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Export credits are a traditional instrument used in many member states of the European Union to support the export activities of firms. They are typically provided by export credit agencies (ECAs), which in turn receive support from governments. There are currently 25 such ECAs in 21 EU member states. Financial and indirect support to exporters provided through these ECAs is significant. Recent policy initiatives of the European Commission, such as the European Green Deal and Global Gateway, raise ...

This briefing presents, in tabular form, information available on submitted payment requests under the Recovery and Resilience Facility (RRF), and of Commission disbursements following approval of such requests. It will be regularly updated.

QT in the euro area

In-Depth Analysis 15-03-2023

The Eurosystem is now reducing its bond holdings. Provided this is carried out in a measured way, it should not have a big impact on financial conditions or cause financial instability. The reduction is the correct policy because of legal problems with the Eurosystem owning so many sovereign bonds and because it provides space to implement the Transmission Protection Instrument (TPI) effectively. On the costs of operating a large balance sheet, the ECB should re-introduce its tiering system for compensation ...

The Committee on Budgetary Control (CONT) held a public hearing on 23 January 2023, with the aim to analyse whether the delays with cohesion partnership agreements have affected the level of monitoring and controls of the spending in Member States. The topic of this public hearing was broad and encompassed concepts of two policy areas/instruments that are both unique and very complex in themselves. This briefing provided background information about key concepts and elements (including monitoring ...

This study investigates the role of financial actors, such as banks and investors, in the EU Emissions Trading System and their role in determining price dynamics and volatility. It concludes that activities on the market should be further monitored and data availability and quality improved. While further regulation of market participants may become necessary in the future, it is, at this stage, more important to focus on improving the Market Stability Reserve (MSR).

Inflation pressures have triggered a largely synchronised tightening of monetary policy around the world. The sharp appreciation of the US dollar is adding to the challenges that policymakers confront. The paper sets out to identify the channels through which US tightening spills over to the rest of the world, with a particular focus on the euro area. It also examines the risks that stem from uncoordinated monetary tightening and discusses how different forms of global cooperation can help mitigate ...

This paper shows that to successfully deal with bank crises, the EU framework needs to facilitate the smooth transfer of funds, assets and liabilities from financially troubled entities to other entities. Currently, the EU framework does not guarantee that. The reasons are identifiable, and can be remedied.

This briefing presents in a tabular manner the EU issuance of bonds and bills to finance the Next Generation EU, notably the Recovery and Resilience Facility.

Executive Vice-President Dombrovskis and Commissioner Gentiloni have been invited to the eighth Recovery and Resilience Dialogue (RRD) under the Recovery and Resilience Facility Regulation. The previous RRD took place on12 September. This briefing first presents the state of play of the Recovery and Resilience Plans’ adoption, rule of law conditionality, latest progress on milestones and targets, introduction of RePowerEU, audit and control, and financing aspects of the Facility.

European banks have substantial investments in assets that are measured without directly observable market prices (mark-to-model). Financial disclosures of these value estimates lack standardization and are hard to compare across banks. These comparability concerns are concentrated in large European banks that extensively rely on level 3 estimates with the most unobservable inputs. Although the relevant balance sheet positions only represent a small fraction of these large banks’ total assets (2.9% ...