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The European Investment Bank (EIB) furthers the objectives of the European Union by providing long-term project funding, guarantees and advice. It supports projects both within and outside the EU. Its shareholders are the Member States of the EU. The EIB is the majority shareholder in the European Investment Fund (EIF), and the two organisations together make up the EIB Group.

The European System of Financial Supervision is a multi-layered system of micro- and macro-prudential authorities that aims to ensure consistent and coherent financial supervision in the EU. It includes the European Systemic Risk Board, the three European supervisory authorities (EBA, ESMA and EIOPA) and the national supervisors. The European Central Bank, as part of the Single Supervisory Mechanism (SSM), is the banking supervisor for the largest banks.

The economic and monetary union (EMU) is the result of economic integration in the EU. A common currency, the euro, has been introduced in the euro area, which currently comprises 20 EU Member States. All EU Member States – with the exception of Denmark – must adopt the euro once they fulfil the convergence criteria. A single monetary policy is set by the Eurosystem, comprising the European Central Bank’s Executive Board and the governors of the central banks of the euro area.

The main objective of the EU competition rules is to enable the proper functioning of the EU’s internal market. The Treaty on the Functioning of the European Union (TFEU) aims to prevent restrictions on and distortions of competition, such as the abuse of dominant positions, anti-competitive agreements and mergers and acquisitions should they reduce competition. Furthermore, State aid is prohibited when it leads to distortions of competition, but can be authorised in specific cases.

Financial services form an essential part of the EU’s efforts to complete the internal market, under the free movement of services and capital. Progress has come in phases: (1) removal of national entry barriers (1957-1973); (2) harmonisation of national laws and policies (1973-1983); (3) completion of the internal market (1983-1992); (4) creation of the single currency area (1993-2007); and (5) the global financial crisis and post-crisis reform (from 2007 onwards).

The free movement of capital is one of the four fundamental freedoms of the EU single market. It is not only the most recent one but, because of its unique third-country dimension, also the broadest. The liberalisation of capital flows progressed gradually. Restrictions on capital movements and payments, both between Member States and with third countries, have been prohibited since the start of 2004 as a result of the Maastricht Treaty, although exceptions may exist.

Although the US Inflation Reduction Act (IRA) pursues a range of aims, the two main ones are the lowering of inflation by removing purchasing power from the US economy, and to provide the United State's contribution to fighting climate change. Unlike similar EU measures, most of its climate support is done via tax subsidies. Although hailed in the EU for heralding a new era in US climate policy, the IRA is being criticised for its outright 'Buy American' provisions. Amongst others, it is feared that ...

The original full study presents data from 27 banking groups in 10 EU Member States, where it is found that banks have used COVID-19 relief measures extensively, with some cross-country differences as for the intensity of use. Flexibility in risk classification does not seem to have impaired banks’ ability to report and recognise risk properly, even for loans under moratoria. The findings suggest that the impact of the measures on banks’ credit supply has been overall positive and mainly driven ...

The original full study presents data from 27 banking groups in 10 EU Member States, where it is found that banks have used COVID-19 relief measures extensively, with some cross-country differences as for the intensity of use. Flexibility in risk classification does not seem to have impaired banks’ ability to report and recognise risk properly, even for loans under moratoria. The findings suggest that the impact of the measures on banks’ credit supply has been overall positive and mainly driven ...

The European Semester is a framework for the coordination of economic policies across the European Union that was established after the European sovereign debt crisis. This paper aims to provide a simple but comprehensive introduction, explaining the main steps of the Semester from November to July each year. It also provides a short review of the academic and institutional debates around the Semester, before closing with the priorities in the relevant areas identified by the new European Commission ...