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Sustainable finance – EU taxonomy: A framework to facilitate sustainable investment

27-07-2020

In March 2018, the European Commission presented an action plan on sustainable finance, in order to facilitate investments in sustainable projects and assets across the EU. In May 2018, the Commission put forward a package of three proposals, including measures to create a sustainable taxonomy for the EU; provide clarity on how environmental, social and governance factors can be taken into account for investment decisions; and establish low-carbon benchmarks. The first proposal focuses on establishing ...

In March 2018, the European Commission presented an action plan on sustainable finance, in order to facilitate investments in sustainable projects and assets across the EU. In May 2018, the Commission put forward a package of three proposals, including measures to create a sustainable taxonomy for the EU; provide clarity on how environmental, social and governance factors can be taken into account for investment decisions; and establish low-carbon benchmarks. The first proposal focuses on establishing a common language for sustainable finance (e.g. a unified EU classification system, or taxonomy) through a framework of uniform criteria, as a way to determine whether a given economic activity is environmentally sustainable. On 11 March 2019, the ECON-ENVI joint committee adopted a report on the Commission proposal, calling for a number of changes. On 28 March 2019, the Parliament adopted its position at first reading. After interinstitutional negotiations, on 17 June 2020, the Parliament adopted the compromise text at second reading. The final act was published in the Official Journal on 22 June, and applies as of 12 July although certain provisions apply only as of January 2022 or January 2023. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

How to make the European Semester more effective and legitimate?

24-07-2020

The Commission has launched an assessment and revision of the so-called six-pack and two-pack legislative packages. This paper assesses the successes and shortcomings of the European Semester with a focus on legitimacy, effectiveness and ownership. It argues that in order to address these problems, the framework should be redesigned from a new starting point, which builds on existing divisions of competence and clear decision making structures. This would help to restore the honesty and credibility ...

The Commission has launched an assessment and revision of the so-called six-pack and two-pack legislative packages. This paper assesses the successes and shortcomings of the European Semester with a focus on legitimacy, effectiveness and ownership. It argues that in order to address these problems, the framework should be redesigned from a new starting point, which builds on existing divisions of competence and clear decision making structures. This would help to restore the honesty and credibility of the Semester, which should be geared at supporting accountability at the national level.

Autor externo

Päivi LEINO-SANDBERG, Fernando LOSADA FRAGA

Future financing of the Union: MFF, Own Resources and Next Generation EU

22-07-2020

On 21 July, EU Heads of State or Government reached a political agreement on the future design of EU finances. The next step involves negotiations between Parliament, whose consent is required for the adoption of the EU’s multiannual financial framework (MFF), and Council. In an extraordinary part-session two days later, Parliament is expected to vote on a motion for a resolution that confirms Parliament’s readiness to enter immediately into negotiations to improve the deal and sets out conditions ...

On 21 July, EU Heads of State or Government reached a political agreement on the future design of EU finances. The next step involves negotiations between Parliament, whose consent is required for the adoption of the EU’s multiannual financial framework (MFF), and Council. In an extraordinary part-session two days later, Parliament is expected to vote on a motion for a resolution that confirms Parliament’s readiness to enter immediately into negotiations to improve the deal and sets out conditions for its consent to the MFF.

Benefits and drawbacks of an “expenditure rule”, as well as of a "golden rule", in the EU fiscal framework

20-07-2020

Given the current crisis, all fiscal rules have been suspended. When the economy recovers, both expenditure and structural balance rules will be more difficult to apply as the level and growth of potential output will become more uncertain. Focussing on reducing high debt levels might at that point be more appropriate. The economic argument for a golden rule is that debt can be used to finance the creation of public capital. But this implies that any golden rule should only exempt net investment ...

Given the current crisis, all fiscal rules have been suspended. When the economy recovers, both expenditure and structural balance rules will be more difficult to apply as the level and growth of potential output will become more uncertain. Focussing on reducing high debt levels might at that point be more appropriate. The economic argument for a golden rule is that debt can be used to finance the creation of public capital. But this implies that any golden rule should only exempt net investment, which is much lower than the gross investment.

Autor externo

Daniel GROS, Marvin JAHN

The ECB’s Monetary Policy Response to the COVID-19 Crisis

17-07-2020

(Updated 8 June 2020) The coronavirus pandemic is taking a heavy toll on the euro area economy, necessitating a timely and resolute macroeconomic policy response. The ECB's Governing Council acted decisively by taking a series of measures that collectively provide a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions. This briefing includes the most recent Governing Council decisions ...

(Updated 8 June 2020) The coronavirus pandemic is taking a heavy toll on the euro area economy, necessitating a timely and resolute macroeconomic policy response. The ECB's Governing Council acted decisively by taking a series of measures that collectively provide a substantial monetary policy stimulus aimed at safeguarding the effective transmission of monetary policy and preventing a serious deterioration of financial conditions. This briefing includes the most recent Governing Council decisions of 4 June.

Decoupling economic growth from environmental harm

16-07-2020

Decoupling economic growth from the depletion of planetary resources is a major challenge. An effective strategy will span several domains. Trends to watch include the development of negative emissions technologies, advances in the storage of renewable energy, the circular economy, and reforestation - among many others.

Decoupling economic growth from the depletion of planetary resources is a major challenge. An effective strategy will span several domains. Trends to watch include the development of negative emissions technologies, advances in the storage of renewable energy, the circular economy, and reforestation - among many others.

External Imbalances in the Euro Area - July 2020

16-07-2020

This note provides a short overview of the latest data related to external imbalances in euro area Member States, with specific reference to some indicators included in the scoreboard of the Macroeconomic Imbalances Procedure.

This note provides a short overview of the latest data related to external imbalances in euro area Member States, with specific reference to some indicators included in the scoreboard of the Macroeconomic Imbalances Procedure.

The role (and accountability) of the President of the Eurogroup

14-07-2020

This note provides an overview of the role of the President of the Eurogroup, the procedures for his/her appointment, as well as proposals on a “full time position” as part of the wider debate on deepening the Economic and Monetary Union. The note also briefly addresses the mandate and working methods of the Eurogroup. In addition, this note refers to the debate around the transparency of Eurogroup proceedings. It is updated regularly.

This note provides an overview of the role of the President of the Eurogroup, the procedures for his/her appointment, as well as proposals on a “full time position” as part of the wider debate on deepening the Economic and Monetary Union. The note also briefly addresses the mandate and working methods of the Eurogroup. In addition, this note refers to the debate around the transparency of Eurogroup proceedings. It is updated regularly.

EU/EA measures to mitigate the economic, financial and social effects of coronavirus State-of-play 14 July 2020

14-07-2020

This document compiles information, obtained from public sources, on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid19. It will be regularly updated, following new developments.

This document compiles information, obtained from public sources, on the measures proposed and taken at the EU or Euro Area level to mitigate the economic and social effects of Covid19. It will be regularly updated, following new developments.

Coronavirus: Tough decisions ahead [What Think Tanks are thinking]

10-07-2020

As the coronavirus crisis shows no sign of abating globally, many governments around the world face tough choices between easing virus containment measures, in order to allow economic recovery, or keeping these measures in place, to protect their citizens’ health and their healthcare systems from being overwhelmed. They have launched vast financial programmes to support vulnerable households and the newly unemployed, backed banks to keep credit flowing in the economy, and strengthened healthcare ...

As the coronavirus crisis shows no sign of abating globally, many governments around the world face tough choices between easing virus containment measures, in order to allow economic recovery, or keeping these measures in place, to protect their citizens’ health and their healthcare systems from being overwhelmed. They have launched vast financial programmes to support vulnerable households and the newly unemployed, backed banks to keep credit flowing in the economy, and strengthened healthcare systems in anticipation of a possible second wave. This note offers links to recent commentaries and reports from international think tanks on coronavirus and related issues. Earlier publications on financing the fight against the coronavirus can be found in the previous item in this series, published by EPRS on 6 July.

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