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EFSI – Extension of duration ('EFSI 2.0')

05-12-2017

On 14 September 2016, the Commission proposed to extend the duration of the European Fund for Strategic Investments (EFSI) until 31 December 2020, entailing changes in its governance and financial capacity. The agreement achieved in trilogue is due to be voted during the December plenary.

On 14 September 2016, the Commission proposed to extend the duration of the European Fund for Strategic Investments (EFSI) until 31 December 2020, entailing changes in its governance and financial capacity. The agreement achieved in trilogue is due to be voted during the December plenary.

Amending the EuVECA and EuSEF Regulations

05-09-2017

European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) are collective investment schemes that have been harmonised at European Union (EU) level since July 2013 by means of two regulations: (EU) No 345/2013 (EuVECA) and (EU) No 346/2013 (EuSEF). The Parliament is due to vote on proposals to amend these regulations during its September plenary.

European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF) are collective investment schemes that have been harmonised at European Union (EU) level since July 2013 by means of two regulations: (EU) No 345/2013 (EuVECA) and (EU) No 346/2013 (EuSEF). The Parliament is due to vote on proposals to amend these regulations during its September plenary.

Loss Absorbing Capacity in the Banking Union: TLAC Implementation and MREL Review

07-07-2016

This note explains the objectives of and main differences between the Minimum Requirement for own funds and Eligible Liabilities (MREL) under the BRRD framework and the Total Loss Absorbing Capacity (TLAC) standard developed globally by the Financial Stability Board (FSB). It also summarizes the issues arising from the need to implement the TLAC standard under EU law.

This note explains the objectives of and main differences between the Minimum Requirement for own funds and Eligible Liabilities (MREL) under the BRRD framework and the Total Loss Absorbing Capacity (TLAC) standard developed globally by the Financial Stability Board (FSB). It also summarizes the issues arising from the need to implement the TLAC standard under EU law.

The Creative Europe programme: European Implementation Assessment

15-06-2016

The Creative Europe programme (CE) – in operation since January 2014 – brings together the cultural and media programmes during the 2007-2013 programming period and is designed to support activities in the cultural and audiovisual sectors and to promote cross-sectoral synergies. With the aim of enhancing the competitiveness of the creative and cultural industries, Creative Europe was devised to help the creative and cultural industries and audiovisual sectors to better face the challenges of increasing ...

The Creative Europe programme (CE) – in operation since January 2014 – brings together the cultural and media programmes during the 2007-2013 programming period and is designed to support activities in the cultural and audiovisual sectors and to promote cross-sectoral synergies. With the aim of enhancing the competitiveness of the creative and cultural industries, Creative Europe was devised to help the creative and cultural industries and audiovisual sectors to better face the challenges of increasing digitalisation, market fragmentation, global competition and difficult access to financing. To this effect, Creative Europe desks were created in participating countries to provide prompt information on the different aspects of the programme. Against this background, the European Commission will present the results of the programme's mid-term evaluation by the end of 2017. This implementation assessment takes stock of the developments to date by analysing the main implementation issues vis-à-vis the programme's intended objectives. In order to reveal possible obstacles and address remaining problems, this assessment serves the overall purposes of the Implementation Report requested by the Committee on Culture and Education (CULT) of the European Parliament.

Competitiveness of Enterprises and SMEs (COSME)

09-06-2016

COSME is a programme of the European Union which supports enterprises (in facilitating access to finance, supporting internationalisation, creating an environment favourable to competitiveness, encouraging entrepreneurship) in order to help them grow and create jobs.

COSME is a programme of the European Union which supports enterprises (in facilitating access to finance, supporting internationalisation, creating an environment favourable to competitiveness, encouraging entrepreneurship) in order to help them grow and create jobs.

Barriers to SME growth in Europe

26-05-2016

Small and medium-sized enterprises (SMEs), which represent 99% of all businesses in the EU, play a pivotal role in its economy. Nevertheless, in comparison to larger firms, they often face significant obstacles – internal, administrative and financial – which affect them disproportionately. SMEs have been affected negatively by the economic crisis, which is manifested in a reduction in the sector's employment figures. The financial and sovereign debt crises have also had a negative impact on the ...

Small and medium-sized enterprises (SMEs), which represent 99% of all businesses in the EU, play a pivotal role in its economy. Nevertheless, in comparison to larger firms, they often face significant obstacles – internal, administrative and financial – which affect them disproportionately. SMEs have been affected negatively by the economic crisis, which is manifested in a reduction in the sector's employment figures. The financial and sovereign debt crises have also had a negative impact on the financing of SMEs, especially in the hardest-hit countries. Perhaps unsurprisingly, important differences exist in access to finance both within the euro area and between the 'old' (EU-15) and 'new' (EU-13) Member States. Concerning the recovery from the crises, the picture also remains mixed. Administrative and regulatory obstacles are often highlighted by SMEs as being a significant burden on their growth. It is substantially more costly for smaller firms to comply with regulations and few Member States actively support SMEs when it comes to tax provisions, or take their specific characteristics into account when drafting legislation. The European Parliament has been a long-standing advocate of an environment for SMEs that is conducive to growth.

Prospectuses for investors

10-05-2016

On 30 November 2015, the European Commission published a proposal for a regulation on prospectuses (legal documents that provide details about an investment offer in an easily analysable format) to replace Directive 2003/71/EC, as amended by Directives 2008/11/EC, 2010/73/EU and 2010/78/EU. The aims of the regulation are to contribute to further financial market integration and to improve investor protection in the European Union. The proposal broadens the scope of the legislation and introduces ...

On 30 November 2015, the European Commission published a proposal for a regulation on prospectuses (legal documents that provide details about an investment offer in an easily analysable format) to replace Directive 2003/71/EC, as amended by Directives 2008/11/EC, 2010/73/EU and 2010/78/EU. The aims of the regulation are to contribute to further financial market integration and to improve investor protection in the European Union. The proposal broadens the scope of the legislation and introduces changes to how the prospectus is drawn up. The Commission consultation shows that stakeholders welcome the initiative and support the proposed measure to simplify and shorten the prospectus for frequent issuers, secondary issuances and small and medium-sized enterprises, freeing it from any unnecessary and repetitive information. A more recent edition of this document is available. Find it by searching by the document title at this address: http://www.europarl.europa.eu/thinktank/en/home.html

The European Investment Bank: Annual Report 2014 and outlook

26-04-2016

The European Union has not yet fully recovered from the global financial and economic crisis. GDP growth rates have begun to increase only slowly, and in most EU Member States investment activity lags behind pre-crisis levels – indicating sizable investment gaps. In fact, gross fixed capital formation in the euro area has declined by 15% since 2007. In 2014, the European Investment Bank (EIB), the EU's public bank and largest multilateral lending institution, contributed financing of €80.3 billion ...

The European Union has not yet fully recovered from the global financial and economic crisis. GDP growth rates have begun to increase only slowly, and in most EU Member States investment activity lags behind pre-crisis levels – indicating sizable investment gaps. In fact, gross fixed capital formation in the euro area has declined by 15% since 2007. In 2014, the European Investment Bank (EIB), the EU's public bank and largest multilateral lending institution, contributed financing of €80.3 billion (including the EIF – the European Investment Fund). This was in the form of loans granted to projects in four strategic areas: Innovation and skills, smaller enterprises, strategic infrastructure, climate action, as well as to projects outside the EU. In mid-2015, the European Commission introduced the European Fund for Strategic Investments (EFSI). As a coordinated effort by the European Commission and the EIB, its goal is to provide additional risk-sharing through public funds. By mid-March 2016, €10.6 billion of public money had been allocated, with the expectation that this would generate a total investment effect of €76.1 billion. The European Parliament's Committee on Budgetary Control (CONT) reports on the work of the EIB on an annual basis. It 'welcomes' overall financing activity in 2014, but urges enhanced ex-post assessment. It regrets the lack of information on the number of projects/financial instruments related to operations supporting cohesion. While the EIB usually focuses on small numbers of large, low-risk projects, the introduction of EFSI might eventually lead to assuming more and riskier projects in the future.

New Financial Instruments and the Role of National Promotional Banks

15-04-2016

This Paper examines the role played by National Promotional Banks and Regional Promotional Banks in implementing EU SME financial instruments across EU-28, to examine how far they are already involved in implementing these instruments and in what capacity they help to strengthen access to finance for SMEs. The focus is on instruments implemented under shared management, as well as on those implemented under direct management by the European Commission and indirect management by the EIB and the EIF ...

This Paper examines the role played by National Promotional Banks and Regional Promotional Banks in implementing EU SME financial instruments across EU-28, to examine how far they are already involved in implementing these instruments and in what capacity they help to strengthen access to finance for SMEs. The focus is on instruments implemented under shared management, as well as on those implemented under direct management by the European Commission and indirect management by the EIB and the EIF on behalf of the EC.

Awtur estern

Mark Whittle, Jack Malan and Danilo Bianchini (Centre for Strategy & Evaluation Services LLP - CSES)

Action Plan on Building a Capital Markets Union - Prospectus Regulation: Initial Appraisal of a European Commission Impact Assessment

25-02-2016

Overall, this appraisal considers whether the quality of research and analysis presented in the Commission’s IA is fit for purpose – that is to say, whether the IA serves what should be one of its fundamental aims, which is to facilitate better-informed decision-making throughout the legislative process.After an initial screening, it concludes that the Impact Assessment does indeed provide some essential elements to assist decision-makers in understanding the rationale of the choices made by the ...

Overall, this appraisal considers whether the quality of research and analysis presented in the Commission’s IA is fit for purpose – that is to say, whether the IA serves what should be one of its fundamental aims, which is to facilitate better-informed decision-making throughout the legislative process.After an initial screening, it concludes that the Impact Assessment does indeed provide some essential elements to assist decision-makers in understanding the rationale of the choices made by the Commission. However, it has a number of weaknesses which somewhat compromise its quality. Firstly, there seems to be a mismatch between the intended broad legislative overhaul, repealing the existing Directive and its Implementing Regulation, and the deliberately targeted analysis of the IA, which - focusing largely on six important issues - is bound to leave some other areas unexplored. Secondly, the Commission's decision not to carry out a fully-fledged evaluation is debatable and leaves some gaps in the analysis. While acknowledging the extreme complexity of the subject matter, a wider selection of options than the one presented in the IA might reasonably have been expected. Finally, some impacts, such as the anticipated effects on main groups of Member States, impacts on employment and on third countries, could have been better developed.

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