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Victims of terrorism: EU response

Накратко 08-03-2024

On 11 March, Europe honours all those who have lost their lives or loved ones to terror. The European Day of Remembrance of Victims of Terrorism was inaugurated after the 2004 Madrid bombings. Protecting victims of terrorism is an essential part of the EU's efforts to address all dimensions of the terrorist threat. In response to the attacks that have hit Europe over the past two decades, the EU has strengthened its rules and sanctions relating to terrorist activities. Ongoing EU action seeks to ...

In 2023, the EU celebrated the 30th anniversary of the single market. Recent shocks have shown not only how vulnerable to crises the single market is, but also the extent to which the EU economy relies on a well-functioning single market. It is now considered to be a key driver of EU resilience. In September 2022, the Commission put forward a single market emergency instrument (SMEI) package. It includes one main proposal for a regulation establishing a SMEI, and two accompanying proposals amending ...

This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix, scheduled for 4 December 2023. This briefing addresses: Report on smaller banks, Updated resolvability assessment, SRB study on CMDI reform impact, Court confirmed the SRB's treatment of Banco Popular shareholders and creditors, Review of three external papers “Do "white knights" make excessive profits in bank resolution?", Liquidity in resolution, Update on the SRB’s ...

On 18 April 2023, the European Commission tabled a package of proposals to amend the bank crisis management and deposit insurance (CMDI) framework. The objective of the reform is to calibrate the latter so as to further deepen harmonisation and reduce the use of taxpayer funding. More specifically, the proposal for a CMDI reform would amend the early intervention procedure and the decision to resolve a failing bank in the public interest. It would also encourage the use of funding from national deposit ...

The impact assessment is based on extensive internal and external expertise, including several studies, tailored EBA advice and JRC input. In line with the 'evaluate first' principle, it builds on an evaluation and develops a consistent intervention logic. The options presented to address the problems identified are packages of legislative amendments, with increasing ambition to enhance application of the EU resolution framework and facilitate the decisions on the appropriate resolution tools. The ...

The European Parliament launched a process of monitoring possible future risks for the EU during the COVID-19 crisis, and has developed this further during Russia's war on Ukraine. The annual 'Future Shocks' series provides up-to-date, objective, and authoritative information on global risks through a 360° survey based on risk literature from a broad range of sources. Future Shocks 2023: Anticipating and weathering the next storms discusses 15 risks related to geopolitics, climate change, health, ...

Open strategic autonomy is about ensuring that the EU has the capacity to cope alone if necessary but without ruling out cooperation whenever possible. It goes some steps beyond smart supply chain management by taking into account geopolitics as well as economic factors. It relies on foresight to identify threats and ensures resilience by anticipating the required responses. Could the resulting preparedness also prevent crises by normalising situations that would otherwise become emergencies?

An important gap in the EU Banking Union architecture is the absence of a clear and uniform regulatory framework for the crisis management of small- and medium-sized banks. The authors argue that, taking stock from the US experience, a limited number of revisions to the current legal framework would be sufficient to establish a “standard proceeding” favoring alternative interventions by DGSs.

Initially announced in the Commission work programme for 2021, the European Commission postponed its proposals for the review of the bank crisis management and deposit insurance framework to 2023. As a central element of banking union, this framework consists of the Bank Recovery and Resolution Directive (BRRD), the Deposit Guarantee Schemes Directive (DGSD) and the Single Resolution Mechanism Regulation (SRMR). The BRRD lays down rules and procedures for the recovery and resolution of banks at national ...

There is an emerging consensus among stakeholders to apply resolution more widely going forward, possibly through modifications of the public interest assessment. This briefing reviews the practice of the Single Resolution Board so far and presents some observations based on past experience and policy options that the legislators might want to consider as they set out to reform the resolution framework.