2008

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EU economic developments and projections

22-09-2021

This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions

This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions

European Parliament involvement in scrutinising the Recovery and Resilience Facility

22-09-2021

This note provides a brief overview of Parliament involvement in scrutinising the Recovery and Resilience Facility (and the European Union Recovery Instrument). It is based on Regulation 2021/241 of 21 February, setting out the Recovery and Resilience Facility, and the relevant parts of the new Interinstitutional Agreement on budgetary matters established between the Parliament, the Council and the Commission. It does not cover nor discusses in detail other instruments or frameworks for scrutiny, ...

This note provides a brief overview of Parliament involvement in scrutinising the Recovery and Resilience Facility (and the European Union Recovery Instrument). It is based on Regulation 2021/241 of 21 February, setting out the Recovery and Resilience Facility, and the relevant parts of the new Interinstitutional Agreement on budgetary matters established between the Parliament, the Council and the Commission. It does not cover nor discusses in detail other instruments or frameworks for scrutiny, namely those relating to the European Semester, EU budgetary procedures, written or oral questions or any discharge procedures. This paper updates an earlier one initially published on January 2021.

Recovery and Resilience Plans - state of play (September 2021)

22-09-2021

This document provides a state of play of the Recovery and Resilience Plans (RRPs) under the Recovery and Resilience Facility (RRF) covering, notably, Commission assessment and Council adoption procedures. It is based on an earlier EGOV paper, dated June 2021. The document will be regularly updated.

This document provides a state of play of the Recovery and Resilience Plans (RRPs) under the Recovery and Resilience Facility (RRF) covering, notably, Commission assessment and Council adoption procedures. It is based on an earlier EGOV paper, dated June 2021. The document will be regularly updated.

Just Transition Fund

20-09-2021

The EU aims to cut greenhouse gas emissions by at least 55 % by 2030 and achieve climate neutrality by 2050. This will require a socio-economic transformation in regions relying on fossil fuels and high-emission industries. As part of the European Green Deal, on 14 January 2020, the European Commission adopted a proposal for a regulation to create the Just Transition Fund, aimed at supporting EU regions most affected by the transition to a low carbon economy. In the context of recovery from the coronavirus ...

The EU aims to cut greenhouse gas emissions by at least 55 % by 2030 and achieve climate neutrality by 2050. This will require a socio-economic transformation in regions relying on fossil fuels and high-emission industries. As part of the European Green Deal, on 14 January 2020, the European Commission adopted a proposal for a regulation to create the Just Transition Fund, aimed at supporting EU regions most affected by the transition to a low carbon economy. In the context of recovery from the coronavirus pandemic, an amended proposal on the Just Transition Fund (JTF) was published on 28 May 2020. The JTF is set to have a budget of €17.5 billion (€7.5 billion from the core EU budget under the Multiannual Financial Framework and €10 billion from the Next Generation EU instrument, in 2018 prices). Funding will be available to all Member States, while focusing on regions with the biggest transition challenges. The budget for the Just Transition Fund may be complemented with resources from cohesion policy funds and national co financing. The Fund will be part of a Just Transition Mechanism, which also includes resources under InvestEU and a public-sector loan facility. In the European Parliament, the file was entrusted to the Committee on Regional Development (REGI). A provisional political agreement was reached in trilogue on 9 December 2020, with the Parliament adopting the draft regulation on 18 May 2021. The final act was published in the Official Journal on 30 June 2021. Fifth edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

The Recovery and Resilience Plans: governance at national level

17-09-2021

Based on the Commission assessments of national Recovery and Resilience Plans, this paper provides an overview of two specific dimensions of such analysis - the governance and control structures set up at national level for implementation of the national plans. The briefing summarises in an annex the relevant references in the Commission documents. It also presents, in the introduction, a high level analysis of some related elements of the national plans, as assessed by the Commission and related ...

Based on the Commission assessments of national Recovery and Resilience Plans, this paper provides an overview of two specific dimensions of such analysis - the governance and control structures set up at national level for implementation of the national plans. The briefing summarises in an annex the relevant references in the Commission documents. It also presents, in the introduction, a high level analysis of some related elements of the national plans, as assessed by the Commission and related reports and initiatives. It also refers to the relevant legal framework in the Recovery and Resilience Facility Regulation. This paper will be updated once additional plans are assessed by the Commission.

Rise in Inflation: Temporary or Sign of a More Permanent Trend?

14-09-2021

Inflation in the euro area, as measured by the harmonised index of consumer prices (HICP), has risen to 3% in August 2021. According to the latest projections, the European Central Bank (ECB) expects inflation to increase further in the fourth quarter, and then decline to 1.7% (2022) and 1.5% (2023), well below its medium-term target of 2%. Will the current increase of inflation truly be short-lived because it is driven by temporary factors? Or has, after years of persistently low inflation, the ...

Inflation in the euro area, as measured by the harmonised index of consumer prices (HICP), has risen to 3% in August 2021. According to the latest projections, the European Central Bank (ECB) expects inflation to increase further in the fourth quarter, and then decline to 1.7% (2022) and 1.5% (2023), well below its medium-term target of 2%. Will the current increase of inflation truly be short-lived because it is driven by temporary factors? Or has, after years of persistently low inflation, the disruption caused by COVID-19 ushered in a period of more sustained inflationary pressure? Five papers were prepared by the ECON Committee’s Monetary Expert Panel, looking into the drivers of the current rise in inflation, factors likely to influence the medium-term path of inflation, and implications for monetary policy. This publication is provided by Policy Department A for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 27 September 2021.

Extern avdelning

Christophe BLOT, Caroline BOZOU, Jérôme CREEL, Kerstin BERNOTH, Gökhan IDER, Karl WHELAN, Joscha BECKMANN, Klaus-Jürgen GERN, Philipp HAUBER, Nils JANNSEN, Ulrich STOLZENBURG, Luigi BONATTI, Roberto TAMBORINI

The Tail Wagging the Dog? Overcoming Financial Dominance

13-09-2021

The idea of financial dominance has gained some notoriety in recent years as a further constraint on central bank policymaking. This paper examines the reality of financial dominance and how the financial sector may be an impediment to the necessary unwinding of all unconventional monetary policies in Europe. In line with the existing literature, I conclude that the financial sector has been made more vulnerable as a result of quantitative easing – and allowing the financial tail to wag the monetary ...

The idea of financial dominance has gained some notoriety in recent years as a further constraint on central bank policymaking. This paper examines the reality of financial dominance and how the financial sector may be an impediment to the necessary unwinding of all unconventional monetary policies in Europe. In line with the existing literature, I conclude that the financial sector has been made more vulnerable as a result of quantitative easing – and allowing the financial tail to wag the monetary dog will lead to only more vulnerability. 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 27 September 2021.

Extern avdelning

Christopher A. HARTWELL

What About Policy Normalisation?

13-09-2021

As the ECB follows the time-honoured inflation targeting strategy, it runs the risk of, once more, failing to normalise its policy in time for the next unexpected shock. With interest rates at their lower bounds and facing historic uncertainty that undermines its policy effectiveness, a strong case can be made for developing a Plan B. 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 ...

As the ECB follows the time-honoured inflation targeting strategy, it runs the risk of, once more, failing to normalise its policy in time for the next unexpected shock. With interest rates at their lower bounds and facing historic uncertainty that undermines its policy effectiveness, a strong case can be made for developing a Plan B. 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 27 September 2021.

Extern avdelning

Charles WYPLOSZ

Financial Dominance: Not an Immediate Danger

13-09-2021

Financial dominance describes a situation in which a central bank does not dare to tighten its policy stance as this would threaten the stability of the financial system. The danger of this happening is limited at present. The banking system is well capitalised. Private credit has not expanded much, not even during the COVID-19 recession in most euro area countries – except in France. However, in some countries, the financial sector remains highly exposed to sovereign debt. "Indirect financial dominance ...

Financial dominance describes a situation in which a central bank does not dare to tighten its policy stance as this would threaten the stability of the financial system. The danger of this happening is limited at present. The banking system is well capitalised. Private credit has not expanded much, not even during the COVID-19 recession in most euro area countries – except in France. However, in some countries, the financial sector remains highly exposed to sovereign debt. "Indirect financial dominance" could thus easily arise if sovereign risk premia return. Continuing asset purchases under the PEPP increases the danger of fiscal dominance. 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 27 September 2021.

Extern avdelning

Daniel GROS, Farzaneh SHAMSFAKHR

Inflation on the Upswing - Just a Hiccup or a Trend Reversal After All?

13-09-2021

Although energy price volatility has recently been the largest contributor to movements in the headline inflation rate, there are other factors indicating that inflation in the euro area will remain elevated in the months ahead. However, most of them have only a temporary effect. A major risk to the further development of inflation is a rise in inflation expectations, which should be monitored critically. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life ...

Although energy price volatility has recently been the largest contributor to movements in the headline inflation rate, there are other factors indicating that inflation in the euro area will remain elevated in the months ahead. However, most of them have only a temporary effect. A major risk to the further development of inflation is a rise in inflation expectations, which should be monitored critically. 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 27 September 2021.

Extern avdelning

Kerstin BERNOTH, Gökhan IDER

Kommande evenemang

27-09-2021
Turning the tide on cancer: the national parliaments' view on Europe's Cancer Plan
Övrigt -
BECA
27-09-2021
US trade policy
Utfrågning -
INTA
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Consumer protection and automated decision-making tools in a modern economy
Utfrågning -
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