23

resultat

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The productivity riddle: Supporting long-term economic growth in the EU

03-12-2018

Productivity has a key role to play in the EU's long-term economic growth. The recent economic recovery has reversed the negative trend but concerns remain about long-term prospects. Productivity varies across the EU, with newer Member States reaching only about half the level of the older ones (EU-15) when measured in terms of gross domestic product (GDP) per hour worked, but showing a higher growth dynamic. The recent poor productivity growth in the EU raises a number of important policy questions ...

Productivity has a key role to play in the EU's long-term economic growth. The recent economic recovery has reversed the negative trend but concerns remain about long-term prospects. Productivity varies across the EU, with newer Member States reaching only about half the level of the older ones (EU-15) when measured in terms of gross domestic product (GDP) per hour worked, but showing a higher growth dynamic. The recent poor productivity growth in the EU raises a number of important policy questions. First, there is no consensus on the reasons behind it or the best ways to remedy it. There are also conflicting views regarding how long this situation will continue. Most economists believe the current weak growth trend may be explained by a combination of cyclical and structural economic weaknesses that need to be addressed by a mix of shorter and longer-term measures. Remedies for low productivity include increasing labour market participation, strengthening product market competition, encouraging demand, investment and lending to companies, as well as restructuring inefficient markets, disseminating technology and generalising digitalisation. In the EU context, particularly important factors conducive to productivity growth include creating a genuine single market for services, boosting digitalisation across economic sectors and addressing long-term challenges, such as the ageing society and rising income inequalities, as well as implementing long-awaited structural reforms in the Member States.

Research for REGI Committee - Public Private Partnerships and Cohesion Policy

15-11-2017

The objective of this study is to describe the role of Public-Private Partnerships (PPPs) in Cohesion Policy. The study finds that the use of PPPs in Cohesion Policy has been limited and concentrated in a number of Member States and sectors, in spite of favourable regulatory changes. Evidence shows that PPPs are useful instruments to implement projects on time and on budget, but the assessment of outcomes over the long-term period is still limited and not conclusive.

The objective of this study is to describe the role of Public-Private Partnerships (PPPs) in Cohesion Policy. The study finds that the use of PPPs in Cohesion Policy has been limited and concentrated in a number of Member States and sectors, in spite of favourable regulatory changes. Evidence shows that PPPs are useful instruments to implement projects on time and on budget, but the assessment of outcomes over the long-term period is still limited and not conclusive.

Extern avdelning

CSIL: Gianni CARBONARO, Gelsomina CATALANO, Laura DELPONTE, Silvia VIGNETTI supported by (case studies) Filippo ADDARII and Fiorenza LIPPARINI (PlusValue), Dariusz ZWIERZYNSKI

EU support for social entrepreneurs

16-03-2017

Social enterprises combine social goals with entrepreneurial activity. They represent a business model focused on having a positive social or environmental impact rather than simply making profit for shareholders. Social enterprises make a valuable contribution to the economy and society, operating mainly in local communities and covering areas such as education, healthcare, social services, work integration and environmental protection. They are also an increasingly popular choice for outsourcing ...

Social enterprises combine social goals with entrepreneurial activity. They represent a business model focused on having a positive social or environmental impact rather than simply making profit for shareholders. Social enterprises make a valuable contribution to the economy and society, operating mainly in local communities and covering areas such as education, healthcare, social services, work integration and environmental protection. They are also an increasingly popular choice for outsourcing certain public services of general economic interest. Social enterprises encounter challenges in their operations, mostly related to regulatory obstacles and difficulties in accessing funding. At EU level the momentum gained by the Social Business Initiative of 2011 is currently being supplemented by regulatory changes such as the review of the regulation on the European Social Entrepreneurship Funds, improving access to public procurement and developing methodologies for measuring social impact. The EU is also making efforts to improve funding opportunities, for instance via the Social Impact Accelerator and the 'microfinance and social entrepreneurship' axis of the Employment and Social Innovation programme. Additional funding is made available under the European Structural and Investment Funds, as well as programmes tailored to small and medium-sized enterprises. Expansion of the social economy, however, requires further development of a supportive regulatory environment, a tailored financial ecosystem, and also increased visibility and recognition.

European venture capital and social entrepreneurship funds

07-12-2016

This initial appraisal concludes that the Commission's impact assessment is based on sound knowledge and on relevant data relating to the investment funds industry. However, the evidence regarding specifically the two fund frameworks under review - European venture capital funds and European social entrepreneurship funds - is, by the IA's own admission, limited. The IA and the review attached to it do not cover all the points listed in the review clauses of the two regulations, for instance the geographical ...

This initial appraisal concludes that the Commission's impact assessment is based on sound knowledge and on relevant data relating to the investment funds industry. However, the evidence regarding specifically the two fund frameworks under review - European venture capital funds and European social entrepreneurship funds - is, by the IA's own admission, limited. The IA and the review attached to it do not cover all the points listed in the review clauses of the two regulations, for instance the geographical and sectoral distribution of investments undertaken specifically by EuVECA and EuSEF funds. At first sight, it appears that different conclusions could be drawn using the same data provided in the IA, for instance regarding the low take-up and lower than expected performance of the funds. The range of options analysed in depth seems rather narrow. Finally, the purpose of the existing regulations is to enhance the growth of small and medium-size enterprises and of social businesses. The IA states that it is too early to judge whether these objectives have been achieved and excludes this issue from the scope of the analysis. Even so, an initial analysis of the public consultations undertaken shows that, despite the absence of more concrete evidence, a greater effort could have been made to integrate the voice of non-financial businesses, including SMEs and social enterprises, within the IA.  

Why Has ECB’s Very Accommodative Monetary Policy Not Yet Triggered a Rebound of Investment?

15-06-2016

The European Central Bank has adopted a series of unconventional monetary policy measures to combat the financial crisis and ward off the risks of a too prolonged period of low inflation. The policy package has led to a tangible improvement in borrowing conditions for both households and firms. Sovereign bond rates have reached record low levels even at relative long maturities in several euro-area countries. In theory lower financing costs should support consumption and investment via the increase ...

The European Central Bank has adopted a series of unconventional monetary policy measures to combat the financial crisis and ward off the risks of a too prolonged period of low inflation. The policy package has led to a tangible improvement in borrowing conditions for both households and firms. Sovereign bond rates have reached record low levels even at relative long maturities in several euro-area countries. In theory lower financing costs should support consumption and investment via the increase in bank lending and bond or stock issuance. In practice the main beneficiaries of ECB very accommodative monetary policy seem to be for governments via lower interest payments, while the effects on private spending and, in particular, capital formation have been limited, so far.

Why Has ECB’s Very Accommodative Monetary Policy Not Yet Triggered a Rebound of Investment?

15-06-2016

This compilation of notes requested by the Committee on Economic and Monetary Affairs (ECON) for the June 2016 Monetary Dialogue looks into the key factors which are holding back investment in the euro area notwithstanding a very loose monetary policy stance.

This compilation of notes requested by the Committee on Economic and Monetary Affairs (ECON) for the June 2016 Monetary Dialogue looks into the key factors which are holding back investment in the euro area notwithstanding a very loose monetary policy stance.

Extern avdelning

Christophe BLOT, Jérôme CREEL, Paul HUBERT and Fabien LABONDANCE (OFCE, Observatoire Français des Conjonctures Économiques, France) ; Christopher HARTWELL (CASE, Centre for Social and Economic Research) ; Nils JANNSEN and Martin PLÖDT (Kiel Institute for the World Economy, Germany) ; Jacob KIRKEGAARD PIIE (Peterson Institute for International Economics) ; Karl WHELAN (University of Dublin, Ireland)

Should the Marketing of Subordinated Debt Be Restricted/Different in One Way or the Other? What to Do in the Case of Mis-Selling?

18-03-2016

Bail-in can potentially lead to enhanced market discipline and lower use of public finances only if its application is credible and stringent. This requires that the holders of bail-in able debt have the capacity of absorbing losses but also that the application of bail-in does is consistent with financial stability. Sophisticated investors have typically a larger financial capacity than unsophisticated investors but they are also more reactive to information and/or imposition of losses and are therefore ...

Bail-in can potentially lead to enhanced market discipline and lower use of public finances only if its application is credible and stringent. This requires that the holders of bail-in able debt have the capacity of absorbing losses but also that the application of bail-in does is consistent with financial stability. Sophisticated investors have typically a larger financial capacity than unsophisticated investors but they are also more reactive to information and/or imposition of losses and are therefore more likely to generate runs and systemic risk. In contrast, retail investors are slower movers and as such they constitute a more stable source of funding. As a result, we do not advocate the ban of the sale of subordinated debt to retail investors. Rather, it is crucial that the rules concerning the marketing of these products are appropriately designed and their implementation is supervised by competent authorities.

Extern avdelning

Elena Carletti and Donato Masciandaro

Occupational pensions: Revision of the Institutions for Occupational Retirement Provision Directive (IORP II)

11-12-2015

In 2014, the European Commission proposed a revision (‘IORP II’) of the existing Institutions for Occupational Retirement Provision (IORP) Directive of 2003, which covers certain occupational pension savings. These are overwhelmingly in the United Kingdom (55.9% of IORP assets) and the Netherlands (30.7%). The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity, strengthening the single market ...

In 2014, the European Commission proposed a revision (‘IORP II’) of the existing Institutions for Occupational Retirement Provision (IORP) Directive of 2003, which covers certain occupational pension savings. These are overwhelmingly in the United Kingdom (55.9% of IORP assets) and the Netherlands (30.7%). The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity, strengthening the single market. The proposal did not include new prudential rules (i.e. capital requirements) for IORPs following a long and controversial debate. Stakeholders have in general welcomed the focus of the proposal and the lack of new prudential rules, but feel the revision is overly detailed and prescriptive and does not respect national competences, nor reflect the variety of IORPs and their position as social (not just financial) entities. The EESC and some national parliaments have made similar comments on the proposal. The Council has agreed on its negotiating mandate, while the ECON Committee is expected to vote on its draft report in early 2016. A more recent edition of this document is available. Find it by searching by the document title at this address: http://www.europarl.europa.eu/thinktank/en/home.html

The Capital Markets Union package

30-09-2015

Despite the fact that the free movement of capital is one of the 'four freedoms', the integration of European capital markets is not complete and has even regressed during the latest financial crisis. Furthermore, European businesses remain heavily reliant on banks (about 80% of their financing comes from banks) and much less on capital markets (whereas in the US, the ratio is the opposite).

Despite the fact that the free movement of capital is one of the 'four freedoms', the integration of European capital markets is not complete and has even regressed during the latest financial crisis. Furthermore, European businesses remain heavily reliant on banks (about 80% of their financing comes from banks) and much less on capital markets (whereas in the US, the ratio is the opposite).

The €315 billion Investment Plan for Europe

10-12-2014

The economic and financial crisis led to a 14% reduction in investment in the EU from the pre-crisis peak of 2007 (€2 606 billion in 2013, compared to €3 039 billion in 2007, in 2013 prices), despite a pressing need for more investment. The European Commission believes that this is due to uncertainty regarding potential growth leading to excessive risk aversion among many investors. It sees the solution in using public funds to encourage the private sector to invest more.

The economic and financial crisis led to a 14% reduction in investment in the EU from the pre-crisis peak of 2007 (€2 606 billion in 2013, compared to €3 039 billion in 2007, in 2013 prices), despite a pressing need for more investment. The European Commission believes that this is due to uncertainty regarding potential growth leading to excessive risk aversion among many investors. It sees the solution in using public funds to encourage the private sector to invest more.

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