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Mercosur: Economic indicators and trade with EU

10-12-2019

Mercosur, the 'southern common market', was founded in 1991 when Argentina, Brazil, Paraguay, and Uruguay signed the Treaty of Asunción. In 2012, Venezuela formally joined Mercosur as a fifth member, but in December 2016 the country was suspended temporarily for failure to transpose Mercosur rules into Venezuelan law. In August 2017, the suspension was prolonged indefinitely. This paper presents economic indicators for the four members, for example showing their GDP and labour market situations, ...

Mercosur, the 'southern common market', was founded in 1991 when Argentina, Brazil, Paraguay, and Uruguay signed the Treaty of Asunción. In 2012, Venezuela formally joined Mercosur as a fifth member, but in December 2016 the country was suspended temporarily for failure to transpose Mercosur rules into Venezuelan law. In August 2017, the suspension was prolonged indefinitely. This paper presents economic indicators for the four members, for example showing their GDP and labour market situations, and it also shows those countries’ relative positions on several indexes that assess the situation in terms of doing business, corruption and human development. Finally, it looks at trade between the EU and Mercosur – of both goods and services – highlighting the main trading partners, and the main products and services that the EU exports to and imports from the four Mercosur members.

Tackling VAT fraud related to e-commerce

10-12-2019

Changes to the value added tax (VAT) regulatory framework for e-commerce introduced the destination principle for cross-border business-to-consumer (B2C) transactions. Identification of the online businesses supplying goods and services to customers in other Member States is going to be key when it comes to ensuring compliance with VAT rules and addressing e-commerce VAT fraud. Parliament is due to vote on two Commission proposals in plenary in December.

Changes to the value added tax (VAT) regulatory framework for e-commerce introduced the destination principle for cross-border business-to-consumer (B2C) transactions. Identification of the online businesses supplying goods and services to customers in other Member States is going to be key when it comes to ensuring compliance with VAT rules and addressing e-commerce VAT fraud. Parliament is due to vote on two Commission proposals in plenary in December.

Outlook for the meetings of EU leaders on 12-13 December 2019

09-12-2019

The main issues on the agenda of the European Council are climate change and the Multiannual Financial Framework (MFF). EU leaders will also address the idea of a Conference on the Future of Europe, with the aim of developing a joint position of Member States on the initiative. In addition, the European Council (Article 50) meeting is expected to discuss the result of the general election in the UK (taking place on 12 December) and the likely consequences for the Brexit process, as well as preparations ...

The main issues on the agenda of the European Council are climate change and the Multiannual Financial Framework (MFF). EU leaders will also address the idea of a Conference on the Future of Europe, with the aim of developing a joint position of Member States on the initiative. In addition, the European Council (Article 50) meeting is expected to discuss the result of the general election in the UK (taking place on 12 December) and the likely consequences for the Brexit process, as well as preparations for the negotiations on future EU-UK relations. Finally, the Euro Summit will concentrate on the revision of the European Stability Mechanism (ESM) Treaty, the budgetary instrument for convergence and competitiveness (BICC), and technical work on the strengthening of the banking union.

The main factors for the subdued profitability of significant banks in the Banking Union

09-12-2019

Most significant institutions in the euro area generate returns below the risk-adjusted rate required by investors. This paper surveys some recent studies on the causes of this low profitability, and then discusses several actions that the SSM may want to undertake, to support banks in their quest for higher returns.

Most significant institutions in the euro area generate returns below the risk-adjusted rate required by investors. This paper surveys some recent studies on the causes of this low profitability, and then discusses several actions that the SSM may want to undertake, to support banks in their quest for higher returns.

Εξωτερικός συντάκτης

A. Resti

Main factors for the subdued profitability of significant banks in the Banking Union

09-12-2019

There is no “one-size-fits-all” strategy to achieve viable profitability, but all banks need good strategic steering and risk management capabilities to adjust their business mix to changes in the operating environment. Banks have already taken actions to enhance profitability and the room of manoeuvre for the future is not that ample. Policy makers can take further initiatives to fix structural inefficiencies and provide better conditions for banks to enhance profitability. These concerted actions ...

There is no “one-size-fits-all” strategy to achieve viable profitability, but all banks need good strategic steering and risk management capabilities to adjust their business mix to changes in the operating environment. Banks have already taken actions to enhance profitability and the room of manoeuvre for the future is not that ample. Policy makers can take further initiatives to fix structural inefficiencies and provide better conditions for banks to enhance profitability. These concerted actions would help reduce the gap between banks’ RoE and cost-of-equity.

Εξωτερικός συντάκτης

B.Bruno, E.Carletti, EUI

Main factors for the subdued profitability of significant banks in the Banking Union

09-12-2019

In this paper we argue that the own findings of the SSM THEMATIC REVIEW ON PROFITABILITY AND BUSINESS MODEL and the academic literature on bank profitability do not provide support for the business model approach of supervisory guidance. We discuss in the paper several reasons why the regulator should stay away from intervening in management practices. We conclude that by taking the role of a coach instead of a referee, the supervisor generates a hazard for financial stability.

In this paper we argue that the own findings of the SSM THEMATIC REVIEW ON PROFITABILITY AND BUSINESS MODEL and the academic literature on bank profitability do not provide support for the business model approach of supervisory guidance. We discuss in the paper several reasons why the regulator should stay away from intervening in management practices. We conclude that by taking the role of a coach instead of a referee, the supervisor generates a hazard for financial stability.

Εξωτερικός συντάκτης

T.Farina, J-P.Krahnen, L.Pelizzon, M.Wahrenburg

Thematic Digest on Economic Governance in the EU - December 2019

06-12-2019

This document presents a selection of thematic briefings in the area of EU economic governance recently published by the Economic Governance Support Unit of the European Parliament. They are notably related to the implementation of the European Semester for economic policy coordination. These thematic documents are drafted and kept updated on a regular basis, following relevant developments. All papers published by EGOV are available on the ECON homepage.

This document presents a selection of thematic briefings in the area of EU economic governance recently published by the Economic Governance Support Unit of the European Parliament. They are notably related to the implementation of the European Semester for economic policy coordination. These thematic documents are drafted and kept updated on a regular basis, following relevant developments. All papers published by EGOV are available on the ECON homepage.

Linking cohesion policy and the European Semester: Partnership and multi-level governance to boost investment and structural reforms

06-12-2019

Multi-level governance requires the involvement of all levels of government, central, regional and local, in decision-making. Obstacles to appropriate and adequate involvement may lead to infringements of the principles of subsidiarity. However, under the cycle of EU economic and fiscal policy coordination known as the European Semester, local and regional administrations are considered to be 'stakeholders' – that is, they are not categorised as part of general government. Recent extension of the ...

Multi-level governance requires the involvement of all levels of government, central, regional and local, in decision-making. Obstacles to appropriate and adequate involvement may lead to infringements of the principles of subsidiarity. However, under the cycle of EU economic and fiscal policy coordination known as the European Semester, local and regional administrations are considered to be 'stakeholders' – that is, they are not categorised as part of general government. Recent extension of the European Semester to aspects of cohesion policy may consequently strengthen a top-down policy approach. A Code of Conduct, such as that proposed by the European Committee of the Regions, may help correct this imbalance.

The European Council under the Lisbon Treaty: How has the institution evolved since 2009?

04-12-2019

On 1 December 2009, with the coming into force of the Treaty of Lisbon, the European Council became a formal EU institution. Ten years later, the European Council is seen by many as representing the centre of gravity of the EU's institutional framework. However, was this development purely the result of the changes to the Treaties made with Lisbon or did it happen naturally over time? This study analyses both the formal changes brought about by the Lisbon Treaty and the incremental evolution resulting ...

On 1 December 2009, with the coming into force of the Treaty of Lisbon, the European Council became a formal EU institution. Ten years later, the European Council is seen by many as representing the centre of gravity of the EU's institutional framework. However, was this development purely the result of the changes to the Treaties made with Lisbon or did it happen naturally over time? This study analyses both the formal changes brought about by the Lisbon Treaty and the incremental evolution resulting from the institution's day-to-day practice, including the European Council's behaviour during the various crises of the last decade. It outlines the responsibilities envisaged for the European Council in the Treaty and the informal roles it has taken on over time. It explores the extent to which the Lisbon Treaty changed the functioning of the European Council, and how EU leaders themselves tried to optimise the working methods of their institution. Special attention is to the new position of full-time European Council President and the way in which the first two incumbents have interpreted their office. The analysis concludes that, while the EU’s various crises strongly contributed to the rise of the European Council, the Lisbon Treaty united two previously separate dimensions – the political and the legal, formally adding new competences to the role already performed by the EU Heads of State or Government. Many of these competences have yet to be fully exploited and represent a rich seam of unused Treaty potential for the future.

Euro area deepening and reform [What Think Tanks are thinking]

03-12-2019

Countries sharing the euro have done little to change the functioning of the single currency area since French President Emmanuel Macron called for its major overhaul in 2017. Many analysts and politicians have attributed the lack of significant reforms in this area to Germany’s – and some other countries’ – cautious approach, although also underlining that the currency area is now much stronger and more resilient than in the wake of the financial crisis of 2008. The single currency area’s most immediate ...

Countries sharing the euro have done little to change the functioning of the single currency area since French President Emmanuel Macron called for its major overhaul in 2017. Many analysts and politicians have attributed the lack of significant reforms in this area to Germany’s – and some other countries’ – cautious approach, although also underlining that the currency area is now much stronger and more resilient than in the wake of the financial crisis of 2008. The single currency area’s most immediate challenge is to cope with the economic slow-down, which is partly a consequence of global trade disputes. A smooth transition in leadership at the European Central Bank will also be very important. This note brings together commentaries, analyses and studies by major international think tanks and research institutes on challenges facing the euro area and related issues. Earlier publications on the topic can be found in a previous edition of 'What Think Tanks are Thinking' published in February 2019.

Προσεχείς εκδηλώσεις

10-12-2019
EU institutional dynamics: Ten years after the Lisbon Treaty
Άλλη δραστηριότητα -
EPRS
11-12-2019
Take-aways from 2019 and outlook for 2020: What Think Tanks are Thinking
Άλλη δραστηριότητα -
EPRS

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