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Country-specific recommendations: An overview - September 2020 EN

22-09-2020 PE 624.404 ECON
Briefing
Shrnutí : This note provides an overview of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how these recommendations evolved over time (2012-2020), including from the legal base perspective. Finally, it gives insights on the level of implementation of recommendations issued under the 2012-2019 European Semester cycles. The note is updated on a regular basis.
Autoři : Jost ANGERER, OVIDIU IONUT TURCU, KRISTINA GRIGAITE

Post-COVID-19 Global Currency Order: Risks and Opportunities for the Euro EN

22-09-2020 PE 652.751 ECON
Studie
Shrnutí : The issuance of EU debt in the context of the recovery plan for Europe creates scope for strengthening the international role of the euro. However, with a large share of safe euro assets likely to be absorbed by the pandemic emergency purchase programme of the ECB, a shortage of eligible bonds stands to impede such progress. The ECB could decisively increase the supply of safe assets by issuing tradable ECB certificates of deposit as a way of overcoming this obstacle. This document was provided by Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).
Autoři : Barry EICHENGREEN, Daniel GROS

The role (and accountability) of the President of the Eurogroup EN

21-09-2020 PE 602.116 ECON
Briefing
Shrnutí : This note provides an overview of the role of the President of the Eurogroup, the procedures for his/her appointment, as well as proposals on a “full time position” as part of the wider debate on deepening the Economic and Monetary Union. The note also briefly addresses the mandate and working methods of the Eurogroup. In addition, this note refers to the debate around the transparency of Eurogroup proceedings. It is updated regularly.
Autoři : Kajus HAGELSTAM, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS

Institutional set up of macroprudential policy in the European Union EN

18-09-2020 PE 645.701 ECON
Briefing
Shrnutí : This briefing provides an overview of the institutional macroprudential framework in the European Union (EU), distribution of powers and responsibilities and interactions between different institutions.
Autoři : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

EU/EA measures to mitigate the economic, financial and social effects of coronavirus - State-of-play 18 September 2020 EN

18-09-2020 PE 645.723 ECON
Podrobná analýza
Shrnutí : This document compiles information, obtained from public sources, on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid19. It will be regularly updated, following new developments.
Autoři : Kajus HAGELSTAM, Jost ANGERER, Marcel MAGNUS, Drazen RAKIC, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE

The ECB's Asset Purchase Programmes: Experience and Future Perspectives EN

18-09-2020 PE 652.749 ECON
Studie
Shrnutí : 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 the side effects of the non-standard asset purchase programmes have been widely debated. Should they remain as part of the ECB’s toolkit in the future, considering that inflation is expected to stay low and that interest rates are in negative territory? Six papers were prepared for the ECON Committee by the Monetary Expert Panel, presenting empirical evidence and discussing future perspectives of the ECB’s asset purchase programmes. This publication is prepared by Policy Department for Economic, Scientific and Quality of Life Policies for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 28 September 2020.
Autoři : Pierre L. SIKLOS, Christophe BLOT, Jérôme CREEL, Paul HUBERT, Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI, Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Stefan KOOTHS, Josefine QUAST, Maik WOLTERS, Angela CAPOLONGO, Daniel GROS, Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI

The legal nature of Country-Specific Recommendations EN

17-09-2020 PE 528.767 ECON
Ve stručnosti
Shrnutí : The Country-Specific Recommendations (CSRs) are annually adopted by the Council based on the Commission (COM) proposals within the framework of the European Semester. The CSRs provide integrated guidance on macro-fiscal and macro-structural measures based on the COM assessment of Member States' medium-term budgetary plans and national reform programmes in light of broad policy priorities endorsed by the European Council or adopted by the Council on th basis of the Annual Growth Survey. The Council also adopts policy recommendations to the euro area as a whole in accordance with Article 136 of the Treaty on the Functioning of the European Union (TFEU) following a COM proposal. Table 1 displays the development of the number of CSRs and the minimum and maximum number per Member State.
Autoři : Jost ANGERER, KRISTINA GRIGAITE

Macroprudential policy toolkit for the banking sector EN

17-09-2020 PE 645.702 ECON
Briefing
Shrnutí : This briefing provides an overview of European Union’s macroprudential policy toolkit that could be applied to the banking sector. Not all the tools described in this briefing are available for all national macroprudential authorities in the European Union (EU), due to different national legislations. Even though most of the instruments are targeted at the banking sector, national specificities in some cases permit the use of the same instrument to other financial institutions.
Autoři : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Accountability Mechanisms of Major Central Banks and Possible Avenues to Improve the ECB's Accountability EN

15-09-2020 PE 652.748 ECON
Studie
Shrnutí : Independece of monetary authorities is a key tenet of modern central banking. Indepedence, however, must go hand in hand with accountability towards the public and its elected representatives. Four studies were prepared for the ECON Committee by the Monetary Expert Panel, comparing the accountability practices of major central banks in other juristictions (the Bank of England, the Swiss National Bank, the Bank of Japan and the Federal Reserve) with those of the European Central Bank (ECB) and offering recommendations on how to improve the ECB's accoutability framework.
Autoři : Rosa M. LASTRA, Charles WYPLOSZ, Grégory CLAEYS, Marta DOMÍNGUEZ-JIMÉNEZ, Karl WHELAN

Economic Dialogue with the other EU Institutions under the European Semester Cycles during the 9th legislative term State of play - September 2020 EN

09-09-2020 PE 624.436 ECON
Briefing
Shrnutí : This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent Committee of the European Parliament since September 2019 under the European Semester Cycles. It also includes an overview of the respective legal bases for these dialogues. For an overview Economic Dialogues between January 2014 and January 2019, please see separate document.
Autoři : Kajus HAGELSTAM

The role of fiscal rules in relation with the green economy EN

03-09-2020 PE 651.364 ECON
Podrobná analýza
Shrnutí : This paper discusses the analytical basis for facilitating green public investment under the Stability and Growth Pact fiscal rules. It concludes that additional public debt created by deficit-financed green public investment is likely to increase fiscal sustainability risks. However, such additional risks could be justified to avoid the economic damages (which would also have long run consequences for public finances) arising in the absence of sufficient green public investment. Tre trade off could be improved if green public investment were financed through EU debt.
Autoři : Carlo Cottarelli

Benefits and drawbacks of an “expenditure rule”, as well as of a "golden rule", in the EU fiscal framework EN

01-09-2020 PE 645.732 ECON
Studie
Shrnutí : Focusing the EU fiscal framework on an expenditure rule could help to increase transparency, compliance and ownership. In various other respects, like estimation errors or counter-cyclicality of prescribed fiscal policy, an expenditure rule is similar to a structural balance rule. If the EU decides to go beyond the current focus on fiscal aggregates, a two-rule system aimed at safeguarding specific expenditures could be placed at the centre of the EU fiscal framework. The key challenge is to define and measure the protected expenditures.
Autoři : Wolf Heinrich REUTER

Economic Dialogue and Exchange of Views with the President of the Council (ECOFIN) EN

31-08-2020 PE 651.366 ECON
Podrobná analýza
Shrnutí : Olaf Scholz, Minister of Finance of Germany, is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the German Presidency (July-December 2020). In accordance with the Treaty of the Union, “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”. This briefing provides an overview of the German Presidency priorities in ECON matters, including the establishment of the new and temporary EU recovery plan, and the Council’s work relating to the implementation of the European Semester for economic coordination.
Autoři : Alice ZOPPÉ, Jost ANGERER, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE

Macro-Financial Assistance to EU Member - States State of Play - August 2020 EN

31-08-2020 PE 651.367 ECON
Podrobná analýza
Shrnutí : This document provides regularly updated information on EU Member States which receive or received financial assistance from the ESM, the EFSF, the EFSM, the EU balance of payments assistance facility, other Member States and/or the IMF. Since August 2018 all financial assistance programmes to EU Member States have been concluded; therefore, the document focuses on the implementation of the enhanced surveillance framework for Greece and post-programme reviews for Ireland, Portugal, Romania, Cyprus and Spain undertaken by the European Commission (EC) in liaison with the ECB (Post-Programme Surveillance, PPS), the IMF (Post-Programme Monitoring, PPM, and Article IV assessments) and the ESM (Early Warning System, EWS).
Autoři : Jost ANGERER, CRISTINA SOFIA PACHECO DIAS

The role of fiscal rules in relation with the green economy EN

31-08-2020 PE 614.524 ECON
Studie
Shrnutí : This study argues that to achieve the necessary green transition in the EU, additional public investment by Member States will need to be mobilised throughout the next decade. In light of the macroeconomic environment of very low interest rates, this calls for a reform of the EU fiscal framework. The paper discusses three approaches for a reform of the fiscal rules to better reflect the need for higher (debt-financed) green public investment: (1) an exemption clause for green public investment; (2) the implementation of a green golden rule; (3) a country-specific benchmark share of government expenditures dedicated to green public investment recommended by the European Commission.
Autoři : Atanas Pekanov, Margit Schratzenstaller

The ESM Pandemic Crisis Support EN

28-08-2020 PE 651.350 ECON
Briefing
Shrnutí : This paper provides a summary analysis of the European Stability Mechanism Pandemic Crisis Support instrument agreed by the Eurogroup. This instrument allows the ESM to provide financial assistance (either as loans or by purchasing sovereign bonds) to euro area Member States, to be used for recovering costs related to direct and indirect healthcare, cure and prevention due to the COVID- 19 crisis. The paper focuses on the main feature of the instrument, including its eligibility, the financial and the surveillance aspects.
Autoři : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

Implementation of the Macroeconomic Imbalance Procedure: State of play August 2020 EN

27-08-2020 PE 497.739 ECON
Podrobná analýza
Shrnutí : This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.
Autoři : Alice ZOPPÉ

How to make the European Semester more effective and legitimate? EN

24-07-2020 PE 651.365 ECON
Podrobná analýza
Shrnutí : The Commission has launched an assessment and revision of the so-called six-pack and two-pack legislative packages. This paper assesses the successes and shortcomings of the European Semester with a focus on legitimacy, effectiveness and ownership. It argues that in order to address these problems, the framework should be redesigned from a new starting point, which builds on existing divisions of competence and clear decision making structures. This would help to restore the honesty and credibility of the Semester, which should be geared at supporting accountability at the national level.
Autoři : Päivi LEINO-SANDBERG, Fernando LOSADA FRAGA

Benefits and drawbacks of an “expenditure rule”, as well as of a "golden rule", in the EU fiscal framework EN

20-07-2020 PE 614.523 ECON
Studie
Shrnutí : Given the current crisis, all fiscal rules have been suspended. When the economy recovers, both expenditure and structural balance rules will be more difficult to apply as the level and growth of potential output will become more uncertain. Focussing on reducing high debt levels might at that point be more appropriate. The economic argument for a golden rule is that debt can be used to finance the creation of public capital. But this implies that any golden rule should only exempt net investment, which is much lower than the gross investment.
Autoři : Daniel GROS, Marvin JAHN

The ECB’s Monetary Policy Response to the COVID-19 Crisis EN

17-07-2020 PE 648.787 ECON
Briefing
Shrnutí : (Updated 8 June 2020) The coronavirus pandemic is taking a heavy toll on the euro area economy, necessitating a timely and resolute macroeconomic policy response. The ECB's Governing Council acted decisively by taking a series of measures that collectively provide a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions. This briefing includes the most recent Governing Council decisions of 4 June.
Autoři : Drazen RAKIC

External Imbalances in the Euro Area - July 2020 EN

16-07-2020 PE 528.753 ECON
Briefing
Shrnutí : This note provides a short overview of the latest data related to external imbalances in euro area Member States, with specific reference to some indicators included in the scoreboard of the Macroeconomic Imbalances Procedure.
Autoři : Alice ZOPPÉ, FRANCESCO-SAVERIO LENZI

The economy and coronavirus: Weekly Picks 09/07/2020 EN

09-07-2020 PE 651.359 ECON
Briefing
Shrnutí : This paper provides a summary of recent analyses of the economic and budgetary effects of the coronavirus, the preparations of the next European Council on the recovery instruments, the German Presidency priorities in the area of ECOFIN and of some policy recommendations made in the public domain to mitigate the negative economic effects of the pandemic.
Autoři : Jost ANGERER, KRISTINA GRIGAITE, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

Composition of Public Expenditures in the EU EN

06-07-2020 PE 634.371 ECON
Briefing
Shrnutí : This briefing provides an overview of the structure of public expenditures across EU Member States, by delving into their composition according to the classification of the functions of government provided by Eurostat. The overview aims at identifying similarities and differences among EU Members States in 2018 and spotting possible trends of convergence and divergence since 2008. This note is regularly updated.
Autoři : Alice ZOPPÉ, FRANCESCO-SAVERIO LENZI

The role of fiscal rules in relation with the green economy - A new start after the outbreak EN

06-07-2020 PE 651.382 ECON
Studie
Shrnutí : According to this study the fiscal framework in principle provides sufficient flexibility to accommodate the call on government budgets from the European Green Deal – even in the very challenging fiscal landscape that is currently unfolding. However, it also observes that for this to hold in practice a number of conditions must be met, including a strong design of policies, a careful assessment of their budgetary impact and the integration of the relevant governance processes.
Autoři : Paul van den Noord

Covid-19 Newsletter 2: Exit strategy EN

03-07-2020 PE 652.710 ITRE ECON IMCO EMPL ENVI
Briefing
Shrnutí : As EU Member States embark on a cautious de-confinement path, the economy slides into recession and the question of the proportionality of public health-related measures and their economic consequences is increasingly present in the public debate. As long as a vaccine (or an effective treatment) for the Covid-19 disease is not found and deployed, post-Covid-19 societies will have to coexist with the virus, and find an equilibrium between the social constraints resulting from health protecting measures and the need to mitigate as much as possible a huge economic shock, which if not addressed adequately, could have unpredictable social and political consequences. The Covid-19 crisis has shown above all the importance of joint European action. Although public health is primarily the competence of the Member States, the European Parliament has called on the Commission and the Member States to act together and to rise to the challenge and ensure that the Union emerges stronger from this crisis. In particular, a differentiated but coordinated post-lockdown approach in the EU should be ensured, in order to avoid a resurgence of the virus. The present Covid-19 Newsletter focuses on the de-confinement strategies and EU measures to support the economic recovery. An update of ongoing Covid-19 related expertise work for the ECON, EMPL, ENVI, ITRE and IMCO committees is provided at the end of this document.
Autoři : AOIFE KENNEDY, Zsuzsanna LAKY, Adolfo BARBERA DEL ROSAL, MATTEO CIUCCI, Christina RATCLIFF, Dirk VERBEKEN

Implementation of Country Specific Recommendations under the MIP - July 2020 EN

02-07-2020 PE 542.650 ECON
Ve stručnosti
Shrnutí : This note provides an overview of the implementation rate of Country-Specific Recommendations (CSRs) issued under the Macroeconomic Imbalance Procedure (see a separate EGOV note for details on the MIP procedure). Figures presented in this overview refer only to Member States experiencing macroeconomic imbalances and are based on the implementation assessments performed by the Commission in its annual Country Reports.
Autoři : MATTEO CIUCCI, Alice ZOPPÉ

The economy and coronavirus: Weekly Picks 01/07/2020 EN

01-07-2020 PE 651.358 ECON
Briefing
Shrnutí : This paper provides a summary of recent analyses of the economic and financial effects of the coronavirus, an overview of the proposed new temporary European Union Recovery Instrument, and some policy recommendations made in the public domain to mitigate the negative economic effects of the pandemic.
Autoři : Jost ANGERER, KRISTINA GRIGAITE, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

Banking Union: Wirecard EN

29-06-2020 PE 651.357 ECON
Briefing
Shrnutí : The briefing provides a short overview (based on public information) to the insolvency of Wirecard AG, a group that provided electronic payment processing and that includes a less-significant banking entity (which is not part of the insolvency proceedings). The case is not directly linked to the corona crisis, but it brings to the fore relevant issues related to supervision of payment-related services and the role of auditors.
Autoři : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

A roadmap to completing the Banking Union EN

19-06-2020 PE 645.707 ECON
Podrobná analýza
Shrnutí : Completing the Banking Union has been a long term endeavour, on the back of the less successful negotiations on its third leg - the common deposit guarantee scheme. The current crisis caused by the outbreak of COVID-19 will evidently put the current setup of Banking Union to test, but may also create a new impetus and political will for it’s completion. This briefing, based on two earlier EGOV briefings (here and here), (1) sets out the main milestones of such process so far, (2) outlines where work was before the coronavirus outbreak and (3) points to areas where progress is still missing and should continue once the urgency of the current crisis is mitigated. It will be regularly updated on the basis of available public information.
Autoři : CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Banks' exposures to Home sovereign bonds EN

15-06-2020 PE 651.344 ECON
Ve stručnosti
Shrnutí : This background document summarises information that was published by the European Banking Authority and that sheds some light on the status quo of the 'sovereign-bank' nexus, in view of the fact that the link between sovereign and bank credit risk has been identified as a risk to financial stability.
Autoři : Marcel MAGNUS, ANDREA DI FILIPPO

The economy and coronavirus: Weekly Picks EN

15-06-2020 PE 651.354 ECON
Briefing
Shrnutí : This paper provides a summary of recent analyses of the economic and financial effects of the coronavirus, an overview of the proposed new temporary European Union Recovery Instrument, and some policy recommendations made in the public domain to mitigate the negative economic effects of the pandemic.
Autoři : Kajus HAGELSTAM, Marcel MAGNUS, KRISTINA GRIGAITE, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

Banking Union: Corona crisis effects EN

15-06-2020 PE 651.356 ECON
Briefing
Shrnutí : The corona crisis has significant effects on many banks in the Banking Union. To support the Members of the Banking Union Working Group, the following briefing reports on observations made and actions taken by supervisory authorities, credit rating agencies, banking federations, or other industry experts, in order to point to relevant developments in the banking sector. The briefing will be updated on a bi-weekly basis, unless relevant developments require otherwise.
Autoři : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Selected Euro Area Macroeconomic Indicators EN

11-06-2020 PE 528.737 ECON
Ve stručnosti
Shrnutí : This note provides a comparison of some key macroeconomic forecast indicators for the Euro Area as a whole published by the Commission, IMF, ECB and OECD.
Autoři : Javier María VEGA BORDELL

Key Macroeconomic Indicators in the Euro Area and the United States EN

11-06-2020 PE 542.675 ECON
Ve stručnosti
Shrnutí : Latest forcest by EC, IMF and OECD.
Autoři : Javier María VEGA BORDELL, KRISTINA GRIGAITE

Public hearing with Christine Lagarde, Chair of the European Systemic Risk Board EN

05-06-2020 PE 651.355 ECON
Briefing
Shrnutí : This note is prepared in view of a public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 8 June 2020. This will be the first hearing with Ms Lagarde in her capacity as a Chair of the ESRB. The aim of the meeting is to discuss recent developments in macroprudential policy field and the impact of the corona crisis. The briefing addresses the ESRB and national macroprudential authorities’ response to the pandemic outbreak, including recent ESRB Recommendation to ESMA; latest ESRB systemic risk assessment and other macroprudential policy concerns.
Autoři : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

The economy and coronavirus: Weekly Picks EN

04-06-2020 PE 651.353 ECON
Briefing
Shrnutí : This paper provides a summary of some recent analyses of the economic and financial effects of the coronavirus, an overview of the grants component included it the Commission’s proposal for a new EU recovery and resilience facility, and some policy recommendations made in the public domain to mitigate the negative economic effects of the pandemic.
Autoři : Jost ANGERER, KRISTINA GRIGAITE, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

Study in focus: Improving Anti-Money Laundering Policy EN

03-06-2020 PE 648.795 ECON
Ve stručnosti
Shrnutí : The study evaluates four measures discussed by the European Parliament, the European Commission and others to improve anti-money laundering policy: identifying high-risk countries through blacklisting, reducing laundering through letterbox or shell companies, harmonising EU AML policies through regulations and strengthening the European executive. 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).
Autoři : Prof. Dr. Brigitte UNGER

Banking Union: Corona crisis effects - week 22 EN

02-06-2020 PE 651.352 ECON
Briefing
Shrnutí : The corona crisis has significant effects on many banks in the Banking Union. To support the Members of the Banking Union Working Group, the following briefing reports on observations made and actions taken by supervisory authorities, credit rating agencies, banking federations, or other industry experts, in order to point to relevant developments in the banking sector. The briefing will be updated on a bi-weekly basis, unless relevant developments require otherwise.
Autoři : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Credit Rating for Euro Area Member States and European supranational institutions EN

29-05-2020 PE 651.351 ECON
Briefing
Shrnutí : This document presents the latest credit ratings issued by the three major Credit Rating Agencies for the Euro Area Member States and three European institutions that issue “EU bonds”: the EU Commission, the European Investment Bank and the European Stabilisation Mechanism. It provides an overview of the framework of sovereign credit ratings and shows their relationship with the financing costs of Euro Area Member States.
Autoři : Alice ZOPPÉ, FRANCESCO-SAVERIO LENZI

The SURE: Main Features EN

28-05-2020 PE 645.721 ECON
Podrobná analýza
Shrnutí : This document presents the main features of the Commission proposal for an European instrument for temporary support to mitigate unemployment risks in an emergency (SURE) and compares such facility with other financial assistance instruments already available in the European Union. It will be updated in light of relevant developments.
Autoři : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

Economic Dialogue with the European Commission on the 2020 Country Specific Recommendations EN

27-05-2020 PE 651.362 ECON
Briefing
Shrnutí : V. Dombrovskis, Executive Vice-President for An Economy that Works for People, P. Gentiloni, Commissioner for Economy and N. Schmit, Commissioner for Jobs and Social Rights have been invited to an Economic Dialogue on the launch of the 2020 Country Specific Recommendations (CSRs), in line with the relevant EU law. This briefing note covers the main elements of the 2020 CSRs as proposed by the Commission (Section 1) on 20 May 2020, the EU/EA level economic responses to the pandemic (Section 2), the economic outlook (Section 3), the 2020 Euro Area Recommendation (Section 4), the implementation of 2019 CSRs (Section 5), and review of the European Semester and the deepening EMU (Section 6)
Autoři : Kajus HAGELSTAM, Alice ZOPPÉ, Jost ANGERER, Marcel MAGNUS, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Country Specific Recommendations for 2020 EN

27-05-2020 PE 645.748 ECON
Podrobná analýza
Shrnutí : This document compiles all the economic policy recommendations for 2020 as proposed by the Commission on 20 May 2020. The Council is expected to adopt these recommendations in July. The document also provides an overview of specific policy areas addressed in these recommendations to EU Member States.
Autoři : Jost ANGERER, KRISTINA GRIGAITE, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

The economy and coronavirus - Weekly Picks 19/05/2020 EN

19-05-2020 PE 651.349 ECON
Briefing
Shrnutí : This paper provides a summary of some recent analyses of the macroeconomic effects of the coronavirus and some policy recommendations made in the public domain to mitigate these negative effects.
Autoři : KRISTINA GRIGAITE, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

What role for the European Semester in steering the economic recovery? EN

18-05-2020 PE 651.348 ECON
Briefing
Shrnutí : On 20 May 2020, the European Commission is expected to propose its 2020 Country Specific Recommendations (CSRs) and the Council is expected to discuss and finally adopt the 2020 CSRs in July. The competent Committees of the European Parliament will organise a hearing with the Commission on the CSRs in late May. This note presents an overview on how the European Semester framework could provide an useful tool to steer an economic recovery by coordinating national and EU policies, in view of the medium and long term objectives related to sustainable and inclusive growth.
Autoři : Kajus HAGELSTAM, Alice ZOPPÉ, Jost ANGERER, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

SSM and SRB accountability at European level – a summary of three external briefing papers EN

15-05-2020 PE 645.728 ECON
Ve stručnosti
Shrnutí : This note summarises three external briefing papers requested in view of hearings of the Chair of Single Supervisory Mechanism and Chair of Single Resolution Board in ECON.
Autoři : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Banking Union: Corona crisis effects - week 20 EN

15-05-2020 PE 645.746 ECON
Briefing
Shrnutí : The corona crisis has significant effects on many banks in the Banking Union. To support the Members of the Banking Union Working Group, the following briefing reports on observations made and actions taken by supervisory authorities, credit rating agencies, banking federations, or other industry experts, in order to point to relevant developments in the banking sector. The briefing will be updated on a bi-weekly basis, unless relevant developments require otherwise.
Autoři : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Can the Euro Dethrone the US Dollar as the Dominant Global Currency? Not so Soon, if Ever EN

15-05-2020 PE 648.805 ECON
Podrobná analýza
Shrnutí : The euro is the second most important global currency after the US dollar. However, its international role has not increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial market for US dollar-denominated assets is larger and deeper; network externalities and inertia also play a role. Increasing the attractiveness of the euro outside the euro area requires, among others, a proactive role for the European Central Bank and completing the Banking Union and Capital Market Union. 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.
Autoři : Marek DABROWSKI

The International Role of the Euro: State of Play and Economic Significance EN

15-05-2020 PE 648.806 ECON
Podrobná analýza
Shrnutí : This paper summarises recent trends in the international use of the euro and potential benefits and drawbacks of acquiring the status of an international currency, with a focus on implications for monetary policy. The benefits of international currency status are found to likely be limited and the effects on monetary policy to be ambiguous. The international role of the euro could be strengthened by policy initiatives in specific markets or as a by-product of improvements in the soundness of euro area economic and fiscal policies. 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.
Autoři : Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Josefin MEYER

The Euro and the Geopolitics of Post-COVID-19 EN

15-05-2020 PE 648.807 ECON
Podrobná analýza
Shrnutí : This note provides a critical overview on the current status and recent trends related to the euro’s international standing over the last decade and reflects on the opportunities and risks for the role of the euro going forward, including the post-COVID-19 international trade and political order. 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.
Autoři : Corrado MACCHIARELLI

The ECB’s Mandate and Legal Constraints EN

15-05-2020 PE 648.808 ECON
Podrobná analýza
Shrnutí : This paper considers how the ECB can implement its mandate in the current crisis conditions and the legal constraints that exist on its actions. The current position of the euro area economy means the threat to meeting the ECB’s primary objective of price stability stems from the possibility of a long period of below-target inflation. This means the ECB should consider a wide range of stimulative policies that would help it meet both its primary and secondary objectives. The ECB, however, will be constrained by the ECJ’s interpretation of the monetary financing clause and its ability to meet its primary objective (and its independence) could be threatened by the recent German constitutional court judgement which is flawed in both its legal and economic analysis. 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.
Autoři : Karl WHELAN

Global Currencies During a Crisis: Swap Line Use Reveals the Crucial Ones EN

15-05-2020 PE 648.809 ECON
Podrobná analýza
Shrnutí : The current crisis has confirmed the importance of the currency swap lines offered by the Federal Reserve. They enhance the role of the USD as the dominant global currency. However, one should not expect much impact on the international role of the euro when the ECB offers similar currency swap lines. Currency competition is not won by competing on the generosity of currency swap lines. 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.
Autoři : Daniel GROS, Angela CAPOLONGO

The Dimensions of Responsibility: Perspectives on the ECB’s Monetary Policy Mandate EN

15-05-2020 PE 648.810 ECON
Podrobná analýza
Shrnutí : A strong theoretical and empirical case exists for a dual monetary policy mandate. Central banks should aim to stabilise both prices (or inflation) and output (or employment). Other objectives, such as financial stability, reversing climate change, and reducing inequality are at best secondary objectives for which better policy tools are available. 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.
Autoři : Joseph E. GAGNON, Jacob F. KIRKEGAARD, David W. WILCOX, Christopher G. COLLINS

The ECB in the COVID-19 Crisis: Whatever it Takes, Within its Mandate EN

15-05-2020 PE 648.811 ECON
Podrobná analýza
Shrnutí : To keep the euro-area economy afloat, the European Central Bank (ECB) has announced a large number of measures since the beginning of the COVID-19 crisis. This response has triggered fears of a future increase in inflation. We discuss the risks that the ECB is unable to fulfil its price-stability mandate, and also whether these new measures respect legal limits set by the EU Treaties. We conclude that the measures introduced by the ECB during the crisis and the resulting increase in the size of its balance sheet, even if it were to be permanent, should not restrict its ability to achieve its price-stability mandate in the future, within its legal obligations. 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.
Autoři : Grégory CLAEYS

Setting New Priorities for the ECB’s Mandate EN

15-05-2020 PE 648.812 ECON
Podrobná analýza
Shrnutí : Beyond price stability, the EU Treaties assign to the ECB a range of secondary objectives. We investigate the linkages between price stability and these objectives to assess whether they are independent, complementary or substitutable, which is important to refine the definition of the mandate. Keeping the current mandate would not provide leeway for the ECB to reach other objectives. We propose to broaden the mandate to include employment and financial stability. Enhanced coordination should contribute to fulfilling the objectives. 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.
Autoři : Christophe BLOT, Jérôme CREEL, Emmanuelle FAURE and Paul HUBERT

The ECB Mandate: Perspectives on Sustainability and Solidarity EN

15-05-2020 PE 648.813 ECON
Podrobná analýza
Shrnutí : This report analyses the ECB mandate in light of its primary objective of price stability along with its secondary objective to support the general economic policies in the Union (Article 127 TFEU), which include employment, growth, climate change, and the quality of the environment, bearing in mind the broader goals of sustainability and solidarity (Article 3 TEU). The pursuit of financial stability directly interacts with the price stability mandate. 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.
Autoři : Rosa Maria LASTRA, Kern ALEXANDER

Improving Anti-Money Laundering Policy EN

15-05-2020 PE 648.789 ECON
Studie
Shrnutí : This study evaluates four measures discussed by the European Parliament, the European Commission and others, to improve anti-money laundering policy. First, identifying high-risk countries through blacklisting. Second, reducing laundering through letterbox or shell companies. Third, harmonising EU AML policies through regulations. Fourth, strengthening the European executive, e.g. through a European public prosecutor, a European FIU, a European supervisor, or a European police also in the light of COVID-19. 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).
Autoři : Prof. Dr. Brigitte UNGER

The ECB's Mandate: Perspectives on General Economic Policies EN

15-05-2020 PE 648.814 ECON
Studie
Shrnutí : The ECB has a clear primary objective to maintain price stability. The Treaty is less clear on how the ECB is required to fulfil its so-called secondary objective of “supporting general economic policies of the Union”. Just as the ECB was about to start its monetary policy strategy review which also provided an opportunity to clarify these elements of the mandate, the COVID-19 crisis brought the toughest test yet for its ability to deliver on the objectives. In addition, the German constitutional court delivered a judgement on the ECB’s public sector purchase programme (PSPP) which might bring further legal and economic consequences. In advance of the Monetary Dialogue with ECB President Christine Lagarde on 8 June 2020, the ECON Committee’s Monetary Expert Panel has prepared a set of five papers on this topic. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autoři : Rosa M. LASTRA, Kern ALEXANDER, Karl WHELAN, Joseph E. GAGNON, Jacob F. KIRKEGAARD, David W. WILCOX, Christopher G. COLLINS, Christophe BLOT, Jérôme CREEL, Emmanuelle FAURE, Paul HUBERT, Grégory CLAEYS

International Role of the Euro: A Monetary Policy View EN

15-05-2020 PE 652.705 ECON
Studie
Shrnutí : 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 the euro at the global stage. In advance of the Monetary Dialogue with ECB President Lagarde on 8 June 2020, the ECON Committee’s Monetary Expert Panel has prepared a set of four papers on this topic. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autoři : Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Josefin MEYER, Corrado MACCHIARELLI, Marek DABROWSKI, Daniel GROS, Angela CAPOLONGO

Barriers to Competition through Joint Ownership by Institutional Investors EN

15-05-2020 PE 652.708 ECON
Studie
Shrnutí : In recent years, the phenomenon of common ownership by institutional investors has sparked considerable debate among scholars about its impact on competition and companies’ corporate governance. This study analyses some specific features of common ownership by institutional investors in the European banking sector. It also examines closely the tension between competition policy and corporate governance tools aimed at enhancing shareholder engagement. 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).
Autoři : S. FRAZZANI, K. NOTI, M. P. SCHINKEL, J. SELDESLACHTS, A. BANAL ESTAÑOL, N. BOOT, C. ANGELICI

Study in focus: The Impact of Unfair Commercial Practices on Competition in the EU Passenger Transport Sector, in particular Air Transport EN

14-05-2020 PE 652.706 ECON
Ve stručnosti
Shrnutí : The study aims at identifying and analysing unfair commercial and trading practices in passenger air transport that not only are detrimental to consumers, but which can also distort competition in the Single Market. The study analyses the main air carrier business models and price patterns, as well as the decisions adopted by the national competent authorities with regard to unfair commercial practices and predatory pricing. 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.
Autoři : F. SCIAUDONE, K. NOTI, H. SCHEBESTA, F. MORETTI, M. PIANTONI, R. ARANCIO

Key Macroeconomic Indicators for Cyprus, Greece, Ireland and Portugal EN

12-05-2020 PE 528.757 ECON
Briefing
Shrnutí : This document provides a selection of key indicators in Member States that are or have been subject to a Macroeconomic Adjustment Programme. Greece is still under a programme, while Ireland, Portugal and Cyprus have exited their programmes and are now under so-called post-programme surveillance. For more information on the programmes, please see a separate document on Financial Assistance to EU Member States.
Autoři : OVIDIU IONUT TURCU, KRISTINA GRIGAITE

The economy and coronavirus - Weekly Picks 12/05/2020 EN

12-05-2020 PE 645.745 ECON
Briefing
Shrnutí : This paper provides a summary of some recent analyses of the macroeconomic effects of the coronavirus and some policy recommendations made in the public domain to mitigate these negative effects.
Autoři : Alice ZOPPÉ, OVIDIU IONUT TURCU, CRISTINA SOFIA PACHECO DIAS, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

SSM and the SRB accountability at European level: room for improvements? EN

12-05-2020 PE 645.747 ECON
Podrobná analýza
Shrnutí : The paper distinguishes two contrasting models of accountability, one based on principal-agent relations, which is backward-looking, the other a dynamic and forward-looking model. The paper argues that this second model of accountability is more appropriate for independent bodies like the ECB/SSM and the SRB, operating in technically complex, rapidly evolving environments under conditions of high uncertainty, where parliaments and other political authorities have very limited sanctioning powers. It then goes on to review the nature and effectiveness of three main forms of accountability as applied to these institutions – administrative, judicial, and political – together with the contribution of external review bodies, such as the European Court of Auditors and the European Ombudsman, to their accountability at European level. Following the dynamic, forward-looking approach advocated above, the paper argues that the best way to improve the accountability of the SSM and the SRB is to request the ECB/SSM and SRB to make the findings of their internal quality assurance and review bodies publicly available (subject to constraints on professional secrecy) and for the EP to use these findings to scrutinize and stimulate public debate about the operations and effectiveness of the two institutions.
Autoři : Jonathan ZEITLIN, Filipe BRITO BASTOS

Policy Departments' Monthly Highlights - May 2020 EN

11-05-2020 PE 630.248 ITRE ECON REGI BUDG IMCO EMPL ENVI LIBE DROI
Ve stručnosti
Shrnutí : The Monthly Highlights publication provides an overview, at a glance, of the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

Public finances in Euro Area Member States: selected indicators - May 2020 EN

11-05-2020 PE 624.406 ECON
Briefing
Shrnutí : This document presents selected indicators on public finance for the Euro Area Member States and the Euro Area as a whole. For each indicator, it gives a short explanation and the employed sources. A final section provides a summary on how the sustainability of public finances is assessed by the European and other international institutions.
Autoři : Alice ZOPPÉ, FRANCESCO-SAVERIO LENZI

Comparison of key figures in the 2020 Stability and Convergence Programmes and European Commission spring 2020 forecast EN

11-05-2020 PE 645.744 ECON
Briefing
Shrnutí : The purpose of this document is to show the differences between some key indicators of the 2020 Stability and Convergence Programmes of the EU Member States and the spring 2020 forecast of the European Commission. In accordance with Art. 4 of Council Directive 2011/85/EU, the budgetary planning of the Member States “shall be based on the most likely macrofiscal scenario or on a more prudent scenario. (…). Significant dif¬fe¬ren¬ces between the chosen macrofiscal scenario and the (most recent) Commission’s forecast shall be described with reasoning (…).”
Autoři : Jost ANGERER, OVIDIU IONUT TURCU

Study in focus: The Green Deal’s growth, financial and regulatory challenges EN

08-05-2020 PE 648.800 ECON
Ve stručnosti
Shrnutí : The aim of this study is to critically assess the proposed Green Deal’s growth, financing and regulatory challenges. The study discusses the need for a strong narrative and coordination. It examines the key growth drivers of the Green Deal and the green investment gap, the optimal mix of taxation and command-and-control measures, trade and competition policy and the implications for macroprudential supervision. 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.
Autoři : Karel Volckaert

The economy and coronavirus - Weekly Picks 04/05/2020 EN

04-05-2020 PE 645.741 ECON
Briefing
Shrnutí : This paper provides a summary of some recent analyses of the macroeconomic effects of the coronavirus and some policy recommendations made in the public domain to mitigate these negative effects.
Autoři : Jost ANGERER, KRISTINA GRIGAITE, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

Exchange of views with Andrea Enria, Chair of the Supervisory Board of the ECB EN

04-05-2020 PE 645.742 ECON
Briefing
Shrnutí : This note is prepared in view of an exchange of views in the ECON Committee on 5 May with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, on the economic impact and the response to the COVID-19 pandemic.
Autoři : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Study in focus: Crypto-assets EN

04-05-2020 PE 648.793 ECON
Briefing
Shrnutí : The study sets out recent developments regarding crypto-assets. These relate mainly to the continuing use of crypto-assets for money laundering and terrorist financing, the massive growth of private “tokens” used to raise funds, and to the emergence of stablecoins and central bank digital currencies. Furthermore, the study addresses key regulatory concerns, taking into account these recent developments, and suggests regulatory responses. 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.
Autoři : Prof. Dr. Robby HOUBEN and Alexander SNYERS

Thematic Digest on EU Economic Governance during the pandemic EN

27-04-2020 PE 645.715 ECON
Ve stručnosti
Shrnutí : TThis document presents a selection of thematic briefings in the area of EU economic governance and banking union recently published by the Economic Governance Support Unit of the European Parliament, notably in view of the ongoing debate to find common solutions to combat the economic, financial and social effects of COVID-19.
Autoři : DONELLA BOLDI

What do we know about the BICC today? EN

27-04-2020 PE 634.359 ECON
Briefing
Shrnutí : The budgetary instrument for convergence and competitiveness is part of the Eurogroup December 2018 “comprehensive plan to strengthen the Euro’’, and may gain prominence also as part of the response to the corona crisis. This note presents its main features, as known on the basis of public sources. It addresses its connection with the European Semester and the more general framework of economic policy coordination. On 22 and 24 April, draft reports for the BICC governance proposal and the Reform Support Programme were put forward. This note is updated on the basis of further available information.
Autoři : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

The economy and coronavirus - Weekly Picks 27/04/2020 EN

27-04-2020 PE 645.740 ECON
Briefing
Shrnutí : This paper provides a summary of some recent analyses of the macroeconomic effects of the coronavirus and some policy recommendations made in the public domain to mitigate these negative effects.
Autoři : Kajus HAGELSTAM, Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

Banking Union: Corona crisis effects - Briefing for the BUWG - Calendar week 17 / 2020 EN

23-04-2020 PE 645.739 ECON
Briefing
Shrnutí : The corona crisis has significant effects on many banks in the Banking Union. To support the Members of the Banking Union Working Group, the following briefing reports on observations made and actions taken by supervisory authorities, credit rating agencies, banking federations, and other industry experts, in order to point to relevant developments in the banking sector. The briefing will be updated on a bi-weekly basis, unless relevant developments require otherwise.
Autoři : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Has the application of the “fit and proper” regime improved governance structures in the Banking Union? EN

23-04-2020 PE 645.727 ECON
Podrobná analýza
Shrnutí : This paper examines trends in the size and composition of the boards of significant institutions during the 2011-2018 period, comprising several years before and after the ECB started conducting fit and proper assessments in 2014. Throughout this period, there have been trends towards directors who are more qualified, hold fewer other board positions, and are more likely to be female and a foreign national. Unlike in the pre-SSM period, however, more recently the average age of directors has increased, bank boards have become larger, and the share of independent directors has risen. The appointment of additional independent directors in recent years is potentially harmful to financial stability, as especially independent directors could favour riskier bank strategies with a view to increasing shareholder value.
Autoři : A.Bertay, H.Huizinga

Covid-19 Newsletter 1 EN

22-04-2020 PE 648.794 ITRE ECON IMCO EMPL ENVI
Briefing
Shrnutí : In its resolution of 17 April 2020, the European Parliament called on the Commission and the Member States to act together and to ensure that the European Union will emerge stronger from the COVID-19 crisis. This newsletter on COVID-19 aims to keep the ECON, EMPL, ENVI, ITRE and IMCO committees updated about the main EU recent developments and responses to the current crisis.

The economy and coronavirus - Weekly Picks 21/04/2020 EN

21-04-2020 PE 645.738 ECON
Briefing
Shrnutí : This paper provides a summary of some recent analyses of the macroeconomic effects of the coronavirus and some policy recommendations made in the public domain to mitigate these negative effects.
Autoři : Javier María VEGA BORDELL, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

Economic Dialogue with the President of the Eurogroup - 21 April 2020 EN

21-04-2020 PE 645.737 ECON
Podrobná analýza
Shrnutí : Mário Centeno has been invited to his second Economic Dialogue during this parliamentary term. The previous dialogue in the ECON Committee took place on 18 November 2019. The exchange of views with Member of the ECON Committee will cover the ongoing work of the Eurogroup, notably policy measures intended to combat the economic, financial and social consequences of the COVID-19. For an overview of the role of the President of the Eurogroup, please see Briefing: The role (and accountability) of the President of the Eurogroup - April 2020.
Autoři : Alice ZOPPÉ, Jost ANGERER, Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Implementation of the 2019 Country-Specific Recommendations EN

20-04-2020 PE 624.400 ECON
Ve stručnosti
Shrnutí : Country-Specific Recommendations (CSRs) provide guidance to EU Member States on macro-economic, budgetary and structural policies in accordance with Articles 121 and 148 of the Treaty on the Functioning of the European Union (TFEU).
Autoři : Jost ANGERER, OVIDIU IONUT TURCU, KRISTINA GRIGAITE

The proposed amendments to the Treaty establishing the European Stability Mechanism EN

17-04-2020 PE 634.357 ECON
Podrobná analýza
Shrnutí : This document presents the proposed amendments to the Treaty establishing the European Stability Mechanism, following the decisions taken by the Eurogroup and the June 2019 Euro Summit (the 2019 ESM reform). Following discussions around an ESM instrument to deal with the coronavirus outbreak, this paper also addresses the agreement reached at the 9 April Eurogroup. The note outlines the relevant changes and provides a comparison between the current ESM Treaty and the proposed amended one. This note will be updated in light of relevant developments and it complements a separate EGOV briefing: The European Stability Mechanism: Main Features, Instruments and Accountability.
Autoři : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS