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Semiconductors (or chips) are the drivers of the digital transition. Their production relies on complex and vulnerable global supply chains. Against the backdrop of global chip shortages, a global 'subsidy race' in the world's main producing regions, and a renewed EU industrial policy, in February 2022 the Commission presented a proposal for an EU chips act aimed at reinforcing the whole EU chips value chain. The chips act is based on a three-pillar structure: pillar 1 to bolster large-scale technological ...

This note provides an overview of the main features and recent developments regarding the advisory European Fiscal Board. It also includes some reflections on a stronger role of the EU level fiscal board in the light of economic governance reforms orientations proposed by the Commission in November 2022.

This note is prepared in view of a public hearing with the Chair of the Single Resolution Board (SRB), Elke König, scheduled for 30 November 2022.

Geopolitical risk will increasingly confront EU banks and their supervisors in the coming years. This paper assesses four specific manifestations of this type of risk and the related banking vulnerabilities and proposes new or modified priorities for European Central Bank banking supervision.

The euro area’s current high inflation rate is due to both internally generated demand pressures and external shocks that have raised food and energy prices. This paper argues that the latter element is more important than the former. Central banks need to tighten monetary policy to address high inflation but, with central banks around the world under pressure to restore their anti-inflationary credentials, it is possible that there is going to be too much tightening of global financial conditions ...

The dispersion of inflation rates within the euro area tends to increase in times of very strong energy price increases. A small part of this divergence is due to fiscal policy measures implemented by member states and aimed at dampening the energy price increase. The monetary policy response of an inflation targeting central bank to adverse supply shocks depends on the nature of the shock (demand or supply driven, temporary or permanent) and on the credibility of the central bank's commitment to ...

Inflation has always had a strong global component, driven mostly by volatile energy prices. However, the unprecedented levels of inflation reached now cannot in all cases be explained by unprecedented energy prices – except for the euro area where gas prices have had a special impact. The international spill-over effects of national monetary policy are of uncertain sign. US tightening has a negative impact abroad, especially in emerging economies because of the dominant role of the US dollar in ...

Dieses Dokument ist Teil einer Reihe von Studien, mit denen die Grundsätze der Gleichheit und der Nichtdiskriminierung in verschiedenen Staaten und internationalen Organisationen aus rechtsvergleichender Sicht dargestellt werden sollen. Nach einer Erklärung der einschlägigen Rechtsvorschriften und Rechtsprechung werden der Inhalt, die Grenzen und die mögliche Entwicklung dieser Grundsätze analysiert. Diese Studie widmet sich dem Europarat. Das Diskriminierungsverbot wird in einer ausgeprägten und ...

The ongoing escalation of inflation challenges policymakers with radical uncertainty. First, inflation is boosted by the interplay of global and domestic factors. Second, such factors involve both aggregate demand and supply with different intensity in different countries. Third, global factors such as energy prices are also driven by geopolitical unpredictable forces. Risks of both under and over-reaction are present. All this makes a good case for coordination of monetary and fiscal policies within ...

Inflation pressures have triggered a largely synchronised tightening of monetary policy around the world. The sharp appreciation of the US dollar is adding to the challenges that policymakers confront. The paper sets out to identify the channels through which US tightening spills over to the rest of the world, with a particular focus on the euro area. It also examines the risks that stem from uncoordinated monetary tightening and discusses how different forms of global cooperation can help mitigate ...