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Next Generation EU Borrowing: a first assessment

Analisi approfondita 29-10-2021

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.

This document presents the latest credit ratings issued by the three major Credit Rating Agencies for the Euro Area Member States and three European institutions that issue “EU bonds”: the EU Commission, the European Investment Bank and the European Stabilisation Mechanism. It provides an overview of the framework of sovereign credit ratings and shows their relationship with the financing costs of Euro Area Member States.

Il nuovo quadro per le cartolarizzazioni semplici, trasparenti e standardizzate (STS) si ripercuote sul quadro prudenziale complessivo per gli enti creditizi e le imprese di investimento. La Commissione ha proposto di conseguenza di modificare il vigente regolamento sui requisiti patrimoniali (CRR) e di adeguare i profili di mantenimento del rischio al fine di riflettere adeguatamente le caratteristiche specifiche delle cartolarizzazioni STS. Il Parlamento si appresta a votare la proposta durante ...

This study addresses the implications and economic impact of several scenarios of the UK leaving the EU in relation to financial services, ranging from a ‘hard Brexit’ without any arrangements concerning financial services to the current state of affairs under the terms of a full EU membership. Special focus is put on a peculiar variation of ‘hard Brexit’, which are the third-country regimes in the current EU secondary legal framework that allow partial access to the EU single market based on ‘equivalence ...

The 'Big Three' credit rating agencies – Standard & Poor's, Moody's, and Fitch – enjoy an oligopolistic position on the market for the rating of private and public debt. In the run-up to the financial crisis, we now know, they were over-optimistic with their ratings, but once the crisis hit, their ratings went into a very fast downward spiral. This is considered to have contributed to the severity of the crisis. A similar pattern could be observed when the sovereign debt crisis started in the European ...