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

27-05-2020 PE 651.362 ECON
Briefing
Resumen : 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)
Autores : Kajus HAGELSTAM, Alice ZOPPÉ, Jost ANGERER, Marcel MAGNUS, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

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

19-05-2020 PE 651.349 ECON
Briefing
Resumen : 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.
Autores : KRISTINA GRIGAITE, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

The ESM Pandemic Crisis Support EN

19-05-2020 PE 651.350 ECON
Briefing
Resumen : 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.
Autores : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

Regular Update on EUEA level to mitigate the economic and social effects of coronavirus - 19/05/2020 EN

19-05-2020 PE 645.723 ECON
Análisis en profundidad
Resumen : 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.
Autores : Alice ZOPPÉ, Jost ANGERER, Marcel MAGNUS, Drazen RAKIC, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

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

18-05-2020 PE 651.348 ECON
Briefing
Resumen : 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.
Autores : 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
De un vistazo
Resumen : 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.
Autores : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Banking Union: Corona crisis effects - week 20 EN

15-05-2020 PE 645.746 ECON
Briefing
Resumen : 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.
Autores : 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
Análisis en profundidad
Resumen : 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.
Autores : Marek DABROWSKI

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

15-05-2020 PE 648.806 ECON
Análisis en profundidad
Resumen : 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.
Autores : 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
Análisis en profundidad
Resumen : 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.
Autores : Corrado MACCHIARELLI

The ECB’s Mandate and Legal Constraints EN

15-05-2020 PE 648.808 ECON
Análisis en profundidad
Resumen : 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.
Autores : Karl WHELAN

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

15-05-2020 PE 648.809 ECON
Análisis en profundidad
Resumen : 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.
Autores : Daniel GROS, Angela CAPOLONGO

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

15-05-2020 PE 648.810 ECON
Análisis en profundidad
Resumen : 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.
Autores : 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
Análisis en profundidad
Resumen : 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.
Autores : Grégory CLAEYS

Improving Anti-Money Laundering Policy EN

15-05-2020 PE 648.789 ECON
Estudio
Resumen : 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).
Autores : Prof. Dr. Brigitte UNGER

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

15-05-2020 PE 648.814 ECON
Estudio
Resumen : 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).
Autores : 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
Estudio
Resumen : 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).
Autores : Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Josefin MEYER, Corrado MACCHIARELLI, Marek DABROWSKI, Daniel GROS, Angela CAPOLONGO

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
De un vistazo
Resumen : 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.
Autores : 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
Resumen : 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.
Autores : OVIDIU IONUT TURCU, KRISTINA GRIGAITE

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

12-05-2020 PE 645.745 ECON
Briefing
Resumen : 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.
Autores : 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
Análisis en profundidad
Resumen : 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.
Autores : Jonathan ZEITLIN, Filipe BRITO BASTOS

Selected Euro Area Macroeconomic Indicators EN

11-05-2020 PE 528.737 ECON
De un vistazo
Resumen : 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.
Autores : Javier María VEGA BORDELL, KRISTINA GRIGAITE

Policy Departments' Monthly Highlights - May 2020 EN

11-05-2020 PE 630.248 ITRE ECON REGI BUDG IMCO EMPL ENVI LIBE DROI
De un vistazo
Resumen : 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
Resumen : 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.
Autores : 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
Resumen : 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 (…).”
Autores : 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
De un vistazo
Resumen : 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.
Autores : Karel Volckaert

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

06-05-2020 PE 648.787 ECON
Briefing
Resumen : 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 is an update as of 6 May 2020, and it includes most recent Governing Council decisions as well as a reference to the judgement of the German Constitutional Court on the ECB’s Public Sector Purchase Programme.
Autores : Drazen RAKIC

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

04-05-2020 PE 645.741 ECON
Briefing
Resumen : 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.
Autores : 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
Resumen : 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.
Autores : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Study in focus: Crypto-assets EN

04-05-2020 PE 648.793 ECON
Briefing
Resumen : 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.
Autores : Prof. Dr. Robby HOUBEN and Alexander SNYERS

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

28-04-2020 PE 624.436 ECON
Briefing
Resumen : 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.
Autores : Kajus HAGELSTAM

Thematic Digest on EU Economic Governance during the pandemic EN

27-04-2020 PE 645.715 ECON
De un vistazo
Resumen : 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.
Autores : DONELLA BOLDI

What do we know about the BICC today? EN

27-04-2020 PE 634.359 ECON
Briefing
Resumen : 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.
Autores : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

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

27-04-2020 PE 645.740 ECON
Briefing
Resumen : 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.
Autores : 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
Resumen : 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.
Autores : 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
Análisis en profundidad
Resumen : 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.
Autores : A.Bertay, H.Huizinga

Newsletter on COVID-19 EN

22-04-2020 PE 648.794 ITRE ECON IMCO EMPL ENVI
Briefing
Resumen : 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
Resumen : 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.
Autores : 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
Análisis en profundidad
Resumen : 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.
Autores : 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
De un vistazo
Resumen : 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).
Autores : Jost ANGERER, OVIDIU IONUT TURCU, KRISTINA GRIGAITE

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

17-04-2020 PE 602.116 ECON
Briefing
Resumen : 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.
Autores : Kajus HAGELSTAM, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS

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

17-04-2020 PE 634.357 ECON
Análisis en profundidad
Resumen : 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.
Autores : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

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

17-04-2020 PE 645.726 ECON
Estudio
Resumen : This paper sets out recommendations for enhancing the accountability arrangements in respect of the European Central Bank and the Single Resolution Board within the confines of the presently applicable legal provisions. It recommends enhancing transparency, as a precondition for accountability. Other recommendations are that the European Parliament consider engaging the ECB and the SRB in an in-depth thematic dialogue on substantive issues of a long-term relevance, and that the European Parliament expresses an interest in how accountable and responsive the ECB and the SRB are to criticism and how they approach their internal decision-making.
Autores : René SMITS

The SURE: Main Features EN

15-04-2020 PE 645.721 ECON
Briefing
Resumen : 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. .
Autores : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

The economy and coronavirus - Weekly Picks - 15/04/2020 EN

15-04-2020 PE 645.736 ECON
Briefing
Resumen : 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.
Autores : Javier María VEGA BORDELL, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

Roadmap for Reallocation: A critical assessment of the Green Deal’s growth, financing and regulatory challenges EN

15-04-2020 PE 648.785 ECON
Estudio
Resumen : 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 extended Shared Socio-economic Pathways. 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 Policy Department A at the request of the Committee on Economic and Monetary Affairs.
Autores : Karel Volckaert

A recipe for a sustainable and legitimate new EU/EA fiscal instrument EN

14-04-2020 PE 645.720 ECON
Briefing
Resumen : This note sets out proposals to find a more sustainable and limited new EU fiscal instrument that would be under the full control of the Member States. This would involve a Treaty change (under the simplified procedure) and agreeing on the modalities of a more effective and fairer tax base for EU companies benefitting most of the internal market, EU trade policy and the euro exchange rate (for companies established in euro area Member States) and use such proceeds to finance EU projects, such as the proposed new EU recovery fund. This note is provided as food for thought for EU policy makers in the spirit to broaden the debate to balance short term needs and long term interest of the EU as a whole.
Autores : Kajus HAGELSTAM, Alice ZOPPÉ, Jost ANGERER, Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

How has the macro-economic imbalances procedure worked in practice to improve the resilience of the euro area? EN

14-04-2020 PE 645.725 ECON
Análisis en profundidad
Resumen : This paper analyses the effects of the implementation of the Macroeconomic Imbalance Procedure (MIP) on the macroeconomic performance of countries in the EU and the euro area. We find that the introduction of the MIP led to a decline in current account imbalances and private sector debt and credit flows, but that the overall effects are limited. To strengthen the MIP, we support the introduction of the Budgetary Instrument for Convergence and Competitiveness, i.e. a fund that pays grants, conditional on the implementation progress of economic reforms..
Autores : Alexander KRIWOLUZKY, Malte RIETH

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

08-04-2020 PE 642.381 ECON
Estudio
Resumen : The study aims at identifying and analysing the 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 Policy Department A at the request of the ECON Committee.
Autores : F. SCIAUDONE, K. NOTI, H. SCHEBESTA, F. MORETTI, M. PIANTONI, R. ARANCIO

Banking Union: Corona crisis effects - 2020 / week 15 EN

07-04-2020 PE 645.719 ECON
Briefing
Resumen : 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.
Autores : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

The ESM and the EIB: comparison of some features EN

07-04-2020 PE 614.497 ECON
Análisis en profundidad
Resumen : This paper presents in a tabular format the main characteristics of the European Stability Mechanism and the European Investment Bank. Both institutions collect funds on capital markets. The ESM provides loans to Member States, while the EIB provides loans and venture capital to private and public institutions. Both institutions have been called on to take initiatives in the context of EU reaction to the economic crisis due to the Covid-19 pandemic.
Autores : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

Crypto-assets - Key developments, regulatory concerns and responses EN

07-04-2020 PE 648.779 ECON
Estudio
Resumen : This study, prepared by Policy Department A, 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. The study, furthermore, addresses key regulatory concerns, taking into account these recent developments, and suggests regulatory responses.
Autores : Prof. Dr. Robby HOUBEN and Alexander SNYERS

The economy and coronavirus - Weekly Picks 6/04/2020 EN

06-04-2020 PE 645.717 ECON
Briefing
Resumen : 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.
Autores : Javier María VEGA BORDELL, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

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

06-04-2020 PE 645.711 ECON
Estudio
Resumen : This paper discusses the accountability mechanisms for the SSM and SRM. Both mechanisms’ frameworks have the potential to provide strong political, administrative and legal accountability, but also present shortcomings at the level of practice, coordination, organisation and transparency. The paper identifies those and proposes some ways forward.
Autores : Marco LAMANDINI, David RAMOS MUÑOZ

The ECB’s disclosure of Pillar 2 capital requirements EN

02-04-2020 PE 645.724 ECON
Análisis en profundidad
Resumen : In January 2020, the European Central Bank (ECB) published for the first time a list with the specific Pillar 2 capital requirements for all banks under the ECB’s direct supervision, each individually mentioned by name. This briefing gives background information on the relevance of that disclosure, complementes the list with additional information, and analyses the data.
Autores : Marcel MAGNUS, FEDERICO DE BIASE

The European Financial Stabilisation Mechanism: Main Features EN

01-04-2020 PE 645.718 ECON
Briefing
Resumen : This document presents the main features of the European Financial Stabilisation Mechanism (EFSM). The EFSM allows the Commission to provide loans to euro area Member States threatened by severe difficulties and to access financial markets, by issuing bonds or with private placements. The amount that can be borrowed by the Commission on behalf of the European Union is limited.
Autores : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

The economy and coronavirus - Weekly Picks - 30/03/2020 EN

30-03-2020 PE 645.704 ECON
Briefing
Resumen : 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.
Autores : Javier María VEGA BORDELL, ADRIANA TRUJILLO AROCHA, FRANCESCO-SAVERIO LENZI

Is the current “fit and proper” regime appropriate for the Banking Union? EN

24-03-2020 PE 624.442 ECON
Análisis en profundidad
Resumen : EU rules on fit and proper are a patchwork of high-level principles and national law. Deep cross-country differences affect both the assessment process and the criteria used. New Level 1 measures are required to impose common requirements on knowledge, experience, good repute, independence and conflicts of interest, and to unify procedural aspects across Member States. Meanwhile, the ECB should assign a public score to individual board members and disclose the motivations behind its fit and proper assessments.
Autores : Andrea RESTI

EGOV Annual Activity Report 2019 EN

11-03-2020 PE 645.703 ECON
Briefing
Resumen : This activity report covers the year 2019 and presents an overview of the expertise provided by the Unit in the area of economic governance and banking union, supporting the related scrutiny activities in the competent committee(s).
Autores : SOLVEIGA KUMSARE, Kajus HAGELSTAM, DONELLA BOLDI, OVIDIU IONUT TURCU, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

How has the macro-economic imbalances procedure worked in practice to improve the resilience of the euro area? EN

11-03-2020 PE 645.710 ECON
Estudio
Resumen : This paper shows how the Macroeconomic Imbalances Procedure (MIP) could be streamlined and its underlying conceptual framework clarified. Implementation of the country-specific recommendations is low; their internal consistency is sometimes missing; despite past reforms, the MIP remains largely a country-by-country approach running the risk of aggravating the deflationary bias in the euro area. We recommend to streamline the scoreboard around a few meaningful indicators, involve national macro-prudential and productivity councils, better connect the various recommendations, simplify the language and further involve the Commission into national policy discussions.
Autores : Agnès BÉNASSY-QUÉRÉ, Guntram WOLFF

2020 Recommendations on the economic policy of the Euro Area: A comparison of Commission and Council texts (the ‘comply or explain’ principle) EN

03-03-2020 PE 645.700 ECON
Briefing
Resumen : This document compares the draft 2020 Recommendation for the economic policy of the Euro Area proposed by the European Commission on 17 December 2019 with the 2020 Euro Area recommendation approved by the Council (ECOFIN) on 18 February 2020.
Autores : DONELLA BOLDI, CRISTINA SOFIA PACHECO DIAS

Implementation of the Stability and Growth Pact - March 2020 EN

03-03-2020 PE 497.746 ECON
Análisis en profundidad
Resumen : This document provides an overview of key developments under the preventive and corrective arms of the Stability and Growth Pact on the basis of (1) the latest Council decisions and recommendations in the framework of the Stability and Growth Pact; (2) the latest European Commission economic forecasts; and (3) the latest European Commission opinions on the Draft Budgetary Plans of euro area Member States. This document is regularly updated.
Autores : Jost ANGERER, MAJA SABOL

Macroeconomic Imbalances Procedure: has it worked in practice to improve the resilience of the euro area? EN

24-02-2020 PE 634.403 ECON
Análisis en profundidad
Resumen : The main aim of the paper is to assess the contribution of the Macroeconomic Imbalance Procedure (MIP) to its original objectives. It analyses whether the European Union and the Euro Area are today better equipped to identify and prevent unsustainable macroeconomic developments in the future. It provides an overview of how the MIP has worked in practice. It presents some stylised trends in macro variables and how the procedure tracks them. It provides a counterfactual exercise on how the procedure would have helped to address the underlying problems in those Member States that required financial assistance during the financial and economic crisis. The main policy recommendations of the study are that some re-tooling of the MIP is necessary and that increasing its ownership at the national level is essential.
Autores : Lorenzo CODOGNO

CRR/CRD: The delegated act on Market Risk under CRR and other forthcoming delegated act in banking EN

19-02-2020 PE 630.246 ECON
Briefing
Resumen : This first ECON scrutiny session continues the ECON’s discussions on CRD/CRR during the previous legislature and covers in particular the delegated act on market risk (C(2019) 9068). In addition, two forthcoming regulatory technical standards (RTS) are discussed, namely the RTS on mapping of derivative transactions on which the EBA has finalised its draft (EBA-RTS-2019-02), and the RTS on criteria to define managerial responsibility and control functions on which the EBA has started a consultation (EBA/CP/2019/16).
Autores : Doris KOLASSA

Potential Output Estimates and their Role in the EU Fiscal Policy Surveillance EN

11-02-2020 PE 574.407 ECON
Briefing
Resumen : The surveillance of fiscal policies of EU Members States makes extensive use of estimates of the potential output and related concepts, including output gap and structural balance. This note provides an overview of these concepts, of their use and of the main issues related to them .
Autores : Alice ZOPPÉ, LORENZO NAVARINI

Recommendations on the economic policy of the euro area under the European Semester - January 2020 EN

24-01-2020 PE 624.429 ECON
Análisis en profundidad
Resumen : This note looks at the recommendations on the economic policies of the euro area adopted by the Council in 2019, upon proposal of the Commission. Its scope is to assess their follow up, making use of proxies such as on how Eurogroup has integrated euro area recommendations concerns in their “thematic discussions” and its work programmes, as well as Commission’s assessment. It also looks at the Commission proposal for the 2020 euro area recommendation. In addition, the note provides an institutional perspective of the euro area recommendations, in particular the process setting the 2019 euro area recommendations and the timeline for adoption of the 2020 euro area recommendation and includes broad comparisons to earlier recommendations, to illustrate how policy concerns have evolved over time. This note is regularly updated.
Autores : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS, FEDERICO DE BIASE, MAJA SABOL

Economic Dialogue with the Commission on the 2020 Draft Budgetary Plans EN

23-01-2020 PE 645.705 ECON
Análisis en profundidad
Resumen : Vice-president Dombrovskis and Commissioner Gentiloni have been invited to an Economic Dialogue on the European Commission Opinions on the 2020 Draft Budgetary Plans of the Euro Area Member States. The Dialogue is based on Articles 7 and 15 of EU Regulation 473/2013.
Autores : Jost ANGERER, MAJA SABOL

Economic Dialogue with the European Commission on the 2020 European Semester Cycle EN

23-01-2020 PE 645.706 ECON
Análisis en profundidad
Resumen : Vice-President Dombrovskis and Commissioners Schmit and Gentiloni have been invited to an Economic Dialogue on the launch of the 2020 European Semester, in line with the relevant EU law. This briefing note covers the main elements of the 2020 European Semester Package proposed by the Commission. It gives an overview of the implementation of the previous Semester Cycles and of the on-going work to strengthen the governance and the resilience of Economic and Monetary Union. Further information is available in separate briefings on the implementation of the Stability and Growth Pact and on the Commission opinions on the 2020 Draft Budgetary Plans.
Autores : Alice ZOPPÉ, Jost ANGERER, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE, FEDERICO DE BIASE, LORENZO NAVARINI, MAJA SABOL

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

20-01-2020 PE 645.699 ECON
Briefing
Resumen : Zdravko Marić, Minister of Finance of Croatia, is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the Croatian Presidency (January-June 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 Croatian Presidency priorities in ECON matters, including the deepening of EMU, and the Council’s work relating to the implementation of the European Semester for economic coordination.
Autores : Alice ZOPPÉ, Jost ANGERER, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE, FEDERICO DE BIASE, LORENZO NAVARINI, MAJA SABOL

Implementation of the Macroeconomic Imbalance Procedure: State of play - January 2020 EN

16-01-2020 PE 497.739 ECON
Análisis en profundidad
Resumen : 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.
Autores : Alice ZOPPÉ

The role of national fiscal bodies - State of play (January 2020) EN

16-01-2020 PE 634.368 ECON
Estudio
Resumen : This briefing provides an overview of the advisory role played by independent national fiscal bodies in the preparations of the budgets of the EU Member States. The briefing is updated regularly. The objective of the analysis is twofold: 1) to give an overview of the set-up and functioning of these independent fiscal bodies based on the most recent assessments by the European Commission. 2) to give an overview of the extent to which the latest Stability or Convergence Programmes and the Draft Budgetary Plans contain information about the involvement of independent national fiscal bodies in the preparation of these programmes/plans.
Autores : Jost ANGERER, MAJA SABOL

Communication During Unconventional Times: The ECB’s Approach EN

15-01-2020 PE 642.369 ECON
Análisis en profundidad
Resumen : During the past five years, communication of the ECB has changed drastically, not least with the introduction of forward guidance. Against this backdrop, this note assesses how successful the central bank has been in influencing financial markets and expectations and discusses the challenges for future ECB communication. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.
Autores : Eddie GERBA and Corrado MACCHIARELLI

Financial Stability in the Euro Area EN

15-01-2020 PE 642.370 ECON
Análisis en profundidad
Resumen : Risks to financial stability in the euro area appear to be contained for the time being, but could be substantial in the longer run. The European financial system is still not crisis-proof. We argue that a deposit insurance schemes are not a good option to increase overall financial stability and higher equity ratios for banks are the appropriate approach to make the financial system safer. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.
Autores : Salomon FIEDLER, Klaus-Jürgen GERN

The ECB’s Communication Strategy: Limits and Challenges After the Financial Crisis EN

15-01-2020 PE 642.371 ECON
Análisis en profundidad
Resumen : Given its central role in public accountability and in the formation of expectations, it is important to reflect on ways to improve the ECB’s communication policy. Communication should not generally strive for maximum transparency. The optimum degree of transparency varies between different aspects of monetary policy and banking supervision. Although the ECB already communicates very openly with the public and achieves a very high level of transparency in all aspects, we see room for improvement in its communication strategy in several respects. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.
Autores : Kerstin BERNOTH and Geraldine DANY-KNEDLIK

Reaching a Wider Audience: Is the ECB Trending? EN

15-01-2020 PE 642.372 ECON
Análisis en profundidad
Resumen : Central banks are increasingly recognising the importance of communicating with the wider public. We document that interest in monetary policy is intermittent, usually linked to major decisions and/or personnel changes. The ECB should not expect that every one of its decisions is noticed by the general public. The Monetary Dialogue fulfils the typical function of a representative democracy in which citizens delegate to their elected representatives the task of monitoring policy implementation by independent institutions. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.
Autores : Daniel GROS, Angela CAPOLONGO

From Climate Change to Cyber-attacks: Incipient Financial Stability Risks for the Euro Area EN

15-01-2020 PE 642.373 ECON
Análisis en profundidad
Resumen : The November 2019 European Central Bank Financial Stability Review is a very comprehensive report, covering the key risks to financial stability in the euro area. We summarise the report’s main conclusions and complement them with our analysis of housing markets, market interest rate expectations and safe assets, from a financial stability perspective. We emphasise financial stability risks related to climate change and cybersecurity. We compare housing market vulnerabilities and the implementation of macroprudential policies in euro area countries. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.
Autores : Zsolt DARVAS, Marta DOMÍNGUEZ-JIMÉNEZ and Guntram B. WOLFF

Financial Stability Risks and Policy Options EN

15-01-2020 PE 642.374 ECON
Análisis en profundidad
Resumen : We pay special attention to the different types of financial risk discussed in the public debate: equity, housing, corporate debt, public debt sustainability, and banks and insurance companies’ profits. Our assessment does not point to significant risks in the euro area even if attention should be drawn on some local or specific market segments. Even if monetary policy may not be the most appropriate tool to dampen these risks, the ECB has still some policy options to respond to an economic slowdown. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.
Autores : Christophe BLOT, Jérôme CREEL and Paul HUBERT

Financial Risks in Europe: The End of the Beginning EN

15-01-2020 PE 642.375 ECON
Análisis en profundidad
Resumen : It appears that recession may be on the way for the EU as a whole and the euro area in particular. Having used all of its instruments in the previous crisis, the European Central Bank has little left that can be helpful when the inevitable happens. This brief examines the financial risks facing the euro area and details how flexibility and non-intervention – the direct opposite approach from the global financial crisis – should characterise the response to the next crisis. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs.
Autores : Christopher A. HARTWELL

Financial Stability in the Euro Area: Assessment of Risks and Policy Options EN

15-01-2020 PE 642.376 ECON
Estudio
Resumen : In November 2019, the ECB published its semi-annual Financial Stability Review that identified a number of risks for the euro area financial system. The Monetary Expert Panel was asked to produce four papers reflecting on these (and other) risks and available policy options. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autores : Zsolt DARVAS, Marta DOMÍNGUEZ-JIMÉNEZ, Guntram B. WOLFF, Christopher A. HARTWELL, Salomon FIEDLER, Klaus-Jürgen GERN, Christophe BLOT, Jérôme CREEL, Paul HUBERT

Walking the Thin Line: Central Bank Communication EN

15-01-2020 PE 642.377 ECON
Estudio
Resumen : Central banks use communication both as a monetary policy instrument and as a tool for accountability. The ECB’s communication practices have changed significantly in recent years. Yet, new challenges await. The ECB President, Ms Christine Lagarde, stated that she sees the general public as the “new frontier” for central bank communications. The Monetary Expert Panel was asked to produce three papers on this topic. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autores : Daniel GROS, Angela CAPOLONGO, Kerstin BERNOTH, Geraldine DANY-KNEDLIK, Eddie GERBA, Corrado MACCHIARELLI