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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 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).

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 ...

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 ...

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 ...

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 ...

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 ...

Unia gospodarcza i walutowa (UGW) powstała na skutek stopniowej integracji gospodarczej UE. Stanowi rozszerzenie jednolitego rynku UE i obejmuje wspólne uregulowania dotyczące produktów oraz swobodny przepływ towarów, kapitału, pracy i usług. W strefie euro, która obecnie obejmuje 19 państw członkowskich UE, wprowadzono wspólną walutę euro. Wszystkie 28 państw członkowskich, z wyjątkiem Wielkiej Brytanii i Danii, będą musiały wprowadzić euro po co najmniej dwuletnim okresie uczestniczenia w mechanizmie ...

Instytucje europejskiej unii gospodarczej i walutowej ponoszą główną odpowiedzialność za określanie europejskiej polityki pieniężnej, przepisów regulujących emisję euro i stabilność cen w UE. Tymi instytucjami są: EBC, ESBC, Komitet Ekonomiczno-Finansowy, Eurogrupa oraz Rada do Spraw Gospodarczych i Finansowych (Ecofin).