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Possible Avenues for Further Political Integration in Europe - A Political Compact for a More Democratic and Effective Union?

03-06-2020

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the AFCO Committee, analyses possible avenues for further political integration in the EU after Brexit. The study maps the multiple crises that the EU has weathered in the past decade and explains how these crises, including the recent Covid-19 pandemic, reveal several substantive and institutional weaknesses in the current EU system of governance. The study considers ...

This study, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the AFCO Committee, analyses possible avenues for further political integration in the EU after Brexit. The study maps the multiple crises that the EU has weathered in the past decade and explains how these crises, including the recent Covid-19 pandemic, reveal several substantive and institutional weaknesses in the current EU system of governance. The study considers the potentials of the nascent Conference on the Future of Europe to renew the EU and examines the obstacles and opportunities for EU treaty reforms, considering the option of channelling the Conference’s outcome into a new Political Compact, subject to new, less-than-unanimous ratification rules.

Externý autor

FABBRINI Federico

Unlocking the potential of the EU Treaties: An article-by-article analysis of the scope for action

28-05-2020

The latest Eurobarometer surveys indicate that there is consistent support for more EU action in various policy areas, including preventing climate change, tackling irregular migration, designing a common foreign and security policy and preventing terrorism. Assuming that the Treaty of Lisbon will be the framework for EU action for the foreseeable future, this paper explores possibilities for broadening the scope of EU action in order to respond to these repeated calls from EU citizens. With a view ...

The latest Eurobarometer surveys indicate that there is consistent support for more EU action in various policy areas, including preventing climate change, tackling irregular migration, designing a common foreign and security policy and preventing terrorism. Assuming that the Treaty of Lisbon will be the framework for EU action for the foreseeable future, this paper explores possibilities for broadening the scope of EU action in order to respond to these repeated calls from EU citizens. With a view to reappraising the legal framework of the EU, it aims at identifying those legal bases in the Treaties that remain either under-used (in terms of the purposes they could be used to achieve) or completely unused. It analyses possible ways of delivering on EU policies, including in the development of common rules, providing enhanced executive capacity, better implementation of existing measures, targeted financing and increased efficiency. An overview table sets out possible initiatives, which are then explored in greater detail in 50 fiches, organised according to broad policy clusters reflecting the priorities of the von der Leyen Commission. Possible measures are mentioned in each fiche, along with the legal bases in the current Treaties on which action could potentially be based. It is a revised and expanded version of a paper published in January 2019, ahead of the European elections.

The ECB’s Mandate and Legal Constraints

15-05-2020

This paper considers how the ECB can implement its mandate in the current crisis conditions and the legal constraints that exist on its actions. The current position of the euro area economy means the threat to meeting the ECB’s primary objective of price stability stems from the possibility of a long period of below-target inflation. This means the ECB should consider a wide range of stimulative policies that would help it meet both its primary and secondary objectives. The ECB, however, will be ...

This paper considers how the ECB can implement its mandate in the current crisis conditions and the legal constraints that exist on its actions. The current position of the euro area economy means the threat to meeting the ECB’s primary objective of price stability stems from the possibility of a long period of below-target inflation. This means the ECB should consider a wide range of stimulative policies that would help it meet both its primary and secondary objectives. The ECB, however, will be constrained by the ECJ’s interpretation of the monetary financing clause and its ability to meet its primary objective (and its independence) could be threatened by the recent German constitutional court judgement which is flawed in both its legal and economic analysis. 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.

Externý autor

Karl WHELAN

The Dimensions of Responsibility: Perspectives on the ECB’s Monetary Policy Mandate

15-05-2020

A strong theoretical and empirical case exists for a dual monetary policy mandate. Central banks should aim to stabilise both prices (or inflation) and output (or employment). Other objectives, such as financial stability, reversing climate change, and reducing inequality are at best secondary objectives for which better policy tools are available. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the committee on Economic ...

A strong theoretical and empirical case exists for a dual monetary policy mandate. Central banks should aim to stabilise both prices (or inflation) and output (or employment). Other objectives, such as financial stability, reversing climate change, and reducing inequality are at best secondary objectives for which better policy tools are available. 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.

Externý autor

Joseph E. GAGNON, Jacob F. KIRKEGAARD, David W. WILCOX, Christopher G. COLLINS

The ECB in the COVID-19 Crisis: Whatever it Takes, Within its Mandate

15-05-2020

To keep the euro-area economy afloat, the European Central Bank (ECB) has announced a large number of measures since the beginning of the COVID-19 crisis. This response has triggered fears of a future increase in inflation. We discuss the risks that the ECB is unable to fulfil its price-stability mandate, and also whether these new measures respect legal limits set by the EU Treaties. We conclude that the measures introduced by the ECB during the crisis and the resulting increase in the size of its ...

To keep the euro-area economy afloat, the European Central Bank (ECB) has announced a large number of measures since the beginning of the COVID-19 crisis. This response has triggered fears of a future increase in inflation. We discuss the risks that the ECB is unable to fulfil its price-stability mandate, and also whether these new measures respect legal limits set by the EU Treaties. We conclude that the measures introduced by the ECB during the crisis and the resulting increase in the size of its balance sheet, even if it were to be permanent, should not restrict its ability to achieve its price-stability mandate in the future, within its legal obligations. 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.

Externý autor

Grégory CLAEYS

Setting New Priorities for the ECB’s Mandate

15-05-2020

Beyond price stability, the EU Treaties assign to the ECB a range of secondary objectives. We investigate the linkages between price stability and these objectives to assess whether they are independent, complementary or substitutable, which is important to refine the definition of the mandate. Keeping the current mandate would not provide leeway for the ECB to reach other objectives. We propose to broaden the mandate to include employment and financial stability. Enhanced coordination should contribute ...

Beyond price stability, the EU Treaties assign to the ECB a range of secondary objectives. We investigate the linkages between price stability and these objectives to assess whether they are independent, complementary or substitutable, which is important to refine the definition of the mandate. Keeping the current mandate would not provide leeway for the ECB to reach other objectives. We propose to broaden the mandate to include employment and financial stability. Enhanced coordination should contribute to fulfilling the objectives. 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.

Externý autor

Christophe BLOT, Jérôme CREEL, Emmanuelle FAURE and Paul HUBERT

The ECB Mandate: Perspectives on Sustainability and Solidarity

15-05-2020

This report analyses the ECB mandate in light of its primary objective of price stability along with its secondary objective to support the general economic policies in the Union (Article 127 TFEU), which include employment, growth, climate change, and the quality of the environment, bearing in mind the broader goals of sustainability and solidarity (Article 3 TEU). The pursuit of financial stability directly interacts with the price stability mandate. This document was provided by the Policy Department ...

This report analyses the ECB mandate in light of its primary objective of price stability along with its secondary objective to support the general economic policies in the Union (Article 127 TFEU), which include employment, growth, climate change, and the quality of the environment, bearing in mind the broader goals of sustainability and solidarity (Article 3 TEU). The pursuit of financial stability directly interacts with the price stability mandate. 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.

Externý autor

Rosa Maria LASTRA, Kern ALEXANDER

The ECB's Mandate: Perspectives on General Economic Policies

15-05-2020

The ECB has a clear primary objective to maintain price stability. The Treaty is less clear on how the ECB is required to fulfil its so-called secondary objective of “supporting general economic policies of the Union”. Just as the ECB was about to start its monetary policy strategy review which also provided an opportunity to clarify these elements of the mandate, the COVID-19 crisis brought the toughest test yet for its ability to deliver on the objectives. In addition, the German constitutional ...

The ECB has a clear primary objective to maintain price stability. The Treaty is less clear on how the ECB is required to fulfil its so-called secondary objective of “supporting general economic policies of the Union”. Just as the ECB was about to start its monetary policy strategy review which also provided an opportunity to clarify these elements of the mandate, the COVID-19 crisis brought the toughest test yet for its ability to deliver on the objectives. In addition, the German constitutional court delivered a judgement on the ECB’s public sector purchase programme (PSPP) which might bring further legal and economic consequences. In advance of the Monetary Dialogue with ECB President Christine Lagarde on 8 June 2020, the ECON Committee’s Monetary Expert Panel has prepared a set of five papers on this topic. This publication is provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs (ECON).

Externý autor

Rosa M. LASTRA, Kern ALEXANDER, Karl WHELAN, Joseph E. GAGNON, Jacob F. KIRKEGAARD, David W. WILCOX, Christopher G. COLLINS, Christophe BLOT, Jérôme CREEL, Emmanuelle FAURE, Paul HUBERT, Grégory CLAEYS

Ten technologies to fight coronavirus

22-04-2020

From synthetic biology to artificial intelligence and from blockchain technologies to nanotechnology, a wide range of technological applications are being deployed to combat COVID-19. Are they safe and effective? Have they been tested before in a public health emergency context? Does their use involve risks and threaten our values and rights? This well-timed STOA publication of ten central technological trajectories employed in the fight against this pandemic disease offers us a much-needed analysis ...

From synthetic biology to artificial intelligence and from blockchain technologies to nanotechnology, a wide range of technological applications are being deployed to combat COVID-19. Are they safe and effective? Have they been tested before in a public health emergency context? Does their use involve risks and threaten our values and rights? This well-timed STOA publication of ten central technological trajectories employed in the fight against this pandemic disease offers us a much-needed analysis of what is at stake in technological terms word-wide, but also of what legislators may need to do in order to tackle the relevant legal and ethical questions.

Key issues in the European Council - State of play in March 2020

26-03-2020

This EPRS publication, 'Key issues in the European Council', which will be updated quarterly to coincide with European Council meetings, aims to provide an overview of the institution’s activities on major EU issues. It analyses twelve broad policy areas, explaining the legal and political background and the main priorities and orientations defined by the European Council.

This EPRS publication, 'Key issues in the European Council', which will be updated quarterly to coincide with European Council meetings, aims to provide an overview of the institution’s activities on major EU issues. It analyses twelve broad policy areas, explaining the legal and political background and the main priorities and orientations defined by the European Council.

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