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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.

Non-performing loans - new risks and policies? What factors drive the performance of national asset management companies?

09-03-2021

In the past decade, asset management companies (AMCs) have been an effective tool for relieving banks of large portfolios of non-performing loans (NPLs). Managed over time, AMCs can reduce the financial burden on the overall system. This paper is based on the existing literature and EU experiences of national AMCs created in the aftermath of the global financial crisis. It discusses the advantages and disadvantages of using AMCs, and considers the key elements in their design.

In the past decade, asset management companies (AMCs) have been an effective tool for relieving banks of large portfolios of non-performing loans (NPLs). Managed over time, AMCs can reduce the financial burden on the overall system. This paper is based on the existing literature and EU experiences of national AMCs created in the aftermath of the global financial crisis. It discusses the advantages and disadvantages of using AMCs, and considers the key elements in their design.

Externý autor

E. Avgouleas, R. Ayadi, M. Bodellini, B. Casu, W. P. De Groen, G. Ferri

The future of regional airports: Challenges and opportunities

26-02-2021

Regional airports are an important part of the aviation system in the European Union (EU). They are engines of socio-economic development and improve accessibility to certain locations, in particular those that are remote or not well served by other forms of transportation. They also have a vital role in terms of economic and social cohesion, stimulating tourism and employment, as well as facilitating access to essential services. In addition, they can help to reduce congestion at major hub airports ...

Regional airports are an important part of the aviation system in the European Union (EU). They are engines of socio-economic development and improve accessibility to certain locations, in particular those that are remote or not well served by other forms of transportation. They also have a vital role in terms of economic and social cohesion, stimulating tourism and employment, as well as facilitating access to essential services. In addition, they can help to reduce congestion at major hub airports. The Covid 19 pandemic has hit regional airports hard, especially those more dependent on passenger traffic, which has been more severely hit than cargo traffic. The situation is so difficult that without government support, many regional airports, which serve local communities, face the risk of insolvency. Meanwhile, the pandemic is putting airports under pressure to become more digital. Moreover, a greater focus on tackling climate change is driving various projects to make airports more sustainable. The recovery from the crisis is likely to take several years. It will depend on several factors, such as the duration and magnitude of the crisis, pace of vaccination and consumer confidence. The speed with which the economy recovers will also affect how long the recovery of air travel will take. All this requires support. The EU has taken steps to ensure that Member States can make full use of the flexibility allowed under State aid rules, to provide regional airports with support to overcome this unprecedented crisis. Since March 2020, the European Commission has approved numerous State aid schemes from which regional airports can benefit. The EU can also support airports through its Recovery and Resilience Facility, which aims at making Europe more sustainable, resilient and better prepared for the challenges and opportunities of the green and digital transitions.

Research for TRAN Committee: Relaunching transport and tourism in the EU after COVID-19

01-02-2021

This briefing provides the European Parliament’s Committee on Transport and Tourism (TRAN) with an overview of the repercussions of the COVID-19 pandemic on the EU transport and tourism sectors and policy recommendations to address the challenges emerging from the crisis. This overview briefing will be followed by 5 thematic briefings, focusing on specific issues relating to transport/tourism and COVID-19.

This briefing provides the European Parliament’s Committee on Transport and Tourism (TRAN) with an overview of the repercussions of the COVID-19 pandemic on the EU transport and tourism sectors and policy recommendations to address the challenges emerging from the crisis. This overview briefing will be followed by 5 thematic briefings, focusing on specific issues relating to transport/tourism and COVID-19.

Externý autor

PANTEIA: Maria RODRIGUES, Tharsis TEOH, Carolina RAMOS, Thomas de WINTER, Ljubica KNEZEVIC Università degli Studi Roma Tre: Edoardo MARCUCCI, Giacomo LOZZI, Valerio GATTA, Barbara ANTONUCCI, Nicole CUTRUFO, Lidia MARONGIU POLIS: Giacomo LOZZI, Ivo CRÉ

Policy Departments’ Monthly Highlights - January 2021

13-01-2021

The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

Review of the bank crisis management and deposit insurance frameworks Banking Union Working Group

11-01-2021

This briefing summarises key elements of the intended initiative, based on the information that the Commission provided on 10 November 2020 in its related public consultation and additional public sources. The briefing also briefly focuses on other related issues, namely, misalignments between state-aid and resolution and some European Court of Justice decisions with impact on the crisis management framework, and a box focusing on rele-vant aspects of the Commission’s recently released NPL Action ...

This briefing summarises key elements of the intended initiative, based on the information that the Commission provided on 10 November 2020 in its related public consultation and additional public sources. The briefing also briefly focuses on other related issues, namely, misalignments between state-aid and resolution and some European Court of Justice decisions with impact on the crisis management framework, and a box focusing on rele-vant aspects of the Commission’s recently released NPL Action Plan (an Annex lists most recent EGOV briefings and external papers relevant for these matters). The briefing has been prepared in view of a discussion of the Banking Union Working Groupof the European Parliament on the Commission's revision of the bank crisis management framework.

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).

Externý autor

Jan VAN HOVE

Study presentation proceedings: The Impact of Unfair Commercial Practices on Competition in the EU Passenger Transport Sector, in particular Air Transport

09-12-2020

The study presented in the event aims at identifying and analysing the unfair commercial and trading practices in passenger air transport that not only are detrimental to consumers, but which can also distort competition in the Single Market. Moreover, the discussion during the event also covered competition and consumer protection aspects that arise in the context of the COVID-19 pandemic. These proceedings of the study presentation were prepared by the Policy Department for Economic, Scientific ...

The study presented in the event aims at identifying and analysing the unfair commercial and trading practices in passenger air transport that not only are detrimental to consumers, but which can also distort competition in the Single Market. Moreover, the discussion during the event also covered competition and consumer protection aspects that arise in the context of the COVID-19 pandemic. These proceedings of the study presentation were prepared by the Policy Department for Economic, Scientific and Quality of Life Policies at the request the committee on Economic and Monetary Affairs (ECON).

UK Internal Market Bill and the Withdrawal Agreement

20-11-2020

On 9 September 2020, the United Kingdom (UK) government tabled a bill in the House of Commons which would govern the country's internal market after the Brexit transition period ends. It aims to allow goods and services to flow freely between the four jurisdictions of the UK – England, Scotland, Wales and Northern Ireland – replacing the rules now in place through membership of the EU's single market. Certain parts of this UK Internal Market Bill are particularly controversial, as they explicitly ...

On 9 September 2020, the United Kingdom (UK) government tabled a bill in the House of Commons which would govern the country's internal market after the Brexit transition period ends. It aims to allow goods and services to flow freely between the four jurisdictions of the UK – England, Scotland, Wales and Northern Ireland – replacing the rules now in place through membership of the EU's single market. Certain parts of this UK Internal Market Bill are particularly controversial, as they explicitly contravene the Protocol on Ireland/Northern Ireland attached to the Withdrawal Agreement (WA) that was ratified in January 2020. First, the bill provides that the UK government may authorise Northern Ireland businesses not to complete exit summary declarations when sending goods to Great Britain, thereby breaching the Union Customs Code applicable to NI. The bill would also allow the UK government to interpret, dis-apply or modify the application of the State aid rules of the European Union, which are applicable to UK measures that affect trade between Northern Ireland and the EU. Last but not least, the bill provides that UK regulations in these areas will have effect notwithstanding their incompatibility with relevant domestic or international law, including the Withdrawal Agreement. The reaction of the European Commission to the bill was immediate, calling for an extraordinary meeting of the EU-UK Joint Committee, which was held the following day, 10 September. On 1 October, the Commission sent a letter of formal notice to the UK for breaching its obligations under the WA, marking the beginning of an infringement process against the UK. As the UK did not reply by the end of October, the Commission may now proceed with the process, sending a Reasoned Opinion to the UK. Meanwhile, the bill has passed third reading in the House of Commons, even if in the House of Lords the government has been heavily defeated, with amendments removing the controversial clauses. While the government has indicated its intention to re-table the clauses when the bill returns to the Commons in December, it would be open to it to no longer press for their inclusion, if and when agreement is reached in the ongoing negotiations on the future EU-UK relationship.

EU-US dispute over civil aircraft subsidies

17-11-2020

Since the 1980s onset of intensified sales competition between American and European civil aircraft manufacturers, aircraft trade has been a point of contention in transatlantic trade. Between 1992 and 2004, the Bilateral Agreement on Trade in Large Civil Aircraft regulated the permitted levels of support to aircraft manufacturers. In 2003, Europe's Airbus sold more large civil aircraft than United States-owned Boeing for the first time. The following year, the USA renounced the agreement and launched ...

Since the 1980s onset of intensified sales competition between American and European civil aircraft manufacturers, aircraft trade has been a point of contention in transatlantic trade. Between 1992 and 2004, the Bilateral Agreement on Trade in Large Civil Aircraft regulated the permitted levels of support to aircraft manufacturers. In 2003, Europe's Airbus sold more large civil aircraft than United States-owned Boeing for the first time. The following year, the USA renounced the agreement and launched a World Trade Organization (WTO) case over State aid given to Airbus. The European Union filed a parallel case against US subsidies to Boeing. Following a long-standing dispute, the WTO authorised US imposition of countermeasures worth nearly US$7.5 billion in 2019. In October 2020, in a mirror case brought by the EU against the US subsidies to Boeing, the EU was authorised to impose retaliatory tariffs. On 9 November, the EU imposed these tariffs, on US$4billion worth of US aircraft, food and drink production. In addition to the tariffs, the aviation industry has been hard-hit by the coronavirus crisis. Joe Biden's success in the recent Presidential election strengthen hopes for a negotiated solution to the dispute.

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