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The assignment of a claim refers to a situation where a creditor (the assignor) transfers the right to claim a debt from the debtor to another person (the assignee) who then becomes a creditor vis-a-vis the debtor (replacing in this role the original creditor). This mechanism is used by companies to obtain liquidity and access credit. At the moment, there is no legal certainty as to which national law applies when determining who owns a claim after it has been assigned in a cross-border case. The ...

Russia's war on Ukraine has now been going on for 6 months. Ukraine's citizens have paid the highest price to defend the country's independence. The EU and Western allies are supporting the country diplomatically, financially and militarily. In early September, the Ukrainian army liberated important areas of the country. The European Parliament will use its powers of oversight in the revived 'question time' during the September plenary session, to question the High Representative/Vice-President of ...

Since the creation of the economic and monetary union, the European Union has created various instruments to provide financial assistance for its Member States. Originally (since 2002) such assistance was provided through the balance of payments (BoP) assistance programme, which was reserved only for Member States with a derogation, i.e. those that had not yet adopted the euro. However, following the EU economic and sovereign debt crises (2009 to 2012), four new instruments were created: the (i) ...

The second Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) are the principal texts regulating investment services and activities in the EU. Following an extensive consultation and in light of the recent developments in the context of the coronavirus pandemic, the European Commission proposed the establishment of an EU-wide consolidated tape for shares, bonds, exchange-traded funds (ETFs) and derivatives, as well as making targeted ...

Two European Union (EU) directives regulate the EU collective investment funds industry, the Directive relating to undertakings for collective investment in transferable securities (UCITS) and the Alternative Investment Funds Manager Directive (AIFMD). The UCITS, which covers mutual funds, lays down uniform rules, allowing their cross-border offer, while the AIFMD, which covers hedge funds and private equity, lays down the rules for authorising, supervising and overseeing the managers of such funds ...

The Covid-19 pandemic was a severe blow to EU Member States. Thanks to rapid and resolute responses at Member State and EU level, the economic impact of the pandemic was less severe than initially forecast and – at least until early 2022 – the economy seemed on the way to recovery. New challenges, both external (such as Russia’s war on Ukraine) and internal (such as inflation) could jeopardise this, however. In its Spring 2022 Economic Forecasts, the European Commission has revised the EU’s growth ...

European long-term investment funds (ELTIFs) invest on a long-term basis in infrastructure projects, real estate and SMEs, among others. While the legislative framework – the ELTIF Regulation – for these funds was adopted six years ago, their market remains small. For this reason, the Commission has proposed amending the ELTIF Regulation to make it more appealing to investors. The key mulled changes involve differentiating between ELTIFs marketed to professional investors and those to which retail ...

Offering an overview of the economic and budgetary situation in the EU and beyond, and summarising the main economic indicators in the EU and euro area and their two-year trends, this study is the sixth in an annual series of 'Outlooks' produced by the European Parliamentary Research Service (EPRS). In seven chapters, the authors of the publication explain and analyse the EU annual budget and give an overview of its headings for 2022, all within the wider budgetary context of the EU’s post-2020 Multiannual ...

In absolute figures, Cyprus's National Recovery and Resilience Plan amounts to €1.2 billion. Cyprus decided to use its allocation under the Recovery and Resilience Facility (RRF) predominantly in grants (€1.005 billion), with €200.3 million in loans. These resources represent around 0.2 % of the entire RRF, but are equal to 5.2 % of the country's gross domestic product (GDP) in 2019 (the RRF being 5.2 % of EU-27 GDP in 2019). They will underpin a vast programme of reforms and investments that aims ...

Payment systems are of vital importance for today's economies and are the core activity of central banks. To adapt to recent trends – including the decline in cash usage, the surge in online commerce and contactless forms of payment, and the creation of cryptocurrencies – central banks have, in recent years, explored the possibility of issuing digital currencies themselves. Proponents of central bank digital currencies (CBDCs) note that, among other things, they can: alleviate the problem of concentration ...