1838

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When and how to unwind COVID-support measures to the banking system?

04-03-2021

This paper examines regulatory measures and supervisory practices that have supported public guarantee schemes and moratoria in euro-area countries. The focus is on flexibility shown with regard to default classifications, accounting practices and the treatment of non-performing loans. The paper identifies a number of undesirable effects and examines how soon such policies can be normalised. This document was provided by the Economic Governance Support Unit at the request of the ECON Committee.

This paper examines regulatory measures and supervisory practices that have supported public guarantee schemes and moratoria in euro-area countries. The focus is on flexibility shown with regard to default classifications, accounting practices and the treatment of non-performing loans. The paper identifies a number of undesirable effects and examines how soon such policies can be normalised. This document was provided by the Economic Governance Support Unit at the request of the ECON Committee.

Külső szerző

A. Lehmann, Bruegel

Economic Dialogue with the European Commission on EU Fiscal Surveillance

01-03-2021

Vice-President Dombrovskis and Commissioner Gentiloni have been invited to an Economic Dialogue on the fiscal part of the European Semester autumn package adopted by the Commission in November 2020. The fiscal elements of the package include the Commission Opinions on euro area 2021 Draft Budgetary Plans, the fiscal policy recommendation for the euro area and some elements of the 2021 Alert Mechanism Report. In March 2020, the general escape clause of the Stability and Growth Pact was activated and ...

Vice-President Dombrovskis and Commissioner Gentiloni have been invited to an Economic Dialogue on the fiscal part of the European Semester autumn package adopted by the Commission in November 2020. The fiscal elements of the package include the Commission Opinions on euro area 2021 Draft Budgetary Plans, the fiscal policy recommendation for the euro area and some elements of the 2021 Alert Mechanism Report. In March 2020, the general escape clause of the Stability and Growth Pact was activated and the Commission and the Council are expected to reassess its duration soon. The Commission has announced that it will publish on 3 March guidance for the related discussions (“One year since the outbreak of COVID-19: fiscal policy response”).

The SURE: Main Features

26-02-2021

This document presents the main features of the European instrument for temporary support to mitigate unemployment risks in an emergency (SURE) and compares such facility with other financial assistance instruments that were already available in the European Union. It also highlights the differences between the Commission proposals and the final version agreed in Council. This note updates a previous version.

This document presents the main features of the European instrument for temporary support to mitigate unemployment risks in an emergency (SURE) and compares such facility with other financial assistance instruments that were already available in the European Union. It also highlights the differences between the Commission proposals and the final version agreed in Council. This note updates a previous version.

EU-UK relations in fisheries

25-02-2021

The United Kingdom's decision to leave the European Union has brought significant uncertainty for the fisheries sector. Fisheries, and especially EU fishing rights in UK waters, played a prominent role in the recent negotiations on future EU-UK relations and ultimately became the final obstacle to reaching an agreement, being the very last point to be agreed. The new EU-UK Trade and Cooperation Agreement, settled on 24 December 2020, marks an important milestone in the long history of fisheries relations ...

The United Kingdom's decision to leave the European Union has brought significant uncertainty for the fisheries sector. Fisheries, and especially EU fishing rights in UK waters, played a prominent role in the recent negotiations on future EU-UK relations and ultimately became the final obstacle to reaching an agreement, being the very last point to be agreed. The new EU-UK Trade and Cooperation Agreement, settled on 24 December 2020, marks an important milestone in the long history of fisheries relations in the North-east Atlantic. The agreement maintains full access to waters until 30 June 2026, with part of the EU quota shares gradually transferred to the UK during this period. After 1 July 2026, access to waters will be decided by a process of annual consultations. The quota shares will remain stable at the 2025 level, and can only be changed with the mutual consent of both parties. The Trade and Cooperation Agreement ensures that fisheries and aquaculture products continue to be traded without tariffs, but non-tariff measures associated with the UK leaving the EU common market, such as certification requirements and customs controls, will involve slower and more expensive trade flows.

Understanding EU financing for external action

16-02-2021

To achieve its external objectives and priorities, the EU needs financial means in adequate proportions. Its global role and impact are defined to a great extent by the scope of its resources, but just as importantly by their efficient and coordinated use. This paper aims to examine the structure of the EU external financing in the 2014-2020 MFF and the agreed changes for the upcoming post-2020 period. It gives a general outline of the main financing instruments and mechanisms along with the multiple ...

To achieve its external objectives and priorities, the EU needs financial means in adequate proportions. Its global role and impact are defined to a great extent by the scope of its resources, but just as importantly by their efficient and coordinated use. This paper aims to examine the structure of the EU external financing in the 2014-2020 MFF and the agreed changes for the upcoming post-2020 period. It gives a general outline of the main financing instruments and mechanisms along with the multiple actors involved, while also underlining the complexity of the architecture and highlighting the proposed changes and main trends for the future of financing the EU's external action.

The EU’s regulatory and supervisory response to addressing non-performing loans

12-02-2021

Building on earlier EGOV papers, this briefing addresses the evolution of non-performing loans (NPLs) over time, the EU regulatory and supervisory approaches to manage NPLs and highlights areas where gaps may still be observed. Renewed interest in asset management companies as a possible instrument to deal with NPLs is discussed in an annex. Concerns around NPLs are growing, as the impact of COVID-19 crisis related responses on banks’ balance sheets begin to be further scrutinised. This briefing ...

Building on earlier EGOV papers, this briefing addresses the evolution of non-performing loans (NPLs) over time, the EU regulatory and supervisory approaches to manage NPLs and highlights areas where gaps may still be observed. Renewed interest in asset management companies as a possible instrument to deal with NPLs is discussed in an annex. Concerns around NPLs are growing, as the impact of COVID-19 crisis related responses on banks’ balance sheets begin to be further scrutinised. This briefing will be updated in light of relevant developments.

Implementation of the Macroeconomic Imbalance Procedure: State of play February 2021

08-02-2021

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

2020 EGOV Annual Activity Report

03-02-2021

This activity report covers the year 2020 and presents an overview of the expertise provided by the Unit in the area of economic governance and banking union in view of supporting the related scrutiny activities in the competent committee(s).

This activity report covers the year 2020 and presents an overview of the expertise provided by the Unit in the area of economic governance and banking union in view of supporting the related scrutiny activities in the competent committee(s).

EU-UK Trade and Cooperation Agreement: An analytical overview

02-02-2021

This EPRS publication seeks to provide an analytical overview of the Trade and Cooperation Agreement (TCA) between the European Union (EU) and the United Kingdom (UK), which was agreed between the two parties on 24 December and signed by them on 30 December 2020, and has been provisionally applied since 1 January 2021. The European Parliament is currently considering the Agreement with a view to voting on giving its consent to conclusion by the Council on behalf of the Union. The paper analyses many ...

This EPRS publication seeks to provide an analytical overview of the Trade and Cooperation Agreement (TCA) between the European Union (EU) and the United Kingdom (UK), which was agreed between the two parties on 24 December and signed by them on 30 December 2020, and has been provisionally applied since 1 January 2021. The European Parliament is currently considering the Agreement with a view to voting on giving its consent to conclusion by the Council on behalf of the Union. The paper analyses many of the areas covered in the agreement, including the institutional framework and arrangements for dispute settlement, trade in goods, services and investment, digital trade, energy, the level playing field, transport, social security coordination and visas for short-term visits, fisheries, law enforcement and judicial coordination in criminal matters, and participation in Union programmes. It looks at the main provisions of the Agreement in each area, setting them in context, and also gives an overview of the two parties' published negotiating positions in the respective areas.

How the COVID-19 crisis has affected security and defence-related aspects of the EU

27-01-2021

This paper looks at how the COVID-19 pandemic has directly and indirectly affected European security and defence. It documents how missions and operations of the Common Security and Defence Policy (CSDP) were directly impacted. It finds that COVID-19 has accentuated already recognised capacity shortfalls of the CSDP, such as strategic airlift, secure communications and command and control. Defence spending through EU instruments, and to a lesser extent at national level, has come under pressure although ...

This paper looks at how the COVID-19 pandemic has directly and indirectly affected European security and defence. It documents how missions and operations of the Common Security and Defence Policy (CSDP) were directly impacted. It finds that COVID-19 has accentuated already recognised capacity shortfalls of the CSDP, such as strategic airlift, secure communications and command and control. Defence spending through EU instruments, and to a lesser extent at national level, has come under pressure although it may still escape post-2008 style cuts. The pandemic revealed the vulnerabilities of Member States’ infrastructure and supply chains, and the limited competences of the EU in supporting Member States’ management of public health emergencies. COVID-19 tends to act as a threat multiplier and source of instability, particularly in low-income countries already affected by socio-economic imbalances and governance problems. The pandemic is likely to accelerate existing trends, including the declining share of the US and the EU in the world economy compared to Asia, intensifying concerns about China’s growing assertiveness, growing attention to IT security and cyber capabilities, and the interconnection between conventional and unconventional security risks. This analysis also looks at which lessons the EU should learn in order to better manage and prepare for such crises. At a strategic level, the EU needs to invest in lesson learning exercises with the European Parliament playing a key role in making the learning publicly accessible. It should also be proactive in shaping international discourses about international governance and the role of the EU post COVID-19. Furthermore, the paper elaborates 19 short and longer-term recommendations, for instance, on how CSDP missions can become more resilient in public health emergencies and which capability shortfalls need addressing most; how defence spending can be made more efficient and better targeted; or how the EU can help to better coordinate military support to civilian authorities. Finally, it advocates investment in health intelligence and better managing the biosecurity risks arising from growing access to dual-use technologies. The EU should forge a preventive approach to future pandemics and associated risks and embrace a comprehensive approach to security and resilience. Yet, one should not lose sight of the distinctive function of the CSDP and what it can currently deliver.

Külső szerző

Christoph O. Meyer, Sophia Besch, Prof. Martin Bricknell, Dr Ben Jones Christoph O. MEYER, Martin BRICKNELL, Ramon PACHECO PARDO, Ben JONES.

Következő események

15-03-2021
EPRS online Book Talk with Vivien Schmidt: Legitimacy and power in the EU
Egyéb esemény -
EPRS
16-03-2021
EPRS online policy roundtable: Inside the New European Bauhaus
Egyéb esemény -
EPRS
16-03-2021
Public Hearing on Defence planning and procurement in the EU - a joint approach
Meghallgatás -
SEDE

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