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Nella tornata di novembre II il Parlamento dovrebbe votare la relazione della commissione per i bilanci (BUDG) sulla strategia di assunzione di prestiti per finanziare NextGenerationEU. La relazione valuta l'attuazione della strategia, esamina gli impatti positivi e le sfide potenziali, esorta la Commissione a riferire sistematicamente al Parlamento e sottolinea la necessità di trasparenza nonché di nuove risorse proprie.

Next Generation EU Borrowing: a first assessment

Analisi approfondita 29-10-2021

The Next Generation EU programme is radically changing the way the EU finances itself and interacts with financial markets, due to its ambitious and groundbreaking new public debt programme. The European Commission has thus adopted a totally new, diversified borrowing strategy, similar to that of other major issuers, to raise money safely, reliably and in a cost-effective manner. EU debt therefore has to be attractive to financial markets and maintain a strong credit rating.

Plenary round-up – June II 2021

In sintesi 25-06-2021

During the June II 2021 plenary session in Brussels, Parliament continued to debate and adopt programmes financed under the multiannual financial framework for 2021 2027, specifically this session in the areas of regional development, with the Common Provisions Regulation, European Territorial Cooperation Regulation, European Regional Development Fund and Cohesion Fund all finalised. Important debates on Council and European Commission statements were held, in particular on the preparation of the ...

The COVID-19 crisis has triggered unprecedented concerted economic policy response. The paper investigates potential cliff effects that may arise from the temporary nature of the measures adopted and their different phase-out schedules. It finds that the concern that premature policy tightening could jeopardise the recovery are overblown. The major challenges for economic policy lie in the medium term. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life ...

This briefing analyses the IA accompanying the legislative proposal of the Commission to enable market-led sovereign bond-backed securities (SBBS). The problem definition and the objectives of the IA do not follow entirely the better regulation guidelines. Nevertheless, the policy options, including the baseline scenario, seem logical and pertinent, lacking, however, necessary specification and precision. The assessment focusses on direct effects on the euro-area sovereign bonds market, expecting ...

Further to the adoption by the Commission of a proposal for a Regulation on sovereign bond-backed securities (‘SBBS’) on 24 May 2018, this briefing outlines the main purposes of this “enabling regulatory framework” for the development of SBBS. SBBS have been presented by the Commission as a market-driven initiative. By removing regulatory obstacles that have hindered its development, this enabling framework would put SSBS to a market test. In that context, SBBS has been portrayed by Commission Vice ...

As a part of the European regulatory responses to the financial and sovereign debt crises, the European Commission has proposed a regulation on sovereign bond-backed securities (SBBS), a new class of low-risk securities backed by a diversified pool of national government bonds. The proposal seeks to provide an enabling framework for a market-led development of SBBS, thus encouraging banks and investors to diversify their holdings of euro area bonds. The proposal is meant to address a weakness that ...

The ECSC Treaty, which was concluded for a period of 50 years from its entry into force, expired on 23 July 2002. Accordingly, in the run-up to its expiry, and in view of the benefits which the coal and steel sectors derived from the ECSC research and technological development programmes, the European Council, in the resolution on growth and employment which it adopted in Amsterdam on 16 and 17 June 1997, determined that revenues from reserves outstanding at the expiry of the Treaty should be used ...

The note provides a summary of the main points of the ECJ Judgment in the case Gauweiller C-62/14. It concerns the referral by the German Constitutional Court for the preliminary ruling about the compatibility of the ECB's Outright Monetary Transaction Programe announced in 2012 with the EU law.

This note prepared by Economic Governance Support Unit gives an overview of the Banks’ average Net Exposure to Home Sovereign.