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Banking Union: Towards new arrangements for the provision of liquidity in resolution?

16-07-2019

The recent case of Banco Popular has shown the importance of liquidity funding in the context of bank resolution. The Eurogroup report endorsed by the December 2018 Euro Summit noted the “broad support for the assessment of the institutions [i.e. ECB, SRB and Commission] that there are limitations in the current framework [for liquidity provision in resolution] which may hamper its effectiveness. The June 2019 Euro summit has not yet reached any conclusions on the design of that liquidity facility ...

The recent case of Banco Popular has shown the importance of liquidity funding in the context of bank resolution. The Eurogroup report endorsed by the December 2018 Euro Summit noted the “broad support for the assessment of the institutions [i.e. ECB, SRB and Commission] that there are limitations in the current framework [for liquidity provision in resolution] which may hamper its effectiveness. The June 2019 Euro summit has not yet reached any conclusions on the design of that liquidity facility, as planned. The Eurogroup is expected to report back to the Euro-Summit in December 2019. This briefing (1) describes the existing arrangements in the Banking Union, (2) compares those arrangements with the US and the UK regimes and (3) echoes ongoing reflections on possible new arrangements with a view to completing the Banking Union. This briefing is an updated version of a briefing initially drafted in July 2018.

EU policies – Delivering for citizens: Economic policy

28-06-2019

In the European Union (EU), although economic policy falls within the remit of each Member State, there is, nevertheless, multilateral coordination of economic policies between individual countries. The global financial crisis and the European sovereign debt crisis put this framework severely to the test. Partly as a result, recovery in the EU was slower than recovery in the United States, and was not achieved equally by all Member States. Furthermore, it has to a large extent been based on accommodative ...

In the European Union (EU), although economic policy falls within the remit of each Member State, there is, nevertheless, multilateral coordination of economic policies between individual countries. The global financial crisis and the European sovereign debt crisis put this framework severely to the test. Partly as a result, recovery in the EU was slower than recovery in the United States, and was not achieved equally by all Member States. Furthermore, it has to a large extent been based on accommodative fiscal and monetary policies that only partly hide underlying signs of fiscal or financial fragility in some countries. To remedy this, the European institutions began a twofold process in 2011: initiatives were taken to strengthen the current framework for economic governance and banking supervision in the euro area while, in parallel, discussions began on possible ways to reduce the economic divergences between Member States, provide incentives for risk reduction and risk-sharing, render the governance process more transparent and ensure democratic accountability. In this latter area, several initiatives – that did not require changes to the EU Treaties – were taken between 2015 and 2017. In summer 2017, discussions on deepening the policy framework for economic and monetary union (EMU) intensified. This process, which was advocated in the Five Presidents' Report (the presidents of the main EU institutions) and should be completed by 2025, is now being considered at Member State level. The current state of play points towards two main policy preferences, dividing Member States into two groups: those that prioritise risk-sharing measures (such as France), and those that argue instead for further risk-reduction initiatives (for example, Germany). This lack of consensus has so far meant that the European Council has not been able to reach a breakthrough. This is an update of an earlier briefing issued in advance of the 2019 European elections.

Plenary round-up – Strasbourg, March II 2019

29-03-2019

Highlights of the March II plenary session included debates on the conclusions of the 21-22 March 2019 European Council meeting and on recent developments on the Dieselgate scandal. Parliament also debated the situation in Algeria and the illegal occupation of Crimea by the Russian Federation. Important debates also took place on various legislative proposals, including on interoperability between EU information systems. Members voted on a number of legislative proposals (see below), such as discontinuing ...

Highlights of the March II plenary session included debates on the conclusions of the 21-22 March 2019 European Council meeting and on recent developments on the Dieselgate scandal. Parliament also debated the situation in Algeria and the illegal occupation of Crimea by the Russian Federation. Important debates also took place on various legislative proposals, including on interoperability between EU information systems. Members voted on a number of legislative proposals (see below), such as discontinuing seasonal changes of time. Parliament also voted on the report on the TAX3 committee’s findings and on 53 reports on the 2017 discharge procedure. Finally, Parliament adopted first-reading positions on nine further proposed funding programmes for the 2021-2027 period.

Minimum loss coverage for non-performing loans

07-03-2019

The recessions resulting from the financial crisis that broke out at the end of the last decade have caused economic difficulties for more and more EU companies and citizens in recent years, leaving them unable to repay their loans. As a result many EU banks have accumulated high volumes of non-performing loans (NPLs) on their balance-sheets. Although it has almost halved since December 2014, the ratio between NPLs and total loans extended by EU banks (the NPL ratio) remains historically high when ...

The recessions resulting from the financial crisis that broke out at the end of the last decade have caused economic difficulties for more and more EU companies and citizens in recent years, leaving them unable to repay their loans. As a result many EU banks have accumulated high volumes of non-performing loans (NPLs) on their balance-sheets. Although it has almost halved since December 2014, the ratio between NPLs and total loans extended by EU banks (the NPL ratio) remains historically high when measured against the ratios of other advanced economies. NPLs represent a risk to banks' balance sheets inasmuch as future losses they might generate are not sufficiently covered by appropriate reserves. To tackle this issue, in March 2018 the Commission adopted a comprehensive package of measures, including a proposal for a regulation amending the Capital Requirements Regulation (CRR) to introduce common minimum loss coverage levels (a 'statutory backstop') for newly originated loans that become non-performing. First edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Establishment of a European monetary fund (EMF)

06-03-2019

The European Commission's proposal for transforming the intergovernmental European Stability Mechanism (ESM) into a European monetary fund (EMF) under EU law would provide it with wide-ranging tasks. The ESM was created at the height of the European sovereign debt crisis in order to provide financial assistance for governments that had lost, or were about to lose, access to financial markets. It was established outside the Community framework by an intergovernmental treaty and is a permanent rescue ...

The European Commission's proposal for transforming the intergovernmental European Stability Mechanism (ESM) into a European monetary fund (EMF) under EU law would provide it with wide-ranging tasks. The ESM was created at the height of the European sovereign debt crisis in order to provide financial assistance for governments that had lost, or were about to lose, access to financial markets. It was established outside the Community framework by an intergovernmental treaty and is a permanent rescue mechanism aimed at safeguarding the financial stability of the euro area. The proposal met with considerable opposition at Council level, as the Council wishes to maintain the ESM's intergovernmental character, and would expand its remit only slightly. The European Parliament, whose legislative powers are limited within the consent procedure, will vote on an interim report in plenary.

Credit servicers, credit purchasers and the recovery of collateral: Fostering secondary markets for non-performing loans (NPLs) and easing collateral recovery

12-02-2019

Due to the recessions brought about by the financial crisis from the end of the past decade, more and more EU companies and citizens have faced economic difficulties in recent years and have been unable to repay their loans. As a consequence, many EU banks have accumulated high volumes of non-performing loans (NPLs) in their balance-sheets. Although almost halved in comparison to December 2014, the ratio between NPLs and the total loans extended by EU banks (NPL ratio) remains historically high when ...

Due to the recessions brought about by the financial crisis from the end of the past decade, more and more EU companies and citizens have faced economic difficulties in recent years and have been unable to repay their loans. As a consequence, many EU banks have accumulated high volumes of non-performing loans (NPLs) in their balance-sheets. Although almost halved in comparison to December 2014, the ratio between NPLs and the total loans extended by EU banks (NPL ratio) remains historically high when measured against the ratios of other advanced economies. High levels of NPLs require banks to hold higher amounts of regulatory capital and pay a risk premium on liquidity markets, as a result of which their profitability and growth prospects diminish. To tackle this issue, a number of different initiatives have been adopted both at national and EU level. Within this context, in March 2018 the Commission adopted a comprehensive package of measures including a proposal for a directive aimed at fostering NPL secondary markets and easing collateral recovery from secured loans.

Reform of the European Globalisation Adjustment Fund

11-01-2019

The European Globalisation Adjustment Fund (EGF) was created in 2006 to finance active labour market policies targeting workers who have lost their jobs because of trade adjustment. The fund was subsequently modified in 2009 to cover major structural changes triggered by the economic and financial crisis. The rules of the EGF are laid down in EU Regulation (EU) No 1309/2013, which stipulates that the fund will continue to be financed until 31 December 2020. In May 2018, the European Commission submitted ...

The European Globalisation Adjustment Fund (EGF) was created in 2006 to finance active labour market policies targeting workers who have lost their jobs because of trade adjustment. The fund was subsequently modified in 2009 to cover major structural changes triggered by the economic and financial crisis. The rules of the EGF are laid down in EU Regulation (EU) No 1309/2013, which stipulates that the fund will continue to be financed until 31 December 2020. In May 2018, the European Commission submitted a proposal to reform the EGF and maintain it as a special instrument outside the MFF ceiling. The proposal introduces modifications to the eligibility criteria, the co-financing rules and the mobilisation procedure. The report was voted in the EMPL committee on 27 November 2018, and the report is due to be debated in plenary in January 2019, with a view to finalising Parliament's position for trilogue negotiations. Second edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

The Venezuelan migrant crisis: A growing emergency for the region

17-12-2018

Although the Bolivarian Republic of Venezuela has traditionally been a country of destination for migrants, around 2010 its migratory profile started to change to that of a country of origin. In fact, in the past few years migration away from Venezuela has reached massive levels, creating an unprecedented humanitarian crisis in the region. According to the United Nations' International Organization for Migration (IOM), the number of Venezuelans abroad has risen from under 700 000 in 2015 to 3 million ...

Although the Bolivarian Republic of Venezuela has traditionally been a country of destination for migrants, around 2010 its migratory profile started to change to that of a country of origin. In fact, in the past few years migration away from Venezuela has reached massive levels, creating an unprecedented humanitarian crisis in the region. According to the United Nations' International Organization for Migration (IOM), the number of Venezuelans abroad has risen from under 700 000 in 2015 to 3 million in November 2018. About 70 % of this human wave has been directed to South American countries such as Colombia, Peru, Ecuador, Chile, Argentina and Brazil, but also to North and Central America and the Caribbean, and even Europe. The main factors contributing to this exodus are Venezuela's deteriorating political situation, a severe economic crisis and increasing violence. This mass migration could have a destabilising effect on the main recipient and transit countries. Besides individual responses developed by host countries to provide migrants with emergency assistance and protection and to facilitate their integration, Latin American countries are trying to give a coordinated regional response to the crisis. Furthermore, migration authorities, ombudsmen and NGOs have also promoted regional initiatives to defend the rights of Venezuelan migrants abroad and their access to basic services. The UN and regional organisations are also working to help deal with the crisis, and the EU is contributing €35.1 million in emergency aid and medium-term development assistance for the Venezuelan people and the affected neighbouring countries. The European Parliament sent an ad hoc mission to Brazil and Colombia in June 2018 to assess the situation, and has adopted resolutions on the subject.

Future EU-Turkey relations

23-10-2018

In June 2018, Recep Tayyip Erdogan was re-elected as president of Turkey, this time with extended powers under the revised Turkish Constitution. Over the previous couple of years, his country's relationship with the EU had been challenged by issues such as the ongoing management of the migration crisis and the EU-Turkey Agreement, the attempted military coup in Istanbul and Ankara, and the ensuing purge, which the EU and international organisations criticised for its disproportionate severity. With ...

In June 2018, Recep Tayyip Erdogan was re-elected as president of Turkey, this time with extended powers under the revised Turkish Constitution. Over the previous couple of years, his country's relationship with the EU had been challenged by issues such as the ongoing management of the migration crisis and the EU-Turkey Agreement, the attempted military coup in Istanbul and Ankara, and the ensuing purge, which the EU and international organisations criticised for its disproportionate severity. With the constitutional referendum and the subsequent parliamentary and presidential elections, President Erdogan further reinforced his position at the helm of the institutional system and raised concerns among the EU and NATO about his commitment to Western institutions. Turkey deepened its relations with Russia, buying military equipment and coordinating with it on Syrian policies on the ground. At the same time, US-Turkish relations worsened due to the Syrian conflict and the imprisonment of a US pastor by Turkey, although he was subsequently released. Negotiations on Turkey's accession to the EU have nevertheless continued, despite an increasingly lively debate in some Member States about whether or not they should be halted. Some have proposed striking an economic agreement with Turkey as an alternative to membership. Others believe the outcome of the negotiations on the UK's future relationship with the EU might also provide a possible model for Turkey. Despite the numerous hurdles before it, accession not only remains the ultimate objective of EU-Turkey relations, endorsed by both the European Council and by Turkey, but it also provides potential for reform and dialogue regarding common standards, not least in the area of civil liberties.

Non-performing loans in the Banking Union - Stocktaking and challenges

15-10-2018

This briefing gives a short introduction into the topic non-performing loans (NPLs), takes stock of the current situation in the euro area, touches on the impact of NPLs on credit supply, and summarises the activities taken at European level to address the problem.

This briefing gives a short introduction into the topic non-performing loans (NPLs), takes stock of the current situation in the euro area, touches on the impact of NPLs on credit supply, and summarises the activities taken at European level to address the problem.

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