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The ECB’s Monetary Policy Response to the COVID-19 Crisis

09-02-2021

(Updated 9 February 2021) The coronavirus pandemic is taking a heavy toll on the euro area economy, necessitating a timely and resolute macroeconomic policy response. The ECB's Governing Council acted decisively by taking a series of measures that collectively provide a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions.

(Updated 9 February 2021) The coronavirus pandemic is taking a heavy toll on the euro area economy, necessitating a timely and resolute macroeconomic policy response. The ECB's Governing Council acted decisively by taking a series of measures that collectively provide a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions.

EU4Health programme

03-02-2021

On 28 May 2020, the European Commission adopted a proposal for a regulation on a new health programme (EU4Health) for 2021 to 2027. Announced as part of the Next Generation EU (NGEU) recovery instrument, according to the Commission, the EU4Health programme is intended to boost the EU's preparedness for major cross-border health threats and improve health systems' resilience. EU4Health would be a stand-alone, dedicated funding programme with an originally proposed budget of €10.4 billion (in current ...

On 28 May 2020, the European Commission adopted a proposal for a regulation on a new health programme (EU4Health) for 2021 to 2027. Announced as part of the Next Generation EU (NGEU) recovery instrument, according to the Commission, the EU4Health programme is intended to boost the EU's preparedness for major cross-border health threats and improve health systems' resilience. EU4Health would be a stand-alone, dedicated funding programme with an originally proposed budget of €10.4 billion (in current prices). However, during the negotiations on the 2021-2027 multiannual financial framework (MFF) and NGEU, the budget for EU4Health was revised downwards, with the July 2020 European Council conclusions allocating the programme €1.7 billion. On 14 December2020, Parliament and Council reached a provisional agreement on the programme, including a budget of €5.1 billion. Stakeholders had broadly welcomed the proposal, but generally regretted the European Council's reduction of the financial envelope allocated to it. The co-legislators' December agreement on an increased budget was thus positively received. The first-reading vote in Parliament's plenary on the text is expected in plenary in March. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Reducing methane emissions: A new EU strategy to address global warming

08-12-2020

Methane, a short-lived greenhouse gas, has a global warming potential much higher than that of carbon dioxide, and is directly linked to air pollution through the formation of ozone. Methane emissions are derived from both natural sources and human activity. Energy, agriculture, waste and wastewater treatment are the biggest sources of anthropogenic methane emissions. Globally, methane emissions increased by 24 % between 1990 and 2018. In the EU-27, methane emissions fell by 0.2 % between 2009 and ...

Methane, a short-lived greenhouse gas, has a global warming potential much higher than that of carbon dioxide, and is directly linked to air pollution through the formation of ozone. Methane emissions are derived from both natural sources and human activity. Energy, agriculture, waste and wastewater treatment are the biggest sources of anthropogenic methane emissions. Globally, methane emissions increased by 24 % between 1990 and 2018. In the EU-27, methane emissions fell by 0.2 % between 2009 and 2018 and accounted for just over 10 % of total GHG emissions in 2018. The EU has been tackling methane through legislation, policies and strategies aimed at reducing emissions in Europe and internationally since 1996. The EU's methane emissions dropped by a third between 1990 and 2018. As a precursor to ozone, methane is a key factor in air quality and human health. On 14 October 2020, the European Commission presented an EU strategy to reduce methane emissions. The document focuses on cross-sectoral actions within the EU, and builds on actions in the energy, agricultural, waste and wastewater sectors within the EU and internationally. Stakeholders from the industry sector and environmental non-governmental organisations have given feedback on the strategic document and have welcomed the strategy while also highlighting aspects that could be strengthened. In 2019, the European Parliament asked the Commission to address methane emissions reductions through a strategic plan by the end of the first half of its 2019-2024 term. In October 2020, when the strategy was presented, MEPs from the Committees on Industry, Research and Energy welcomed the document and also posed questions in respect of its scope. Parliament's response is currently being prepared by the Committee on the Environment, Public Health and Food Safety.

Exceptional coronavirus support measures of benefit to EU regions

02-12-2020

The coronavirus pandemic is severely impacting the European population and the economy. Consequently the social and economic impact of the crisis is being felt in all EU regions. Although it is still too early to make concrete predictions about the long-term economic impact, the risks of increased disparities and the unravelling of previous years' progress are real. Furthermore; the consequences of the Covid 19 pandemic could well further impede the social, economic and territorial cohesion of the ...

The coronavirus pandemic is severely impacting the European population and the economy. Consequently the social and economic impact of the crisis is being felt in all EU regions. Although it is still too early to make concrete predictions about the long-term economic impact, the risks of increased disparities and the unravelling of previous years' progress are real. Furthermore; the consequences of the Covid 19 pandemic could well further impede the social, economic and territorial cohesion of the EU, by exacerbating existing divisions between EU regions. The European Commission has put forward a number of proposals to alleviate the impact of the coronavirus pandemic on EU territories. The European Parliament has been generally supportive of the Commission's proposals, triggering urgent procedures to approve them swiftly so that EU citizens could benefit immediately. Actions under various EU funds and policy instruments are now geared towards health-related purposes and the rekindling of the economy. In these critical times, cohesion policy is increasingly drawn upon to provide emergency relief and liquidity support to affected small and medium-sized enterprises (SMEs) and companies. Amendments to the regulation governing the European structural and investment (ESI) funds were approved by Parliament to allow flexible use of the funds in addressing the challenges posed by the crisis. A number of additional regulations and policy instruments meanwhile complement the ESI funds in the fight against the pandemic's negative consequences. Local and regional authorities are at the forefront of the pandemic, as they are often responsible for providing much of the emergency response. They can use the adopted EU measures to reinforce their coronavirus action and to support their economic sectors. This briefing is an update of an earlier edition, published in May 2020.

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.

Technical Support Instrument

10-11-2020

On 28 May 2020, the European Commission adopted a proposal for a regulation on a Technical Support Instrument that would provide Member States with technical support to strengthen their institutional and administrative capacity in designing and implementing reforms. In the context of the 'Next Generation EU' recovery plan, it would support them to prepare and implement recovery and resilience plans, and make reforms and investments related to the green and digital transitions. Modelled on an instrument ...

On 28 May 2020, the European Commission adopted a proposal for a regulation on a Technical Support Instrument that would provide Member States with technical support to strengthen their institutional and administrative capacity in designing and implementing reforms. In the context of the 'Next Generation EU' recovery plan, it would support them to prepare and implement recovery and resilience plans, and make reforms and investments related to the green and digital transitions. Modelled on an instrument proposed by the Commission in 2018, the Technical Support Instrument would replace the Structural Reform Support Programme that has helped implement over 1 000 reform projects in the Member States since 2017. Under the current Commission proposal, a budget of €864.4 million has been set aside for the instrument over the 2021-2027 period (by contrast, the Structural Reform Support Programme has a budget of €222.8 million for 2017-2020). The Council of the EU agreed its position on 22 July 2020. At the European Parliament, the Committee on Budgets (BUDG) and the Committee on Economic and Monetary Affairs (ECON) are working jointly on this file under Rule 58 of the Parliament's Rules of Procedure. On 1 October 2020, the joint committee adopted its final report and decided to enter into interinstitutional negotiations. The Parliament confirmed the decision in its first October plenary session. First edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Coronavirus: Europe confronts the second wave [What Think Tanks are thinking]

09-11-2020

As the United States has been choosing its President, an explosion of cases in a second wave of the coronavirus pandemic has forced many governments in Europe to reintroduce strict confinement measures, including new lockdowns, curfews, bans on meetings and the closure of many businesses, notably in the hospitality and tourism sectors. The moves are meant to act as a firebreak on the exponential growth in Covid-19 infections and prevent health sectors in many countries from becoming overloaded. Whatever ...

As the United States has been choosing its President, an explosion of cases in a second wave of the coronavirus pandemic has forced many governments in Europe to reintroduce strict confinement measures, including new lockdowns, curfews, bans on meetings and the closure of many businesses, notably in the hospitality and tourism sectors. The moves are meant to act as a firebreak on the exponential growth in Covid-19 infections and prevent health sectors in many countries from becoming overloaded. Whatever happens next, economies will contract this year in the great majority of countries around the world, even if in varying degrees, with significant social and political implications. This note offers links to recent commentaries, studies and reports from major international think tanks on pandemic related issues. Earlier think tank studies on the issue can be found in the ‘What Think Tanks are Thinking’ of 23 October.

What role for the European Semester in the recovery plan?

09-11-2020

The paper assesses the institutional interactions between the Recovery and Resilience Facility (RRF) and the European Semester, with the view to establish whether and how the Semester can constitute a governance framework for the RRF. It argues that the RRF and the Semester are mutually beneficial: the EU Semester offers important informational and signaling advantages for the preparation of recovery and resilience plans. The RRF, in turn, offers important implementation benefits for the policy advice ...

The paper assesses the institutional interactions between the Recovery and Resilience Facility (RRF) and the European Semester, with the view to establish whether and how the Semester can constitute a governance framework for the RRF. It argues that the RRF and the Semester are mutually beneficial: the EU Semester offers important informational and signaling advantages for the preparation of recovery and resilience plans. The RRF, in turn, offers important implementation benefits for the policy advice issued under the European Semester. Yet, potential synergies are not fully exploited on implementation, ownership, and accountability towards the European Parliament.

Vanjski autor

Manuela MOSCHELLA

Monetary-Fiscal Nexus After the Crisis

09-11-2020

The severe economic disruption caused by the COVID-19 pandemic required an urgent, massive and coordinated fiscal and monetary policy response. The fiscal measures will lead to substantially higher public debt-to-GDP levels across the euro area. In order to safeguard the effective transmission of monetary policy, the European Central Bank (ECB) further expanded its asset purchases, in particular of government bonds. This growing nexus between monetary and fiscal policy has raised concerns about possible ...

The severe economic disruption caused by the COVID-19 pandemic required an urgent, massive and coordinated fiscal and monetary policy response. The fiscal measures will lead to substantially higher public debt-to-GDP levels across the euro area. In order to safeguard the effective transmission of monetary policy, the European Central Bank (ECB) further expanded its asset purchases, in particular of government bonds. This growing nexus between monetary and fiscal policy has raised concerns about possible future policy constraints and trade-offs. Five papers were prepared by the ECON Committee’s Monetary Expert Panel, discussing the implications of such interlinkages between monetary and fiscal policy. This publication is prepared by Policy Department A for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 19 November 2020.

Vanjski autor

Salomon FIEDLER, Klaus-Jürgen GERN, Ulrich STOLZENBURG, Karl WHELAN, Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI, Charles WYPLOSZ, Thomas MARMEFELT

Effects of Pandemic-Induced Uncertainty on Monetary Policy

09-11-2020

The COVID-19 pandemic has fuelled a significant or even, according to some measures, unprecedented increase in economic uncertainty. For central banks, such uncertainty makes effective calibration of monetary policy challenging. Four papers were prepared by the ECON Committee’s Monetary Expert Panel, presenting the different measures used as proxies of uncertainty and evaluating the effects of the current pandemic-induced uncertainty on economic outcomes in the euro area, in particular on inflation ...

The COVID-19 pandemic has fuelled a significant or even, according to some measures, unprecedented increase in economic uncertainty. For central banks, such uncertainty makes effective calibration of monetary policy challenging. Four papers were prepared by the ECON Committee’s Monetary Expert Panel, presenting the different measures used as proxies of uncertainty and evaluating the effects of the current pandemic-induced uncertainty on economic outcomes in the euro area, in particular on inflation. This publication is prepared by Policy Department A for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 19 November 2020.

Vanjski autor

Maria Demertzis, Marta DOMINGUEZ-JIMENEZ, Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI, Atanas PEKANOV, Stefan SCHIMAN, Christophe BLOT, Paul HUBERT and Fabien LABONDANCE

Buduća događanja

01-03-2021
Decarbonising European industry: hydrogen and other solutions (online event)
Radionica -
STOA
01-03-2021
Hearing on Transport of live animals in third countries
Saslušanje -
ANIT
01-03-2021
Exchange of views with HR/VP Josep Borrell
Saslušanje -
INGE

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