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Recommendations on the economic policy of the euro area under the 2019 European Semester - November 2019

24-01-2020

This note looks at the recommendations on the economic policies of the euro area adopted by the Council in 2019, upon proposal of the Commission. Its scope is to assess their follow up, making use of proxies such as on how Eurogroup has integrated euro area recommendations concerns in their “thematic discussions” and its work programmes, as well as Commission’s assessment. In addition, the note provides an institutional perspective of the euro area recommendations, in particular the process setting ...

This note looks at the recommendations on the economic policies of the euro area adopted by the Council in 2019, upon proposal of the Commission. Its scope is to assess their follow up, making use of proxies such as on how Eurogroup has integrated euro area recommendations concerns in their “thematic discussions” and its work programmes, as well as Commission’s assessment. In addition, the note provides an institutional perspective of the euro area recommendations, in particular the process setting the 2019 euro area recommendations and includes broad comparisons to earlier recommendations, to illustrate how policy concerns have evolved over time. This note is regularly updated.

Implementation of the Macroeconomic Imbalance Procedure: State of play - January 2020

16-01-2020

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

This note presents the EU Member States' situation with respect to the Macroeconomic Imbalance Procedure, taking into account recent assessments and decisions by the European Commission and the Council. It also gives an overview of relevant comments on the MIP published by EU institutions. A separate EGOV note describes the MIP procedure. This document is regularly updated.

Implementation of the Stability and Growth Pact - January 2020

16-01-2020

This document provides an overview of key developments under the preventive and corrective arms of the Stability and Growth Pact on the basis of (1) the latest Council decisions and recommendations in the framework of the Stability and Growth Pact; (2) the latest European Commission economic forecasts; and (3) the latest European Commission opinions on the Draft Budgetary Plans of euro area Member States. This document is regularly updated.

This document provides an overview of key developments under the preventive and corrective arms of the Stability and Growth Pact on the basis of (1) the latest Council decisions and recommendations in the framework of the Stability and Growth Pact; (2) the latest European Commission economic forecasts; and (3) the latest European Commission opinions on the Draft Budgetary Plans of euro area Member States. This document is regularly updated.

The role of national fiscal bodies - State of play (January 2020)

16-01-2020

This briefing provides an overview of the advisory role played by independent national fiscal bodies in the preparations of the budgets of the EU Member States. The briefing is updated regularly. The objective of the analysis is twofold: 1) to give an overview of the set-up and functioning of these independent fiscal bodies based on the most recent assessments by the European Commission. 2) to give an overview of the extent to which the latest Stability or Convergence Programmes and the Draft Budgetary ...

This briefing provides an overview of the advisory role played by independent national fiscal bodies in the preparations of the budgets of the EU Member States. The briefing is updated regularly. The objective of the analysis is twofold: 1) to give an overview of the set-up and functioning of these independent fiscal bodies based on the most recent assessments by the European Commission. 2) to give an overview of the extent to which the latest Stability or Convergence Programmes and the Draft Budgetary Plans contain information about the involvement of independent national fiscal bodies in the preparation of these programmes/plans.

Country specific recommendations in education policies 2011-2020

19-12-2019

This briefing focuses on policy recommendations relating to education and skills addressed by the Council to individual Member States within the framework of the European Semester, over the years 2011-2019. It applies a broad approach to 'education'-related country specific recommendations (CSRs), covering budget spending on education, inclusiveness, skills mismatches and lifelong learning. The briefing takes stock of the education-relevant CSRs issued since 2011, looks in detail at the main topics ...

This briefing focuses on policy recommendations relating to education and skills addressed by the Council to individual Member States within the framework of the European Semester, over the years 2011-2019. It applies a broad approach to 'education'-related country specific recommendations (CSRs), covering budget spending on education, inclusiveness, skills mismatches and lifelong learning. The briefing takes stock of the education-relevant CSRs issued since 2011, looks in detail at the main topics addressed, and offers an overview of the level of implementation by Member States as assessed by the European Commission.

Outcome of the meetings of EU leaders, 12-13 December 2019

17-12-2019

At the first European Council meeting chaired by the new President, Charles Michel, the main issues on the agenda were climate change, the next Multiannual Financial Framework (MFF), and the proposed Conference on the Future of Europe. Regarding climate change, the European Council announced an agreement on the objective of achieving a climate-neutral EU by 2050, despite the refusal of one Member State to commit to implementing this objective at this stage. On the MFF, the European Council did not ...

At the first European Council meeting chaired by the new President, Charles Michel, the main issues on the agenda were climate change, the next Multiannual Financial Framework (MFF), and the proposed Conference on the Future of Europe. Regarding climate change, the European Council announced an agreement on the objective of achieving a climate-neutral EU by 2050, despite the refusal of one Member State to commit to implementing this objective at this stage. On the MFF, the European Council did not reach agreement, but mandated its President to take the negotiations forward. The European Council also considered the idea of a Conference on the Future of Europe, and tasked the in-coming Croatian Council presidency to work towards defining a Council position on the matter, and on that basis, to engage with the European Parliament and the Commission. EU leaders also discussed a wide range of international issues, including relations with Turkey and Russia.

Public hearing with Andrea Enria, Chair of the ECB Supervisory Board

10-12-2019

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 12 December 2019. The briefing addresses (i) Single Supervisory Mechanism (SSM) priorities for 2020, (ii) Banks’ profitability issues; (iii) Stress testing developments; (iv) some individual bank cases; (v) supervisory issues and policies (anti-money laundering, Brexit, and impact of Basel III and IFRS9), and (vi) the completion ...

This note is prepared in view of a regular public hearing with the Chair of the Supervisory Board of the European Central Bank (ECB), Andrea Enria, which will take place on 12 December 2019. The briefing addresses (i) Single Supervisory Mechanism (SSM) priorities for 2020, (ii) Banks’ profitability issues; (iii) Stress testing developments; (iv) some individual bank cases; (v) supervisory issues and policies (anti-money laundering, Brexit, and impact of Basel III and IFRS9), and (vi) the completion of the Banking Union.

The main factors for the subdued profitability of significant banks in the Banking Union

09-12-2019

Most significant institutions in the euro area generate returns below the risk-adjusted rate required by investors. This paper surveys some recent studies on the causes of this low profitability, and then discusses several actions that the SSM may want to undertake, to support banks in their quest for higher returns.

Most significant institutions in the euro area generate returns below the risk-adjusted rate required by investors. This paper surveys some recent studies on the causes of this low profitability, and then discusses several actions that the SSM may want to undertake, to support banks in their quest for higher returns.

Zunanji avtor

A. Resti

Main factors for the subdued profitability of significant banks in the Banking Union

09-12-2019

There is no “one-size-fits-all” strategy to achieve viable profitability, but all banks need good strategic steering and risk management capabilities to adjust their business mix to changes in the operating environment. Banks have already taken actions to enhance profitability and the room of manoeuvre for the future is not that ample. Policy makers can take further initiatives to fix structural inefficiencies and provide better conditions for banks to enhance profitability. These concerted actions ...

There is no “one-size-fits-all” strategy to achieve viable profitability, but all banks need good strategic steering and risk management capabilities to adjust their business mix to changes in the operating environment. Banks have already taken actions to enhance profitability and the room of manoeuvre for the future is not that ample. Policy makers can take further initiatives to fix structural inefficiencies and provide better conditions for banks to enhance profitability. These concerted actions would help reduce the gap between banks’ RoE and cost-of-equity.

Zunanji avtor

B.Bruno, E.Carletti, EUI

Main factors for the subdued profitability of significant banks in the Banking Union

09-12-2019

In this paper we argue that the own findings of the SSM THEMATIC REVIEW ON PROFITABILITY AND BUSINESS MODEL and the academic literature on bank profitability do not provide support for the business model approach of supervisory guidance. We discuss in the paper several reasons why the regulator should stay away from intervening in management practices. We conclude that by taking the role of a coach instead of a referee, the supervisor generates a hazard for financial stability.

In this paper we argue that the own findings of the SSM THEMATIC REVIEW ON PROFITABILITY AND BUSINESS MODEL and the academic literature on bank profitability do not provide support for the business model approach of supervisory guidance. We discuss in the paper several reasons why the regulator should stay away from intervening in management practices. We conclude that by taking the role of a coach instead of a referee, the supervisor generates a hazard for financial stability.

Zunanji avtor

T.Farina, J-P.Krahnen, L.Pelizzon, M.Wahrenburg

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