43

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General safety of vehicles and protection of vulnerable road users

24-01-2020

As part of the third 'Europe on the move' package of measures, on 27 May 2018, the European Commission presented a proposal for a regulation on type-approval requirements for motor vehicles and their trailers, as regards their general safety and the protection of vehicle occupants and vulnerable road users. The regulation is part of the EU's efforts to halve the number of fatal and serious injuries in road crashes between 2020 and 2030. It will introduce a number of advanced vehicle safety features ...

As part of the third 'Europe on the move' package of measures, on 27 May 2018, the European Commission presented a proposal for a regulation on type-approval requirements for motor vehicles and their trailers, as regards their general safety and the protection of vehicle occupants and vulnerable road users. The regulation is part of the EU's efforts to halve the number of fatal and serious injuries in road crashes between 2020 and 2030. It will introduce a number of advanced vehicle safety features that passenger cars, vans, buses and trucks will have to have as standard equipment in order to be sold on the internal market. These include intelligent speed assistance, alcohol interlock installation facilitation, driver drowsiness and attention warning, emergency stop signal, reversing detection and event data recorder. Additional requirements will apply to specific vehicle groups, such as vulnerable road user detection for buses and trucks. The new regulation, adopted by the co-legislators in 2019 and signed on 27 November 2019, will replace three current type-approval regulations as of July 2022: the General Vehicle Safety Regulation, the Pedestrian Protection Regulation and the Hydrogen-powered Motor Vehicles Regulation.

EU certification of aviation security screening equipment

07-07-2019

In 2016, the European Commission adopted a proposal for a regulation establishing a certification system for aviation security screening equipment. The proposal sought ‘to contribute to the proper functioning of the EU internal market and to increase the global competitiveness of the EU industry by establishing an EU certification system for aviation security equipment’. This system was to be based on EU type-approval and issuance of a certificate of conformity by manufacturers, which would have ...

In 2016, the European Commission adopted a proposal for a regulation establishing a certification system for aviation security screening equipment. The proposal sought ‘to contribute to the proper functioning of the EU internal market and to increase the global competitiveness of the EU industry by establishing an EU certification system for aviation security equipment’. This system was to be based on EU type-approval and issuance of a certificate of conformity by manufacturers, which would have been valid in all Member States, according to the principle of mutual recognition. Progress on the proposal rapidly reached a stalemate. Consequently, in its 2019 work programme, the Commission announced its intention to withdraw the proposal, noting that there was a common understanding that an EU certification system would be better reached by amending existing implementing legislation based on Regulation (EC) No 300/2008 on common rules in the field of civil aviation security. The proposal was formally withdrawn on 21 June 2019. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure.

Amending the bank resolution framework – BRRD and SRMR

28-06-2019

In May 2019, the European Parliament and the Council adopted the proposals amending the EU legislative framework on bank resolution, consisting of the Banking Recovery and Resolution Directive, and the Single Resolution Mechanism Regulation. Resolution is the restructuring of a bank which is failing or likely to fail, aiming at safeguarding continuity of the bank's critical functions, preserving financial stability and minimising rescue costs to taxpayers. The adopted amendments incorporate into ...

In May 2019, the European Parliament and the Council adopted the proposals amending the EU legislative framework on bank resolution, consisting of the Banking Recovery and Resolution Directive, and the Single Resolution Mechanism Regulation. Resolution is the restructuring of a bank which is failing or likely to fail, aiming at safeguarding continuity of the bank's critical functions, preserving financial stability and minimising rescue costs to taxpayers. The adopted amendments incorporate into EU law the Total Loss-Absorbing Capacity standard, set at international level to improve large financial institutions' capacity to absorb losses and recapitalise in case they are placed in resolution. The new legislative texts were published in the Official Journal on 7 June 2019, and come fully into force on 28 December 2020.

Financing bank resolution: An alternative solution for arranging the liquidity required

21-11-2018

Liquidity in resolution is one of the unresolved elements of the Single Resolution Mechanism. Currently, with the Single Resolution Fund (SRF) and the Eurosystem, there are two potential sources of liquidity in resolution, which both have clear limitations in use and amounts. Straightforward solutions to give the SRF and/or Eurosystem more firepower in resolution go against the main objectives of the resolution mechanism (i.e. breaking the sovereign-bank nexus and avoiding use of taxpayers’ money ...

Liquidity in resolution is one of the unresolved elements of the Single Resolution Mechanism. Currently, with the Single Resolution Fund (SRF) and the Eurosystem, there are two potential sources of liquidity in resolution, which both have clear limitations in use and amounts. Straightforward solutions to give the SRF and/or Eurosystem more firepower in resolution go against the main objectives of the resolution mechanism (i.e. breaking the sovereign-bank nexus and avoiding use of taxpayers’ money). This paper proposes an ECB liquidity facility with an SRF-guarantee as an alternative solution for banks in resolution. The funds available should be broadly sufficient to address potential liquidity needs for resolution tools. The proposed solution primarily requires agreement on the ESM-backstop for the SRF, a firmer commitment for (possible) future contributions for the SRF as well as a change to the current emergency liquidity assistance or introduction of a new dedicated Transitional Liquidity Assistance by the Eurosystem.

Externý autor

W.P. De Groen, CEPS

The financing of bank resolution - who should provide the required liquidity?

14-11-2018

This paper addresses two distinct yet interconnected problems. The first is whether the provision of Emergency Liquidity Assistance (ELA) on an individual bank basis should be centralised within the European Central Bank (ECB) and the second is whether existing liquidity financing arrangements are fit for the role. The paper argues that ELA centralisation would not require Treaty amendment and that a liquidity backstop is needed. However the latter cannot be provided by the ECB due to the prohibition ...

This paper addresses two distinct yet interconnected problems. The first is whether the provision of Emergency Liquidity Assistance (ELA) on an individual bank basis should be centralised within the European Central Bank (ECB) and the second is whether existing liquidity financing arrangements are fit for the role. The paper argues that ELA centralisation would not require Treaty amendment and that a liquidity backstop is needed. However the latter cannot be provided by the ECB due to the prohibition of monetary financing and other Treaty and EU law requirements. The choice of the EU entity which should be entrusted with the specific mandate will largely depend on the characteristics the facility would take. The paper considers such characteristics and analyses which authority may best fit that role. The paper also suggests that a well-structured facility could have a positive broader macroprudential impact, and that a fine balance needs to be struck between the risk of moral hazard and the beneficial effect this facility may have on market confidence.

Externý autor

Costanza A Russo Rosa M. Lastra, Queen Mary University of London

How to provide liquidity to banks after resolution in Europe’s banking union

14-11-2018

Banks deemed to be failing or likely to fail in the banking union are either put into insolvency/liquidation or enter a resolution scheme to protect the public interest. After resolution but before full market confidence is restored, the liquidity needs of resolved banks might exceed what can be met through regular monetary policy operations or emergency liquidity assistance. All liquidity needs that emerge must be met for resolution to be a success. In the euro area, this can only be done credibly ...

Banks deemed to be failing or likely to fail in the banking union are either put into insolvency/liquidation or enter a resolution scheme to protect the public interest. After resolution but before full market confidence is restored, the liquidity needs of resolved banks might exceed what can be met through regular monetary policy operations or emergency liquidity assistance. All liquidity needs that emerge must be met for resolution to be a success. In the euro area, this can only be done credibly for systemically important banks by the central bank. We discuss how to establish guarantees against possible losses in order to allow liquidity provisioning in times of resolution.

Externý autor

Maria Demertzis, Inês Gonçalves Raposo, Pia Hüttl, Guntram Wolff (Bruegel)

Abundant Liquidity and Bank Lending Activity: an Assessment of the Risks

14-09-2018

This paper assesses the risks facing the euro area banking system, as it returns to normal financial conditions without ECB support. In the first part we argue that risks to bank lending mainly stem from the transmission of external monetary policy effects that may not be aligned with ECB policies. The second part of the paper therefore offers some ideas on the need to moderate spillover effects from outside monetary policies or events. We also review how far new prudential policies, regulatory measures ...

This paper assesses the risks facing the euro area banking system, as it returns to normal financial conditions without ECB support. In the first part we argue that risks to bank lending mainly stem from the transmission of external monetary policy effects that may not be aligned with ECB policies. The second part of the paper therefore offers some ideas on the need to moderate spillover effects from outside monetary policies or events. We also review how far new prudential policies, regulatory measures and/or policies can be used to mitigate those unfavourable risks. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs.

Externý autor

Andrew HUGHES HALLETT

Excess Liquidity and Bank Lending Risks in the Euro Area

14-09-2018

Low interest rates and excess liquidity in the euro area, which exceeded €1,900 billion in September 2018, might create financial stability risks. We clarify the notion of excess liquidity and highlight that its current level is primarily the result of European Central Bank asset purchases. Overall, we conclude that financial stability risks in the euro area are low, but increased home bias and housing prices necessitate full attention from macroprudential authorities. Monetary policy tools are anyway ...

Low interest rates and excess liquidity in the euro area, which exceeded €1,900 billion in September 2018, might create financial stability risks. We clarify the notion of excess liquidity and highlight that its current level is primarily the result of European Central Bank asset purchases. Overall, we conclude that financial stability risks in the euro area are low, but increased home bias and housing prices necessitate full attention from macroprudential authorities. Monetary policy tools are anyway ill-suited to fostering financial stability objectives. This document was provided by Policy Department A at the request of the Economic and Monetary Affairs Committee.

Externý autor

Zsolt DARVAS, David PICHLER

Motor vehicles: new approval and market surveillance rules

05-07-2018

The automotive industry is a major player in the European economy, accounting for 6.4% of gross domestic product and 2.3 million jobs in the European Union (EU). In September 2015, the Volkswagen (VW) case highlighted weaknesses in the implementation of type-approval rules for motor vehicles in the European Union, in particular as regards standards on emissions of air pollutants and carbon dioxide. In 2016, as part of preparations from previous years but also in response to the VW case, the European ...

The automotive industry is a major player in the European economy, accounting for 6.4% of gross domestic product and 2.3 million jobs in the European Union (EU). In September 2015, the Volkswagen (VW) case highlighted weaknesses in the implementation of type-approval rules for motor vehicles in the European Union, in particular as regards standards on emissions of air pollutants and carbon dioxide. In 2016, as part of preparations from previous years but also in response to the VW case, the European Commission proposed strengthening the type-approval system for motor vehicles. Its goal is to ensure effective enforcement of rules (including through market surveillance), to strengthen the quality and independence of technical tests and to introduce EU oversight on the type-approval process. After completion of the legislative procedure, the final act was signed on 30 May 2018. The regulation will apply from 1 September 2020.

Approval and market surveillance of vehicles

11-04-2018

In 2016, following work in previous years but also in response to the Volkswagen (VW) case, the European Commission made a proposal to strengthen type-approval and market surveillance for motor vehicles. First-reading negotiations with the Council delivered a compromise, which now awaits a vote during the April plenary.

In 2016, following work in previous years but also in response to the Volkswagen (VW) case, the European Commission made a proposal to strengthen type-approval and market surveillance for motor vehicles. First-reading negotiations with the Council delivered a compromise, which now awaits a vote during the April plenary.

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