Търсене
Digital Euro: Reviewing the progress to date and some open questions
In this in-depth analysis, we summarise and explain the directions that the ECB has in mind for the digital euro, based on the ECB’s progress reports and statements. This substantially revised analysis reflects now also the fourth progress report and selected elements of the Commission’s proposals of 28 June 2023. We also highlight further questions that may deserve the legislators’ attention when they discuss the recent European Commission proposal. The analysis also entails a summary of the external ...
The digital euro: policy implications and perspectives
The study identifies the fundamental rationale for a possible issuance of a digital euro: to preserve the role of public money in a digital economy. It outlines the policy options, trade-offs as well as design issues that its creation would raise. This document 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).
Go Big or Go Home? The ECB’s Asset Purchase Programmes in Macroeconomic Perspective
Until this year, governments in the single currency area appeared to be ‘missing in action’. There is belated recognition that monetary and fiscal policies must coordinate especially in crisis conditions. The euro area has experienced crisis or near crisis conditions for over a decade. Lessons are being learned late but there continue to be several gaps that the euro area and its members need to close. The paper highlights these and the continuing threats to the single currency area. This document ...
The ECB's Asset Purchase Programmes: Experience and Future Perspectives
In response to the unprecedented shock brought by the COVID-19 pandemic, the European Central Bank (ECB) has deployed a massive package of monetary policy stimulus to safeguard the monetary policy transmission mechanism and keep the euro area economy afloat. As part of this package, the ECB has stepped up its asset purchases, including with the introduction of the new pandemic emergency purchase programme (PEPP) with an envelope of EUR 1.35 trillion by June 2021. Over the years, the impact and ...
Possible Avenues for Further Political Integration in Europe - A Political Compact for a More Democratic and Effective Union?
This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the AFCO Committee, analyses possible avenues for further political integration in the EU after Brexit. The study maps the multiple crises that the EU has weathered in the past decade and explains how these crises, including the recent Covid-19 pandemic, reveal several substantive and institutional weaknesses in the current EU system of governance. The study considers ...
International Role of the Euro: A Monetary Policy View
At the intersection between international economics and geopolitics, propositions and predictions on how the euro could challenge the global dominance of the US dollar have been circulating since the inception of the common currency. After an initial period of expansion, since 2006 the euro’s international role has largely diminished or stagnated. Developments such as the resurgence of trade protectionism and, more recently, the COVID-19 crisis bring about a number of risks and opportunities for ...
Completing the Single Market: The European Parliament and Economic Integration, 1979-1989
During its first decade as a directly elected political institution, from 1979 to 1989, the European Parliament exercised significant influence in shaping the debate and agenda around the concept of completing the ‘single’ or ‘internal’ market of the (then) European Economic Community. Through both its early campaigning for action in this field and its definition and analysis of issues such as the ‘cost of non-Europe’, the Parliament contributed to the political and intellectual climate which led ...
История на Икономическия и паричен съюз
Икономическият и паричен съюз (ИПС) е резултат от постепенната икономическа интеграция в ЕС. Той е продължение на единния пазар на ЕС, с общи разпоредби относно продуктите и свободното движение на стоки, капитали, труд и услуги. Беше въведена обща валута, еврото, в еврозоната, която в момента се състои от 19 държави — членки на ЕС. Всичките 28 държави — членки на ЕС, с изключение на Обединеното кралство и Дания, трябва да въведат еврото след най-малко двугодишно членство във валутния механизъм II ...
Институциите на Икономическия и паричен съюз
Институциите на Европейския паричен съюз носят основната отговорност за определянето на европейската парична политика, правилата, свързани с емитирането на еврото, и за ценовата стабилност в ЕС. Тези институции са: ЕЦБ, ЕСЦБ, Икономическият и финансов комитет, Еврогрупата и Съветът по икономически и финансови въпроси (ECOFIN).