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Blockchain for supply chains and international trade

29-05-2020

Blockchain could benefit supply chain management and international trade processes. See the new STOA study of potential use cases, their impacts, and potential policy responses. Blockchain technology could be valuable for supply chain management and international trade processes which require cooperation and trust between several actors arranged in complex relationships across different regulatory frameworks. Blockchain could facilitate of trade through a combination of digitalisation, information ...

Blockchain could benefit supply chain management and international trade processes. See the new STOA study of potential use cases, their impacts, and potential policy responses. Blockchain technology could be valuable for supply chain management and international trade processes which require cooperation and trust between several actors arranged in complex relationships across different regulatory frameworks. Blockchain could facilitate of trade through a combination of digitalisation, information exchange and automation, reducing costs and increasing transparency. Blockchain could facilitate SME’s access to trade and trade finance, as well as consumers’ access to product information with could enable more ethical and environmentally responsible choices. There are no major technical barriers to the use of some types of blockchain solution for some elements of trade. Many of the benefits of blockchain for trade derive from digitalisation, which could be achieved through other means. There remain substantial barriers to digitalisation of trade processes. Barriers to blockchain in supply chains and international trade include legal recognition, data localisation, identification of applicable laws, allocation of liability, and interoperability and standardisation across various economic operators and regulatory frameworks. 20 policy options for blockchain in supply chains and international trade including supporting customs facilitation, sustainable trade, SME involvement, leadership in standardisation, evidence-based policy and awareness raising.

Extern avdelning

This study was written by Bertrand Copigneaux, Nikita Vlasov and Emarildo Bani of IDATE DigiWorld, Nikolay Tcholtchev and Philipp Lämmel of Fraunhofer Institute for Open Communication Systems, Michael Fuenfzig, Simone Snoeijenbos and Michael Flickenschild from Ecorys, and Martina Piantoni and Simona Frazzani from Grimaldi Studio Legale at the request of the Panel for the Future of Science and Technology (STOA) and managed by the Scientific Foresight Unit, within the Directorate-General for Parliamentary Research Services (EPRS) of the Secretariat of the European Parliament.

Food trade and food security in the coronavirus pandemic

26-05-2020

The coronavirus pandemic has not only created a global public health crisis, but it has had a significant effect on the global economy and international trade. Measures to deal with the consequences of the pandemic while also affecting food trade have impacted on the world's food systems and have raised concerns for global food security. The EU is committed to keeping trade flowing and supply chains functioning, and supports international cooperation to promote food security.

The coronavirus pandemic has not only created a global public health crisis, but it has had a significant effect on the global economy and international trade. Measures to deal with the consequences of the pandemic while also affecting food trade have impacted on the world's food systems and have raised concerns for global food security. The EU is committed to keeping trade flowing and supply chains functioning, and supports international cooperation to promote food security.

EU export authorisation scheme for personal protection equipment

26-05-2020

In the midst of the outbreak of the coronavirus pandemic, the European Commission issued an implementing regulation requiring authorisations for exports of personal protection equipment (PPE), effective as of 15 March 2020 for a six-week period. A second implementing regulation extended the period for another 30 days. The latter reduced the range of products subject to authorisation to three categories, namely mouth-nose protection, protective spectacles and visors, and protective garments; gloves ...

In the midst of the outbreak of the coronavirus pandemic, the European Commission issued an implementing regulation requiring authorisations for exports of personal protection equipment (PPE), effective as of 15 March 2020 for a six-week period. A second implementing regulation extended the period for another 30 days. The latter reduced the range of products subject to authorisation to three categories, namely mouth-nose protection, protective spectacles and visors, and protective garments; gloves and face shields were dropped from the list. The authorisations are granted by national competent authorities, and must be coordinated with the Commission's new 'clearing house for medical equipment' and the rescEU stockpile of medical equipment in order to verify that the PPE being exported is not needed by other EU Member States in their fight against coronavirus. The export authorisation regulations are among the EU coordination and solidarity mechanisms implemented by the European Commission. A mapping of exports and imports of PPE subject to authorisation shows that, even though the EU runs a large trade surplus for medical products in general, it had been running trade deficits on these specific products for the last decade. The scale of trade in these products is also very small since imports represented as little as 0.05 % of EU gross domestic product (GDP) in 2019. This all goes to show how what amounts to a tiny portion of international trade can have dramatic consequences.

EU-China trade and investment relations in challenging times

25-05-2020

This report examines key aspects of the European Union-China economic relationship, including trade, investment and China’s key strategic project overseas, the Belt and Road Initiative (BRI). We conclude that China is, and will continue to be, a major trade and investment partner for EU countries. In this context, it seems clear that regardless of the direction of the United States-China relationship, the EU needs to explore options for fruitful co-existence with China. Trade continues to be the ...

This report examines key aspects of the European Union-China economic relationship, including trade, investment and China’s key strategic project overseas, the Belt and Road Initiative (BRI). We conclude that China is, and will continue to be, a major trade and investment partner for EU countries. In this context, it seems clear that regardless of the direction of the United States-China relationship, the EU needs to explore options for fruitful co-existence with China. Trade continues to be the least problematic aspect of the EU-China economic relationship, although challenges need to be dealt with in a number of areas. There is hardly any EU-China trade in services, and the value added of Chinese exports and competition on third markets is increasing. As for investment, although EU companies have built up more foreign direct investment in China than the other way around, Chinese investment in Europe is growing and has focused strongly on technology. This raises the question of whether the EU should fear losing its technological edge, especially when Chinese state-owned companies might distort competition, not only in China, but also overseas through acquisitions. Finally, we review the significance of the BRI from the European perspective. The BRI offers potential trade gains for Europe by improving physical connectivity with countries along the route to China, but it also poses challenges for the EU. The main challenge is China’s increasing soft power, which is being felt in the EU’s neighbourhood and even in a growing number of EU countries. A more united approach to managing the EU-China economic relationship is required to improve the bargaining power of EU countries when dealing with China.

Extern avdelning

Alicia GARCIA-HERRERO, Guntram WOLFF, Jianwei XU, Nicolas POITIERS, Gabriel FELBERMAYR, Wan-Hsin LIU, Alexander SANDKAMP, Andreas FUCHS, Christoph TREBESCH

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.

Extern avdelning

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.

Extern avdelning

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.

Extern avdelning

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.

Extern avdelning

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).

Extern avdelning

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

Kommande evenemang

03-06-2020
EPRS online Book Talk | One of Them: From Albert Square to Parliament Square
Övrigt -
EPRS
11-06-2020
CONT Public Hearing: Implementation of EU funds
Utfrågning -
CONT
11-06-2020
STOA Roundtable on Digital Sovereign Identity
Seminarium -
STOA

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