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Commitments made at the hearings of the Commissioners-designate - von der Leyen Commission 2019-2024 EN

16-10-2020 PE 630.241 TRAN PETI ITRE INTA BUDG AFET DEVE EMPL ENVI CONT ECON REGI IMCO PECH CULT AGRI AFCO FEMM JURI LIBE
V stručnosti
Zhrnutie : This document provides links to all Briefings produced by the Policy Departments of the Directorate-General for Internal Policies and of the Directorate-General for External Policies of the European Parliament, with salient points and essential commitments made by the Vice-Presidents and Commissioners-designates at their respective hearings before the European Parliament, in September-November 2019 and in October 2020. For an exhaustive list of all commitments made and positions taken by the candidates, the full verbatim report of each public hearing is available on the dedicated hearings website of the European Parliament, as are the written questions and answers.

Policy Departments’ Monthly Highlights - November 2020 EN

15-10-2020 PE 648.239 ECON REGI BUDG AFET JURI
V stručnosti
Zhrnutie : 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.

Study in focus: Regulatory Sandboxes and Innovation Hubs for FinTech EN

15-10-2020 PE 658.182 ECON
V stručnosti
Zhrnutie : The original full study analyses the design and operation of regulatory sandboxes and innovation hubs as part of jurisdictions’ regulatory response to financial innovation, focusing on the models adopted in the EU and the EFTA countries. This document was prepared by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : RADOSTINA PARENTI

Barriers to Competition through Joint Ownership by Institutional Investors EN

15-10-2020 PE 658.183 ECON
V stručnosti
Zhrnutie : In recent years, the phenomenon of common ownership by institutional investors has sparked considerable debate about its impact on competition and companies’ corporate governance. The original full study analyses some specific features of common ownership by institutional investors in the European banking sector, at the intersection between competition policy, financial sector regulation and corporate governance rules. 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).
Autori : S. FRAZZANI, K. NOTI, M. P. SCHINKEL, J. SELDESLACHTS, A. BANAL ESTAÑOL, N. BOOT, C. ANGELICI

What role for the European Semester in the recovery plan? EN

15-10-2020 PE 651.370 ECON
Hĺbková analýza
Zhrnutie : This briefing paper argues that the political imperative to ensure that the economic stimulus from the EU’s new commonly funded facilities is provided expeditiously will prevail against desires to create a robust governance framework for these funds within the European Semester process. The pandemic-related suspension of the Stability and Growth Pact creates a need to reform the Pact ahead of its future reintroduction. This presents an opportunity to incorporate more of the Semester’s reform implementation agenda directly into the Pact’s policy prescriptions.
Autori : Jacob Funk KIRKEGAARD

How to provide political guidance to the Recovery and Resilience Facility? EN

14-10-2020 PE 651.371 ECON
Hĺbková analýza
Zhrnutie : The Recovery and Resilience Facility (RRF) constitutes an unprecedented EU-wide resource to address the impact of the COVID-19 crisis on the EU economies. As the governance of the RRF is integrated in the European Semester, it fundamentally changes its character from a non-binding structure for policy coordination to a vehicle for the allocation of a major economic impetus. In light of this, this paper analyses the ways that parliamentary control and oversight of the RRF can be best secured at the EU-level.
Autori : Ben CRUM

Commitments made at the hearing of Valdis Dombrovskis Commissioner for Trade EN

08-10-2020 PE 639.316 ECON INTA BUDG AFET DEVE
Briefing
Zhrnutie : The Commission Executive Vice-President/Commissioner-designate, Valdis Dombrovskis, appeared before the European Parliament on 02 October 2020 to answer questions put by MEPs from the Committee on International Trade, in association with the Committees on Foreign Affairs, on Economic and Monetary Affairs, on Development and on Budgets. During the hearing, he made a number of commitments which are highlighted in this document. These commitments refer to his portfolio as Trade Commissioner, as described in the mission letter sent to him by Ursula von der Leyen, President-elect of the European Commission, including: - A level playing field for all; - Strengthening Europe’s global leadership; - Trade for sustainable development and climate action
Autori : Mario DAMEN, WOLFGANG IGLER

Thematic Digest on EU Economic Governance Review EN

08-10-2020 PE 651.361 ECON
Briefing
Zhrnutie : This document presents the summaries of some papers in the area of EU economic governance, recently published by the European Parliament upon a request of the Economic and Monetary Committee (ECON). The thematic papers presented in this digest provides hopefully information and suggestions which will be useful for the on-going debate among policy makers, namely on the review of the EU legal framework for economic governance. They are written by external experts and supervised by the Economic Governance Support Unit.
Autori : DONELLA BOLDI

Guidance by the EU supervisory and resolution authorities on Brexit EN

08-10-2020 PE 651.369 ECON
Briefing
Zhrnutie : This briefing gives an overview of the repercussions of the United Kingdom’s withdrawal from the EU on financial services, followed by the most recent guidance from the ECB Banking Supervisor, the Single Resolution Board and the three European Supervisory Authorities: the European Banking Authority, the European Securities and Markets Authority; and the European Insurance and Occupational Pensions Authority. The work of the European Systemic Risk Board on Brexit is also highlighted.
Autori : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE

Commitments made at the hearing of Mairead MCGUINNESS, Commissioner-designate - Financial services, financial stability and the Capital Markets Union EN

08-10-2020 PE 658.180 ECON
Briefing
Zhrnutie : The Commissioner-designate, Mairead McGuinness, appeared before the European Parliament on 02 October 2020 to answer questions put by MEPs from the Committee on Economic and Monetary Affairs. During the hearing, she made a number of commitments which are highlighted in this document. These commitments refer to her portfolio, as described in the mission letter sent to her by Ursula von der Leyen, President-elect of the European Commission and include Banking Union, Capital Markets Union and SMEs access to finance, sustainable finance, FinTech strategy and cryptocurrencies, comprehensive approach to fighting money laundering and more resilience to extraterritorial sanctions.
Autori : RADOSTINA PARENTI, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE

EU/EA measures to mitigate the economic, financial and social effects of coronavirus - State-of-play 7 October 2020 EN

08-10-2020 PE 645.723 ECON
Hĺbková analýza
Zhrnutie : 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.
Autori : Kajus HAGELSTAM, Jost ANGERER, Marcel MAGNUS, Drazen RAKIC, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE

Background Reader On The European Semester Autumn 2020 Edition EN

08-10-2020 PE 624.444 ECON
Štúdia
Zhrnutie : This fourth edition of the background reader on the European Semester, prepared by the Economic Governance Support Unit (EGOV) in the Directorate for Economic and Scientific Policies of the European Parliament, provides an overview of publications related to the European Semester from a parliamentary perspective. It aims at further increasing the links between Members of the European Parliament and national Parliaments, notably during inter-parliamentary meetings.
Autori : Kajus HAGELSTAM, WOLFGANG LEHOFER

New life for an old framework: redesigning the European Union's expenditure and golden fiscal rules EN

07-10-2020 PE 645.733 ECON
Štúdia
Zhrnutie : In the context of the review of the EU economic governance framework, this study recommends a multi-year ahead expenditure rule anchored in an appropriate public debt target, augmented with an asymmetric golden rule that provides extra fiscal space only in times of a recession. An improved governance framework should strengthen national fiscal councils and include a European fiscal council, while financial sanctions should be replaced with instruments related to surveillance, positive incentives, market discipline and increased political cost of non-compliance.
Autori : Zsolt Darvas, Julia Anderson - Bruegel

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

06-10-2020 PE 602.116 ECON
Briefing
Zhrnutie : 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.
Autori : Kajus HAGELSTAM, WOLFGANG LEHOFER, CRISTINA SOFIA PACHECO DIAS

What Role for the European Semester in the recovery plan? EN

06-10-2020 PE 651.368 ECON
Hĺbková analýza
Zhrnutie : Accessing funds of the EU’s Recovery and Resilience Facility (RRF) depends on detailed national Recovery and Resilience Plans (RRPs) being agreed upon, and projects meeting implementation milestones. The RRPs will be embedded in the European Semester, the EU’s framework for economic policy coordination. This paper suggests that there are risks to the implementation of the RRPs, and/or to an objective evaluation of their progress. While the Treaty specifies that the execution of economic policy coordination shall be done by the Member States within the Council, the involvement of the European Parliament would potentially increase transparency and accountability for national policy makers (as well as the Commission and Council), which could improve project delivery and thus benefit the recovery.
Autori : Thomas Wieser

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

30-09-2020 PE 648.787 ECON
Briefing
Zhrnutie : (Updated 25 September 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.
Autori : Drazen RAKIC

This Time is Different: The PEPP Might Not Work in a Sectoral Recession EN

30-09-2020 PE 652.739 ECON
Hĺbková analýza
Zhrnutie : The COVID-19 recession is different from previous downturns because it originates in demand and supply disturbances which are highly specific to certain sectors (contact-intensive services). This sectoral nature renders aggregate demand policies, including monetary policy, much less effective. The PEPP was essential to prevent a financial crisis in the Spring of 2020; but there is no need to increase its size. In a sectoral recession, one should not expect much impact from central bank bond buying on inflation. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : Angela CAPOLONGO, Daniel GROS

COVID-19 and the Future of Quantitative Easing in the Euro Area: Three Scenarios with a Trilemma EN

30-09-2020 PE 652.740 ECON
Hĺbková analýza
Zhrnutie : We present the set of measures that the ECB has undertaken to fight the pandemic crisis by outlining the deep impact that COVID-19 is having on economic structures, and by highlighting the differences between the current policy package and previous ECB’s programmes. Moreover, we discuss what are the challenges that await the ECB in the medium to long run, contingent on different post-COVID scenarios concerning economic growth and inflation, considering its peculiar multinational jurisdiction. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI

The ECB’s Asset Purchase Programmes: Effectiveness, Risks, Alternatives EN

30-09-2020 PE 652.741 ECON
Hĺbková analýza
Zhrnutie : We summarise the empirical evidence on effects of asset purchases in the euro area, including the PEPP programme launched in response to the COVID-19 crisis. We conclude that QE is particularly effective during times of high financial stress, i.e. at the peak of a crisis, but tends to lose impact over time. At the same time, QE policies come with prominent risks which may materialise only in the longer term. We suggest a scheme of rule-based intervention in sovereign debt markets that preserves the role of yield spreads as a market signal, while containing the risk of bad equilibria. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Stefan KOOTHS, Josefine QUAST, Maik WOLTERS

APP vs PEPP: Similar, But With Different Rationales EN

30-09-2020 PE 652.743 ECON
Hĺbková analýza
Zhrnutie : ECB’s asset purchase programmes have been implemented at different times in different economic environments and may pursue different objectives. From the point of view of removing financial fragmentation and taming sovereign stress in the euro area, the PEPP has been successful so far. Moreover, this outcome was obtained without fully using its potential resources. To date and contingent on the available set of information, the current monetary stance has not gone too far and it retains some ammunitions. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : Christophe BLOT, Jérôme CREEL and Paul HUBERT

Accountability at the Fed and the ECB EN

30-09-2020 PE 652.745 ECON
Hĺbková analýza
Zhrnutie : This paper reviews the independence and accountability of the ECB and the Federal Reserve. While the ECB makes significant efforts to be accountable for its actions, there are several improvements that could be made to European institutions to improve its independence and accountability. These include reforming the process of appointing ECB Executive Board members, improving the transparency of ECB decision-making and reforming aspects of the Monetary Dialogue to make the questioning more effective. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : Karl WHELAN

Theory, Evidence, and Risks of the ECB’s Asset Purchase Programme EN

30-09-2020 PE 652.746 ECON
Hĺbková analýza
Zhrnutie : In response to the COVID-19 crisis, the ECB has relaunched a massive asset purchase programme within its combined-arms monetary strategy. This paper presents and discusses the theory and the evidence of the central bank’s asset purchases, mainly in the euro area. It analyses the role of asset purchase programmes in the ECB’s toolkit and the potential associated risks, focusing specifically on the problems of the programmes’ unwinding. Finally, the paper offers some possible alternatives to the asset purchase programmes. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI

How Can the European Parliament Better Oversee the European Central Bank? EN

30-09-2020 PE 652.747 ECON
Hĺbková analýza
Zhrnutie : This paper assesses how the European Parliament (EP) holds the European Central Bank (ECB) accountable. The same exercise is done for the Bank of Japan, in order to identify possible lessons for the ECB and the EP. Possible improvements to the ECB accountability framework include procedural changes to the Monetary Dialogue to increase its effectiveness, the release of detailed minutes and votes from ECB governing council meetings, and the establishment of a ranking by the EU legislators of the ECB’s secondary objectives. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : Grégory CLAEYS, Marta DOMÍNGUEZ-JIMÉNEZ

Go Big or Go Home? The ECB’s Asset Purchase Programmes in Macroeconomic Perspective EN

30-09-2020 PE 652.742 ECON
Štúdia
Zhrnutie : Until this year, governments in the single currency area appeared to be ‘missing in action’. There is belated recognition that monetary and fiscal policies must coordinate especially in crisis conditions. The euro area has experienced crisis or near crisis conditions for over a decade. Lessons are being learned late but there continue to be several gaps that the euro area and its members need to close. The paper highlights these and the continuing threats to the single currency area. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : Pierre L. SIKLOS

Accountability Mechanisms of the Bank of England and of the European Central Bank EN

30-09-2020 PE 652.744 ECON
Štúdia
Zhrnutie : This paper analyses the accountability mechanisms of the European Central Bank and of the Bank of England and focuses on parliamentary accountability for the monetary policy functions. The paper suggests ways to improve the Monetary Dialogue between the ECB and the Committee on Economic and Monetary Affairs (European Parliament). This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : Rosa M. LASTRA

Regulatory Sandboxes and Innovation Hubs for FinTech EN

30-09-2020 PE 652.752 ECON
Štúdia
Zhrnutie : The unprecedented leap and the disruption potential of the emerging technological developments in finance have challenged the existing institutional and regulatory arrangements in the financial sector. Jurisdictions across globe have adopted various initiatives to keep abreast of the rapid technological developments and to encourage the development of their FinTech ecosystems. This study examines the setting up of regulatory sandboxes and innovation hubs as part of the overall strategies pursued by jurisdictions in response to the FinTech developments. This document was prepared by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : RADOSTINA PARENTI

Update on recent banking developments EN

29-09-2020 PE 651.360 ECON
Briefing
Zhrnutie : This briefing gives an update on recent events and developments in the Banking Union, based on publicly available information. The following topics are specifically addressed in the first section: banking statistics, non-performing loans, Wirecard, and the equivalence regime in financial services., The second section of this briefing gives a state-of-play on the Commission’s work programme on some financial services: Green Finance Strategy, Fintech and digital currencies, the COVID-19 financial services package, Anti-money laundering framework, and the Capital Market Union.
Autori : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, REBECCA SARAH FANNY SEGALL, KRISTINA GRIGAITE

Independence with Weak Accountability: The Swiss Case EN

29-09-2020 PE 652.738 ECON
Hĺbková analýza
Zhrnutie : The Swiss National Bank is highly independent but weakly accountable. Weak accountability is rooted in the formal legislation on central banking but also in the reputation of the Bank, which is unanimously considered as highly successful. The ECB too is highly independent and weakly accountable but it faces diverse public opinions whose views differ across countries. Buttressing ECB accountability is important, therefore, and the European Parliament should consider strengthening the Monetary Dialogue. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : Charles WYPLOSZ

Options for the ECB’s Monetary Policy Strategy Review EN

25-09-2020 PE 652.753 ECON
Štúdia
Zhrnutie : The ECB is the most important institution for the success of the EMU. It started successfully but the crisis revealed weaknesses related to the incomplete nature of the EMU. The ECB was too timid in using its power, which deepened the euro crisis and led to divergences that threaten the viability of the EMU. With suitable modifications of its monetary policy strategy, and better use of the authority delegated to it, the ECB could greatly improve its success in fulfilling its mandate. This document was provided by Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).
Autori : Yvan LENGWILER, Athanasios ORPHANIDES

Country-specific recommendations: An overview - September 2020 EN

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

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

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

Institutional set up of macroprudential policy in the European Union EN

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

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

18-09-2020 PE 652.749 ECON
Štúdia
Zhrnutie : In response to the unprecedented shock brought by the COVID-19 pandemic, the European Central Bank (ECB) has deployed a massive package of monetary policy stimulus to safeguard the monetary policy transmission mechanism and keep the euro area economy afloat. As part of this package, the ECB has stepped up its asset purchases, including with the introduction of the new pandemic emergency purchase programme (PEPP) with an envelope of EUR 1.35 trillion by June 2021. Over the years, the impact and the side effects of the non-standard asset purchase programmes have been widely debated. Should they remain as part of the ECB’s toolkit in the future, considering that inflation is expected to stay low and that interest rates are in negative territory? Six papers were prepared for the ECON Committee by the Monetary Expert Panel, presenting empirical evidence and discussing future perspectives of the ECB’s asset purchase programmes. This publication is prepared by Policy Department for Economic, Scientific and Quality of Life Policies for the Committee on Economic and Monetary Affairs (ECON), ahead of the Monetary Dialogue with ECB President Lagarde on 28 September 2020.
Autori : Pierre L. SIKLOS, Christophe BLOT, Jérôme CREEL, Paul HUBERT, Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI, Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Stefan KOOTHS, Josefine QUAST, Maik WOLTERS, Angela CAPOLONGO, Daniel GROS, Pierpaolo BENIGNO, Paolo CANOFARI, Giovanni DI BARTOLOMEO, Marcello MESSORI

The legal nature of Country-Specific Recommendations EN

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

Macroprudential policy toolkit for the banking sector EN

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

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

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

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

09-09-2020 PE 624.436 ECON
Briefing
Zhrnutie : 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.
Autori : Kajus HAGELSTAM

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

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

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

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

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

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

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

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

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

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

The ESM Pandemic Crisis Support EN

28-08-2020 PE 651.350 ECON
Briefing
Zhrnutie : 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.
Autori : Alice ZOPPÉ, CRISTINA SOFIA PACHECO DIAS

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

27-08-2020 PE 497.739 ECON
Hĺbková analýza
Zhrnutie : 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.
Autori : Alice ZOPPÉ

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

24-07-2020 PE 651.365 ECON
Hĺbková analýza
Zhrnutie : 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.
Autori : 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
Štúdia
Zhrnutie : 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.
Autori : Daniel GROS, Marvin JAHN

External Imbalances in the Euro Area - July 2020 EN

16-07-2020 PE 528.753 ECON
Briefing
Zhrnutie : 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.
Autori : Alice ZOPPÉ, FRANCESCO-SAVERIO LENZI

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

09-07-2020 PE 651.359 ECON
Briefing
Zhrnutie : 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.
Autori : 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
Zhrnutie : 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.
Autori : 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
Štúdia
Zhrnutie : 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.
Autori : Paul van den Noord

Covid-19 Newsletter 2: Exit strategy EN

03-07-2020 PE 652.710 ITRE ECON IMCO EMPL ENVI
Briefing
Zhrnutie : 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.
Autori : 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
V stručnosti
Zhrnutie : 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.
Autori : MATTEO CIUCCI, Alice ZOPPÉ

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

01-07-2020 PE 651.358 ECON
Briefing
Zhrnutie : 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.
Autori : Jost ANGERER, KRISTINA GRIGAITE, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

Banking Union: Wirecard EN

29-06-2020 PE 651.357 ECON
Briefing
Zhrnutie : 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.
Autori : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

A roadmap to completing the Banking Union EN

19-06-2020 PE 645.707 ECON
Hĺbková analýza
Zhrnutie : 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.
Autori : CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Banks' exposures to Home sovereign bonds EN

15-06-2020 PE 651.344 ECON
V stručnosti
Zhrnutie : 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.
Autori : Marcel MAGNUS, ANDREA DI FILIPPO

The economy and coronavirus: Weekly Picks EN

15-06-2020 PE 651.354 ECON
Briefing
Zhrnutie : 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.
Autori : 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
Zhrnutie : 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.
Autori : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Selected Euro Area Macroeconomic Indicators EN

11-06-2020 PE 528.737 ECON
V stručnosti
Zhrnutie : 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.
Autori : Javier María VEGA BORDELL

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

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

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

05-06-2020 PE 651.355 ECON
Briefing
Zhrnutie : 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.
Autori : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

The economy and coronavirus: Weekly Picks EN

04-06-2020 PE 651.353 ECON
Briefing
Zhrnutie : 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.
Autori : 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
V stručnosti
Zhrnutie : 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).
Autori : Prof. Dr. Brigitte UNGER

Banking Union: Corona crisis effects - week 22 EN

02-06-2020 PE 651.352 ECON
Briefing
Zhrnutie : 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.
Autori : 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
Zhrnutie : 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.
Autori : Alice ZOPPÉ, FRANCESCO-SAVERIO LENZI

The SURE: Main Features EN

28-05-2020 PE 645.721 ECON
Hĺbková analýza
Zhrnutie : 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.
Autori : 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
Zhrnutie : 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)
Autori : 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
Hĺbková analýza
Zhrnutie : 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.
Autori : 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
Zhrnutie : 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.
Autori : KRISTINA GRIGAITE, FRANCESCO-SAVERIO LENZI, ANDREA DI FILIPPO

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

18-05-2020 PE 651.348 ECON
Briefing
Zhrnutie : 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.
Autori : 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
V stručnosti
Zhrnutie : 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.
Autori : Marcel MAGNUS, CRISTINA SOFIA PACHECO DIAS, KRISTINA GRIGAITE

Banking Union: Corona crisis effects - week 20 EN

15-05-2020 PE 645.746 ECON
Briefing
Zhrnutie : 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.
Autori : 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
Hĺbková analýza
Zhrnutie : 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.
Autori : Marek DABROWSKI

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

15-05-2020 PE 648.806 ECON
Hĺbková analýza
Zhrnutie : 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.
Autori : 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
Hĺbková analýza
Zhrnutie : 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.
Autori : Corrado MACCHIARELLI

The ECB’s Mandate and Legal Constraints EN

15-05-2020 PE 648.808 ECON
Hĺbková analýza
Zhrnutie : 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.
Autori : Karl WHELAN

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

15-05-2020 PE 648.809 ECON
Hĺbková analýza
Zhrnutie : 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.
Autori : Daniel GROS, Angela CAPOLONGO

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

15-05-2020 PE 648.810 ECON
Hĺbková analýza
Zhrnutie : 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.
Autori : 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
Hĺbková analýza
Zhrnutie : 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.
Autori : Grégory CLAEYS

Setting New Priorities for the ECB’s Mandate EN

15-05-2020 PE 648.812 ECON
Hĺbková analýza
Zhrnutie : 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.
Autori : Christophe BLOT, Jérôme CREEL, Emmanuelle FAURE and Paul HUBERT