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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.

The role of national fiscal bodies - State of play (January 2020)

16-01-2020

This briefing provides an overview of the advisory role played by independent national fiscal bodies in the preparations of the budgets of the EU Member States. The briefing is updated regularly. The objective of the analysis is twofold: 1) to give an overview of the set-up and functioning of these independent fiscal bodies based on the most recent assessments by the European Commission. 2) to give an overview of the extent to which the latest Stability or Convergence Programmes and the Draft Budgetary ...

This briefing provides an overview of the advisory role played by independent national fiscal bodies in the preparations of the budgets of the EU Member States. The briefing is updated regularly. The objective of the analysis is twofold: 1) to give an overview of the set-up and functioning of these independent fiscal bodies based on the most recent assessments by the European Commission. 2) to give an overview of the extent to which the latest Stability or Convergence Programmes and the Draft Budgetary Plans contain information about the involvement of independent national fiscal bodies in the preparation of these programmes/plans.

Anti-money laundering - reinforcing the supervisory and regulatory framework

02-09-2019

On the back of a number of high profile cases and alleged cases of money laundering, this briefing presents current initiatives and actions aiming at reinforcing the anti-money laundering supervisory and regulatory framework in the EU. This briefing first outlines (1) the EU supervisory architecture and the respective roles of European and national authorities in applying anti-money laundering legislation that have been further specified in the 5th AML Directive and (2) ways that have been proposed ...

On the back of a number of high profile cases and alleged cases of money laundering, this briefing presents current initiatives and actions aiming at reinforcing the anti-money laundering supervisory and regulatory framework in the EU. This briefing first outlines (1) the EU supervisory architecture and the respective roles of European and national authorities in applying anti-money laundering legislation that have been further specified in the 5th AML Directive and (2) ways that have been proposed to further improve the anti-money laundering supervisory and regulatory frameworks, including the 12 September 2018 Commission’s communication, the changes to the European Supervisory Authority (ESA) Regulation adopted by the co-legislators on the basis of a Commission proposal and the most recent Commission’s state of play of supervisory and regulatory landscapes on anti-money laundering. Some previous AML cases are presented in Annex. This briefing updates an EGOV briefing originally drafted in April 2018. On a more prospective note, this briefing also presents (3) some possible additional reforms to bring about a more integrated AML supervisory architecture in the EU. In that respect, President-elect U. von der Leyen’s political declaration stresses the need for further action without specifying at this stage possible additional supervisory and regulatory developments: “The complexity and sophistication of our financial system has opened the door to new risks of money laundering and terrorist financing. We need better supervision and a comprehensive policy to prevent loopholes.”

Single Resolution Mechanism - Main Features, Oversight and Accountability

16-07-2019

One of the key lessons learned from the financial crisis in 2007-2008 is that in order to reduce the direct and indirect costs of bank failures for national governments, one has to have a credible framework in place to deal with banks’ failures, including clear rules as to the allocation of losses and the conditions attached to the use of common resources, to provide strong incentives for taking measures of precaution in good times and minimise losses in times of crisis. To that end, Europe has put ...

One of the key lessons learned from the financial crisis in 2007-2008 is that in order to reduce the direct and indirect costs of bank failures for national governments, one has to have a credible framework in place to deal with banks’ failures, including clear rules as to the allocation of losses and the conditions attached to the use of common resources, to provide strong incentives for taking measures of precaution in good times and minimise losses in times of crisis. To that end, Europe has put together a framework for resolving banks in difficulties. That framework is the Single Resolution Mechanism, headed by an European agency, the Single Resolution Board (SRB), based on Regulation 806/2014 and comprising all national resolution authorities of the Member States participating in the Banking Union.

Review of the European supervisory authorities (ESAs)

20-12-2017

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 20 September 2017 and referred to Parliament's Committee on Economic and Monetary Affairs (ECON). Against the backdrop of the financial crisis and global efforts to safeguard financial stability, in 2011 the EU established three European Supervisory Authorities (ESAs) for the supervision of individual banking, investment, insurance ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 20 September 2017 and referred to Parliament's Committee on Economic and Monetary Affairs (ECON). Against the backdrop of the financial crisis and global efforts to safeguard financial stability, in 2011 the EU established three European Supervisory Authorities (ESAs) for the supervision of individual banking, investment, insurance and pension markets: the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA). These ESAs also contribute to the development and application of a single rulebook for financial regulation in the European Economic Area. In 2015, in view of further integration of the financial sector, the EU launched the Capital Markets Union, stressing the need to strengthen both regulatory and supervisory convergence. The latter was particularly highlighted in the Five Presidents' 2015 report on completing Europe's economic and monetary union and in a reflection paper of May 2017. In this context, the Commission's 2017 work programme announced the review of the European System of Financial Supervisors (ESFS), which comprises the ESAs and the European Systemic Risk Board. Accordingly, the review of the current ESA regulations addresses the micro-prudential aspects of the continuing financial integration, together with the extension of ESA responsibilities through a number of recent pieces of sectoral legislation, also covered in the IA (IA, pp. 8-9, 25). Finally, the prospect of Brexit – which will entail a relocation of the EBA – further increases the need for the EU27 to strengthen EU-wide convergence of supervisory practices, in order to protect consumers and investors and to promote financial stability. While the ESA regulations are considered to have worked well in general, a first review in 2014 found several shortcomings (IA, p. 9). The IA notes that for specific cross-border activities in particular, the balance between ESA and national supervision is problematic. Also, the considerable divergence between national supervisory practices across the EU makes the current system inconsistent, since the day-to-day supervision of small financial actors remains a national competence, as does the implementation of the cited sectoral regulations involving ESA activities (IA, pp. 20, 142).

Regolamento sulla cooperazione per la tutela dei consumatori

08-11-2017

La Commissione europea ha proposto la revisione del regolamento sulla cooperazione per la tutela dei consumatori (regolamento CPC), al fine di ampliarne l'ambito di applicazione e rafforzare i poteri delle autorità nazionali che cooperano nel contesto delle violazioni transfrontaliere della normativa dell'UE a tutela dei consumatori. I tre cicli di negoziati a livello di trilogo sono sfociati in un accordo provvisorio nel giugno 2017, attualmente in attesa di votazione in prima lettura nella plenaria ...

La Commissione europea ha proposto la revisione del regolamento sulla cooperazione per la tutela dei consumatori (regolamento CPC), al fine di ampliarne l'ambito di applicazione e rafforzare i poteri delle autorità nazionali che cooperano nel contesto delle violazioni transfrontaliere della normativa dell'UE a tutela dei consumatori. I tre cicli di negoziati a livello di trilogo sono sfociati in un accordo provvisorio nel giugno 2017, attualmente in attesa di votazione in prima lettura nella plenaria di novembre.

Energia nucleare

01-11-2017

Le centrali nucleari attualmente producono circa un terzo dell'energia elettrica e il 14 % dell'energia consumata nell'UE. L'energia nucleare è un'alternativa a bassa emissione di carbonio ai combustibili fossili e rappresenta una componente essenziale dell'articolazione energetica di molti Stati membri. Tuttavia, in seguito al disastro di Chernobyl del 1986 e alla catastrofe nucleare del 2011 a Fukushima, in Giappone, quello dell'energia nucleare è divenuto un tema molto controverso. La decisione ...

Le centrali nucleari attualmente producono circa un terzo dell'energia elettrica e il 14 % dell'energia consumata nell'UE. L'energia nucleare è un'alternativa a bassa emissione di carbonio ai combustibili fossili e rappresenta una componente essenziale dell'articolazione energetica di molti Stati membri. Tuttavia, in seguito al disastro di Chernobyl del 1986 e alla catastrofe nucleare del 2011 a Fukushima, in Giappone, quello dell'energia nucleare è divenuto un tema molto controverso. La decisione della Germania di eliminare gradualmente l'energia nucleare entro il 2020 nonché la chiusura temporanea di due reattori belgi dopo la scoperta di crepe nei loro recipienti, hanno incrementato la pressione a favore dell'abbandono dell'energia nucleare in Europa. Ciononostante, spetta unicamente agli Stati membri stessi la responsabilità di decidere di ricorrere, o meno, all'energia nucleare. A livello dell'UE, tuttavia, si stanno compiendo crescenti sforzi per migliorare gli standard di sicurezza delle centrali nucleari e per garantire che i rifiuti nucleari siano gestiti e smaltiti in sicurezza.

Protezione dei dati personali

01-10-2017

La protezione dei dati personali e il rispetto della vita privata sono diritti fondamentali importanti. Il Parlamento europeo ha sempre insistito sulla necessità di mantenere un approccio che concili il rafforzamento della sicurezza con la salvaguardia dei diritti umani, inclusa la protezione dei dati personali e della privacy. La riforma dell'UE sulla protezione dei dati rafforzerà i diritti dei cittadini, garantendo loro un migliore controllo dei propri dati e assicurando che la loro vita privata ...

La protezione dei dati personali e il rispetto della vita privata sono diritti fondamentali importanti. Il Parlamento europeo ha sempre insistito sulla necessità di mantenere un approccio che concili il rafforzamento della sicurezza con la salvaguardia dei diritti umani, inclusa la protezione dei dati personali e della privacy. La riforma dell'UE sulla protezione dei dati rafforzerà i diritti dei cittadini, garantendo loro un migliore controllo dei propri dati e assicurando che la loro vita privata continui a essere protetta nell'era digitale.

Corruption in the European Union: Prevalence of corruption, and anti-corruption efforts in selected EU Member States

18-09-2017

This study deals with the prevalence of corruption in the EU and describes the action taken to address the problem. It focuses on initiatives and policies implemented by governments at national, regional and local levels in eight selected Member States ranging from north to south and from west to east: Finland, the United Kingdom, France, Germany, Italy, Croatia, Romania and Bulgaria. The perception of corruption among citizens, the legal, institutional and policy framework, as well as some best ...

This study deals with the prevalence of corruption in the EU and describes the action taken to address the problem. It focuses on initiatives and policies implemented by governments at national, regional and local levels in eight selected Member States ranging from north to south and from west to east: Finland, the United Kingdom, France, Germany, Italy, Croatia, Romania and Bulgaria. The perception of corruption among citizens, the legal, institutional and policy framework, as well as some best practices at different levels of government are presented to improve understanding of the context and nature of anti-corruption policies, and to give some positive examples of what can be done.

Potential Concepts for the Future EU-UK Relationship in Financial Services

15-12-2016

This study assesses the key impacts of the United Kingdom’s exit from the European Union on the financial system and its infrastructures, on financial firms and financial services under three alternative concepts for the future EU-UK relationship. In addition to the impact on the ‘passporting rights’ of financial firms, particular emphasis is given to the impact on the regulatory framework governing i.a. credit institutions under a ‘third-country status’ scenario for the UK, the impact on payment ...

This study assesses the key impacts of the United Kingdom’s exit from the European Union on the financial system and its infrastructures, on financial firms and financial services under three alternative concepts for the future EU-UK relationship. In addition to the impact on the ‘passporting rights’ of financial firms, particular emphasis is given to the impact on the regulatory framework governing i.a. credit institutions under a ‘third-country status’ scenario for the UK, the impact on payment systems and market infrastructures, as well as to certain aspects of the EU institutional framework governing the monetary and the financial system could be affected. This study was prepared by Policy Department A at the request of the ECON Committee.

Autore esterno

Christos V. GORTSOS

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