99

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Solvency Support Instrument

06-10-2020

In May 2020, the European Commission adopted a proposal on a Solvency Support Instrument. The aim is to support otherwise viable companies in the Union that face solvency difficulties as a result of the coronavirus crisis, and to mitigate possible distortions to the single market and its level playing field. Such distortions are to be expected given the differing degree to which the Member States are affected and the likely unevenness of their responses, which may depend on their fiscal capacity ...

In May 2020, the European Commission adopted a proposal on a Solvency Support Instrument. The aim is to support otherwise viable companies in the Union that face solvency difficulties as a result of the coronavirus crisis, and to mitigate possible distortions to the single market and its level playing field. Such distortions are to be expected given the differing degree to which the Member States are affected and the likely unevenness of their responses, which may depend on their fiscal capacity and level of debt. The Commission proposes to increase the guarantee provided to the European Investment Bank under the European Fund for Strategic Investments and to use it to support financial intermediaries, which will then select companies eligible for solvency help. At the European Council meeting in July 2020, EU Heads of State or Government did not take up the idea of the solvency support instrument. Both the European Parliament and Commission President, Ursula von der Leyen, have expressed regret at this. Continuing the examination of the proposal in Parliament, the co-rapporteurs have published a draft report in which they propose to widen the scope of eligible companies and ensure fair geographical distribution.

The future of tertiary education in Europe

28-09-2020

This analysis focuses on six challenges facing tertiary education in the EU: the need to maintain relevance to current and future aspirations, the impact of digital and disruptive technologies, the way it collaborates with business, global and intra-EU collaboration, quality assurance, financing and barriers to inclusion. It also looks at trends in two of the largest higher education systems outside the European Higher Education Area, those in the United States and China. This provides the backdrop ...

This analysis focuses on six challenges facing tertiary education in the EU: the need to maintain relevance to current and future aspirations, the impact of digital and disruptive technologies, the way it collaborates with business, global and intra-EU collaboration, quality assurance, financing and barriers to inclusion. It also looks at trends in two of the largest higher education systems outside the European Higher Education Area, those in the United States and China. This provides the backdrop to discuss how the next Multiannual Financial Framework, which is currently under negotiation, will put tools at the EU's disposal to exert some influence on the future trajectory of tertiary education, as well as the European Parliament's role in these negotiations.

Disruption by technology: Impacts on politics, economics and society

21-09-2020

Technological development has long been considered as a disruptive force, provoking change at many levels, from the routine daily activities of individuals to dramatic competition between global superpowers. This analysis examines disruption caused by technologies in a series of key areas of politics, economics and society. It focuses on seven fields: the economic system, the military and defence, democratic debates and the 'infosphere', social norms, values and identities, international relations ...

Technological development has long been considered as a disruptive force, provoking change at many levels, from the routine daily activities of individuals to dramatic competition between global superpowers. This analysis examines disruption caused by technologies in a series of key areas of politics, economics and society. It focuses on seven fields: the economic system, the military and defence, democratic debates and the 'infosphere', social norms, values and identities, international relations, and the legal and regulatory system. It also presents surveillance as an example of how technological disruption across these domains can converge to propel other phenomena. The key disruptive force of 2020 is non-technological, namely coronavirus. The pandemic is used here as an opportunity to examine how technological disruption interacts with other forms of disruption.

Single market and the pandemic: Impacts, EU action and recovery

18-06-2020

The coronavirus crisis caused an asymmetric shock to both supply and demand in the EU, inflicting unprecedented economic harm: the deep recession in 2020 is likely to be followed by a fragile recovery in 2021. The downside risks are high and there is a strong possibility of further deterioration. European economies are highly integrated: about two-thirds of the EU's total trade in goods takes place on the single market, through its tightly knit network of supply chains, financial connections and ...

The coronavirus crisis caused an asymmetric shock to both supply and demand in the EU, inflicting unprecedented economic harm: the deep recession in 2020 is likely to be followed by a fragile recovery in 2021. The downside risks are high and there is a strong possibility of further deterioration. European economies are highly integrated: about two-thirds of the EU's total trade in goods takes place on the single market, through its tightly knit network of supply chains, financial connections and trade relationships. However, the pandemic has severely impacted the free movement of persons, goods and services in the EU, on which the market is based. While the depth of the economic downturn and the strength of recovery vary across EU Member States, many of those that were hardest hit by the pandemic happen to have the least policy space to respond to it. Left unaddressed, an uneven recovery across the EU risks creating divergences, fragmentation and permanent damage to the single market, which will have a negative impact on the EU's recovery as a whole. The EU has acted on many fronts since the onset of the crisis. Initially, it provided first-response measures – such as the suspension of State aid rules and a roadmap for lifting containment measures – designed to address multiple emergencies in the single market and the EU economy. It has also developed a comprehensive longer-term response to enable economic recovery and repair the damage inflicted by the crisis, while at the same time protecting and deepening the single market and rendering it more autonomous. The EU will offer large-scale asymmetric support and financial support, that will be distributed through existing and novel instruments. Some experts warn that the proposed recovery plan, while a step in the right direction, may be financially insufficient and too slow to disburse. The European Parliament has asked for a major recovery package worth €2 trillion.

Digital taxation: State of play and way forward

19-03-2020

The digitalisation of the economy and society poses new tax policy challenges. One of the main questions is how to correctly capture value and tax businesses characterised by a reliance on intangible assets, no or insignificant physical presence in the tax jurisdictions where commercial activities are carried out (scale without mass), and a considerable user role in value creation. Current tax rules are struggling to cope with the emerging realities of these new economic models. The European Union ...

The digitalisation of the economy and society poses new tax policy challenges. One of the main questions is how to correctly capture value and tax businesses characterised by a reliance on intangible assets, no or insignificant physical presence in the tax jurisdictions where commercial activities are carried out (scale without mass), and a considerable user role in value creation. Current tax rules are struggling to cope with the emerging realities of these new economic models. The European Union (EU) and other international bodies have been discussing these issues for some time. In March 2018, the EU introduced a 'fair taxation of the digital economy' package. It contained proposals for an interim and long-term digital tax. The European Parliament supported both proposals, widening their scope and coverage and backing integration of digital tax into the proposed Council framework on corporate taxation. However, there was no immediate political agreement in the Council. As finding a global solution at Organisation for Economic Co-operation and Development (OECD) level or a coordinated EU approach was not yet feasible, some Member States started implementing or designing national digital taxes. As an indication of difficulties around this issue, the introduction of these taxes in France heightened trade tensions between the EU and the United States of America, with the latter favouring a 'voluntary' tax system – a position which may prevent a global agreement. Over the last few years, the OECD has nevertheless made progress on developing a global solution and proposed a two-pillar system: while the first pillar (unified approach) would grant new taxation rights and review the current profit allocation and business location-taxation rules, the second (GloBE) aims to mitigate risks stemming from the practices of profit-shifting to jurisdictions where they can be subjected to no, or very low, taxation. The EU is committed to supporting the OECD's work, but if no solution is found by the end of 2020, it will again make a proposal for its own digital tax.

Annual report on EU competition policy

04-03-2020

During the March I plenary part-session, the European Parliament is expected to discuss the annual report on EU competition policy (2019), adopted by the Committee on Economic and Monetary Affairs. The report highlights the growing importance of the international dimension of competition policy in a globalised world and the challenges stemming from the digitalisation of the economy. It also points to issues related to the effectiveness of competition policy instruments, as well as how they may support ...

During the March I plenary part-session, the European Parliament is expected to discuss the annual report on EU competition policy (2019), adopted by the Committee on Economic and Monetary Affairs. The report highlights the growing importance of the international dimension of competition policy in a globalised world and the challenges stemming from the digitalisation of the economy. It also points to issues related to the effectiveness of competition policy instruments, as well as how they may support the European Green Deal.

Is data the new oil? Competition issues in the digital economy

08-01-2020

The global debate on the extent to which current competition policy rules are sufficient to deal with the fast-moving digital economy has never been more pertinent. An important part of this debate concerns the market power of large high-tech companies that dominate many online markets. The main factors behind these developments are economies of scale and scope, network externalities, and the rising economic significance of data, which are a highly valuable commodity in an online economy. While being ...

The global debate on the extent to which current competition policy rules are sufficient to deal with the fast-moving digital economy has never been more pertinent. An important part of this debate concerns the market power of large high-tech companies that dominate many online markets. The main factors behind these developments are economies of scale and scope, network externalities, and the rising economic significance of data, which are a highly valuable commodity in an online economy. While being indispensable to the development of potential game changers – such as artificial intelligence – data are also a crucial input to many online services, production processes, and logistics – making it a critical element in the value chain of many different industries. Data-dependent markets are also characterised by a high level of concentration and, according to many experts, high entry barriers relating to access to and ownership of data – which make it difficult to challenge the incumbent companies. On the other hand, the large players are generally considered to be very productive and innovative. Some studies, however, show that the diffusion of know-how and innovation between the market leaders and the rest of the economy may be affecting competiveness in general. One possible way to correct these shortcomings is to regulate the sharing of data. While the risks of policy-making in this field are generally well-known and centre around the need to protect privacy – particularly where personal data are involved – and to prevent the collusive aspects of data sharing, there is currently no global model to follow. The European Union has taken multiple initiatives to unlock data markets through modern, user-centred laws such as the General Data Protection Regulation (GDPR) and the regulation on the reuse of public sector information. The global thinking seems to gradually favour more prudent oversight of the market, considering its economic heft.

EU industrial policy at the crossroads: Current state of affairs, challenges and way forward

02-12-2019

Industry plays a pivotal role in the EU's economy and growth model. Today, however, it stands at the crossroads, heavily affected by new disruptive forces, ranging from the rise of new technologies to shifts in global economic power and evolving geopolitical circumstances. Addressing these challenges raises a number of critical dilemmas, such as the need to pursue openness of markets and trade while protecting industry from unfair competition, or the need to promote greener and more sustainable industry ...

Industry plays a pivotal role in the EU's economy and growth model. Today, however, it stands at the crossroads, heavily affected by new disruptive forces, ranging from the rise of new technologies to shifts in global economic power and evolving geopolitical circumstances. Addressing these challenges raises a number of critical dilemmas, such as the need to pursue openness of markets and trade while protecting industry from unfair competition, or the need to promote greener and more sustainable industry while maintaining its global competitiveness. It also prompts a reconsideration of the EU's strategic positioning from a defensive to an offensive policy stance. These developments have triggered a lively debate on the need for a renewed, more assertive, comprehensive and coordinated industrial policy at EU level. This paper reviews the current state of affairs and key challenges facing the EU and provides an analysis of the main policy options going forward.

EU competition policy: Key to a fair single market

30-10-2019

Competition policy has been found to make a positive contribution to the EU's economic growth and the EU has one of the most robust competition policy systems in the world. European competition policy encompasses many fields, not least antitrust measures, merger control and State aid. It is enforced by the European Commission, whose decisions can be contested in the Court of Justice of the European Union. Recent policy developments include the antitrust damages system and the framework empowering ...

Competition policy has been found to make a positive contribution to the EU's economic growth and the EU has one of the most robust competition policy systems in the world. European competition policy encompasses many fields, not least antitrust measures, merger control and State aid. It is enforced by the European Commission, whose decisions can be contested in the Court of Justice of the European Union. Recent policy developments include the antitrust damages system and the framework empowering national competition authorities. Topics discussed in this paper include the role of competition policy in the digital era, merger control, instruments such as the leniency programme, commitments and settlements, and the potential impact of current political developments.

A decade on from the financial crisis: Key data

17-10-2019

The financial crisis began with the collapse of Lehman Brothers, starting a worldwide chain reaction. The EU economy contracted for five consecutive quarters, with growth returning only in the second half of 2009. Stimulatory and fiscal actions by national governments and the EU, and the Eurosystem's loose monetary policy, helped achieve recovery. It was short-lived, however, as in 2010 a sovereign debt crisis resulted from a loss of financial market confidence, with soaring public debt. Yields on ...

The financial crisis began with the collapse of Lehman Brothers, starting a worldwide chain reaction. The EU economy contracted for five consecutive quarters, with growth returning only in the second half of 2009. Stimulatory and fiscal actions by national governments and the EU, and the Eurosystem's loose monetary policy, helped achieve recovery. It was short-lived, however, as in 2010 a sovereign debt crisis resulted from a loss of financial market confidence, with soaring public debt. Yields on government bonds, particularly in the periphery countries, rose dramatically. Ad hoc rescue devices, such as the European Financial Stabilisation Mechanism, brought the situation under control, later supported by the pledge of European Central Bank President Mario Draghi to do 'whatever it takes' to save the euro. The acute phase of the crisis ended in 2014, followed by a period of extremely low inflation and weak growth. To boost inflation, facilitate bank lending and stimulate the economy, the Eurosystem relied increasingly on quantitative easing. While 2017 was the EU's best year since the crises, with economic performance returning to pre-crisis levels, recent data suggest that the momentum is weakening, both in and outside the EU.

Kommende begivenheder

09-11-2020
EPRS online Book Talk | The revolutions of 1989-90 thirty years on [...]
Anden begivenhed -
EPRS
09-11-2020
Sexual harassment in the EU institutions - Public Hearing
Høring -
FEMM
10-11-2020
The Annual Rule of Law Report by the Commission and the Role of National Parliaments
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LIBE

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