regulation.

Prospectuses for investors – Simplifying equity-raising during the pandemic

01-07-2021

A prospectus is a legally required document presenting information about a company and the securities that it offers to the public or seeks to admit to trading on a regulated market. The relevant EU legislation consists of a directive, adopted in 2003, amended in 2010, and finally replaced by a regulation in 2017. Drawing up a prospectus entails time and costs, which in the current economic context may deter issuers in distress from seeking to raise new funds, in particular equity. To remedy this ...

A prospectus is a legally required document presenting information about a company and the securities that it offers to the public or seeks to admit to trading on a regulated market. The relevant EU legislation consists of a directive, adopted in 2003, amended in 2010, and finally replaced by a regulation in 2017. Drawing up a prospectus entails time and costs, which in the current economic context may deter issuers in distress from seeking to raise new funds, in particular equity. To remedy this, the Commission proposed to amend Regulation (EU) 2017/1129. These amendments aim at creating a temporary (18 month) regime for a short-form prospectus and to simplify the procedure for issuers (so that they can rapidly raise capital), as well as to release pressure on financial intermediaries. The Commission proposal was reviewed by the co-legislators who, among other things, increased the range of those who can benefit from the regime, added elements that must appear in the recovery prospectus and increased the minimum information in the prospectus. They further amended Directive 2004/109/EC (the 'Transparency Directive'), thus providing Member States with the option to postpone, by one year, the requirement for listed companies.

Replacement benchmarks for financial benchmarks in cessation

01-07-2021

The pricing of many financial instruments and contracts depends on the accuracy and integrity of (financial) benchmarks, i.e. indices, by reference to which the amounts payable under such financial instruments or contracts, or the value of certain financial instruments, are determined. The anticipated discontinuation of such a benchmark (LIBOR) after the end of 2021 has created fears that it could lead to disruption in the internal market, given that the Benchmarks Regulation ((EU) 2016/1011) does ...

The pricing of many financial instruments and contracts depends on the accuracy and integrity of (financial) benchmarks, i.e. indices, by reference to which the amounts payable under such financial instruments or contracts, or the value of certain financial instruments, are determined. The anticipated discontinuation of such a benchmark (LIBOR) after the end of 2021 has created fears that it could lead to disruption in the internal market, given that the Benchmarks Regulation ((EU) 2016/1011) does not provide for mechanisms to organise the orderly discontinuation of systemically important benchmarks in the EU. That is why the Commission has proposed to amend the said regulation. The co-legislators significantly amended the Commission’s proposal. Their amendments deal, among other things, with the replacement of a benchmark by EU, or by national law, set additional obligations for supervised entities using a benchmark, regulate the Commission’s powers to adopt delegated acts and establish additional obligations for the Commission with regards to its proposed consultation. The European Parliament adopted the compromise agreement in plenary on 19 January 2021. On 2 February 2021, the Council adopted the act. The final act was published in the Official Journal of the EU on 12 February 2021. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Amending securitisation requirements for the impact of coronavirus

01-07-2021

Preserving the ability of banks to continue lending to companies, especially small and medium-sized enterprises, is key when it comes to softening the economic impact of the pandemic and easing recovery. The Commission believes that securitisation can contribute to this. It also considers that in order to increase the potential of securitisation the EU regulatory framework (Regulations (EU) 2017/2402 and (EU) 575/2013) must be updated, to cater for (i) on-balance-sheet synthetic securitisation and ...

Preserving the ability of banks to continue lending to companies, especially small and medium-sized enterprises, is key when it comes to softening the economic impact of the pandemic and easing recovery. The Commission believes that securitisation can contribute to this. It also considers that in order to increase the potential of securitisation the EU regulatory framework (Regulations (EU) 2017/2402 and (EU) 575/2013) must be updated, to cater for (i) on-balance-sheet synthetic securitisation and (ii) the securitisation of non-performing exposures (NPEs). The co-legislators amended the Commission proposal, with amendments concerning, among other things, the requirements concerning the credit protection agreement, the third party verification agent and the synthetic excess spread, the macroprudential oversight of the securitisation market, the obligations of the EBA, the reporting on prudential requirements and financial information, grandfathering for securitisation positions and NPE securitisations. The final act was signed on 31 March 2021. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Securitisation package – Coronavirus amendments

22-03-2021

To cushion the economic fallout from the coronavirus pandemic, the European Commission has taken several measures, including in financial markets. One of these involves updating the EU regulatory framework with regard to on-balance-sheet synthetic securitisation and the securitisation of non-performing exposures (NPEs) to enhance the capacity of securitisation to contribute to the economic recovery of the EU. The European Parliament is expected to vote during the March II plenary session on the provisional ...

To cushion the economic fallout from the coronavirus pandemic, the European Commission has taken several measures, including in financial markets. One of these involves updating the EU regulatory framework with regard to on-balance-sheet synthetic securitisation and the securitisation of non-performing exposures (NPEs) to enhance the capacity of securitisation to contribute to the economic recovery of the EU. The European Parliament is expected to vote during the March II plenary session on the provisional agreements resulting from interinstitutional negotiations on the two Commission proposals making up the package.

Introduction to the fiscal framework of the EU: The Maastricht Treaty, the Treaty on Stability, Coordination and Governance, and the Stability and Growth Pact

08-02-2021

Almost 30 years ago, the Maastricht Treaty laid the basis for economic and monetary union (EMU). Its fiscal provisions have been further developed by subsequent primary and secondary legislation – in particular, the Stability and Growth Pact with its preventive and corrective arms, and the Treaty on Stability, Coordination and Governance in EMU. These instruments together constitute the fiscal framework of the European Union. In early 2020, the European Commission launched a review of the EU's economic ...

Almost 30 years ago, the Maastricht Treaty laid the basis for economic and monetary union (EMU). Its fiscal provisions have been further developed by subsequent primary and secondary legislation – in particular, the Stability and Growth Pact with its preventive and corrective arms, and the Treaty on Stability, Coordination and Governance in EMU. These instruments together constitute the fiscal framework of the European Union. In early 2020, the European Commission launched a review of the EU's economic governance, seeking in particular to establish how effective the surveillance provisions have been in achieving their objectives. This paper aims to provide an introduction to the Union's economic governance, starting from a brief overview of the economic literature, and concluding with a look at possible developments that might follow from the review, not least examining the various calls for its amendment that have been put on the table. While the Commission's review has been put to one side while the immediate issues of the coronavirus pandemic are addressed, the economic consequences of the pandemic are themselves changing the context for the review.

Capital markets recovery package: MiFID and EU recovery prospectus

04-02-2021

In July 2020, the European Commission adopted a legislative package on capital markets recovery as part of its overall strategy to tackle the economic impacts of the coronavirus pandemic. The package includes targeted amendments to the Prospectus Regulation and the Markets in Financial Instruments Directive II (MiFID II), aimed at reducing the administrative burdens faced by experienced investors in their business-to-business relationships and at increasing the competitiveness of the EU’s commodity ...

In July 2020, the European Commission adopted a legislative package on capital markets recovery as part of its overall strategy to tackle the economic impacts of the coronavirus pandemic. The package includes targeted amendments to the Prospectus Regulation and the Markets in Financial Instruments Directive II (MiFID II), aimed at reducing the administrative burdens faced by experienced investors in their business-to-business relationships and at increasing the competitiveness of the EU’s commodity derivatives markets. The European Parliament is expected to vote during the February plenary session on the provisional agreements on the two proposals resulting from interinstitutional negotiations.

Economic and Budgetary Outlook for the European Union 2021

28-01-2021

This study, the fifth in an annual series, provides an overview of the economic and budgetary situation in the EU and beyond, and summarises the main economic indicators in the EU and euro area and their two-year trends. It also explains the annual EU budget, provides an overview of its headings for 2021, and sets out the wider budgetary framework – the post-2020 multiannual financial framework (MFF) and the Next Generation EU recovery instrument. This year's special 'economic focus' puts the spotlight ...

This study, the fifth in an annual series, provides an overview of the economic and budgetary situation in the EU and beyond, and summarises the main economic indicators in the EU and euro area and their two-year trends. It also explains the annual EU budget, provides an overview of its headings for 2021, and sets out the wider budgetary framework – the post-2020 multiannual financial framework (MFF) and the Next Generation EU recovery instrument. This year's special 'economic focus' puts the spotlight on EU social and employment policies in the context of the coronavirus outbreak.

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.

Buduća događanja

07-09-2021
EPRS online policy roundtable: What is the future of (European) sovereignty?
Drugo događanje -
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08-09-2021
EPRS online policy roundtable: Statistics, Data and Trust: Why figures matter [...]
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21-09-2021
EPRS online Book Talk with David Harley: Matters of Record: Inside European Politics
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