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The surge in inflation rates experienced by the euro area since the beginning of 2021 is rooted in supply shocks that have led to bottlenecks and an energy crisis. This paper shows that the shifts of inflation expectations into prices could cause some persistence in the excessive inflation process. In this last respect, the flatness of the Phillips curve implies that the unemployment-inflation sacrifice ratio is high; hence, there are substantial costs of bringing inflation down through a contraction ...

The ongoing escalation of inflation challenges policymakers with radical uncertainty. First, inflation is boosted by the interplay of global and domestic factors. Second, such factors involve both aggregate demand and supply with different intensity in different countries. Third, global factors such as energy prices are also driven by geopolitical unpredictable forces. Risks of both under and over-reaction are present. All this makes a good case for coordination of monetary and fiscal policies within ...

Consumer price inflation in the euro area has sharply risen to 3% in the course of 2021. This increase was mainly due to higher energy prices and other transitory factors. Recent macroeconomic forecasts generally expect inflation to return to below target values next year. However, there are several factors in place that could lead to more sustained upward pressure on prices, and materialisation of these upward risks could force the ECB to take difficult choices. This paper was provided by the Policy ...

This note gives an overview of the ten key actions and their current state of implementation. Two Council Recommendations (Upskilling pathways, revision of the European Qualifications Framework) have been adopted in the meantime demonstrating general support together with partially substantial reservations by the Member States. The note has been prepared by Policy Department A to support the resolution by the European Parliament on the New Skills Agenda as well as the upcoming negotiations on the ...

This note presents key findings of a comprehensive study analysing participation, outcomes, quality and challenges of apprenticeships, internships/traineeships and volunteering schemes. Its focus is on two questions of particular relevance for the Employment and Social Affairs Committee:What are the employment effects of each scheme and to which extent do they show a risk of abusing young people as cheap labour? Further, it discusses different quality frameworks and remaining gaps.

The wildlife trade is one of the most lucrative trades in the world. The legal trade into the EU alone is worth EUR 100 billion annually, while the global illegal wildlife trade is estimated to be worth between EUR 8 and 20 billion annually. The trade is highly complex and its legal and illegal forms are often connected. The illegal wildlife trade cannot be tackled via the use of trade policy alone; instead trade instruments need to be used in conjunction with broader means of addressing the wide ...

This document summarises the presentations and discussions of the workshop on Skills development and Employability: New Skills Agenda for Europe held at the European Parliament in Brussels on Thursday 8 September 2016 as a common workshop for the Employment and Social Affairs and the Culture and Education Committees. The purpose of the workshop was to discuss selected legal acts of the Agenda and other key actions planned which are of particular relevance for the work of both Committees. During ...

This document gives a summary of the presentations and key points from discussions of the workshop on Skills development and Employability: New Skills Agenda for Europe held at the European Parliament in Brussels on Thursday 8 September 2016 as a common workshop for the Employment and Social Affairs and the Culture and Education Committees. Topics include the Skills Guarantee, attractiveness of vocational education and training, the revision of the European Qualifications Framework and the planned ...

Several years after the Great Recession began, the euro area is still far from fully recovered. The international economic and financial crisis has pushed down investment levels within the EU by about 15% from their peak in 2007. Even though the near-term prospects seem brighter, high unemployment persists in many Member States. Some experts argue that the euro area, alongside Japan and the United States, is facing 'secular stagnation', a long-term economic stagnation characterised by a shrinking ...

Milk is produced in every EU Member State and EU milk production is growing. As the leading worldwide exporter of many dairy products, the EU is a major player in the global dairy market; within the Union, dairy is an essential agricultural sector with significant economic, social and territorial importance. For more than 30 years, EU milk supply was managed by the EU milk quota system, which expired at the end of March 2015. Although long-term market prospects are generally quite positive, with ...