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Coronavirus and international sanctions: Should sanctions be eased during the pandemic?

20-05-2020

The coronavirus pandemic has raised concerns that international sanctions may be exacerbating the risk of a humanitarian crisis. In March 2020, United Nations Secretary-General António Guterres called on world leaders to waive restrictions on food and medicines that are affecting the world's most vulnerable countries. Especially since the suffering caused by the international trade embargo against Iraq in the 1990s, the European Union has sought to design its sanctions for maximum effect at the least ...

The coronavirus pandemic has raised concerns that international sanctions may be exacerbating the risk of a humanitarian crisis. In March 2020, United Nations Secretary-General António Guterres called on world leaders to waive restrictions on food and medicines that are affecting the world's most vulnerable countries. Especially since the suffering caused by the international trade embargo against Iraq in the 1990s, the European Union has sought to design its sanctions for maximum effect at the least possible humanitarian cost. Usually it does this by targeting restrictions at key individuals or organisations, and in some cases sectors, rather than a country's economy as a whole. Critics of sanctions claim that US-imposed trade restrictions have prevented Iran from purchasing essential medical supplies needed to fight the pandemic. They also argue that EU and US sanctions make desperately impoverished Zimbabwe and Sudan even more vulnerable than they would otherwise be. Both the European Union and the United States defend their policies, but acknowledge the importance of humanitarian exceptions. Although the European Union has not said that it will lift any of its restrictive measures, it has offered various forms of support to several sanctions-hit countries.

Association agreement between the EU and the Republic of Moldova

19-05-2020

The European Implementation Assessment (EIA) evaluates the implementation of the EU association agreement (EU AA), including the Deep and Comprehensive Free Trade Agreement (DCFTA), with the Republic of Moldova. The EIA presents progress and challenges in the implementation of reforms in this Eastern Partnership country since July 2018, when a previous report was published, until now. The EIA consists of two parts, an opening analysis prepared internally by the DG EPRS and a briefing paper prepared ...

The European Implementation Assessment (EIA) evaluates the implementation of the EU association agreement (EU AA), including the Deep and Comprehensive Free Trade Agreement (DCFTA), with the Republic of Moldova. The EIA presents progress and challenges in the implementation of reforms in this Eastern Partnership country since July 2018, when a previous report was published, until now. The EIA consists of two parts, an opening analysis prepared internally by the DG EPRS and a briefing paper prepared externally by the Centre of Eastern Studies (OSW). The EIA has been prepared to accompany the European Parliament Committee on Foreign Affairs (AFET) in its scrutiny work, namely on its work on the own-initiative annual implementing report on the EU association agreement with Moldova.

Can the Euro Dethrone the US Dollar as the Dominant Global Currency? Not so Soon, if Ever

15-05-2020

The euro is the second most important global currency after the US dollar. However, its international role has not increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial market for US dollar-denominated assets is larger and deeper; network externalities and inertia also play a role. Increasing the attractiveness of the euro outside the euro area requires, among others, a proactive role for the European Central Bank and completing ...

The euro is the second most important global currency after the US dollar. However, its international role has not increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial market for US dollar-denominated assets is larger and deeper; network externalities and inertia also play a role. Increasing the attractiveness of the euro outside the euro area requires, among others, a proactive role for the European Central Bank and completing the Banking Union and Capital Market Union. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs.

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Marek DABROWSKI

The International Role of the Euro: State of Play and Economic Significance

15-05-2020

This paper summarises recent trends in the international use of the euro and potential benefits and drawbacks of acquiring the status of an international currency, with a focus on implications for monetary policy. The benefits of international currency status are found to likely be limited and the effects on monetary policy to be ambiguous. The international role of the euro could be strengthened by policy initiatives in specific markets or as a by-product of improvements in the soundness of euro ...

This paper summarises recent trends in the international use of the euro and potential benefits and drawbacks of acquiring the status of an international currency, with a focus on implications for monetary policy. The benefits of international currency status are found to likely be limited and the effects on monetary policy to be ambiguous. The international role of the euro could be strengthened by policy initiatives in specific markets or as a by-product of improvements in the soundness of euro area economic and fiscal policies. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs.

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Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Josefin MEYER

The Euro and the Geopolitics of Post-COVID-19

15-05-2020

This note provides a critical overview on the current status and recent trends related to the euro’s international standing over the last decade and reflects on the opportunities and risks for the role of the euro going forward, including the post-COVID-19 international trade and political order. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs.

This note provides a critical overview on the current status and recent trends related to the euro’s international standing over the last decade and reflects on the opportunities and risks for the role of the euro going forward, including the post-COVID-19 international trade and political order. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs.

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Corrado MACCHIARELLI

Global Currencies During a Crisis: Swap Line Use Reveals the Crucial Ones

15-05-2020

The current crisis has confirmed the importance of the currency swap lines offered by the Federal Reserve. They enhance the role of the USD as the dominant global currency. However, one should not expect much impact on the international role of the euro when the ECB offers similar currency swap lines. Currency competition is not won by competing on the generosity of currency swap lines. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at ...

The current crisis has confirmed the importance of the currency swap lines offered by the Federal Reserve. They enhance the role of the USD as the dominant global currency. However, one should not expect much impact on the international role of the euro when the ECB offers similar currency swap lines. Currency competition is not won by competing on the generosity of currency swap lines. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic and Monetary Affairs.

Awtur estern

Daniel GROS, Angela CAPOLONGO

International Role of the Euro: A Monetary Policy View

15-05-2020

At the intersection between international economics and geopolitics, propositions and predictions on how the euro could challenge the global dominance of the US dollar have been circulating since the inception of the common currency. After an initial period of expansion, since 2006 the euro’s international role has largely diminished or stagnated. Developments such as the resurgence of trade protectionism and, more recently, the COVID-19 crisis bring about a number of risks and opportunities for ...

At the intersection between international economics and geopolitics, propositions and predictions on how the euro could challenge the global dominance of the US dollar have been circulating since the inception of the common currency. After an initial period of expansion, since 2006 the euro’s international role has largely diminished or stagnated. Developments such as the resurgence of trade protectionism and, more recently, the COVID-19 crisis bring about a number of risks and opportunities for the euro at the global stage. In advance of the Monetary Dialogue with ECB President Lagarde on 8 June 2020, the ECON Committee’s Monetary Expert Panel has prepared a set of four papers on this topic. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Awtur estern

Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Josefin MEYER, Corrado MACCHIARELLI, Marek DABROWSKI, Daniel GROS, Angela CAPOLONGO

Challenges facing India's democracy and economy

13-05-2020

India has a 70-year history of democracy, tolerance and rule of law, and a successful record of managing its patchwork of cultures and religions. In recent months, however, following the second consecutive victory of Prime Minister Narendra Modi's Bharatiya Janata Party in the May 2019 general elections, this situation has been changing under the impact of an ever-increasing Hindu nationalist grip on society and politics. After Jammu and Kashmir, India's only Muslim-majority state, lost its autonomy ...

India has a 70-year history of democracy, tolerance and rule of law, and a successful record of managing its patchwork of cultures and religions. In recent months, however, following the second consecutive victory of Prime Minister Narendra Modi's Bharatiya Janata Party in the May 2019 general elections, this situation has been changing under the impact of an ever-increasing Hindu nationalist grip on society and politics. After Jammu and Kashmir, India's only Muslim-majority state, lost its autonomy, the government adopted the Citizenship (Amendment) Act (CAA), allowing foreigners from six religious communities living in three neighbouring countries to apply for Indian citizenship at a faster pace. This new legislation has prompted protests and divisions across India, as, according to both internal and external observers, citizenship would be determined along religious criteria, which risks undermining the country's traditional secularism. The government's plan to launch a national register of citizens has further increased the Muslim community's fear of discrimination. Communal tensions flared into violence in late February 2020 in Delhi, claiming 53 lives. At the same time, India's economy is experiencing a severe downturn: even before the coronavirus outbreak started to have an effect, its growth was slackening and so was job creation, while at the same time unemployment is high, consumer confidence and spending are low, and trust in the banking sector is eroding as credit weakness and non-performing loans hinder its performance. Contrary to expectations, the Union budget for financial year 2021 has not tackled existing structural weaknesses or generated a large fiscal stimulus as an answer to the slowdown.

World Health Organization: Is it fit for purpose?

12-05-2020

The World Health Organization (WHO) declared Covid-19, the disease resulting from the novel coronavirus SARS-COV2, a pandemic on 11 March 2020, putting the United Nations (UN) agency in the global spotlight. The WHO is coordinating international efforts to fight the virus, for example by issuing guidelines on preventing and treating the disease, and coordinating research into testing and vaccines. Critics argue that the WHO was overly accommodating of China, and as a result failed to handle the pandemic ...

The World Health Organization (WHO) declared Covid-19, the disease resulting from the novel coronavirus SARS-COV2, a pandemic on 11 March 2020, putting the United Nations (UN) agency in the global spotlight. The WHO is coordinating international efforts to fight the virus, for example by issuing guidelines on preventing and treating the disease, and coordinating research into testing and vaccines. Critics argue that the WHO was overly accommodating of China, and as a result failed to handle the pandemic effectively in its early stages. According to them, the WHO too readily accepted Chinese reassurances that there was no evidence of human-to-human transmission. The WHO also failed to hold China to account for its initial cover-up, and even praised its transparency. Even before coronavirus, the WHO already had a mixed track record, including, on the one hand, successful eradication of smallpox, and on the other, a delayed response to the West African Ebola epidemic of 2014, which may have cost thousands of lives. Its failures, both in the Covid-19 pandemic and in previous health crises, highlight long-standing problems: the agency is weak, underfunded, and its complex organisational structure can get in the way of effective action. Underlying such weaknesses is the fact that the WHO is entirely dependent on cooperation from its member states and can only act within the limits set by them. While Covid-19 has highlighted many of the WHO's weaknesses, it is also a reminder that diseases respect no borders, and that the organisation's task of global coordination has become more necessary than ever.

Macro-financial assistance to enlargement and neighbourhood partners in the coronavirus crisis

11-05-2020

On 22 April 2020, the European Commission submitted a proposal for a decision for macro-financial assistance (MFA) to support ten enlargement and neighbourhood partner countries in their efforts to mitigate the economic and social consequences of the coronavirus pandemic, for a total amount of €3 billion. The Parliament is expected to vote on its position on the legislative proposal during the May plenary session.

On 22 April 2020, the European Commission submitted a proposal for a decision for macro-financial assistance (MFA) to support ten enlargement and neighbourhood partner countries in their efforts to mitigate the economic and social consequences of the coronavirus pandemic, for a total amount of €3 billion. The Parliament is expected to vote on its position on the legislative proposal during the May plenary session.

Avvenimenti fil-ġejjieni

03-06-2020
EPRS online Book Talk | One of Them: From Albert Square to Parliament Square
Avveniment ieħor -
EPRS
11-06-2020
CONT Public Hearing: Implementation of EU funds
Smigħ -
CONT
15-06-2020
EPRS online Book Talk | A Certain Idea of France: The life of Charles de Gaulle
Avveniment ieħor -
EPRS

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