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The InvestEU programme: Continuing EFSI in the next MFF

09-04-2019

Since its launch in November 2014, the Investment Plan for Europe (IPE) has had considerable success in mobilising private investment across Europe. Despite its success, investment levels in Europe remain below pre-crisis levels. There is therefore a need to provide for an extended EU investment programme under the new multiannual financial framework (MFF), which caters for multiple objectives in terms of simplification, flexibility, synergies and coherence across relevant EU policies. The InvestEU ...

Since its launch in November 2014, the Investment Plan for Europe (IPE) has had considerable success in mobilising private investment across Europe. Despite its success, investment levels in Europe remain below pre-crisis levels. There is therefore a need to provide for an extended EU investment programme under the new multiannual financial framework (MFF), which caters for multiple objectives in terms of simplification, flexibility, synergies and coherence across relevant EU policies. The InvestEU programme, expected to run from 2021 onwards, has been designed to address this challenge. It will bring diverse EU financial instruments within a single structure, making EU funding for investment projects in Europe simpler and more efficient and flexible. It will build on the success achieved by the European Fund for Strategic Investments (EFSI) and consist of the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. Negotiators for Parliament and Council have reached a partial agreement on the text of the proposal, excluding budgetary figures and other elements which will not be finalised until overall agreement on the new MFF. Parliament is due to vote on that agreement in April 2019.

Framework for a pan-European personal pension product (PEPP)

21-11-2018

Europe’s population is ageing, due to people living longer and having fewer children, putting pressure on pension systems and leading to reforms to make public pensions more sustainable – and often less generous – in future. To support retirement incomes, the European Commission’s 2012 pensions white paper called for more opportunities for citizens to save in safe and good-value complementary pensions. The proposed framework for a pan-European personal pension product (PEPP) aims to encourage the ...

Europe’s population is ageing, due to people living longer and having fewer children, putting pressure on pension systems and leading to reforms to make public pensions more sustainable – and often less generous – in future. To support retirement incomes, the European Commission’s 2012 pensions white paper called for more opportunities for citizens to save in safe and good-value complementary pensions. The proposed framework for a pan-European personal pension product (PEPP) aims to encourage the development of personal pensions (that is, voluntary, individually funded pensions) in Europe, to support retirement saving and strengthen the single market for capital by making more funds available for investment. Generally the proposal is considered a welcome extra option to support retirement savings and investment. However differing national pension systems and tax treatments are noted as challenges, although the Commission has also issued a tax recommendation. Council agreed a general approach on 19 June 2018 and the ECON committee voted its report and negotiating mandate on 3 September, hence trilogues have started. Second edition. The ‘EU Legislation in Progress’ briefings are updated at key stages throughout the legislative procedure. Please note this document has been designed for on-line viewing.

Pan-European pension product

21-03-2018

This European added value assessment, prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON), analyses the added value of a pan-European pension product, in particular from the taxation viewpoint. It presents the issues that led to the PEPP proposal being made and provides a short overview of key stakeholders' opinions and existing studies. Moreover it considers the question of PEPP taxation and the impact of costs on final pensions. The analysis concludes by identifying ...

This European added value assessment, prepared for the European Parliament's Committee on Economic and Monetary Affairs (ECON), analyses the added value of a pan-European pension product, in particular from the taxation viewpoint. It presents the issues that led to the PEPP proposal being made and provides a short overview of key stakeholders' opinions and existing studies. Moreover it considers the question of PEPP taxation and the impact of costs on final pensions. The analysis concludes by identifying the potential European added value that could be achieved by means of the PEPP proposal.

2018 Recommendations on the economic policy of the Euro Area: A comparison of Commission and Council texts (the ‘comply or explain’ principle)

08-02-2018

This document compares the draft 2018 Recommendations for the economic policy of the Euro Area proposed by the European Commission on 22 November 2017 with the 2018 Euro Area draft recommendation revised by the Economic and Financial Committee on 17 January 2018 and to be approved by the Council (ECOFIN) on 23 January 2018.

This document compares the draft 2018 Recommendations for the economic policy of the Euro Area proposed by the European Commission on 22 November 2017 with the 2018 Euro Area draft recommendation revised by the Economic and Financial Committee on 17 January 2018 and to be approved by the Council (ECOFIN) on 23 January 2018.

Feasibility Check: Transition to a New Regime for Bank Sovereign Exposure?

20-11-2017

Excessive sovereign debt exposures of banks contributed to the gravity of the financial and sovereign debt crisis in 2011 and 2012, as well as to the slow and asymmetric recovery of European countries. Various policies that improve banks’ resilience were introduced in recent years, however the regulatory regime for the sovereign debt exposure of banks has not changed. We identify four criteria that a new regime for bank sovereign exposures should fulfil: (1) attenuate the home bias to the domestic ...

Excessive sovereign debt exposures of banks contributed to the gravity of the financial and sovereign debt crisis in 2011 and 2012, as well as to the slow and asymmetric recovery of European countries. Various policies that improve banks’ resilience were introduced in recent years, however the regulatory regime for the sovereign debt exposure of banks has not changed. We identify four criteria that a new regime for bank sovereign exposures should fulfil: (1) attenuate the home bias to the domestic sovereign, (2) break the doom loop, (3) avoid a flight-to-quality of assets, and (4) mitigate risk spillovers. We assess the implications for banks’ balance sheets for five policy proposals, based on simulations on a sample of European banks. We show that none of the proposals would fulfil all four criteria in the absence of a safe asset. We conclude that a new regime for bank sovereign exposure should be conditional on restoring the value of sovereign bonds as a safe asset.

Išorės autorius

Yannik M. Schneider, Sascha Steffen

The Joint Africa-EU Strategy

15-11-2017

Implementation of the Joint Africa-EU Strategy (JAES) has taken place in a rapidly evolving political scenario at the global level and specifically within Europe and Africa. The overarching objectives identified in 2007 still remain valid, but concrete priorities now need to be adapted to the new reality. At the strategic level, a refinement of the Africa-EU partnership has become urgent following the adoption of Agenda 2063 and the EU Global Strategy. At policy level, lessons learned from the implementation ...

Implementation of the Joint Africa-EU Strategy (JAES) has taken place in a rapidly evolving political scenario at the global level and specifically within Europe and Africa. The overarching objectives identified in 2007 still remain valid, but concrete priorities now need to be adapted to the new reality. At the strategic level, a refinement of the Africa-EU partnership has become urgent following the adoption of Agenda 2063 and the EU Global Strategy. At policy level, lessons learned from the implementation of the Roadmap 2014-17 and the way ahead indicated in the Joint Communication of May 2017 should be taken into account. Ten years after its adoption and with a view to the next AU-EU Summit, being held in Abidjan on 29-30 November 2017, it is crucial to re-assess the strategy’s validity on the basis of achievements and shortfalls, also in its parliamentary dimension, with regard to the fulfilment of its objectives in an evolving context.

Išorės autorius

Nicoletta PIROZZI, Institutional Relations Manager & Head of Programme, Istituto Affari Internazional, Italy, Nicoló SARTORI, Senior Fellow & Head of Programme, Istituto Affari Internazionali, Italy, Bernardo VENTURI, Researcher, Istituto Affari Internazionali, Italy

Pan-European Personal Pension Product

27-10-2017

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 29 June 2017 and referred to Parliament’s Committee on Economic and Monetary Affairs (ECON). Pension systems across the EU vary considerably. While state-based public pensions constitute the most important part of retirement income, they may be complemented by occupational pensions and/or (national) personal pensions (private ...

This note seeks to provide an initial analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying the above proposal, adopted on 29 June 2017 and referred to Parliament’s Committee on Economic and Monetary Affairs (ECON). Pension systems across the EU vary considerably. While state-based public pensions constitute the most important part of retirement income, they may be complemented by occupational pensions and/or (national) personal pensions (private pension savings by households) (IA, pp. 4-5). The IA observes that although demographic change and limited public budgets increase the pressure on public pension systems and their adequacy, currently only 27 % of the EU population between 25 and 59 years old, representing 13 % of the total EU population, invest in personal pensions (IA, p. 11, Annex 6, pp. 97-98). Moreover, the 2015 Action Plan on a Capital Markets Union found the single market for personal pension products to be highly fragmented, due to divergent national and European rules. It concluded that this fragmentation prevented providers from developing innovative and competitive products and savers from receiving good quality, flexible and easily portable personal pensions (IA, p. 4, 9). The availability of personal pension products varies widely from Member State to Member State, and the existing offers differ considerably as regards both their accumulation (saving) and decumulation (pay-out) phases; this makes their portability difficult and leads to a generally low take-up. Against this backdrop, as announced in its mid-term review of the Capital Markets Union Action Plan, the Commission came forward in June 2017 with a legislative proposal to create a voluntary pan-European personal pension product (PEPP). The aim is to complement the existing national personal pensions and to encourage private capital investments in retirement savings on an EU scale. Given the relevance of tax incentives for personal pension products, the proposal is accompanied by a recommendation on tax treatment of such products by Member States, which is also covered by the IA under examination.

Išorės autorius

Kramer, Esther

Argentina ahead of the 2017 mid-term elections

10-10-2017

Since his election in 2015, Argentina's centre-right President, Mauricio Macri, has pursued sweeping domestic and foreign policy reforms, although his 'Let's Change' (Cambiemos) coalition of centre-right and centre-left parties holds only a minority of seats in the bicameral Congress. His presidency has marked a major shift from left-wing populism under his predecessors, Néstor Kirchner (2003-2007) and Cristina Fernández de Kirchner (2007-2015), to economic neoliberalism. The mid-term vote on 22 ...

Since his election in 2015, Argentina's centre-right President, Mauricio Macri, has pursued sweeping domestic and foreign policy reforms, although his 'Let's Change' (Cambiemos) coalition of centre-right and centre-left parties holds only a minority of seats in the bicameral Congress. His presidency has marked a major shift from left-wing populism under his predecessors, Néstor Kirchner (2003-2007) and Cristina Fernández de Kirchner (2007-2015), to economic neoliberalism. The mid-term vote on 22 October 2017, to renew one third of the Senate and half of the Chamber of Deputies, will reveal whether President Macri has a strong mandate to press ahead with his pro-business policies.

The Corporate Sector Purchase Programme (CSPP): Challenges and future prospects

15-09-2017

Large-scale asset purchase programmes are a form of monetary policy in which market interest rates are reduced by different amounts at different maturities – and lower them at the long rates that affect investment and consumption decisions. They are designed to stimulate spending by increasing liquidity, raising asset prices, creating wealth effects, lowering borrowing costs and increasing investment. Corporate bond purchases (CSPP) are complementary to, not an alternative to standard QE policies ...

Large-scale asset purchase programmes are a form of monetary policy in which market interest rates are reduced by different amounts at different maturities – and lower them at the long rates that affect investment and consumption decisions. They are designed to stimulate spending by increasing liquidity, raising asset prices, creating wealth effects, lowering borrowing costs and increasing investment. Corporate bond purchases (CSPP) are complementary to, not an alternative to standard QE policies. They increase the impact of QE policies; widen the pool of (potentially) high quality assets that can be used (itself a risk reducing measure that reduces the pressure on reserves); and make it easier to steer economic performance by reducing risk premia, that is sectoral or regional interest spreads. That not only reduces average borrowing costs; it delivers better economic performance where it matters most. More important perhaps, this technique allows us to bypass the risk aversion and regulatory constraints in the banking system that have limited the transmission of greater liquidity into loans and new investment spending despite lower borrowing costs. The risks to the ECB’s balance sheet appear to be small, and likely to be less than using bonds from highly indebted governments.

Išorės autorius

Andrew HUGHES HALLETT

The corporate sector purchase programme (CSPP): Challenges and future prospects

15-09-2017

The ECB has adopted a variety of different unconventional monetary policy measures since the Global Financial Crisis. In 2016, the ECB additionally adopted the corporate sector purchase programme (CSPP), during which the ECB buys bonds of the private non-financial sector for the first time. One important reason for the adoption of the CSPP possibly was that business investment has been persistently weak in the euro area after the Global Financial Crisis. In this briefing paper, we provide a first ...

The ECB has adopted a variety of different unconventional monetary policy measures since the Global Financial Crisis. In 2016, the ECB additionally adopted the corporate sector purchase programme (CSPP), during which the ECB buys bonds of the private non-financial sector for the first time. One important reason for the adoption of the CSPP possibly was that business investment has been persistently weak in the euro area after the Global Financial Crisis. In this briefing paper, we provide a first assessment of the CSPP, including a discussion of challenges for and future prospects of the programme.

Išorės autorius

Salomon FIEDLER, Nils JANNSEN, Matthias RADDANT (Kiel Institute for the World Economy)

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