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

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

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

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

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

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

External Imbalances in the Euro Area - July 2020 EN

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

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

14-07-2020 PE 602.116 ECON
Briefing
Összefoglaló : 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.
Szerzők : Kajus HAGELSTAM, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS

EU/EA measures to mitigate the economic, financial and social effects of coronavirus State-of-play 14 July 2020 EN

14-07-2020 PE 645.723 ECON
Részletes elemzés
Összefoglaló : 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.
Szerzők : Kajus HAGELSTAM, Jost ANGERER, Marcel MAGNUS, Drazen RAKIC, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

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

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

Composition of Public Expenditures in the EU EN

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

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

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

Covid-19 Newsletter 2: Exit strategy EN

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

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

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

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

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

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

30-06-2020 PE 497.739 ECON
Részletes elemzés
Összefoglaló : 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.
Szerzők : Alice ZOPPÉ

Banking Union: Wirecard EN

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

A roadmap to completing the Banking Union EN

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

Banks' exposures to Home sovereign bonds EN

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

The economy and coronavirus: Weekly Picks EN

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

Banking Union: Corona crisis effects EN

15-06-2020 PE 651.356 ECON
Briefing
Összefoglaló : 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.
Szerzők : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Selected Euro Area Macroeconomic Indicators EN

11-06-2020 PE 528.737 ECON
Rövid áttekintés
Összefoglaló : 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.
Szerzők : Javier María VEGA BORDELL

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

11-06-2020 PE 542.675 ECON
Rövid áttekintés
Összefoglaló : Latest forcest by EC, IMF and OECD.
Szerzők : Javier María VEGA BORDELL, KRISTINA GRIGAITE

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

05-06-2020 PE 624.436 ECON
Briefing
Összefoglaló : 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.
Szerzők : Kajus HAGELSTAM

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

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

The economy and coronavirus: Weekly Picks EN

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

Study in focus: Improving Anti-Money Laundering Policy EN

03-06-2020 PE 648.795 ECON
Rövid áttekintés
Összefoglaló : The study evaluates four measures discussed by the European Parliament, the European Commission and others to improve anti-money laundering policy: identifying high-risk countries through blacklisting, reducing laundering through letterbox or shell companies, harmonising EU AML policies through regulations and strengthening the European executive. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON).
Szerzők : Prof. Dr. Brigitte UNGER

Banking Union: Corona crisis effects - week 22 EN

02-06-2020 PE 651.352 ECON
Briefing
Összefoglaló : 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.
Szerzők : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

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

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

The SURE: Main Features EN

28-05-2020 PE 645.721 ECON
Részletes elemzés
Összefoglaló : 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.
Szerzők : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

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

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

Country Specific Recommendations for 2020 EN

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

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

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

The ESM Pandemic Crisis Support EN

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

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

18-05-2020 PE 651.348 ECON
Briefing
Összefoglaló : 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.
Szerzők : 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
Rövid áttekintés
Összefoglaló : 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.
Szerzők : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Banking Union: Corona crisis effects - week 20 EN

15-05-2020 PE 645.746 ECON
Briefing
Összefoglaló : 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.
Szerzők : 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
Részletes elemzés
Összefoglaló : 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.
Szerzők : Marek DABROWSKI

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

15-05-2020 PE 648.806 ECON
Részletes elemzés
Összefoglaló : 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.
Szerzők : 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
Részletes elemzés
Összefoglaló : 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.
Szerzők : Corrado MACCHIARELLI

The ECB’s Mandate and Legal Constraints EN

15-05-2020 PE 648.808 ECON
Részletes elemzés
Összefoglaló : 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.
Szerzők : Karl WHELAN

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

15-05-2020 PE 648.809 ECON
Részletes elemzés
Összefoglaló : 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.
Szerzők : Daniel GROS, Angela CAPOLONGO

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

15-05-2020 PE 648.810 ECON
Részletes elemzés
Összefoglaló : 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.
Szerzők : 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
Részletes elemzés
Összefoglaló : 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.
Szerzők : Grégory CLAEYS

Setting New Priorities for the ECB’s Mandate EN

15-05-2020 PE 648.812 ECON
Részletes elemzés
Összefoglaló : Beyond price stability, the EU Treaties assign to the ECB a range of secondary objectives. We investigate the linkages between price stability and these objectives to assess whether they are independent, complementary or substitutable, which is important to refine the definition of the mandate. Keeping the current mandate would not provide leeway for the ECB to reach other objectives. We propose to broaden the mandate to include employment and financial stability. Enhanced coordination should contribute to fulfilling the objectives. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs.
Szerzők : Christophe BLOT, Jérôme CREEL, Emmanuelle FAURE and Paul HUBERT

The ECB Mandate: Perspectives on Sustainability and Solidarity EN

15-05-2020 PE 648.813 ECON
Részletes elemzés
Összefoglaló : This report analyses the ECB mandate in light of its primary objective of price stability along with its secondary objective to support the general economic policies in the Union (Article 127 TFEU), which include employment, growth, climate change, and the quality of the environment, bearing in mind the broader goals of sustainability and solidarity (Article 3 TEU). The pursuit of financial stability directly interacts with the price stability mandate. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs.
Szerzők : Rosa Maria LASTRA, Kern ALEXANDER

Improving Anti-Money Laundering Policy EN

15-05-2020 PE 648.789 ECON
Tanulmány
Összefoglaló : 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).
Szerzők : Prof. Dr. Brigitte UNGER

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

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

Barriers to Competition through Joint Ownership by Institutional Investors EN

15-05-2020 PE 652.708 ECON
Tanulmány
Összefoglaló : In recent years, the phenomenon of common ownership by institutional investors has sparked considerable debate among scholars about its impact on competition and companies’ corporate governance. This study analyses some specific features of common ownership by institutional investors in the European banking sector. It also examines closely the tension between competition policy and corporate governance tools aimed at enhancing shareholder engagement. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs (ECON).
Szerzők : S. FRAZZANI, K. NOTI, M. P. SCHINKEL, J. SELDESLACHTS, A. BANAL ESTAÑOL, N. BOOT, C. ANGELICI

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

14-05-2020 PE 652.706 ECON
Rövid áttekintés
Összefoglaló : 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.
Szerzők : 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
Összefoglaló : 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.
Szerzők : OVIDIU IONUT TURCU, KRISTINA GRIGAITE

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

12-05-2020 PE 645.745 ECON
Briefing
Összefoglaló : 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.
Szerzők : 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
Részletes elemzés
Összefoglaló : 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.
Szerzők : Jonathan ZEITLIN, Filipe BRITO BASTOS

Policy Departments' Monthly Highlights - May 2020 EN

11-05-2020 PE 630.248 ITRE ECON REGI BUDG IMCO EMPL ENVI LIBE DROI
Rövid áttekintés
Összefoglaló : 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
Összefoglaló : 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.
Szerzők : 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
Összefoglaló : 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 (…).”
Szerzők : 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
Rövid áttekintés
Összefoglaló : 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.
Szerzők : Karel Volckaert

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

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

Study in focus: Crypto-assets EN

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

Thematic Digest on EU Economic Governance during the pandemic EN

27-04-2020 PE 645.715 ECON
Rövid áttekintés
Összefoglaló : 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.
Szerzők : DONELLA BOLDI

What do we know about the BICC today? EN

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

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

27-04-2020 PE 645.740 ECON
Briefing
Összefoglaló : 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.
Szerzők : 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
Összefoglaló : 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.
Szerzők : 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
Részletes elemzés
Összefoglaló : 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.
Szerzők : A.Bertay, H.Huizinga

Covid-19 Newsletter 1 EN

22-04-2020 PE 648.794 ITRE ECON IMCO EMPL ENVI
Briefing
Összefoglaló : 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
Összefoglaló : 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.
Szerzők : 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
Részletes elemzés
Összefoglaló : 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.
Szerzők : 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
Rövid áttekintés
Összefoglaló : 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).
Szerzők : Jost ANGERER, OVIDIU IONUT TURCU, KRISTINA GRIGAITE

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

17-04-2020 PE 634.357 ECON
Részletes elemzés
Összefoglaló : 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.
Szerzők : 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
Tanulmány
Összefoglaló : 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.
Szerzők : René SMITS

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

15-04-2020 PE 645.736 ECON
Briefing
Összefoglaló : 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.
Szerzők : 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
Tanulmány
Összefoglaló : 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.
Szerzők : Karel Volckaert

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

14-04-2020 PE 645.720 ECON
Briefing
Összefoglaló : 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.
Szerzők : 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
Részletes elemzés
Összefoglaló : 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..
Szerzők : 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
Tanulmány
Összefoglaló : 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.
Szerzők : 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
Összefoglaló : 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.
Szerzők : 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
Részletes elemzés
Összefoglaló : 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.
Szerzők : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

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

07-04-2020 PE 648.779 ECON
Tanulmány
Összefoglaló : 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.
Szerzők : 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
Összefoglaló : 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.
Szerzők : 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
Tanulmány
Összefoglaló : 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.
Szerzők : Marco LAMANDINI, David RAMOS MUÑOZ

The ECB’s disclosure of Pillar 2 capital requirements EN

02-04-2020 PE 645.724 ECON
Részletes elemzés
Összefoglaló : 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.
Szerzők : Marcel MAGNUS, FEDERICO DE BIASE