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This document provides an overview of public hearings and exchange of views with the Chair of the Single Resolution Board (SRB) in the ECON Committee since July 2019. It also provides an overview of all external papers requested by the ECON Committee by a standing panel of banking experts. Lastly, the annex contains an overview of the respective legal bases for these hearings as part of the accountability framework of the SRB. For an overview of public hearings during the 8th parliamentary term, ...

During its July plenary session, Parliament is set to discuss the Committee on Budgetary Control's report on the control of the European Investment Bank's financial activities in 2019. The report highlights the role of the Bank in financing the European Green Deal, and its gradual shift towards being 'the EU Climate Bank'. It also looks into the implementation of the European Fund for Strategic Investments (EFSI) and the Bank's external operations, among other things. As last year, the report strongly ...

The pricing of many financial instruments and contracts depends on the accuracy and integrity of (financial) benchmarks, i.e. indices, by reference to which the amounts payable under such financial instruments or contracts, or the value of certain financial instruments, are determined. The anticipated discontinuation of such a benchmark (LIBOR) after the end of 2021 has created fears that it could lead to disruption in the internal market, given that the Benchmarks Regulation ((EU) 2016/1011) does ...

During the April plenary session, the European Parliament is expected to decide on granting discharge for the 2019 financial year to the different institutions and bodies of the European Union (EU). The first item on the agenda of the debate and vote on discharge 2019 is the report covering the European Commission (including six executive agencies) which is in charge of the management of the biggest share of the EU budget. Separate discharge is granted to the Commission concerning the management ...

To cushion the economic fallout from the coronavirus pandemic, the European Commission has taken several measures, including in financial markets. One of these involves updating the EU regulatory framework with regard to on-balance-sheet synthetic securitisation and the securitisation of non-performing exposures (NPEs) to enhance the capacity of securitisation to contribute to the economic recovery of the EU. The European Parliament is expected to vote during the March II plenary session on the provisional ...

The paper discusses the policy implications of the Wirecard scandal. The study finds that all lines of defense against corporate fraud, including internal control systems, external audits, the oversight bodies for financial reporting and auditing and the market supervisor, contributed to the scandal and are in need of reform. To ensure market integrity and investor protection in the future, the authors make eight suggestions for the market and institutional oversight architecture in Germany and in ...

The European Commission's proposal to amend the existing Benchmark Regulation (BMR) aims to address the expected cessation of the widely used LIBOR critical benchmark, as the BMR does not provide mechanisms to manage the consequences of the cessation of such critical benchmarks. The BMR would be amended also to ensure that European Union banks and companies can continue using hedging tools against the volatility of currencies that are not freely convertible into their base currency after the expiry ...

On 27 July 2017, the UK Financial Conduct Authority (FCA) announced its resolution to phase out the London Interbank Offered Rate (LIBOR) by the end of 2021. As supervisor of the LIBOR, the FCA wanted to allow for a smooth transition to alternative reference rates of this widely used benchmark. On 24 July 2020, the European Commission adopted a proposal to amend the Benchmarks, Regulation. The most important part of this proposal is to regulate the replacement rate of a benchmark in cessation (in ...

This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2020), including from the legal base perspective. Finally, it gives insights on the level of implementation of recommendations issued under the 2012-2019 European Semester cycles. The note is updated on a regular basis.

After nearly five days of tough negotiations, the European Council agreed on the EU’s next seven-year budget, the Multiannual Financial Framework (MFF), worth more than one trillion euros from 2021 to 2027, and crucially, on an additional 750-billion euro fund to help countries recover from the economic downturn caused by the coronavirus pandemic. Many politicians and analysts have hailed the agreement on the recovery fund in particular as an ‘historic moment’. For the first time, some EU debt will ...