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Public hearing with Claudia Buch, Chair of the ECB / SSM Supervisory Board - 21 March 2024 EN

18-03-2024 PE 755.731 ECON
Briefing
Yhteenveto : This briefing has been prepared for the public hearing with the Chair of the Single Supervisory Mechanism (SSM), Claudia Buch, scheduled for 21 March 2024. This briefing addresses: • SSM priorities in the transition between chairpersons • Overly reliant on central bank funding? • SREP results 2023 • Latest supervisory banking statistics • Stress-testing banks’ ability to recover from a cyberattack • Updated guide to internal models • Significant banks’ exposures to Commercial Real Estate.
Esittäjät : Marcel MAGNUS, Kai Gereon SPITZER

Public hearing with Dominique Laboureix, Chair of the Single Resolution Board - 21 March 2024 EN

18-03-2024 PE 755.732 ECON
Briefing
Yhteenveto : This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix, scheduled for 21 March 2024. This briefing addresses: • New SRM strategy: Vision 2028 • Single Resolution Fund at target level • Liquidity and liquidity in resolution • MREL dashboard Q3/2023 • List of consultations and requests to the industry.
Esittäjät : Marcel MAGNUS, Kai Gereon SPITZER

Capital Markets Union: Ten Years Later EN

18-03-2024 PE 747.839 ECON
Selvitys
Yhteenveto : The European Union’s project of capital markets union (CMU) has disappointed in its first decade. The best way to revitalise it is to focus on supervisory integration through in-depth reform and further empowerment of the European Securities and Markets Authority. If, conversely, more integrated supervision cannot be achieved, then it may be time to discard the CMU slogan altogether. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Esittäjät : Nicolas VÉRON

Overly reliant on central bank funding? Consequences of exiting TLTRO EN

18-03-2024 PE 755.739 ECON
Selvitys
Yhteenveto : This study analyses potential consequences of exiting the Targeted Long-Term Refinancing Operations (TLTRO) of the European Central Bank (ECB). Thanks to its asset purchase programs, the Eurosystem still holds plenty of reserves even with a full exit from the TLTROs. This explains why voluntary and mandatory repayments of TLTRO III borrowing went smoothly. Nevertheless, the more liquidity is drained from the banking system, the more important becomes interbank market borrowing and lending, ideally between euro area member states. Right now, the usual fault lines of the euro area show up. The German banking system has plenty of reserves while there are first signs of aggregate scarcity in the Italian banking system. This does not need to be a source of concern if the interbank market can be sufficiently reactivated. Moreover, the ECB has several tools to address possible future liquidity shortages. This document was provided/prepared by the Economic Governance and EMU scrutiny Unit at the request of the ECON Committee.
Esittäjät : Florian HEIDER & Jonas SCHLEGEL

Coordination for EU Competitiveness EN

14-03-2024 PE 747.838 ECON
Tutkimus
Yhteenveto : This paper reviews the state of EU competitiveness and introduces a strategy to improve it, based on medium-term, sector-level coordination of Member State reform policies and/or investments. The idea is illustrated with two examples: an investment and reform programme to create a single EU electricity market and an Advanced Research Projects Agency (EU-ARPA). This document was provided/prepared by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee..
Esittäjät : David PINKUS, Jean PISANI-FERRY, Simone TAGLIAPIETRA, Reinhilde VEUGELERS, Georg ZACHMANN & Jeromin ZETTELMEYER

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

13-03-2024 PE 741.497 ECON
Briefing
Yhteenveto : This briefing paper provides an overview of the role and mandate of the Eurogroup and the role and accountability of its President, including the procedures for his/her appointment. This paper includes the following sections: 1) The role of the Permanent President of the Eurogroup; 2) The President of Eurogroup and the European Parliament; 3) The role and mandate of the Eurogroup; and 4) Eurogroup transparency. The paper will be regularly updated.
Esittäjät : Kajus HAGELSTAM, WOLFGANG LEHOFER, GIACOMO LOI

Monetary Dialogue in February 2024- Summary of parliamentary scrutiny activities EN

12-03-2024 PE 747.859 ECON
Briefing
Yhteenveto : This briefing provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in the period between December 2023 and February 2024. For a recap of the key monetary policy developments and decisions taken by the European Central Bank in that period, please refer to our briefing published ahead of the 15 February Monetary Dialogue. We publish these documents regularly ahead and after each Monetary Dialogue with the European Central Bank.
Esittäjät : MAJA SABOL, GIACOMO LOI, MILJA MIESKOLAINEN, KATERYNA HANINA

Implementation of the 2023 euro area recommendations EN

08-03-2024 PE 755.723 ECON
Selvitys
Yhteenveto : This note provides an overview of the implementation of the 2023 Recommendation on the economic policy of the euro area proposed by the Commission and agreed by the Council. It makes use of public information and proxies such as on how the Eurogroup has integrated euro area recommendations’ concerns in their “thematic discussions” and work programmes. This note will be updated in light of relevant developments.
Esittäjät : GIACOMO LOI, MILJA MIESKOLAINEN

Council recommendations on the Economic Policy of the Euro Area - March 2024 EN

08-03-2024 PE 755.738 ECON
Selvitys
Yhteenveto : This note looks at the 2024 recommendation on the economic policies of the euro area proposed by the Commission and agreed by the Council. The note provides a review of the euro area recommendations from an institutional perspective and includes broad comparisons to earlier recommendations, in order to illustrate how policy concerns have evolved over time. This note will be updated in light of relevant developments.
Esittäjät : GIACOMO LOI, MILJA MIESKOLAINEN

Policy priorities and initiatives for financing EU's growth model and withstanding global challenges? EN

06-03-2024 PE 747.837 ECON
Tutkimus
Yhteenveto : Becoming ever more exposed to global developments that transcend the powers of national governments, the European Union needs to widen the spectrum of strategic public goods it provides. To avoid fruitless conflicts over the ‘juste retour’, this should be funded by new permanent EU fiscal resources, with an appropriate mix of taxation and debt issuance, and underpinned by proper democratic governance. Not only would this advance the Union’s strategic goals but also yield benefits for economic stability, convergence and growth. This document was provided/prepared by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Esittäjät : Paul Van Den Noord

Which European Public Goods? EN

01-03-2024 PE 755.722 ECON
Selvitys
Yhteenveto : The recent stunning geopolitical events have prompted a wave of initiatives and proposals that seek to endow the European Union with responsibilities currently exercised at the national level. The present study uses examines which proposals match the principles of fiscal federalism to be considered properly as European public goods. This document was provided/prepared by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Esittäjät : Charles WYPLOSZ

Two years of war: The state of the Ukrainian economy in ten charts. EN

23-02-2024 PE 747.858 AFET ECON
Briefing
Yhteenveto : After enduring the devastating impact of Russia's full-scale military aggression over the course of two years, the Ukrainian economy has shown resilience but also faces challenges going forward. The future course, intensity and duration of the war are uncertain. Ukraine has nevertheless, with the help of international partners, been simultaneously bolstering its economy at war and planning for the future transition to a more stable environment. This paper uses ten charts to summarise the key economic issues at stake.
Esittäjät : Drazen RAKIC

EU economic developments and projections EN

20-02-2024 PE 645.716 ECON
Briefing
Yhteenveto : This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions. Annex 1 includes latest GDP data and forecasts for all EU Member States and Annex 2 the latest inflation data and developments.
Esittäjät : MAJA SABOL, GIACOMO LOI, MILJA MIESKOLAINEN

The Next Goal: euro area banking integration EN

20-02-2024 PE 741.527 ECON
Tutkimus
Yhteenveto : In its first ten years (2014-2023), the banking union was successful in its prudential agenda but failed spectacularly in its underlying objective: establishing a single banking market in the euro area. This goal is now more important than ever, and easier to attain than at any time in the last decade. To make progress, cross-border banks should receive a specific treatment within general banking union legislation. Suggestions are made on how to make such regulatory carve-out effective and legally sound.
Esittäjät : Ignazio ANGELONI

The ECB in the age of turbulence EN

14-02-2024 PE 755.720 ECON
Selvitys
Yhteenveto : This study discusses the ECB’s response to the recent crises, detailing interventions, new tools, and strategy shifts. It evaluates the effects of such crises on inflation expectations and financial stability across major European economies, offering insights into the euro area’s policy dynamics and challenges. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on February 15 2024.
Esittäjät : Paolo CANOFARI, Giovanni DI BARTOLOMEO

Euro area monetary policy: Quarterly overview, February 2024 EN

14-02-2024 PE 755.721 ECON
Selvitys
Yhteenveto : This briefing paper was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Thursday, 15 February. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council. This is the last Monetary Dialogue of the 9th legislative term.
Esittäjät : Drazen RAKIC, MAJA SABOL, GIACOMO LOI

Bigtech finance, the EU’s growth model and global challenges EN

14-02-2024 PE 755.724 ECON
Selvitys
Yhteenveto : ‘Bigtech finance’ – i.e. the provision of financial services by large digital conglomerates - has considerable implications for the EU’s growth model and raises multiple regulatory concerns about financial stability; competition and market concentration; data protection; cybersecurity and operational resilience. Bigtechs also have potential geostrategic implications because the largest digital platforms are headquartered outside the EU. To address these global challenges, this study makes recommendations aimed at strengthening the regulation of Bigtech finance internationally and in the EU. This document was provided/prepared by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Esittäjät : Scott JAMES, Lucia QUAGLIA

Sailing in all weather conditions the next 25 years: challenges for the euro EN

13-02-2024 PE 747.835 ECON
Tutkimus
Yhteenveto : Over the past 25 years, the euro faced various crises, prompting a reassessment of its governance. Concerns arise regarding the ECB's exposure to risk and the necessity of deep reforms for managing growing ecological, financial, and geo-economic risks. Despite initial achievements like the banking union, challenges persist, such as financial instability and economic fragmentation. Policymakers must address these risks through enhanced monetary and macroprudential policies, fiscal coordination, and supply-side fiscal measures to navigate digitalisation and environmental challenges effectively. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Sailing in all weather conditions the next 25 years: challenges for the euro Monetary Dialogue with the ECB President on 15 February 2024.
Esittäjät : Christophe BLOT, Jérôme CREEL, Hubert KEMPF, Sandrine LEVASSEUR, Xavier RAGOT, Francesco SARACENO

From past shocks to future uncertainties: navigating 25 years of euro area challenges EN

09-02-2024 PE 755.718 ECON
Selvitys
Yhteenveto : The euro area has been subject to a series of very different shocks, some of which, such as the COVID-19 pandemic, were unprecedented. While the ECB’s reaction to these deflationary shocks was vigorous, it persisted too long with its expansionary measures and failed to see their inflationary impact when energy prices shot up. The future is likely to bring new challenges, but climate change might not be the most important threat to price and financial stability. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 15 February 2024.
Esittäjät : Daniel GROS, Farzaneh SHAMSFAKHR

ECB monetary policy: Past, present and future EN

09-02-2024 PE 755.719 ECON
Selvitys
Yhteenveto : This paper considers the past, present, and future of the ECB monetary policy. Looking backwards, the ECB has succeeded in navigating through several crises. Looking forward, the paper examines some of the main challenges confronting the ECB in the years ahead with climate change, digitalisation, inequality, sovereign indebtedness, and the completion of Banking Union complicating the pursuit of the price stability primary objective. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 15 February 2024.
Esittäjät : Kerstin BERNOTH, Sara DIETZ, Rosa LASTRA, Atanas PEKANOV

The Euro at 25: Fit for purpose? EN

07-02-2024 PE 747.834 ECON
Tutkimus
Yhteenveto : This paper reviews the record of European Central Bank policymaking since the 2010-12 euro crisis in order to develop recommendations on: (1) the ECB’s future monetary policy strategy, (2) its operational framework, and (3) the governance of European Economic and Monetary Union. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 15 February 2024.
Esittäjät : Lucrezia REICHLIN, Jean PISANI-FERRY, Jeromin ZETTELMEYER

The euro at 25 and what’s next for the ECB? EN

05-02-2024 PE 755.717 ECON
Selvitys
Yhteenveto : The euro has proved to be remarkably resilient and is popular with the EU’s citizens. This paper reviews the reasons for this and argues that the euro project is more resilient now due to several institutional changes. It also discusses how the ECB’s monetary policy has evolved over time, its policy stance in recent years and some of the ways in which it may need to change in the future. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 15 February 2024.
Esittäjät : Karl WHELAN

The age of reason? EN

01-02-2024 PE 755.714 ECON
Selvitys
Yhteenveto : At age 25, the euro has been a historical success, but it has not yet reached an adult stage. The ECB has made much progress and can do more on its own. Its next monetary policy strategy, to be announced in 2025, is an opportunity that should not be missed. Much more is needed from member governments, which are still reluctant to grant the ECB what it needs to become a normal central bank. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 15 February 2024.
Esittäjät : Charles WYPLOSZ

Euro@25: Where has the euro area been? Where does it go from here? EN

01-02-2024 PE 755.716 ECON
Selvitys
Yhteenveto : When it comes to the euro, policy makers should not follow the expression: “if it ain’t broke, don’t fix it”. A review of the first 25 years of the euro suggests that mistakes were made. Yet, the ECB has also been remarkably adaptable under difficult circumstances. Improvements to the resilience of the euro area are possible. This paper looks back over an eventful quarter century and offer a peak into the euro area’s possible future challenges. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 15 February 2024.
Esittäjät : Pierre SIKLOS

Recovery and Resilience Dialogue with the European Commission_ 5 February 2024 EN

01-02-2024 PE 755.725 BUDG ECON
Selvitys
Yhteenveto : Executive Vice-President Dombrovskis and Commissioner Gentiloni are invited to the 14th Recovery and Resilience Dialogue (RRD) under the Recovery and Resilience Facility (RRF) Regulation. The previous RRD took place on 11 December 2023. This briefing describes the state of play of the implementation of the RRF, and then focusses on the Commission’s recent preliminary assessments of milestones and targets related to payment requests submitted by Portugal, Germany, France, Slovakia, and Italy.
Esittäjät : SAMUEL DE LEMOS PEIXOTO, Marcel MAGNUS, WOLFGANG LEHOFER, GIACOMO LOI

Economic Dialogue with the other EU Institutions under the European Semester Cycles during the 9th legislative term - State of play October 2023 EN

25-01-2024 PE 624.436 ECON
Briefing
Yhteenveto : This document provides an overview of Economic Dialogues with the other institutions of the European Union that has taken place in the competent committee(s) of the European Parliament since September 2019 under the European Semester for economic policy coordination. It also lists the Recovery and Resilience Dialogues with the European Commission as undertaken by the competent committee(s) since the entry of force of the Recovery and Resilience Facility in 2021. It also includes an overview of the respective legal bases for these dialogues.
Esittäjät : Kajus HAGELSTAM

SFDR: Draft delegated act (RTS) amending the Delegated Regulation (EU) 2022/1288 EN

23-01-2024 PE 758.649 ECON
Tutkimus
Yhteenveto : Following the Commision’s adoption of the Action plan on Sustainable Finance in 2018 with the aim to foster investment in sustainable projects and incorporate sustainability in financial advice, the SFDR was adopted by the European Parliament and the Council in November 2019. It aims to provide investors who seek to put their money into companies and projects focusing on sustainable development with the necessary information. Furthermore, the SFDR allows investors to assess the integration of sustainability risks into the business decision process. In April 2022, the Commission adopted a delegated act under the SFDR and mandated the European Supervisory Authorities (ESAs: EBA, EIOPA and ESMA) to review certain aspects of the operation of the delegated act, focusing, amongst other topics, on the disclosures of principal adverse impacts (PAI) of investment decisions on sustainability factors and of financial products’ decarbonisation targets. The ESAs asked to prolong the initial deadline of April 2023 by six months and published the final draft on RTS in December 2023. The Commission now has three months to decide whether to endorse the draft RTS as proposed, or to adopt it with modifications. In November 2023, ECON coordinators decided to hold a scrutiny session on the matter, to allow the European Parliament to scrutinise the developments concerning the SFDR delegated act.
Esittäjät : GAELLE CHARLOTTE CHAILLET, VOJTĚCH STRNAD

2024 Recommendations on the economic policy of the Euro Area: A comparison of Commission and Council texts (the ‘comply or explain’ principle) EN

17-01-2024 PE 747.857 ECON
Briefing
Yhteenveto : This document compares the draft 2024 Recommendation for the economic policy of the Euro Area proposed by the European Commission on 21 November 2023 with the 2023 Euro Area Recommendation approved by the Council (ECOFIN) on 16 January 2023.
Esittäjät : GIACOMO LOI, MILJA MIESKOLAINEN

Economic Dialogue with the President of the ECOFIN EN

17-01-2024 PE 747.879 ECON
Selvitys
Yhteenveto : Vincent Van Peteghem, Deputy Prime Minister of Belgium and Minister of Finance is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the Belgian Presidency (January - June 2024). 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 document provides an overview of the Belgian Presidency priorities in ECON matters, including the Council’s work relating to the implementation of the European Semester for economic coordination, notably the application of the Recovery and Resilience Facility, and other policy streams relevant to the EU single market and the deepening of the Economic and Monetary Union, including the review of the EU economic governance framework.
Esittäjät : SAMUEL DE LEMOS PEIXOTO, Marcel MAGNUS, MAJA SABOL, GIACOMO LOI, Kai Gereon SPITZER

Multilateral financial assistance to Ukraine - January 2024 EN

11-01-2024 PE 733.763 AFET BUDG ECON INTA
Selvitys
Yhteenveto : This paper provides a snapshot of multilateral financial assistance provided to Ukraine since the start of the Russian invasion in February 2022 by the European Union and its bodies (European Investment Bank), international financial institutions (International Monetary Fund, World Bank Group, and European Bank for Reconstruction and Development) and groups of bilateral creditors (“The Group of Creditors of Ukraine”). The paper aims to increase understanding and support scrutiny of international financial assistance to Ukraine. The Annex provides information on the conditions attached to EU and IMF loans.
Esittäjät : Drazen RAKIC

Economic Dialogue with the European Commission on EU Fiscal Surveillance EN

08-01-2024 PE 755.713 ECON
Selvitys
Yhteenveto : Executive Vice-President Dombrovskis and Commissioner Gentiloni have been invited to an Economic Dialogue on the fiscal part of the 2024 European Semester autumn package adopted by the Commission in November 2023. The fiscal elements of the package include the Commission Opinions on the euro area 2024 Draft Budgetary Plans, the fiscal policy recommendation for the euro area and some elements of the 2024 Alert Mechanism Report. In 2024, the general escape clause of the Stability and Growth Pact will not anymore be in force and the fiscal recommendations adopted by the Council in July 2023 will be applicable until any new rules are agreed and enter into force. This briefing addresses the following subjects: (1) Economic situation; (2) Surveillance of national fiscal policies; (3) Surveillance of macroeconomic imbalances (fiscal aspects); (4) Implementation of the Recovery and Resilience Facility; and (5) Review of the EU economic governance framework.
Esittäjät : SAMUEL DE LEMOS PEIXOTO, Marcel MAGNUS, MAJA SABOL, GIACOMO LOI

Enhanced political ownership and transparency of the EU economic governance framework EN

21-12-2023 PE 741.517 ECON
Selvitys
Yhteenveto : This paper provides and overview of the role of the European Parliament in scrutinising the application and implementation of the EU economic governance framework, notably by holding Economic Dialogues with the EU executive institutions and, when applicable, with Member States’ governments. We also assess the envisaged role for EU parliaments in the European Commission’s economic governance reform proposals, notably as regards transparency and parliamentary involvement at EU and national level. This paper is an update of a version published in 2023.
Esittäjät : Kajus HAGELSTAM, SAMUEL DE LEMOS PEIXOTO, GIACOMO LOI

Monetary Dialogue in November 2023- Summary of parliamentary scrutiny activities EN

18-12-2023 PE 747.856 ECON
Briefing
Yhteenveto : This briefing provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in the period between September 2023 and November 2023. For a recap of the key monetary policy developments and decisions taken by the European Central Bank in that period, please refer to our briefing published ahead of the 27 November Monetary Dialogue. We publish these documents regularly ahead and after each Monetary Dialogue with the European Central Bank.
Esittäjät : MAJA SABOL, GIACOMO LOI, MILJA MIESKOLAINEN

Single Resolution Board: Accountability arrangements (9th parliamentary term) EN

15-12-2023 PE 659.621 ECON
Briefing
Yhteenveto : This document provides an overview of public hearings and exchange of views with the Chair of the Single Resolution Board (SRB) in the ECON Committee since July 2019. It also provides an overview of all external papers requested by the ECON Committee by a standing panel of banking experts. Lastly, the annex contains an overview of the respective legal bases for these hearings as part of the accountability framework of the SRB. For an overview of public hearings during the 8th parliamentary term, please see here.
Esittäjät : Marcel MAGNUS

Single Supervisory Mechanism: Accountability arrangements (9th parliamentary term) EN

15-12-2023 PE 659.623 ECON
Briefing
Yhteenveto : This document provides an overview of the public hearings of the Chair of the Supervisory Board of the European Central Bank in the ECON Committee during the 9th parliamentary term (since July 2019), and lists all research papers requested by the ECON Committee, which are in general provided by a standing panel of banking experts. The annex gives an overview of the respective legal bases for those hearings, which form part of the accountability framework of the Single Supervisory Mechanism (SSM).
Esittäjät : Marcel MAGNUS

Implementation of the Stability and Growth Pact under exceptional times EN

13-12-2023 PE 699.543 ECON
Selvitys
Yhteenveto : This document provides an overview of key developments under the Stability and Growth Pact on the basis of the latest Council fiscal recommendations and decisions and the latest European Commission economic forecasts. It also includes a section on the on-going review of the EU fiscal framework. This document is regularly updated.
Esittäjät : Kajus HAGELSTAM, SAMUEL DE LEMOS PEIXOTO, GIACOMO LOI, MILJA MIESKOLAINEN

Recovery and Resilience Plans: the involvement of stakeholders and their view EN

07-12-2023 PE 699.530 ECON
Selvitys
Yhteenveto : This paper provides an overview of stakeholders’ activities at EU, national, regional and local level, in relation to national Recovery and Resilience Plans (RRPs). It presents a set of latest opinions and assessments by EU stakeholders and other relevant institutions and bodies on the implementation of these plans.
Esittäjät : WOLFGANG LEHOFER, MILJA MIESKOLAINEN

Recovery and Resilience Dialogue with the European Commission 11 December 2023 EN

07-12-2023 PE 747.878 ECON
Selvitys
Yhteenveto : Executive Vice-President Dombrovskis and Commissioner Gentiloni are invited to the 13th Recovery and Resilience Dialogue (RRD) under the Recovery and Resilience Facility (RRF) Regulation. The previous RRD took place on 2 October. This briefing describes the state of play of the implementation of the RRF, and then focusses on an analysis of those modified RRPs that contain a REPowerEU chapter and were already approved by the Council, detailing on some information presented therein and commenting when considered necessary. Latter part of the briefing provides updates on the information currently available on the 100 final recipients of RRF funding, an overall estimate of RRF-related costs for the EU budget, both at short and longer term, and lists RRF-related reports by the European Court of Auditors and national supreme auditing institutions.
Esittäjät : András SCHWARCZ, SAMUEL DE LEMOS PEIXOTO, Marcel MAGNUS, WOLFGANG LEHOFER, GIACOMO LOI

Public hearing with D. Laboureix, Chair of the Single Resolution Board EN

28-11-2023 PE 747.855 ECON
Briefing
Yhteenveto : This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix, scheduled for 4 December 2023. This briefing addresses: Report on smaller banks, Updated resolvability assessment, SRB study on CMDI reform impact, Court confirmed the SRB's treatment of Banco Popular shareholders and creditors, Review of three external papers “Do "white knights" make excessive profits in bank resolution?", Liquidity in resolution, Update on the SRB’s strategic review and the 2024 work programme, MREL dashboard Q1 2023.
Esittäjät : Marcel MAGNUS, Kai Gereon SPITZER

Do "white knights" make excessive profits in bank resolution? EN

24-11-2023 PE 747.875 ECON
Selvitys
Yhteenveto : This study looks at potential windfall profits for the four banking acquisitions in 2023. Based on accounting figures, an FT article states that a total of USD 44bn was left on the table. We see accounting figures as a misleading analysis. By estimating marked-based cumulative abnormal returns (CAR), we find positive abnormal returns in all four cases which when made quantifiable, are around half of the FT’s accounting figures. Furthermore, we argue that transparent auctions with enough bidders should be preferred to negotiated bank sales. This document was provided/prepared by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Esittäjät : Florian HEIDER, Jonas SCHLEGEL, Tobias H. TRÖGER, Mark WAHRENBURG

Euro area monetary policy: Quarterly overview, November 2023 EN

23-11-2023 PE 747.877 ECON
Selvitys
Yhteenveto : This briefing paper was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Monday, 27 November. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council.
Esittäjät : Drazen RAKIC, MAJA SABOL, GIACOMO LOI

Climate change considerations in monetary policy implementation EN

22-11-2023 PE 733.745 ECON
Lyhyesti
Yhteenveto : This overview was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Monday, 27 November.
Esittäjät : GIACOMO LOI

Comparative analysis of monetary policy and inflation dynamics in the euro area and the United States EN

22-11-2023 PE 733.746 ECON
Lyhyesti
Yhteenveto : This overview was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Monday, 27 November.
Esittäjät : Drazen RAKIC, MAJA SABOL

Climate Change and Monetary Policy in the Euro Area EN

22-11-2023 PE 755.711 ECON
Selvitys
Yhteenveto : Climate considerations have entered the agenda of the ECB in recent years. The ECB has intensified its analyses of the macroeconomic impact of climate change and started to evaluate and implement more active approaches and best practices to support the green transition. In this paper we discuss how climate change could affect monetary policy, other policies available to the ECB to support the green transition, and potential trade-offs with its primary objective of price stability. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023.
Esittäjät : Joscha BECKMANN, Klaus-Jürgen GERN, Nils JANNSEN, Nils SONNENBERG

Climate change considerations in monetary policy implementation EN

22-11-2023 PE 747.833 ECON
Tutkimus
Yhteenveto : Climate change and monetary policy are becoming increasingly intertwined. The relationship between climate risk and inflation is non-trivial, presenting the ECB with a number of trade-offs in its monetary policy operations. Lately, the ECB has stepped up its efforts to embed climate change considerations at the heart of its monetary policy framework, yet recent inflationary pressures threaten to water down the effectiveness of its actions, including the tilting of its bond portfolio towards green issuers. Four papers were prepared by the ECON Committee’s Monetary Expert Panel on the integration of climate change considerations in the conduct of monetary policy by the ECB. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023.
Esittäjät : Dirk SCHOENMAKER, Sonja DOBKOWITZ, Pia HÜTTL, Alexander KRIWOLUZKY, Jana WITTICH, Daniel GROS, Farzaneh SHAMSFAKHR, Joscha BECKMANN, Klaus-Jürgen GERN, Nils JANNSEN, Nils SONNENBERG
Asiaan liittyvät asiakirjat

What’s next for the digital euro? - November 2023 EN

21-11-2023 PE 747.854 ECON
Briefing
Yhteenveto : This briefing summarises the conclusions of the ECB’s investigation phase and gives an overview of the recent legislative proposals from the Commission. It also discusses the ECB’s legal opinion, highlighting where the ECB has concerns with the legislative proposals. These concerns chiefly result from perceived intrusions by the legislation into the ECB’s monetary policy competences. Finally, the briefing points out open questions and tentative answers, including on the delineation of competences between the legislator and the central bank, for the attention of the competent Committee of the European Parliament.
Esittäjät : GIACOMO LOI, Kai Gereon SPITZER, MILJA MIESKOLAINEN

Comparative analysis of monetary policy and inflation dynamics in the euro area and the United States EN

21-11-2023 PE 747.832 ECON
Tutkimus
Yhteenveto : After a series of unprecedented interest rate hikes on both sides of the Atlantic, inflation in the euro area and the United States is cooling down from a 40-year high. However, uncertainty about the inflation and growth outlook remains high, as the European Central Bank and the Federal Reserve are considering their next moves. Five papers were prepared by the ECON Committee’s Monetary Expert Panel, making a comparative assessment of inflation dynamics and monetary policy stances in the two monetary areas, as well as implications for the euro area of a possible divergence in the future. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023.
Esittäjät : Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI, Karl WHELAN, Charles WYPLOSZ, Manuela MOSCHELLA, Davide ROMELLI, Christophe BLOT, François GEEROLF
Asiaan liittyvät asiakirjat

Climate Change and Monetary Policy: Risks, instruments, & chances EN

17-11-2023 PE 755.708 ECON
Selvitys
Yhteenveto : Rising inflation complicates the alignment of the ECB’s policies with the Paris Agreement. This paper provides novel evidence for inflationary pressures arising from natural disasters. We then discuss the effectiveness of monetary instruments to boost a green transition, concluding that the scope of policy measures used thus far is limited. As additional measures, we advise active rebalancing of the ECB’s bond holdings towards greener issuers, enforcing stricter disclosure standards, and differentiating lending facilities in favour of green investments. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023.
Esittäjät : Sonja DOBKOWITZ, Pia HÜTTL, Alexander KRIWOLUZKY & Jana WITTICH

Are inflation dynamics different in the euro area and the United States? EN

16-11-2023 PE 755.706 ECON
Selvitys
Yhteenveto : The euro area and the United States have both experienced an episode of strong inflation post COVID-19 pandemic and after the Russian invasion of Ukraine. We highlight commonalities as well as differences in these episodes, in terms of headline and core inflation, inflation differentials and causes, and monetary policy between the euro area and the United States. We propose different scenarios for inflation and monetary policy. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023.
Esittäjät : Christophe BLOT & François GEEROLF

The Inflation Episode - Similarities and differences in the euro area and the United States EN

15-11-2023 PE 755.703 ECON
Selvitys
Yhteenveto : Inflation has surged and then declined in broadly similar ways in the euro area and the United States, because it has been driven by the impact of the pandemic and its aftermath. Yet, specific differences reflect how monetary and fiscal policies responded as well as the impact of the Russian invasion of Ukraine. The central banks face whole new challenges as they prepare to navigate the next phase now that inflation has rapidly declined, but also further along. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023.
Esittäjät : Charles WYPLOSZ

Comparing Fed and ECB monetary policies EN

15-11-2023 PE 755.707 ECON
Selvitys
Yhteenveto : The European Central Bank and Federal Reserve have taken similar approaches to tightening monetary policy to tackle high inflation. However, relative to the US, euro area inflation has been driven more by supply shocks and less by strong demand. The euro area economy is also weakening while the US economy is still growing solidly. Markets expect the Fed to ease more than the ECB in 2024 but falling inflation and a weak euro area economy may see the opposite occur. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023.
Esittäjät : Karl WHELAN

Shades of Green Monetary Policy- Would a green tilt help? EN

15-11-2023 PE 755.709 ECON
Selvitys
Yhteenveto : Any greening of monetary policy is likely to have at best a marginal effect on emissions given the very small spreads on the yields of green bonds and the cap on emissions inherent in the EU’s emissions trading system. Trying to limit the supply of capital to brown industries could backfire as these industries are those most in need of financing for capital-intensive decarbonisation. These arguments apply both to the tilting of investments under the corporate sector purchase programme (CSPP) towards green industries/enterprises and to the potential greening of targeted long-term refinancing operations. Moreover, CSPP holdings will decline rapidly, so this prospective policy instrument will become irrelevant in a few years. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023. Would a green tilt help
Esittäjät : Daniel GROS & Farzaneh SHAMSFAKHR

Inflation dynamics and monetary policy in the euro area and the US EN

13-11-2023 PE 755.704 ECON
Selvitys
Yhteenveto : This paper compares the inflation dynamics and the monetary policy stance in the euro area and the United States. The paper also discusses the challenges that monetary authorities confront on the two sides of the Atlantic, also considering the uncertainties brought about by the ongoing crisis in the Middle East. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023.
Esittäjät : Manuela MOSCHELLA & Davide ROMELLI

Inflation and monetary policy across the Atlantic: A comparison EN

13-11-2023 PE 755.705 ECON
Selvitys
Yhteenveto : Under the stress test of the inflation process, the two central banks' stances across the Atlantic share similarities but show also significant differences. Similarities and differences are reflected also in inflation dynamics in the US and the euro area. Differences are mainly due to the mix of factors that originated the take-off of inflation, some structural features of the economies, the institutional contexts and associated fiscal stances. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023.
Esittäjät : Luigi BONATTI, Andrea FRACASSO & Roberto TAMBORINI

Low-carbon allocation in monetary policy implementation EN

13-11-2023 PE 755.710 ECON
Selvitys
Yhteenveto : This paper analyses how the European Central Bank (ECB) can incorporate climate change considerations in its monetary policy implementation. It reviews the impact of climate shocks on inflation and the instruments to decarbonise the ECB’s asset and collateral portfolio. The paper concludes with recommendations for the ECB to increase the low-carbon allocation in its monetary policy framework. This will in turn speed up the green transition and decrease the euro area’s fossil fuel dependency. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023.
Esittäjät : Dirk SCHOENMAKER

2023 IMF Annual Meetings: A recap EN

09-11-2023 PE 747.876 ECON
Selvitys
Yhteenveto : The Annual Meetings of the World Bank Group (WBG) and International Monetary Fund (IMF) convene finance ministers and central bank governors to participate in the highest-level decision-making bodies of the two institutions, as well as in various committees and groups that drive the agenda on issues related to the international monetary system and development policy. The 2023 Annual Meetings took place in Marrakesh, Morocco from 9 to 15 October 2023 in a difficult economic and geopolitical context. This paper summarises the main developments and outcomes of the 2023 Annual Meetings, focusing on IMF-related issues.
Esittäjät : Drazen RAKIC, MAJA SABOL

How to involve other banks in bank rescue operations? EN

07-11-2023 PE 747.874 ECON
Selvitys
Yhteenveto : In four recent international bank resolution cases other banks stepped in and took over (part of) the failing banks. This position paper argues that public authorities’ aim to quickly find a buyer may have made them accept prices that were “too low”, thereby imposing losses on the state and on deposit guarantee schemes. Keeping failed banks longer in receivership, writing off their truly bad parts, and thereafter selling them in an auction may be welfare enhancing and more cost-effective in the end. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Esittäjät : Jakob DE HAAN

Public hearing with Andrea Enria, Chair of the ECB / SSM Supervisory Board - 7 November 2023 EN

31-10-2023 PE 747.853 ECON
Briefing
Yhteenveto : This briefing has been prepared for the public hearing with the Chair of the Single Supervisory Mechanism (SSM), Andrea Enria, scheduled for 7 November 2023. The briefing addresses: • The change at the helm of the Supervisory Board • Internal models supervision: where does the ECB stand? • Does TLAC work? • Latest supervisory banking statistics • Economy-wide climate stress tests • NPL reduction: Success at risk? • Significant risk transfer securitisations • Unrealised losses from debt securities • 2023 bank stress test results • ESG regulatory developments
Esittäjät : Marcel MAGNUS, MAJA SABOL, Kai Gereon SPITZER

Do “white knights” make excessive profits in bank resolution? EN

30-10-2023 PE 747.872 ECON
Selvitys
Yhteenveto : This paper finds that accounting gains to acquirers in bank resolutions in the EU are comparable to those in recent transactions in other major banking markets. Accounting gains for acquirers are shown to be lower in transactions involving relatively bigger acquirers. This suggests that resolution authorities should aim to tie distressed banks to relatively larger acquirers to reduce resolutions costs. This document was provided/prepared by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Esittäjät : A. C. BERTAY, H. HUIZINGA,

Overly reliant on central bank funding? EN

30-10-2023 PE 747.873 ECON
Selvitys
Yhteenveto : Following the gradual demise of TLTROs, the banking sector as a whole does not appear overly reliant on Central bank funding. Excess liquidity with the ECB remains abundant and banks enjoy a large cushion of unencumbered government bonds to be used in secured borrowing. They have also increased outstanding debt securities, although at a cost that has hugely increased since early 2022. Private-sector deposits, after returning to pre-Covid levels, remained roughly stable, as banks prioritised short-term profitability and hence hesitated to use them to shore up funding. Deposits could, however, provide lenders with a source of additional funding to offset future liquidity constraints. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Esittäjät : Andrea RESTI

Technical Support Instrument: latest developments EN

26-10-2023 PE 747.781 ECON
Selvitys
Yhteenveto : In order to help national authorities improve their capacity to implement reforms and investments, including those addressed by recovery and resilience plans, the European Parliament and the Council adopted in February 2021 a regulation establishing a Technical Support Instrument (TSI). This note presents TSI developments in 2023 notably from the perspective of EU economic governance, including the Recovery and Resilience Facility. Annex 1 presents a summary of the projects in the 2023 cycle per Member States and Annex 2 presents the design elements of the instrument.
Esittäjät : Marcel MAGNUS, GIACOMO LOI, MILJA MIESKOLAINEN

Open Finance - What can an enabling framework look like? EN

20-10-2023 PE 754.188 ECON
Tutkimus
Yhteenveto : This study assesses the potential benefits, costs and risks of data sharing in the EU financial sector and implications for consumers, enterprises and the financial sector itself. We examine the coherence of a proposed regulation on financial data access with the broader EU data legislation and recommend a number of changes and modifications. 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).
Esittäjät : Alexander LEHMANN, J. Scott MARCUS

Monetary Dialogue in September 2023- Summary of parliamentary scrutiny activities EN

11-10-2023 PE 747.852 ECON
Briefing
Yhteenveto : This briefing provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in the period between June 2023 and September 2023. These summaries are published regularly after each Monetary Dialogue (MD) with the European Central Bank (ECB). For a recap of the key monetary policy developments and decisions taken by the ECB’s Governing Council in that period, please refer to our briefing ahead of the 25 September 2023 MD.
Esittäjät : Drazen RAKIC, MAJA SABOL, GIACOMO LOI

Recovery and Resilience Dialogue with the European Commission 2 October 2023 EN

28-09-2023 PE 741.521 ECON
Briefing
Yhteenveto : Executive Vice-President Dombrovskis and Commissioner Gentiloni are invited to the 12th Recovery and Resilience Dialogue (RRD) under the Recovery and Resilience Facility (RRF) Regulation. The previous RRD took place on 10 July. This briefing first focusses on the Commission’s Annual Report on the implementation of the RRF published on 19 September (i.e. 18 months after the previous report), summarising the information presented therein and commenting it when considered necessary. The second part of this briefing comments on the Commission’s latest preliminary assessment of milestones and targets included in Italy’s third payment request.
Esittäjät : András SCHWARCZ, Marcel MAGNUS, WOLFGANG LEHOFER, GIACOMO LOI

Euro area monetary policy: Quarterly overview, September 2023 EN

22-09-2023 PE 747.870 ECON
Selvitys
Yhteenveto : This briefing paper was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Monday, 25 September. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council.
Esittäjät : Drazen RAKIC, MAJA SABOL, GIACOMO LOI

Achieving the right fiscal-monetary mix (in the context of the economic governance review)- Compilation of papers EN

22-09-2023 PE 747.830 ECON
Tutkimus
Yhteenveto : Alignment of monetary and fiscal policies has proven to be decisive for the euro area's ability to withstand successive crises over the years. Today, the European Central Bank (ECB) continues its fight against inflation by implementing a monetary policy tightening unprecedented in pace and scale. At the same time, after allowing for some deviations from regular budgetary rules with the activation of the general escape clause in 2020, the EU is set to reapply its fiscal rules fully from 2024. In addition, co-legislators are currently discussing the proposed legislation by the European Commission for the reform of the economic governance framework. Five papers were prepared by the ECON Committee’s Monetary Expert Panel, discussing the interaction between monetary and fiscal policies in the euro area. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.
Esittäjät : Zsolt DARVAS, Jeromin ZETTELMEYER, Kerstin BERNOTH, Sara DIETZ, Rosa LASTRA, Marie RULLIÈRE, Charles WYPLOSZ, Paolo CANOFARI, Giovanni Di BARTOLOMEO, Marcello MESSORI, Daniel GROS, Farzaneh SHAMSFAKHR

Excess liquidity in the euro area: developments and implications- Compilation of papers EN

22-09-2023 PE 747.831 ECON
Tutkimus
Yhteenveto : As monetary policy continues to tighten and excess liquidity is gradually drained from the banking system, the European Central Bank (ECB) is confronted with a decision on which liquidity provision framework the Eurosystem should adopt going forward. Three papers were prepared by the ECON Committee’s Monetary Expert Panel, discussing the relative advantages and disadvantages of the ample reserves/floor system versus the scarce reserves/corridor system. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.
Esittäjät : Christophe BLOT, Jérôme CREEL, François GEEROLF, Marek DABROWSKI, Karl WHELAN

Excess liquidity in the euro area? Assessment and possible ways forward EN

21-09-2023 PE 747.868 ECON
Lyhyesti
Yhteenveto : This paper analyses the operational frameworks adopted by the ECB and the consequences of a shift from the floor to the corridor system. The concept of excess liquidity in the euro area is examined, alongside discussions on market liquidity and funding liquidity. The paper emphasises the need to evaluate the implications for monetary policy effectiveness and financial stability of the different frameworks, shedding light on the role of liquidity in maintaining well-functioning financial markets. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.
Esittäjät : Christophe BLOT, Jérôme CREEL, François GEEROLF

Monetary-fiscal interaction EN

21-09-2023 PE 747.864 ECON
Selvitys
Yhteenveto : Achieving a balanced monetary-fiscal policy mix in the euro area is crucial to ensure that monetary policy is able to fulfil its primary price stability objective. This paper outlines, from an economic and legal perspective, the interaction between monetary and fiscal policy in light of the current monetary and fiscal stance and, in particular, the “quasi-fiscal” effects of some unconventional monetary policy measures. Since sustainable public finances are a prerequisite for a price-stability-oriented single monetary policy, the paper also analyses the EU economic governance review proposals. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.
Esittäjät : Kerstin BERNOTH, Sara DIETZ, Rosa LASTRA, Marie RULLIÈRE

An effective policy mix for the EU’s post-pandemic challenges EN

21-09-2023 PE 747.866 ECON
Selvitys
Yhteenveto : The geopolitical and economic shocks, due to the Covid-19 pandemic and the war in Ukraine, represent a structural shift for the European Union (EU) economy. The euro area needs to deal with an ongoing inflation process and the EU needs to radically transform its production model to avoid a lasting decline. An expansionary centralised fiscal capacity, grounded on the production of public goods, and a related common industrial policy are required to allow for this structural change. In the meantime, it is necessary to bring the excessive inflation process under control. These two contrasting problems create a policy dilemma. A restrictive monetary policy backed by national fiscal actions and a temporary central fiscal initiative are inadequate to overcome this dilemma. Hence, we propose an innovative policy mix to address the problem. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.
Esittäjät : Paolo CANOFARI, Giovanni DI BARTOLOMEO & Marcello MESSORI

The outcome of a survey on review of EU economic governance and national parliaments EN

20-09-2023 PE 741.523 ECON
Briefing
Yhteenveto : This document provides a snapshot of the state-of-play on EU national parliaments involvement at the early stage (spring 2023) of the current EU economic governance reform debate. The summary is based on replies from 20 parliament chambers from 16 EU member states
Esittäjät : Kajus HAGELSTAM, SAMUEL DE LEMOS PEIXOTO, WOLFGANG LEHOFER

Economic Dialogue with the President of the ECOFIN-Council - September 2023 EN

18-09-2023 PE 747.869 ECON
Selvitys
Yhteenveto : Nadia Calvinho, First Vice President of the Government of Spain, Minister for Economic Affairs and Digital Transformation is participating in the ECON Committee in her capacity of President of the ECOFIN Council during the Spanish Presidency (July - December 2023). 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 document provides an overview of the Spanish Presidency priorities in ECON matters, including the Council’s work relating to the implementation of the European Semester for economic coordination, notably the application of the Recovery and Resilience Facility, and other policy streams relevant to the EU single market and the deepening of the Economic and Monetary Union, including the review debate on the EU economic governance framework.
Esittäjät : SAMUEL DE LEMOS PEIXOTO, Marcel MAGNUS, MAJA SABOL, GIACOMO LOI, Kai Gereon SPITZER

Excess liquidity in the euro area: sources and remedies EN

15-09-2023 PE 747.861 ECON
Selvitys
Yhteenveto : The excess liquidity in the euro area is a product of a long period of quantitative easing. It changed the operational framework of the European Central Bank (ECB)’s monetary policy from the scarce reserves system (SRS) to the abundant reserves system (ARS). To eliminate excess liquidity and return to the SRS, the ECB must intensify quantitative tightening, which is also essential for successful disinflation. Fiscal adjustment can help in this process and mitigate the risk of financial instability. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.
Esittäjät : Marek DABROWSKI

The future of ECB liquidity policy EN

15-09-2023 PE 747.862 ECON
Selvitys
Yhteenveto : The ECB is reducing its sovereign bond holdings and needs to consider the appropriate size of its balance sheet over the longer-term and the best operational framework for supplying liquidity to the banking system. This paper recommends the ECB substantially reduce its balance sheet but should maintain an ample reserves approach by keeping its full allotment policy for refinancing operations. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.
Esittäjät : Karl WHELAN

Fiscal adjustment supports the fight against sticky inflation EN

15-09-2023 PE 747.865 ECON
Selvitys
Yhteenveto : Fiscal policy becomes less potent in affecting output in an inflationary environment. As the economy nears full employment an increasing part of any fiscal stimulus either crowds out other expenditure or leads to higher prices. This reinforces the case for an accelerated reduction in deficits, especially through the termination of energy subsidies that are no longer appropriate as energy prices have returned to pre-war levels. An unintended (but predictable) consequence of the past bond buying schemes of the ECB (PSPP and PEPP) is that the net income of the Eurosystem is likely to fall by about EUR 70–80 billion, or 0.5–0.6 % of GDP, making the fiscal adjustment harder. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.
Esittäjät : Daniel GROS, Farzaneh SHAMSFAKHR

Big central banks and big public debts EN

15-09-2023 PE 747.867 ECON
Selvitys
Yhteenveto : Like most advanced economies, the euro area emerges from a series of historical shocks with larger public debts, a sizeable increase in the already large balance sheets of the Eurosystem central banks, and intensified links between fiscal and monetary policies. The governments and the ECB must now undo what they did. Corrective action must not wait, if only because other shocks may again unexpectedly occur. The paper also presents a procedure to cut public debts. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 25 September 2023.
Esittäjät : Charles WYPLOSZ

CMDI reform: What are the implications for depositors? EN

14-09-2023 PE 741.522 ECON
Briefing
Yhteenveto : Some savers and investors can lose money when a bank fails. The recent proposal for a reform of the EU bank crisis management and deposit insurance (CMDI) framework changes how bank resolution authorities have to treat deposits and how deposits rank in insolvency relative to other claims. These changes may significantly alter outcomes for uninsured depositors. They are not all straightforward and this briefing tries to parse them and their implications systematically.
Esittäjät : Marcel MAGNUS, Kai Gereon SPITZER

Policy Departments' Monthly highlights - September 2023 EN

Lyhyesti
Yhteenveto : The Monthly highlights publication provides an overview, at a glance, on the on-going work of the policy departments, including a selection of the latest and forthcoming publications, and a list of future events.

Digital Euro: Reviewing the progress to date and some open questions EN

29-08-2023 PE 747.848 ECON
Selvitys
Yhteenveto : In this in-depth analysis, we summarise and explain the directions that the ECB has in mind for the digital euro, based on the ECB’s progress reports and statements. This substantially revised analysis reflects now also the fourth progress report and selected elements of the Commission’s proposals of 28 June 2023. We also highlight further questions that may deserve the legislators’ attention when they discuss the recent European Commission proposal. The analysis also entails a summary of the external expertise commissioned by the ECON Committee.
Esittäjät : GIACOMO LOI, Kai Gereon SPITZER

Post-trade services and financial stability Assessing prospects for post-Brexit market infrastructure in the EU EN

17-07-2023 PE 740.092 ECON
Tutkimus
Yhteenveto : This research paper outlines how post-trade financial services work and how relying on central counterparties outside the EU poses political and economic risks to the financial stability of the Union. It demonstrates recent migration away from established venues in London to the EU and the United States, and evaluates prospects for further establishment of post-trade services in the EU. 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).
Esittäjät : Shawn DONNELLY