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Domaine politique
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European Stability Mechanism – Main Features, Instruments and Accountability

11-10-2019

This document presents the main features of the European Stability Mechanism (ESM), including governance, capital structure and funding sources, main lending instruments, as well as its oversight and accountability framework. It also reviews recent proposals and contributions on the possible evolution of the ESM. This note is regularly updated.

This document presents the main features of the European Stability Mechanism (ESM), including governance, capital structure and funding sources, main lending instruments, as well as its oversight and accountability framework. It also reviews recent proposals and contributions on the possible evolution of the ESM. This note is regularly updated.

China's growing role as a security actor in Africa

08-10-2019

China has emerged as an important economic, political but also security actor in Africa as a result of its 'Going out' policy officially launched in 2001, and the massive roll-out of its signature connectivity strategy, the Belt and Road Initiative (BRI), since 2013. The presence of Chinese citizens and economic assets in Africa has grown substantially due to China's expanding trade with, and China-funded infrastructure projects in, African countries. Many of those countries are plagued by intrastate ...

China has emerged as an important economic, political but also security actor in Africa as a result of its 'Going out' policy officially launched in 2001, and the massive roll-out of its signature connectivity strategy, the Belt and Road Initiative (BRI), since 2013. The presence of Chinese citizens and economic assets in Africa has grown substantially due to China's expanding trade with, and China-funded infrastructure projects in, African countries. Many of those countries are plagued by intrastate armed conflicts, jihadist terrorism or maritime piracy off their coasts. The rising number of violent attacks against Chinese workers, calls from the domestic Chinese audience for action, and surging economic loss are some of the factors that have compelled the Chinese government to react. China has shifted from uncompromising non-involvement to selective and incremental engagement in bilateral, regional and international cooperation on peace and security by nuancing, on a case-by-case basis, the narrow boundaries of its normative foreign policy framework, including the principle of non-interference in the internal affairs of foreign countries, that had made a previously inward-looking China for decades a free-rider on global security, provided by the US in particular. As in other fields, China has pursued a two-pronged approach to African security issues, to defend its economic and security interests and to expand its influence in Africa. On the one hand, it has contributed to existing multilateral structures and instruments to foster peace and security. It has participated in UN-led peacekeeping missions to Africa and in the UN-mandated counter-piracy action off the Horn of Africa. Both have provided the pretext for China to accelerate its massive blue-water navy build up, to be present in the Indian Ocean and beyond and to set up its first overseas military base, in Djibouti. On the other hand, it has expanded its military presence by engaging African countries bilaterally through joint drills, military training, and military infrastructure-building and multilaterally through the newly created China-Africa fora on security issues. Against this backdrop it remains to be seen how complementary or competitive the future EU-China security cooperation, which so far has remained in its infancy, will be in seeking 'African solutions to African problems'.

Amending capital requirements: The 'CRD-V package'

30-07-2019

In May 2019, the European Parliament and the Council (the co-legislators) adopted the legislative proposals amending the Capital Requirements Directive and Regulation, which establish the prudential framework for financial institutions operating in the EU. The amendments implement the most recent regulatory standards for banks, set at international level ('Basel III framework'). They also address some regulatory shortcomings and aim to contribute to sustainable bank financing of the economy. The ...

In May 2019, the European Parliament and the Council (the co-legislators) adopted the legislative proposals amending the Capital Requirements Directive and Regulation, which establish the prudential framework for financial institutions operating in the EU. The amendments implement the most recent regulatory standards for banks, set at international level ('Basel III framework'). They also address some regulatory shortcomings and aim to contribute to sustainable bank financing of the economy. The final acts were published in the Official Journal on 7 June 2019. The new provisions will for the most part apply as of 2021. Fourth edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

CAP horizontal regulation: Financing, management and monitoring of the common agricultural policy for 2021-2027

25-06-2019

As part of the preparation of the EU budget for 2021-2027, the European Commission put forward a new set of regulations to shape the future EU Common Agricultural Policy (CAP) on 1 June 2018. The proposal for a regulation on the financing, management and monitoring of the CAP provides the legislative framework for adapting the financing, management and monitoring rules to a new CAP delivery model. This seeks to achieve more subsidiarity and simplification, with greater responsibility given to Member ...

As part of the preparation of the EU budget for 2021-2027, the European Commission put forward a new set of regulations to shape the future EU Common Agricultural Policy (CAP) on 1 June 2018. The proposal for a regulation on the financing, management and monitoring of the CAP provides the legislative framework for adapting the financing, management and monitoring rules to a new CAP delivery model. This seeks to achieve more subsidiarity and simplification, with greater responsibility given to Member States, a shift from ensuring single transaction compliance to monitoring system performance in each Member State, and reduced 'red tape', among other things. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Turkish Cypriot community: Financial support instrument

10-04-2019

The Commission runs an aid programme for the Turkish Cypriot community in order to prepare for and facilitate reunification of Cyprus.

The Commission runs an aid programme for the Turkish Cypriot community in order to prepare for and facilitate reunification of Cyprus.

A new association of the Overseas Countries and Territories (including Greenland) with the European Union

20-02-2019

On 14 June 2018, in preparation for the new multiannual financial framework (2021 to 2027 MFF), the European Commission published a proposal for a Council decision on the Association of the Overseas Countries and Territories, including Greenland, with the European Union. For Greenland the main source of EU funding is currently the EU budget, while for the other overseas countries and territories, it is the European Development Fund, a financial instrument outside the EU budget. The proposed decision ...

On 14 June 2018, in preparation for the new multiannual financial framework (2021 to 2027 MFF), the European Commission published a proposal for a Council decision on the Association of the Overseas Countries and Territories, including Greenland, with the European Union. For Greenland the main source of EU funding is currently the EU budget, while for the other overseas countries and territories, it is the European Development Fund, a financial instrument outside the EU budget. The proposed decision would bring together the funds for all EU overseas countries and territories under the EU budget, as part of new Heading 6 'Neighbourhood and the world'. The European Parliament, which is only consulted, has adopted its legislative resolution on the proposal, in which it calls for an increase of the proposed budget for 2021-2027, and for better account to be taken of OCTs’ social and environmental circumstances.

Establishing a European Investment Stabilisation Function

17-01-2019

The European Commission has proposed to establish a European Investment Stabilisation Function. The accompanying IA focusses on the expected positive effects of the proposal, rather than providing a balanced assessment of different policy options and all their relevant impacts. The mostly qualitative analysis is complemented by some quantifications that are, to the Commission’s own admission, based on uncertain assumptions. The caveats, methods and models of the IA could have been better explained ...

The European Commission has proposed to establish a European Investment Stabilisation Function. The accompanying IA focusses on the expected positive effects of the proposal, rather than providing a balanced assessment of different policy options and all their relevant impacts. The mostly qualitative analysis is complemented by some quantifications that are, to the Commission’s own admission, based on uncertain assumptions. The caveats, methods and models of the IA could have been better explained to increase its transparency. The selection of the preferred option seems to be based on political considerations.

Reform of the European Globalisation Adjustment Fund

11-01-2019

The European Globalisation Adjustment Fund (EGF) was created in 2006 to finance active labour market policies targeting workers who have lost their jobs because of trade adjustment. The fund was subsequently modified in 2009 to cover major structural changes triggered by the economic and financial crisis. The rules of the EGF are laid down in EU Regulation (EU) No 1309/2013, which stipulates that the fund will continue to be financed until 31 December 2020. In May 2018, the European Commission submitted ...

The European Globalisation Adjustment Fund (EGF) was created in 2006 to finance active labour market policies targeting workers who have lost their jobs because of trade adjustment. The fund was subsequently modified in 2009 to cover major structural changes triggered by the economic and financial crisis. The rules of the EGF are laid down in EU Regulation (EU) No 1309/2013, which stipulates that the fund will continue to be financed until 31 December 2020. In May 2018, the European Commission submitted a proposal to reform the EGF and maintain it as a special instrument outside the MFF ceiling. The proposal introduces modifications to the eligibility criteria, the co-financing rules and the mobilisation procedure. The report was voted in the EMPL committee on 27 November 2018, and the report is due to be debated in plenary in January 2019, with a view to finalising Parliament's position for trilogue negotiations. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

European Investment Stabilisation Function (EISF)

10-01-2019

The idea behind the Commission's proposed European Investment Stabilisation Function is to use dedicated financial means from the EU budget to help Member States stabilise their economies in the event of a major asymmetric shock. The Commission would borrow on the financial markets and then lend to the country concerned, which would use the money to finance public investment. Once the crisis was over, the Member State would reimburse the debt. The Commission hopes the other Member States would agree ...

The idea behind the Commission's proposed European Investment Stabilisation Function is to use dedicated financial means from the EU budget to help Member States stabilise their economies in the event of a major asymmetric shock. The Commission would borrow on the financial markets and then lend to the country concerned, which would use the money to finance public investment. Once the crisis was over, the Member State would reimburse the debt. The Commission hopes the other Member States would agree to subsidise the interest payments incurred. The function would be limited to euro-area countries, but those that have entered the exchange rate mechanism II (ERM II) might also benefit. The lending would be quasi automatic once statistical data showed an exceptional and steep rise in unemployment. The dossier has met with considerable opposition at Council level.

Mobilisation of the EU Solidarity Fund: Payment of advances in the 2019 budget

11-12-2018

The European Union Solidarity Fund (EUSF) supports EU Member States struck by natural disasters, through providing financial assistance to contribute to a rapid return to normal conditions. A budgetary proposal to mobilise the EUSF in order to have advance payments available for affected countries in the 2019 budget, is scheduled to be voted during the December plenary session, together with the 2019 EU general budget. The proposed amount to be mobilised is €50 million.

The European Union Solidarity Fund (EUSF) supports EU Member States struck by natural disasters, through providing financial assistance to contribute to a rapid return to normal conditions. A budgetary proposal to mobilise the EUSF in order to have advance payments available for affected countries in the 2019 budget, is scheduled to be voted during the December plenary session, together with the 2019 EU general budget. The proposed amount to be mobilised is €50 million.

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