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Stratégie d’emprunt destinée à financer Next Generation EU
Au cours de sa session plénière de novembre II, le Parlement devrait voter sur le rapport de la commission des budgets (BUDG) relatif à la stratégie d’emprunt destinée à financer Next Generation EU Ce rapport évalue la mise en œuvre de la stratégie, examine les incidences positives et difficultés potentielles, presse la Commission de faire systématiquement rapport au Parlement et souligne la nécessité de garantir la transparence et de nouvelles ressources propres.
Next Generation EU Borrowing: a first assessment
The Next Generation EU programme is radically changing the way the EU finances itself and interacts with financial markets, due to its ambitious and groundbreaking new public debt programme. The European Commission has thus adopted a totally new, diversified borrowing strategy, similar to that of other major issuers, to raise money safely, reliably and in a cost-effective manner. EU debt therefore has to be attractive to financial markets and maintain a strong credit rating.
Plenary round-up – June II 2021
During the June II 2021 plenary session in Brussels, Parliament continued to debate and adopt programmes financed under the multiannual financial framework for 2021 2027, specifically this session in the areas of regional development, with the Common Provisions Regulation, European Territorial Cooperation Regulation, European Regional Development Fund and Cohesion Fund all finalised. Important debates on Council and European Commission statements were held, in particular on the preparation of the ...
Balanced Withdrawal of Policy Support to Avoid Cliff Effects
The COVID-19 crisis has triggered unprecedented concerted economic policy response. The paper investigates potential cliff effects that may arise from the temporary nature of the measures adopted and their different phase-out schedules. It finds that the concern that premature policy tightening could jeopardise the recovery are overblown. The major challenges for economic policy lie in the medium term. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life ...
Enabling sovereign bond-backed securities
This briefing analyses the IA accompanying the legislative proposal of the Commission to enable market-led sovereign bond-backed securities (SBBS). The problem definition and the objectives of the IA do not follow entirely the better regulation guidelines. Nevertheless, the policy options, including the baseline scenario, seem logical and pertinent, lacking, however, necessary specification and precision. The assessment focusses on direct effects on the euro-area sovereign bonds market, expecting ...
Are Sovereign Bond-Backed Securities (‘SBBS’) a ‘self-standing’ proposal to address the sovereign bank nexus?
Further to the adoption by the Commission of a proposal for a Regulation on sovereign bond-backed securities (‘SBBS’) on 24 May 2018, this briefing outlines the main purposes of this “enabling regulatory framework” for the development of SBBS. SBBS have been presented by the Commission as a market-driven initiative. By removing regulatory obstacles that have hindered its development, this enabling framework would put SSBS to a market test. In that context, SBBS has been portrayed by Commission Vice ...
Sovereign bond-backed securities: Risk diversification and reduction
As a part of the European regulatory responses to the financial and sovereign debt crises, the European Commission has proposed a regulation on sovereign bond-backed securities (SBBS), a new class of low-risk securities backed by a diversified pool of national government bonds. The proposal seeks to provide an enabling framework for a market-led development of SBBS, thus encouraging banks and investors to diversify their holdings of euro area bonds. The proposal is meant to address a weakness that ...
LES RESSOURCES POUR LE FINANCEMENT DU FOND DE RECHERCHE DU CHARBON ET DE L’ACIER
Le traité instituant la CECA, conclu pour une durée de cinquante ans à dater de son entrée en vigueur, est arrivé à échéance le 23 juillet 2002. Dès lors, dans la perspective de son expiration et considérant les avantages que les secteurs du charbon et de l’acier ont retirés des programmes CECA de recherche et de développement technologique, le Conseil européen, dans sa résolution sur la croissance et l’emploi qu’il adopte à Amsterdam les 16 et 17 juin 1997, convient que les recettes provenant des ...
The ECB's Outright Monetary Transaction Programme compatibility with the EU Law (Judgment in case Gauweiller C-62/14)
The note provides a summary of the main points of the ECJ Judgment in the case Gauweiller C-62/14. It concerns the referral by the German Constitutional Court for the preliminary ruling about the compatibility of the ECB's Outright Monetary Transaction Programe announced in 2012 with the EU law.
Banks' Net Exposure to Home Sovereign
This note prepared by Economic Governance Support Unit gives an overview of the Banks’ average Net Exposure to Home Sovereign.