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Fostering cross-border investment – Law applicable to the third-party effects of assignments of claims

18-06-2018

The Commission is proposing to harmonise the conflict of law rules in regard to the applicable national law applicable to third-party effects in the case of cross-border assignments of rights. This initial appraisal of the Commission’s impact assessment on the proposal observes that the impact assessment is characterised by a lack of quantitative evidence and this is acknowledged explained by the impact assessment itself. The IA, however, still seems to make a reasonable case for the proposal on ...

The Commission is proposing to harmonise the conflict of law rules in regard to the applicable national law applicable to third-party effects in the case of cross-border assignments of rights. This initial appraisal of the Commission’s impact assessment on the proposal observes that the impact assessment is characterised by a lack of quantitative evidence and this is acknowledged explained by the impact assessment itself. The IA, however, still seems to make a reasonable case for the proposal on the basis mostly of legal analysis and supported by anecdotal evidence gathered through the stakeholder consultation.

Law applicable to the third-party effects of assignments of claims

18-06-2018

The assignment of a claim refers to a situation where a creditor transfers the right to claim a debt to another person. This system is used by companies to obtain liquidity and access credit. At the moment, there is no legal certainty as to which national law applies when determining who owns a claim after it has been assigned in a cross-border case. The new rules proposed by the Commission clarify which law is applicable for the resolution of such disputes: as a general rule, the law of the country ...

The assignment of a claim refers to a situation where a creditor transfers the right to claim a debt to another person. This system is used by companies to obtain liquidity and access credit. At the moment, there is no legal certainty as to which national law applies when determining who owns a claim after it has been assigned in a cross-border case. The new rules proposed by the Commission clarify which law is applicable for the resolution of such disputes: as a general rule, the law of the country where assignors have their habitual residence applies, regardless of which Member State's courts or authorities examine the case. This proposal will promote cross-border investment and access to cheaper credit, and prevent systemic risks.

Ranking of bank creditors in insolvency

24-11-2017

One of the proposals from the 2016 banking reform package, dealing with the ranking of unsecured debt instruments in insolvency hierarchy, is due to be voted during the November II plenary.

One of the proposals from the 2016 banking reform package, dealing with the ranking of unsecured debt instruments in insolvency hierarchy, is due to be voted during the November II plenary.

TARGET (IM)BALANCES AT RECORD LEVEL: SHOULD WE WORRY?

16-11-2017

TARGET balances are the claims and liabilities of euro area national central banks (NCBs) with the ECB. TARGET balances add up to zero but the sum of the absolute value of these balances has grown substantially since 2008. The levels of TARGET balances within the Eurosystem has never been so high. In September 2017, Germany’s positive TARGET balance equalled €879 billion, which is over 25 percent of current German GDP. Luxembourg, Netherlands and Finland have also built up large claims relative to ...

TARGET balances are the claims and liabilities of euro area national central banks (NCBs) with the ECB. TARGET balances add up to zero but the sum of the absolute value of these balances has grown substantially since 2008. The levels of TARGET balances within the Eurosystem has never been so high. In September 2017, Germany’s positive TARGET balance equalled €879 billion, which is over 25 percent of current German GDP. Luxembourg, Netherlands and Finland have also built up large claims relative to their levels of GDP. On the other side, Italy (€432 billion) and Spain (€373 billion) have built up large negative balances. The ECB itself had a negative TARGET balance of €215 billion in September 2017.

Application of the European Order for Payment

25-11-2016

On 17 October 2016, Parliament's Legal Affairs Committee adopted a report on the application of the European Order for Payment procedure. The report is very critical of the Commission's belated implementation report and looks for the plenary to call upon the Commission to submit a fresh one.

On 17 October 2016, Parliament's Legal Affairs Committee adopted a report on the application of the European Order for Payment procedure. The report is very critical of the Commission's belated implementation report and looks for the plenary to call upon the Commission to submit a fresh one.

The European order for payment procedure: European Implementation Assessment

11-07-2016

This European Implementation Assessment aims to present an assessment of the functioning of the European order for payment procedure since its introduction, highlighting the main achievements of the procedure and the key implementation problems and concerns. Accordingly, this indepth analysis examines the European Commission's report on the application of the procedure and other published material on the subject by academics and practitioners, critically reviewing the overall findings. It has been ...

This European Implementation Assessment aims to present an assessment of the functioning of the European order for payment procedure since its introduction, highlighting the main achievements of the procedure and the key implementation problems and concerns. Accordingly, this indepth analysis examines the European Commission's report on the application of the procedure and other published material on the subject by academics and practitioners, critically reviewing the overall findings. It has been drafted to support the European Parliament's Committee on Legal Affairs' owninitiative Implementation Report on the EU order of payment procedure, rapporteur: Kostas Chrysogonos (GUE/NGL, Greece).

Reform of the European Small Claims Procedure

14-07-2015

Second Edition - July 2015 On 23 June 2015, the European Parliament and the Council agreed on a compromise regarding the reform of the European Small Claims Procedure (ESCP). The compromise, which still requires to be formally adopted by the two co-legislators in the coming months, provides that the ceiling for claims will be raised from the current €2 000 to €5 000. In five years' time the Commission will be asked to look into the possibility of raising the ceiling even further. The court fees charged ...

Second Edition - July 2015 On 23 June 2015, the European Parliament and the Council agreed on a compromise regarding the reform of the European Small Claims Procedure (ESCP). The compromise, which still requires to be formally adopted by the two co-legislators in the coming months, provides that the ceiling for claims will be raised from the current €2 000 to €5 000. In five years' time the Commission will be asked to look into the possibility of raising the ceiling even further. The court fees charged to claimants will have to be proportional to the value of the claim, but there will be no fixed cap on fees. Member States will have to accept electronic payments of court fees. The Commission's proposal to expand the scope of the ESCP to domestic cases with some cross-border implications was not taken on board. Although for the time being employment cases will not be subject to the ESCP, the Commission will be asked to look into the matter again in five years' time. The use of remote communications technology, like videoconferencing, will be increased and encouraged, although the Member States will not be under a legal duty to install such equipment. This briefing updates an earlier edition of 20 May 2015, PE 557.014.

Reform of the European Small Claims Procedure

20-05-2015

The European Small Claims Procedure (ESCP) became operational on 1 January 2009, as a special, EU-wide procedure available both to consumers and traders for pursuing cross-border claims within the Internal Market of a value not exceeding €2 000. During the first five years of its existence, however, the ESCP has been used only rarely. In 2013, the Commission proposed to amend the ESCP Regulation, to raise the ceiling for claims to €10 000, expand the definition of a 'cross-border case', increase ...

The European Small Claims Procedure (ESCP) became operational on 1 January 2009, as a special, EU-wide procedure available both to consumers and traders for pursuing cross-border claims within the Internal Market of a value not exceeding €2 000. During the first five years of its existence, however, the ESCP has been used only rarely. In 2013, the Commission proposed to amend the ESCP Regulation, to raise the ceiling for claims to €10 000, expand the definition of a 'cross-border case', increase the use of electronic communication, introduce a ceiling on court fees (10% of the claim's value) and oblige Member States to accept payment of court fees in electronic form. In April 2015, Parliament's Legal Affairs Committee adopted its report. It proposes to rename the procedure the 'European Simplified Procedure' and raise the ceiling for claims to €5 000 against natural persons, and €10 000 against legal persons. It is against weakening the cross-border requirement, but would allow claims under labour law and privacy law to be included in the regulation. The Committee would also lower the ceiling for court fees from 10% to 5% of the claim's value. A more recent edition of this document is available. Find it by searching by the document title at this address: http://www.europarl.europa.eu/thinktank/en/home.html

Orders for payment in the EU: National procedures and the European Order for Payment

04-12-2013

Every year, 1 million small businesses in the EU face problems with collecting cross-border debts, and as much as €600 million in cross-border claims are never satisfied. Domestic orders for payment, which exist in many Member States, are an effective tool for the collection of domestic debts, but often are not practical for cross-border use. Therefore, in order to supplement the existing national measures, the EU legislature has created a European Order for Payment procedure which is available for ...

Every year, 1 million small businesses in the EU face problems with collecting cross-border debts, and as much as €600 million in cross-border claims are never satisfied. Domestic orders for payment, which exist in many Member States, are an effective tool for the collection of domestic debts, but often are not practical for cross-border use. Therefore, in order to supplement the existing national measures, the EU legislature has created a European Order for Payment procedure which is available for cross-border claims for money, especially arising from a contract.

Banking Union: The Single Resolution Mechanism (Monetary Dialogue 18 February 2013)

11-03-2013

A Single Resolution Mechanism (SRM) is one of the main pillars of the Banking Union project. The notes in this compilation examine options for a possible future design of a SRM in more detail and put this mechanism into a broader context.

A Single Resolution Mechanism (SRM) is one of the main pillars of the Banking Union project. The notes in this compilation examine options for a possible future design of a SRM in more detail and put this mechanism into a broader context.

Išorės autorius

Nicolas VÉRON (Bruegel and the Peterson Institute for International Economics, Washington DC), Guntram B. WOLFF (Bruegel), Thorsten BECK (Tilburg University), Daniel GROS (Centre for European Policy Studies - CEPS), Dirk SCHOENMAKER (Duisenberg School of Finance - DSF) and Sylvester C.W. EIJFFINGER (CentER and EBC, Tilburg University and CEPR) with research assistance performed by Louis RAES (Tilburg University)

Būsimi renginiai

03-03-2020
Demographic Outlook for the EU in 2020: Understanding population trends in the EU
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05-03-2020
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