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2030 climate target plan: extension of European Emission Trading System (ETS) to transport emissions

18-06-2021

The proceedings summarize the expert presentations and discussions of the workshop on the extension of the EU ETS to transport emissions. The workshop served to prepare the ENVI Committee for the upcoming legislative “Fit for 55” package of proposals, as part of the European Green Deal. The presentations focused on options and implications of the future inclusion of road transport, shipping and aviation in the EU ETS. This document was provided by the Policy Department for Economic, Scientific and ...

The proceedings summarize the expert presentations and discussions of the workshop on the extension of the EU ETS to transport emissions. The workshop served to prepare the ENVI Committee for the upcoming legislative “Fit for 55” package of proposals, as part of the European Green Deal. The presentations focused on options and implications of the future inclusion of road transport, shipping and aviation in the EU ETS. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies for the committee on the Environment, Public Health and Food Safety (ENVI).

Zunanji avtor

Cristina URRUTIA, Jakob GRAICHEN, Anke HEROLD

Economic Dialogue with the President of the Eurogroup - June 2021

18-06-2021

Paschal Donohoe is attending his second Economic Dialogue in the ECON Committee since being elected as President of the Eurogroup in July 2020. His first Economic Dialogue took place on 25 January. The exchange of views will cover the ongoing work of the Eurogroup, notably short term policy measures intended to combat the economic, financial and social consequences of COVID-19, medium term policies to support a sustainable recovery and increase resilience of the euro area and longer term measures ...

Paschal Donohoe is attending his second Economic Dialogue in the ECON Committee since being elected as President of the Eurogroup in July 2020. His first Economic Dialogue took place on 25 January. The exchange of views will cover the ongoing work of the Eurogroup, notably short term policy measures intended to combat the economic, financial and social consequences of COVID-19, medium term policies to support a sustainable recovery and increase resilience of the euro area and longer term measures relating to the Economic and Monetary Union governance framework, including completing the Banking Union. This briefing covers the following issues: the Eurogroup work programme until June 2021 (Section 1); 2021 Euro Area Recommendation (Section 2); Economic situation and developments (Section 3); Recovery and Resilience Facility (Section 4); 2021 European Semester Cycle (Section 5); review of the governance framework (section 6) and Banking Union developments (Section 7).

Euro Area fiscal policies and capacity in post-pandemic times

17-06-2021

The euro area response to the Covid crisis avoided a financial crisis. In the short term, the withdrawal of fiscal stimulus should be guided by unemployment, output gap and inflation data. Over the medium term, reducing public debt ratios will require maintaining the growth of primary spending below the (higher) GDP growth rate to be achieved through structural reforms. Over the longer term, creating a central fiscal capacity, strengthening the enforcement of fiscal rules in good times and completing ...

The euro area response to the Covid crisis avoided a financial crisis. In the short term, the withdrawal of fiscal stimulus should be guided by unemployment, output gap and inflation data. Over the medium term, reducing public debt ratios will require maintaining the growth of primary spending below the (higher) GDP growth rate to be achieved through structural reforms. Over the longer term, creating a central fiscal capacity, strengthening the enforcement of fiscal rules in good times and completing the banking and capital market unions remain priorities.

Zunanji avtor

Carlo COTTARELLI

Monetary and Fiscal Spillovers Across the Atlantic: The Role of Financial Markets

17-06-2021

We present a review of the channels through which the US fiscal and monetary post-pandemic policies may affect the euro area. US spillovers will likely be relevant and worth considering while setting the policy stance in the euro area, at a crossroad between economic global recovery and global overheating. A key role is going to be played by global financial markets, their appetite for open-ended stimulative policies and fears of hard disinflation scenarios affecting central banks' ability to keep ...

We present a review of the channels through which the US fiscal and monetary post-pandemic policies may affect the euro area. US spillovers will likely be relevant and worth considering while setting the policy stance in the euro area, at a crossroad between economic global recovery and global overheating. A key role is going to be played by global financial markets, their appetite for open-ended stimulative policies and fears of hard disinflation scenarios affecting central banks' ability to keep the economies on the recovery path and inflation expectations anchored. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.

Zunanji avtor

Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI

Could the Euro Area Benefit From the US Stimulus Packages?

17-06-2021

The recent US fiscal packages have raised some concerns on their magnitude, but also their spillovers to the euro area economy. After discussing US fiscal measures and reviewing the literature on international spillovers, we show that the US policy mix may have rather positive macroeconomic effects on the euro area. We conclude though that these effects need to be balanced against growing financial risks. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life ...

The recent US fiscal packages have raised some concerns on their magnitude, but also their spillovers to the euro area economy. After discussing US fiscal measures and reviewing the literature on international spillovers, we show that the US policy mix may have rather positive macroeconomic effects on the euro area. We conclude though that these effects need to be balanced against growing financial risks. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.

Zunanji avtor

Christophe BLOT, Caroline BOZOU, Jérôme CREEL

Implications for the Euro Area of US Macroeconomic Policies

16-06-2021

The US has undertaken much larger discretionary fiscal packages than euro area governments, particularly in 2021. The large 2021 US fiscal package is likely to provide a welcome boost to the euro area economy. There is a risk, however, that US fiscal policy could lead to overheating of the US economy and a possible monetary tightening from the Fed which could trigger a recession. This paper argues this scenario is unlikely to occur but discusses the implications for the ECB if it did. This paper ...

The US has undertaken much larger discretionary fiscal packages than euro area governments, particularly in 2021. The large 2021 US fiscal package is likely to provide a welcome boost to the euro area economy. There is a risk, however, that US fiscal policy could lead to overheating of the US economy and a possible monetary tightening from the Fed which could trigger a recession. This paper argues this scenario is unlikely to occur but discusses the implications for the ECB if it did. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 21 June 2021.

Zunanji avtor

Karl WHELAN

Recovery and Resilience Plans - An overview

15-06-2021

This document provides an overview of the adoption of the Recovery and Resilience Plans (RRPs) under the Recovery and Resilience Facility (RRF) and some relevant developments. The document will be regularly updated.

This document provides an overview of the adoption of the Recovery and Resilience Plans (RRPs) under the Recovery and Resilience Facility (RRF) and some relevant developments. The document will be regularly updated.

Technical Support Instrument: main features

14-06-2021

In order to help national authorities in improving their capacity to design, develop and implement reforms, including those covered by recovery and resilience plans pursuant to Regulation (EU) 2021/241), the European Parliament and the Council adopted on 10 February 2021 the Regulation (EU) 2021/240 establishing a Technical Support Instrument. The Instrument may finance a broad range of technical assistance actions refering to policy areas related to cohesion, competitiveness and others, with specific ...

In order to help national authorities in improving their capacity to design, develop and implement reforms, including those covered by recovery and resilience plans pursuant to Regulation (EU) 2021/241), the European Parliament and the Council adopted on 10 February 2021 the Regulation (EU) 2021/240 establishing a Technical Support Instrument. The Instrument may finance a broad range of technical assistance actions refering to policy areas related to cohesion, competitiveness and others, with specific emphasis on digital and just green transitions.This note presents its main characteristics, focusing notably in its connection with the EU economic governance framework and the European Semester.

Macro-Financial Assistance to EU Member States - State of Play – June 2021

11-06-2021

This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, the EFSF, the EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Since August 2018 all financial assistance programmes to EU Member States have been concluded; therefore, the document focuses on the implementation of the enhanced surveillance framework for Greece and post-programme reviews for Ireland, Portugal, Romania, Cyprus ...

This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, the EFSF, the EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Since August 2018 all financial assistance programmes to EU Member States have been concluded; therefore, the document focuses on the implementation of the enhanced surveillance framework for Greece and post-programme reviews for Ireland, Portugal, Romania, Cyprus and Spain undertaken by the European Commission (EC) in liaison with the ECB (Post-Programme Surveillance, PPS), the IMF (Post-Programme Monitoring, PPM, and Article IV assessments) and the ESM (Early Warning System, EWS).

The main building blocks of the Recovery and Resilience Facility

11-06-2021

This note presents the main features of the Recovery and Resilience Facility relevant for scrutiny by the European Parliament, namely its financing; the Recovery and Resilience Plans and the framework for their assessment; and EU level governance of the RRF, in terms of both its implementation and monitoring and oversight . It also highlights the changes the Facility is bringing to the European Semester.

This note presents the main features of the Recovery and Resilience Facility relevant for scrutiny by the European Parliament, namely its financing; the Recovery and Resilience Plans and the framework for their assessment; and EU level governance of the RRF, in terms of both its implementation and monitoring and oversight . It also highlights the changes the Facility is bringing to the European Semester.