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In most countries in the European Union (EU) and in the rest of the world, debt is treated more favourably from a tax perspective than equity, with interest payments on loans generally being tax deductible. In contrast, costs relating to equity financing, such as dividends, are mostly non-tax deductible. This unequal treatment of debt and equity leads to a bias towards debt in businesses' investment decisions and can lead to high levels of indebtedness in the EU corporate sector. On 11 May 2022, ...

Some savers and investors can lose money when a bank fails. The recent proposal for a reform of the EU bank crisis management and deposit insurance (CMDI) framework changes how bank resolution authorities have to treat deposits and how deposits rank in insolvency relative to other claims. These changes may significantly alter outcomes for uninsured depositors. They are not all straightforward and this briefing tries to parse them and their implications systematically.

Now is the time for quantitative tightening

Padziļināta analīze 16-03-2023

Even if QT is as inefficient as QE at affecting inflation, now is the time to cut the size of central banks’ balance sheets. The stabilising effects of large balance sheets are eroded as the financial markets adapt to excess reserves. If QT proves to be financially destabilising, it can be temporarily interrupted, possibly even reversed. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the ...

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 ...

This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 26 September 2022.

This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 26 September 2022.

Using available data, the AAG examines the practice of granting credit on the legal basis of credit agreements in the form of an overdraft facility and overrunning in the whole EU and, in more depth, in selected Member States. Furthermore, the study analyses the state of consumer protection in the currently valid Consumer Credit Directive on these types of credit agreements and identifies a number of possibilities for future regulations to improve the so far limited protection in this credit sector ...

Using available data, the study examines the practice of granting credit on the legal basis of credit agreements in the form of an overdraft facility and overrunning in the whole EU and, in more depth, in selected Member States. Furthermore, the study analyses the state of consumer protection in the currently valid Consumer Credit Directive on these types of credit agreements and identifies a number of possibilities for future regulations to improve the so far limited protection in this credit sector ...

On 26 July 2012, then ECB President Mario Draghi gave the so-called “whatever it takes” speech, today widely considered as the turnaround point in the European sovereign debt crisis. Shortly after, the European Central Bank (ECB) announced the details of its outright monetary transactions programme (OMT) tool. The speech, together with the OMT announcement, were enough to remove re-denomination risk from sovereign bond markets. OMT was never actually used. 10 years after, in a context of record-high ...

This paper clarifies the main features of the European Central Bank's revised inflation target in light of international practices, discusses the role of financial stability in the medium-term orientation of monetary policy decisions, and quantifies the possible impacts of the inclusion of the costs related to owner-occupied housing on the inflation indicator which is subject to the inflation target. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life ...