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Public hearing with Andrea Enria, Chair of the ECB Supervisory Board

19-03-2021

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 23 March 2021. During the hearing, Chair Enria will present the Annual Report on supervisory activities 2020, which will be published the same day. This paper addresses (i) the implications of supervisory measures in response to COVID-19; (ii) supervisory work for 2021 (supervisory priorities, stress test, fit and proper assessments ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 23 March 2021. During the hearing, Chair Enria will present the Annual Report on supervisory activities 2020, which will be published the same day. This paper addresses (i) the implications of supervisory measures in response to COVID-19; (ii) supervisory work for 2021 (supervisory priorities, stress test, fit and proper assessments, recovery planning); (iii) medium and longer term structural risks (Basel III, anti-money laundering, climate risk, and completing the Banking Union); (iv) recent ECB publications; and (v) recent developments in the banking sector relating to the Greensill case.

Coronavirus: Vaccination debates [What Think Tanks are thinking]

05-03-2021

As the second wave of the coronavirus passes, numbers of new infections and the death rate are currently both in decline globally. At the same time, countries across the world have begun vaccination programmes. In parallel, fears that the impact of the disease will continue, as some new, highly contagious mutations of the virus have spread, have lead governments to adopt additional preventive border restrictions and lockdowns. Among many debates on the subject, two stand out – the slower vaccination ...

As the second wave of the coronavirus passes, numbers of new infections and the death rate are currently both in decline globally. At the same time, countries across the world have begun vaccination programmes. In parallel, fears that the impact of the disease will continue, as some new, highly contagious mutations of the virus have spread, have lead governments to adopt additional preventive border restrictions and lockdowns. Among many debates on the subject, two stand out – the slower vaccination rate in the EU compared to the UK and US, and the imbalance between rich and poor countries in the availability of vaccines, with a third debate, on vaccination passports, emerging rapidly. This note offers links to recent commentaries, studies and reports from international think tanks on the pandemic and related issues. A previous item from this series on the coronavirus was published in February 2021.

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.

Išorės autorius

A. Lehmann, Bruegel

Improving the resilience of critical entities

23-02-2021

This briefing finds that the European Commission's impact assessment (IA), which accompanies the directive proposal on the resilience of critical entities, provides a good evidence-based problem definition and a sufficiently broad range of options. The assessment is mostly qualitative, due to difficulties in quantification. The IA could have been more transparent in its description of stakeholder views, and could have provided due references and a link to the feasibility study which has supported ...

This briefing finds that the European Commission's impact assessment (IA), which accompanies the directive proposal on the resilience of critical entities, provides a good evidence-based problem definition and a sufficiently broad range of options. The assessment is mostly qualitative, due to difficulties in quantification. The IA could have been more transparent in its description of stakeholder views, and could have provided due references and a link to the feasibility study which has supported the IA. Further explanations to support the preferred option in terms of efficiency would have benefited the analysis.

Improving the common level of cybersecurity across the EU

11-02-2021

Drawing on the findings of an evaluation of the NIS directive, the IA generally seems to provide a clear and relevant analysis of the shortcomings of the existing NIS Directive and the available policy options for their improvement by a new legal act. It appears that the IA's assumptions are based on a thorough stocktaking exercise involving the consultation of a big number of stakeholders. The IA could however have explained in closer detail practical implications of the proposed initiative. It ...

Drawing on the findings of an evaluation of the NIS directive, the IA generally seems to provide a clear and relevant analysis of the shortcomings of the existing NIS Directive and the available policy options for their improvement by a new legal act. It appears that the IA's assumptions are based on a thorough stocktaking exercise involving the consultation of a big number of stakeholders. The IA could however have explained in closer detail practical implications of the proposed initiative. It would have been useful if the IA had provided a fuller impact analysis particularly of potential economic costs and fundamental rights implications, as noted in the RSB opinion. Finally, the range of options assessed is limited to two in addition to the baseline. Given that the final outcome of the assessment is a significant revision of the existing legal framework, one might have expected a more granular formulation of policy options in the IA.

Green and sustainable finance

04-02-2021

The dramatic consequences of climate change and environmental degradation have brought the need for a more sustainable economy to the top of the agenda. Transforming the EU economy to make it more sustainable requires large investments, especially for enabling a green and low-carbon transition. Given that the public sector alone cannot cover this financial need, solutions have been sought to bring the private sector on board. Green finance involves collecting funds for addressing climate and environmental ...

The dramatic consequences of climate change and environmental degradation have brought the need for a more sustainable economy to the top of the agenda. Transforming the EU economy to make it more sustainable requires large investments, especially for enabling a green and low-carbon transition. Given that the public sector alone cannot cover this financial need, solutions have been sought to bring the private sector on board. Green finance involves collecting funds for addressing climate and environmental issues (green financing), on the one hand, and improving the management of financial risk related to climate and the environment (greening finance), on the other. Sustainable finance is an evolution of green finance, as it takes into consideration environmental, social and governance (ESG) issues and risks, with the aim of increasing long-term investments in sustainable economic activities and projects. The European Union is a global leader in the above domain. In its 2018 action plan on financing sustainable growth, the European Commission set out the EU strategy to connect finance with sustainability. The first deliverables have been three key regulations seeking to create a classification system to determine whether an economic activity is environmentally sustainable (the 'taxonomy'); to make disclosures relating to sustainable investments and sustainability risks clearer; and to establish low-carbon benchmarks. The Taxonomy Regulation is particularly important for driving the consistent development of future legislation, as advocated, in particular, by the European Parliament. The Commission will release a renewed sustainable finance strategy in 2021, and a legislative proposal on the green bond standard. The interest in green and sustainable finance is rising very fast among investors worldwide, and several voluntary private initiatives have tried to create some market standards. Policymakers have also been very active in launching numerous regulatory and non-regulatory initiatives at global or local level. To avoid market fragmentation, there is a demand for greater harmonisation among the different measures. There is also a need to increase the standardisation and disclosure of non-financial information published by companies and used to evaluate the risks. Doing so will help to increase data availability, to make data more comparable, and to bring more transparency and clarity to investors. Given that climate change and environmental degradation are global challenges, international cooperation is in the common interest; the European Union is actively promoting this through the International Platform on Sustainable Finance.

European critical infrastructure: Revision of Directive 2008/114/EC

03-02-2021

Council Directive 2008/114/EC is part of the EU framework for critical infrastructure protection. While embracing an all-hazards approach, its scope is limited to the sectors energy and transport. This is widely considered a shortcoming. Calls for broadening its scope and for refocussing the directive on resilience rather than just protection, and interconnectivity of critical infrastructures resulted in a new legislative proposal the Commission presented in December 2020.

Council Directive 2008/114/EC is part of the EU framework for critical infrastructure protection. While embracing an all-hazards approach, its scope is limited to the sectors energy and transport. This is widely considered a shortcoming. Calls for broadening its scope and for refocussing the directive on resilience rather than just protection, and interconnectivity of critical infrastructures resulted in a new legislative proposal the Commission presented in December 2020.

Banking Union: Postponed Basel III reforms

22-01-2021

This briefing summarises the Basel Committee’s decision to postpone the implementation of the outstanding Basel III standards, their main content, and their estimated impact on banks’ capital needs.

This briefing summarises the Basel Committee’s decision to postpone the implementation of the outstanding Basel III standards, their main content, and their estimated impact on banks’ capital needs.

Public hearing with Christine Lagarde, Chair of the European Systemic Risk Board

16-11-2020

This note is prepared in view of a public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place in ECON on 19 November 2020. This will be the second hearing with Ms Lagarde in her capacity as a Chair of the ESRB. The aim of the meeting is to discuss recent developments in the macroprudential policy field and the impact of the corona crisis. The briefing provides a (i) summary of the ESRB Annual Report, (ii) addresses the ESRB and national macroprudential ...

This note is prepared in view of a public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place in ECON on 19 November 2020. This will be the second hearing with Ms Lagarde in her capacity as a Chair of the ESRB. The aim of the meeting is to discuss recent developments in the macroprudential policy field and the impact of the corona crisis. The briefing provides a (i) summary of the ESRB Annual Report, (ii) addresses the ESRB and national macroprudential authorities’ response to the COVID pandemic outbreak, (iii) including recent ESRB Recommendations to the European Commission and national authorities; (iv) latest ESRB systemic risk assessment and (v) other macroprudential policy concerns.

Artificial Intelligence and Civil Liability

14-07-2020

This study – commissioned by the Policy Department C at the request of the Committee on Legal Affairs – analyses the notion of AI-technologies and the applicable legal framework for civil liability. It demonstrates how technology regulation should be technology-specific, and presents a Risk Management Approach, where the party who is best capable of controlling and managing a technology-related risk is held strictly liable, as a single entry point for litigation. It then applies such approach to ...

This study – commissioned by the Policy Department C at the request of the Committee on Legal Affairs – analyses the notion of AI-technologies and the applicable legal framework for civil liability. It demonstrates how technology regulation should be technology-specific, and presents a Risk Management Approach, where the party who is best capable of controlling and managing a technology-related risk is held strictly liable, as a single entry point for litigation. It then applies such approach to four case-studies, to elaborate recommendations.

Išorės autorius

Andrea BERTOLINI, Ph.D., LL.M. (Yale) Assistant Professor of Private Law, Scuola Superiore Sant’Anna (Pisa) Director of the Jean Monnet - European Centre of Excellence on the Regulation of Robotics and AI (EURA)

Būsimi renginiai

28-10-2021
Workshop "Envisioning International Justice: what role for the ICC?"
Seminaras -
DROI
28-10-2021
Dual quality of goods in the Single Market
Klausymas -
IMCO
28-10-2021
Public hearing on the "Luxletters revelations"
Klausymas -
FISC

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