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EU/EA measures to mitigate the economic, financial and social effects of coronavirus State of play 8 March 2021

09-03-2021

This document compiles information, obtained from public sources, on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid19 since its outbreak to early March 2021.

This document compiles information, obtained from public sources, on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid19 since its outbreak to early March 2021.

The ECB’s Monetary Policy Response to the COVID-19 Crisis

09-02-2021

(Updated 9 February 2021) The coronavirus pandemic is taking a heavy toll on the euro area economy, necessitating a timely and resolute macroeconomic policy response. The ECB's Governing Council acted decisively by taking a series of measures that collectively provide a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions.

(Updated 9 February 2021) The coronavirus pandemic is taking a heavy toll on the euro area economy, necessitating a timely and resolute macroeconomic policy response. The ECB's Governing Council acted decisively by taking a series of measures that collectively provide a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions.

What if technology and culture combined to boost a green recovery?

21-12-2020

With its recent European Green Deal framework, the EU is striving to achieve climate neutrality in its economy by 2050 and, simultaneously, bring itself on the path of recovery from the adverse effects of the COVID-19 pandemic. Technology will inevitably play a significant part in this process. However, historical experience tells us that culture and aesthetic have too had significant roles in recovery from a crises, be it war, economic recession, or an epidemic.

With its recent European Green Deal framework, the EU is striving to achieve climate neutrality in its economy by 2050 and, simultaneously, bring itself on the path of recovery from the adverse effects of the COVID-19 pandemic. Technology will inevitably play a significant part in this process. However, historical experience tells us that culture and aesthetic have too had significant roles in recovery from a crises, be it war, economic recession, or an epidemic.

Challenges facing sports event organisers in the digital environment

17-12-2020

Piracy of online broadcast of sports events is a problem in the EU. No action at EU level in this field would lead to additional burdens on economic operators and would hamper completion of the Digital Single Market. This European Added Value Assessment (EAVA) looks at the existing EU legislation and checks if it provides sports events organizers and their licensees with an adequate level of protection against this risk. It also presents potential EU level action that could help solve the problem ...

Piracy of online broadcast of sports events is a problem in the EU. No action at EU level in this field would lead to additional burdens on economic operators and would hamper completion of the Digital Single Market. This European Added Value Assessment (EAVA) looks at the existing EU legislation and checks if it provides sports events organizers and their licensees with an adequate level of protection against this risk. It also presents potential EU level action that could help solve the problem and estimates economic benefits of addressing the problem.

Impact of state aid on competition and competitiveness during the COVID-19 pandemic: an early assessment

17-12-2020

This economic assessment of EU state aid principles and practises related to the COVID-19 pandemic confirms the clear focus on maintaining the level playing field in the EU single market. Future monitoring and policy fine-tuning, focusing on SMEs, and keeping all Member States involved are the main challenges. Moreover, current policies fail to incorporate a strong focus on broader, strategic policy goals like the green and digital transformation of the European economy or the enhancing of EU firms ...

This economic assessment of EU state aid principles and practises related to the COVID-19 pandemic confirms the clear focus on maintaining the level playing field in the EU single market. Future monitoring and policy fine-tuning, focusing on SMEs, and keeping all Member States involved are the main challenges. Moreover, current policies fail to incorporate a strong focus on broader, strategic policy goals like the green and digital transformation of the European economy or the enhancing of EU firms’ global competitiveness. This document was prepared by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).

Autor externo

Jan VAN HOVE

When and how to deactivate the SGP general escape clause?

15-12-2020

This paper analyses the conditions under which to lift the SGP general escape clause (GEC). It is advisable that the timing for lifting the GEC be Member State-specific and contingent to the Member State’s return to its pre-Covid-19 output gap or real GDP level. Medium-Term Budgetary Objectives should be redesigned to take into account the debt-to-GDP level and the interest rate-growth differential. Maintaining government debt yields at low levels after the pandemic would make debt reduction less ...

This paper analyses the conditions under which to lift the SGP general escape clause (GEC). It is advisable that the timing for lifting the GEC be Member State-specific and contingent to the Member State’s return to its pre-Covid-19 output gap or real GDP level. Medium-Term Budgetary Objectives should be redesigned to take into account the debt-to-GDP level and the interest rate-growth differential. Maintaining government debt yields at low levels after the pandemic would make debt reduction less costly in terms of output.

Autor externo

Luisa LAMBERTINI

Sustainable economic recovery

11-12-2020

A panel at the 2020 ESPAS conference discussed how to create a sustainable economic recovery after the coronavirus pandemic. Robust governance is needed to get the most out of the new resources created at EU level. Both public funding and private capital are needed for the green transition. Public access to big data sets was identified as a critical issue, to prevent harmful monopolies. A poll of attendees identified dependence on fossil fuels as a key obstacle to a sustainable recovery.

A panel at the 2020 ESPAS conference discussed how to create a sustainable economic recovery after the coronavirus pandemic. Robust governance is needed to get the most out of the new resources created at EU level. Both public funding and private capital are needed for the green transition. Public access to big data sets was identified as a critical issue, to prevent harmful monopolies. A poll of attendees identified dependence on fossil fuels as a key obstacle to a sustainable recovery.

Reducing methane emissions: A new EU strategy to address global warming

08-12-2020

Methane, a short-lived greenhouse gas, has a global warming potential much higher than that of carbon dioxide, and is directly linked to air pollution through the formation of ozone. Methane emissions are derived from both natural sources and human activity. Energy, agriculture, waste and wastewater treatment are the biggest sources of anthropogenic methane emissions. Globally, methane emissions increased by 24 % between 1990 and 2018. In the EU-27, methane emissions fell by 0.2 % between 2009 and ...

Methane, a short-lived greenhouse gas, has a global warming potential much higher than that of carbon dioxide, and is directly linked to air pollution through the formation of ozone. Methane emissions are derived from both natural sources and human activity. Energy, agriculture, waste and wastewater treatment are the biggest sources of anthropogenic methane emissions. Globally, methane emissions increased by 24 % between 1990 and 2018. In the EU-27, methane emissions fell by 0.2 % between 2009 and 2018 and accounted for just over 10 % of total GHG emissions in 2018. The EU has been tackling methane through legislation, policies and strategies aimed at reducing emissions in Europe and internationally since 1996. The EU's methane emissions dropped by a third between 1990 and 2018. As a precursor to ozone, methane is a key factor in air quality and human health. On 14 October 2020, the European Commission presented an EU strategy to reduce methane emissions. The document focuses on cross-sectoral actions within the EU, and builds on actions in the energy, agricultural, waste and wastewater sectors within the EU and internationally. Stakeholders from the industry sector and environmental non-governmental organisations have given feedback on the strategic document and have welcomed the strategy while also highlighting aspects that could be strengthened. In 2019, the European Parliament asked the Commission to address methane emissions reductions through a strategic plan by the end of the first half of its 2019-2024 term. In October 2020, when the strategy was presented, MEPs from the Committees on Industry, Research and Energy welcomed the document and also posed questions in respect of its scope. Parliament's response is currently being prepared by the Committee on the Environment, Public Health and Food Safety.

Economic Dialogue with the European Commission on the 2021 European Semester Cycle

03-12-2020

Vice-President Dombrovskis and Commissioners Schmit and Gentiloni have been invited to an Economic Dialogue to discuss the 2021 European Semester Cycle, in line with the relevant EU law. This briefing note covers the main elements of the 2021 European Semester Package proposed by the Commission. It gives an overview of the implementation of the previous Semester Cycles and of the on-going work to strengthen the governance and the resilience of Economic and Monetary Union.

Vice-President Dombrovskis and Commissioners Schmit and Gentiloni have been invited to an Economic Dialogue to discuss the 2021 European Semester Cycle, in line with the relevant EU law. This briefing note covers the main elements of the 2021 European Semester Package proposed by the Commission. It gives an overview of the implementation of the previous Semester Cycles and of the on-going work to strengthen the governance and the resilience of Economic and Monetary Union.

Exceptional coronavirus support measures of benefit to EU regions

02-12-2020

The coronavirus pandemic is severely impacting the European population and the economy. Consequently the social and economic impact of the crisis is being felt in all EU regions. Although it is still too early to make concrete predictions about the long-term economic impact, the risks of increased disparities and the unravelling of previous years' progress are real. Furthermore; the consequences of the Covid 19 pandemic could well further impede the social, economic and territorial cohesion of the ...

The coronavirus pandemic is severely impacting the European population and the economy. Consequently the social and economic impact of the crisis is being felt in all EU regions. Although it is still too early to make concrete predictions about the long-term economic impact, the risks of increased disparities and the unravelling of previous years' progress are real. Furthermore; the consequences of the Covid 19 pandemic could well further impede the social, economic and territorial cohesion of the EU, by exacerbating existing divisions between EU regions. The European Commission has put forward a number of proposals to alleviate the impact of the coronavirus pandemic on EU territories. The European Parliament has been generally supportive of the Commission's proposals, triggering urgent procedures to approve them swiftly so that EU citizens could benefit immediately. Actions under various EU funds and policy instruments are now geared towards health-related purposes and the rekindling of the economy. In these critical times, cohesion policy is increasingly drawn upon to provide emergency relief and liquidity support to affected small and medium-sized enterprises (SMEs) and companies. Amendments to the regulation governing the European structural and investment (ESI) funds were approved by Parliament to allow flexible use of the funds in addressing the challenges posed by the crisis. A number of additional regulations and policy instruments meanwhile complement the ESI funds in the fight against the pandemic's negative consequences. Local and regional authorities are at the forefront of the pandemic, as they are often responsible for providing much of the emergency response. They can use the adopted EU measures to reinforce their coronavirus action and to support their economic sectors. This briefing is an update of an earlier edition, published in May 2020.

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22-04-2021
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22-04-2021
The need for better EU policies for health (online event)
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