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Kokkuvõte :
This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions. Annex 1 includes latest GDP data and forecasts for all EU Member States and Annex 2 the latest inflation data and developments.
Autorid :
SABOL MAJA, LOI GIACOMO, SANGERS BO
Debt Sustainability Analysis: Assessing its Use in the EU’s New Fiscal Rules EN
Uuring
Kokkuvõte :
A large share of euro area member states is highly indebted. On average, their debt ratios have experienced a strong and continued upward trend that needs to be reversed. The debt sustainability analysis in the new fiscal rules provides great flexibility to member states but exhibits weaknesses with regard to transparency, robustness and credibility. Stress testing needs to be enhanced and applied to the adjustment period.
This document was provided/prepared by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Euro area monetary policy: Quarterly overview, December 2024 EN
Analüüs
Kokkuvõte :
This briefing paper was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council.
Autorid :
RAKIC Drazen, SABOL MAJA, LOI GIACOMO
The European Systemic Risk Board (ESRB): Main features, mandate & accountability EN
Briefing
Kokkuvõte :
This briefing paper provides an overview of the European Systemic Risk Board (ESRB), its main features, mandate and accountability arrangements towards the European Parliament. It also includes a section on the role of macroprudential policy in preserving financial stability, main findings of the review of ESRB’s regulation and review of EU macroprudential framework for the banking sector. The paper is an update of the previous version published in 2019.
Autorid :
SABOL MAJA, SPITZER Kai Gereon
Public hearing with Christine Lagarde, Chair of the European Systemic Risk Board (ESRB) EN
Briefing
Kokkuvõte :
This briefing paper is prepared in view of a regular public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 4 December 2024. We cover the ESRB’s report on bank deposits following US banking turmoil in March 2023, recent conclusions of the ESRB’s General Board meeting, the risk outlook for the financial sector and Eurosystem’s response to the European Commisison’s consultation on macroprudential policies for non-banks. Annexes include latest data on financing conditions and house price growth in EU Member States.
Autorid :
SABOL MAJA, SPITZER Kai Gereon
Economic Dialogue with the European Commission on EU Fiscal Surveillance 5 December 2024 EN
Analüüs
Kokkuvõte :
Commissioner Dombrovskis has been invited to an Economic Dialogue on the fiscal part of the 2025 European Semester autumn package adopted by the Commission in November 2024. This is the first Economic Dialogue with the Commission under the 10th parliamentary term and under the new provisions of the reformed EU economic governance framework.
Autorid :
DE LEMOS PEIXOTO SAMUEL, LOI GIACOMO, SANGERS BO, ROKOS CASTILLO ALVARO CARL-PHILLIP
Public hearing with Dominique Laboureix, Chair of the Single Resolution Board EN
Briefing
Kokkuvõte :
This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix on 4 December 2024.
Autorid :
SABOL MAJA, SPITZER Kai Gereon
2024 IMF Annual Meetings: main developments and outcomes EN
Briefing
Kokkuvõte :
The Annual Meetings of the World Bank Group (WBG) and International Monetary Fund (IMF) convene finance ministers and central bank governors to participate in the highest-level decision-making bodies of the two institutions, as well as in various committees and groups that drive the agenda on issues related to the international monetary system and development policy. The 2024 Annual Meetings took place in Washington, D.C. from 21 to 26 October 2024. This paper summarises the main developments and outcomes, focusing on IMF-related issues.
Autorid :
RAKIC Drazen, SABOL MAJA, SANGERS BO
Assessing the Debt Sustainability Analysis Methodology in the EU’s New Economic Governance Framework EN
Analüüs
Kokkuvõte :
This paper argues that the debt sustainability methodology in the EU new economic governance framework, while analytically sound, faces major implementation challenges. Primary among these is the reliance on a non-observable variable (the volatility of future debt-to-GDP ratios) that must be estimated based on ad hoc procedures that may affect significantly the required decline in the debt ratio after the end of the adjustment period and, hence, the primary surplus that a Member State needs to achieve during the adjustment period.
The new economic governance framework: implications for monetary policy EN
Analüüs
Kokkuvõte :
This paper studies the implications for the European Central Bank (ECB) of the new EU fiscal framework, focusing on five aspects where monetary and fiscal policies intersect: (1) fiscal dominance over monetary policy; (2) fiscal drag created by the new framework; (3) moral hazard created by very low interest rates; (4) the effectiveness of the ECB’s Transmission Protection Instrument (TPI), and (5) the impact of the new framework on green public investment.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 4 December 2024.
Economic Dialogue with the President of the ECOFIN - 18 November 2024 EN
Analüüs
Kokkuvõte :
Mihály Varga, Minister of Finance and Deputy Prime Minister, of Hungary is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the Hungarian Presidency (July - December 2024). In accordance with the Treaty of the Union, “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”.
This document provides an overview of the Hungarian Presidency priorities in ECON matters, including the Council’s work relating to the implementation of the European Semester for economic coordination, including the application of the Recovery and Resilience Facility, and other policy streams relevant to the EU single market, notably progress on the Banking Union and the Capital Markets Union.
Autorid :
DE LEMOS PEIXOTO SAMUEL, MAGNUS Marcel, SABOL MAJA, LOI GIACOMO, SPITZER Kai Gereon
Public hearing with Claudia Buch, Chair of the ECB / SSM Supervisory Board EN
Briefing
Kokkuvõte :
This briefing has been prepared for the public hearing with the Chair of the Single Supervisory Mechanism (SSM), Claudia Buch, scheduled for 18 November 2024 in the ECON Committee. The previous hearing took place on 2 September 2024.
Autorid :
SABOL MAJA, SPITZER Kai Gereon, ROKOS CASTILLO ALVARO CARL-PHILLIP
The implementation of country-specific recommendations under the European Semester cycles EN
Briefing
Kokkuvõte :
This note provides an overview of the European Commission’s assessment of the implementation of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how their implementation has been assessed over time (during 2011-2023 European Semester cycles), both from an annual and a multiannual perspective. The note is updated on a regular basis.
Autorid :
HAGELSTAM Kajus, LOI GIACOMO, HANINA KATERYNA
Assessing the ECB’s monetary policy stance by comparing tightening cycles EN
Analüüs
Kokkuvõte :
In this paper, the ECB monetary policy stance is assessed by comparing the recent tightening cycle (2022-today) with the two preceding ones, which took place in 2000-2001 and in 2006-2008. Interest rates, quantitative indicators and monetary conditions indices (MCIs) are used for this purpose. The main finding is that at the peak of the latest tightening cycle, the ECB monetary policy stance was no more restrictive than it was at the peak of the two preceding ones; actually, probably less. This contrasts with the fact that in the more recent case inflation was higher and more persistent than in the two earlier episodes.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 4 December 2024.
Quarterly assessment of the ECB’s monetary policy stance EN
Analüüs
Kokkuvõte :
The paper seeks to assess the current monetary policy stance of the European Central Bank (ECB). To do so, it analyses factors driving the inflation dynamics in the euro area (EA) and their potential persistence, drawing comparisons with the inflation drivers and policy response in the United States (US). Given the prominent role played by the energy-price increase in EA inflation and the differential exposure of EA Member States, the paper analyses the country-level inflation dynamics in response to the energy shock. Finally, the paper discusses the ECB’s strategy and communication, and the interpretation drawn by financial markets, before taking stock on the stance of monetary policy.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 4 December 2024.
Looking back at 10 years of Banking Union’s case law EN
Briefing
Kokkuvõte :
Arguably, the Banking Union has a strong record for raising the standards in supervision and thereby making a contribution to financial stability. Despite the harmonisation achieved in supervision however, market integration has not progressed much. Can this be changed? And what lessons does that hold for the other big financial markets integration project, namely Capital Markets Union (CMU)? This briefing provides an overview of 5 papers by the ECON Committee’s academic expert panel for the Banking Union that have been published in September and October 2024.
Autorid :
SPITZER Kai Gereon, DE SURY D'ASPREMONT MAX JEAN GAUTHIER
Kokkuvõte :
This briefing presents an overview of six papers prepared by an academic expert panel for the Banking Union, covering 10 years of case law in the Banking Union. The studies focused on the evolution of Court of Justice of the European Union (CJEU) practices in shaping resolution and supervisory practices within the Banking Union. The studies were requested by the Committee on Economic and Monetary Affairs (ECON) of the European Parliament.
Autorid :
SABOL MAJA, ROKOS CASTILLO ALVARO CARL-PHILLIP
The new economic governance framework: Implications for monetary policy EN
Analüüs
Kokkuvõte :
Credible ECB monetary policy requires that the revised EU economic governance framework be tightly enforced from its start. Net primary expenditures as key control variable allow predictable monetary policy focused on stabilisation. However, widespread debt reduction pushing spending growth below potential GDP growth may prompt more accommodative ECB policy. Moreover, potentially cumulating changes in public spending-to-GDP ratios need close monitoring. Finally, the criteria for TPI may increase pressure to be lenient on enforcement of the fiscal rules.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 4 December 2024.
Kokkuvõte :
This document provides an overview of all country-specific recommendations for 2024 as proposed by the Commission on 19 June 2024 and agreed by the Council on 16 July 2024.
Autorid :
LOI GIACOMO, HANINA KATERYNA
IMF Lending to Ukraine: State of Play and the Road Ahead EN
Analüüs
Kokkuvõte :
This paper provides an overview of the International Monetary Fund (IMF)’s lending to Ukraine, particularly focusing on the IMF response to the Russia’s invasion of Ukraine since February 2022, given the challenging macroeconomic circumstances. If further analyses the key elements of the IMF’ Extended Fund Facility (EFF) programme for Ukraine, including the evolution of core assumptions, risks, fiscal sustainability and conditionality.
Autorid :
RAKIC Drazen, HANINA KATERYNA
How to achieve CMU, after all? An analysis of the recommendations for Capital Markets Union in the Draghi, Letta and Noyer reports EN
Analüüs
Kokkuvõte :
The three reports by Draghi, Letta and Noyer remind policy makers that capital markets channelling savings into investments is key to competitiveness and economic growth. The recommendations of these reports could give new impetus to the long-standing flagship policy of the Capital Markets Union (CMU). In this briefing we show how securitisation, supervision, market infrastructure and savings/pensions schemes are identified as priorities in all three reports, however with different conclusions. We also discuss all other CMU recommendations in the reports.
Autorid :
SABOL MAJA, LOI GIACOMO, SPITZER Kai Gereon
The role (and accountability) of the President of the Eurogroup EN
Briefing
Kokkuvõte :
This briefing paper provides an overview of the role and mandate of the Eurogroup and the role and accountability of its President, including the procedures for his/her appointment. This paper includes the following sections: 1) The role of the Permanent President of the Eurogroup; 2) The President of Eurogroup and the European Parliament; 3) The role and mandate of the Eurogroup; and 4) Eurogroup transparency. The paper will be regularly updated.
Autorid :
HAGELSTAM Kajus, LEHOFER WOLFGANG, LOI GIACOMO
Looking back at 10 years of parliamentary scrutiny in the Banking Union EN
Briefing
Kokkuvõte :
This briefing presents a summary of 3 studies prepared by academic expert panel for the Banking Union on the occasion of 10 years of parliamentary scrutiny over key authorities within the Banking Union, the Single Supervisory Mechanism (SSM) and the Single Resolution Board (SRB). It also presents proposals for enhancing the accountability framework governing these authorities. These studies were requested by the Committee on Economic and Monetary Affairs (ECON) of the European Parliament.
Autorid :
SABOL MAJA, SANGERS BO
Monetary Dialogue in September 2024: Summary of parliamentary scrutiny activities EN
Briefing
Kokkuvõte :
This briefing provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in advance of the September2024 Monetary Dialogue with the European Central Bank (ECB). It covers the topics chosen by the competent Committee and related expertise papers provided in advance of the Dialogue, the topics addressed during the Dialogue, and latest written questions made by Members to the ECB President. The document is published regularly ahead and after each Monetary Dialogue with the ECB.
Autorid :
SABOL MAJA, HANINA KATERYNA
Banking union and the long wait for cross-border integration EN
Uuring
Kokkuvõte :
The banking union project has achieved European-level policy integration of microprudential supervision but not of crisis intervention. This largely explains the disappointing progress in the cross-border integration of the banking sector, which we document using data on banks’ assets and also specifically on their sovereign exposures.
In a capital markets union, there is no equivalent of the banking crisis intervention framework and related public financial safety net, and therefore supervisory integration can have more direct catalytical impact in that context than in banking.
10 years of Banking Union case law – how did CJEU judgments shape supervision and resolution practice in the Banking Union? EN
Uuring
Kokkuvõte :
This paper discusses EU case law developed over the past decade relating to decisions taken by the European Central Bank within the Single Supervisory Mechanism (SSM) and within the Single Resolution Mechanism (SRM). The cases centre around embracing and solidifying the BU framework, inter alia, with the admissibility to challenge ECB’s supervisory and licence withdrawal decisions, the application of national law by the ECB in its supervisory competence and the methodology attached to the setting of administrative pecuniary penalties. Other cases concern the determination of the ex-ante contributions to the Single Resolution Fund, the perimeter of resolution decision-making, and the responsibility of the decision-making bodies involved in the resolution process.
Can Banking Union foster market integration, and what lessons does that hold for capital markets union? EN
Analüüs
Kokkuvõte :
Over the past decade, Banking Union (BU) regulators focused on making banks safer, resulting in stronger banks but limited euro area cross-border integration. To attain the strong and integrated financial system Europe needs going forward, BU authorities must now broaden their focus, promoting cross-border banking by removing legislative barriers that prevent or discourage it. That goal requires reducing overbanking and limiting the national authorities’ regulatory power further. It also necessitates a Capital Markets Union (CMU) under a unified supervisory control. We argue that BU and CMU are complements in a strong and integrated European financial system, and that a successful launch of CMU presupposes progress towards an integrated BU.
Council position on the CMDI reform- An initial analysis regarding key aspects of the proposed bank crisis management framework EN
Briefing
Kokkuvõte :
Following the negative reaction from the Commission when the Council published its general approach to the CMDI reform, this briefing provides some initial analysis regaring the key aspects of public interest assessment, resolution objectives and resolution funding. Clearly, the Council aims for a narrower scope of resolution in harmonised procedures by the Banking Union authorities than the Commission and narrows the available funding accordingly, potentially privileging action under national frameworks instead. Whether a balance is achieved, however, will require more in-depth analysis.
Autorid :
MAGNUS Marcel, SPITZER Kai Gereon
Can the Banking Union foster market integration, and what lessons does this hold for Capital Markets Union? EN
Analüüs
Kokkuvõte :
We discuss the contribution of the Banking Union in its current form to market integration in the euro area. While the introduction of single supervision has fostered banking integration, limited progress in single resolution and the absence of a European deposit insurance scheme undermine further advancements. We argue that a significant obstacle to financial integration lies in the persistence of national interests in regulation, supervision, and politics. We also explore the lessons that can be learned from ten years of the Banking Union for the development of the Capital Markets Union and the integration of capital markets. The successes of the Banking Union in common supervision and rule-setting can provide a path forward.
Can the Banking Union foster market integration, and what lessons does that hold for the Capital Markets Union? EN
Uuring
Kokkuvõte :
We address the role of the Banking Union (BU) in promoting market integration and the lessons it provides for the Capital Markets Union (CMU).
First, we tackle BU’s establishment, exploring whether it has achieved its original goals and discussing its main shortcomings. Second, we address market integration in the BU. Third, we advance some proposals to finalise the BU accelerating effective market integration. Fourth, we explore various BU-CMU interconnections, introducing policy-related considerations to support the development of a well-functioning CMU.
ELTIFs: Delegated Act (RTS) supplementing Regulation (EU) 2015/760 ECON Scrutiny Session of 30 September 2024 EN
Briefing
Kokkuvõte :
The review of Regulation (EU) 2015/760 (ELTIF Regulation) concluded in February 2023 with the adoption of the amending Regulation (EU) 2023/606 (ELTIF 2.0), the aim of which was to increase the attractiveness of ELTIFs. ELTIF 2.0 is applicable since 10 January 2024. ELTIFs are the only type of fully harmonised alternative investment funds (AIFs) dedicated to long-term investments and they are open both to professional and retail investors.
Since the adoption of the original ELTIFs legal framework in April 2015 (ELTIF 1.0), only 57 ELTIFs (as of October 2021) had been launched with a relatively small amount of net assets under management (total assets under management are estimated at approximately EUR 2.4 billion in 2021). Such authorised ELTIFs were domiciled in only four Member States (Luxembourg, France, Italy and Spain), and the other Member States had no domestic ELTIFs. Among the main reasons for the insufficient uptake of ELTIFs in Europe the Commission had identified restrictive fund rules and barriers to entry for retail investors.
The reform of 2023 aimed to strike a balance that would help overcome the issue of restrictive rules and to enhance long-term investment in Europe and deepen the Capital Markets Union. The result was well received in the market, as it is proven by the fact that since 2023, the number of authorised ELTIFs has increased significantly.
Regulation (EU) 2023/606 (ELTIF 2.0) mandated ESMA to adopt RTSs on various aspects of the amending Regulation. On 19 December 2023, ESMA submitted its draft RTS to the Commission. Based on ESMA’s draft RTS, on 6 March 2024 the European Commission has adopted the RTS “with amendments” citing multiple legal problems with the draft RTS and requested ESMA to resubmit the draft RTS within 6 weeks in line with the adoption procedure set out in Article 10(1) of ESMA Regulation. Upon receiving an amended draft from ESMA, in line with the procedure under Article 10(1) of ESMA Regulation, the Commission adopted on 19 July 2024 the RTS with the amendments it considered relevant and submitted the delegated act to the Parliament and to the Council for scrutiny. The scrutiny period ends on 21 October 2024. Before the formal adoption of the ELTIF delegated act, the Commission consulted the Expert Group of the European Securities Committee where the majority of Member States supported the RTS as amended by the Commission
Autorid :
ARRAS MOONIKA, MUR CARLOS
Euro area monetary policy: Quarterly overview, September 2024 EN
Briefing
Kokkuvõte :
This briefing paper was prepared ahead of the Monetary Dialogue between the Committee on Economic and Monetary Affairs (ECON) and the European Central Bank (ECB) President on Monday, 30 September. It provides a summary of key monetary policy developments and decisions taken by the ECB’s Governing Council.
Autorid :
RAKIC Drazen, SABOL MAJA, LOI GIACOMO, HANINA KATERYNA
10 years of Banking Union case-law: How did CJEU judgments shape supervision and resolution practice in the Banking Union? EN
Uuring
Kokkuvõte :
This study discusses and analyses on a targeted basis and in a systematic way the evolution and key aspects of the case-law of the Court of Justice of the European Union (CJEU) in relation to the two key pillars of the Banking Union in force, namely, the Single Supervisory and the Single Resolution Mechanisms, from their full operationalisation in November 2014 and in January 2016, respectively, up to the beginning of September 2024.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
The Capital Markets Union – an extra feather to the EMU- Are Capital Markets Important for Monetary Policy? EN
Uuring
Kokkuvõte :
The first 10 years of the Capital Markets Union (CMU) have been marked by minimalistic progress. The unfinished nature of the CMU has direct relevance for the ECB by affecting financing conditions in Member States and eroding the risk-sharing ability of the EMU, imposing a higher burden on the ECB to act as “the only game in town”. It has even bigger implications for the long-term investment opportunities and economic performance of the EU. This calls for a renewed approach and narrative on the CMU to gather political support to move forward.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 30 September 2024
Banking Market Integration in Europe and Insolvency Law EN
Analüüs
Kokkuvõte :
Despite considerable progress towards a Banking Union in the euro area, banks in the EU continue to be subject to widely varying insolvency law as applied to their lending customers. This paper provides evidence that bank interest margins tend to be higher in countries with weaker loan enforcement. Higher bank interest margins are a sign of less efficient bank intermediation, and hence the evidence of this paper suggests that bank intermediation is less efficient in countries with weaker loan enforcement. This policy-induced national variability in bank efficiency is incompatible with banking union.
Kokkuvõte :
In this paper, different assessments of the ECB’s monetary policy stance are reviewed, beyond the mere observation of the sharp rise and subsequent decline of the policy rate. Overall, the monetary policy stance has been more moderate during the tightening cycle than what has been indicated by the policy rate increase. However, following the decline in energy prices, this past and relatively mild restrictive policy stance poses a risk to economic activity.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 30 September 2024.
CRR/CRD: The delegated act on the date of application of the own funds requirements for market EN
Briefing
Kokkuvõte :
The CRR 3/CRD 6 package constitutes the final phase in the implementation of the internationally agreed finalised Basel 3 prudential requirements for banks into the EU financial services acquis. In particular, the CRR 3 introduces the revised market risk requirements as binding own fund requirements. These requirements were introduced in the CRR 2 only as reporting requirements. However, at the time of the adoption of the CRR 3 it was not clear how and whether other major jurisdictions will apply the finalised market risk framework. Therefore, co-legislators mandated the Commission to monitor possible differences in the international implementation of the market risk framework and, in case of ‘significant differences’, empowered the Commission to postpone the application of the capital requirements for market risk for up to two years or to introduce temporary amendments to CRR 3 market risk requirements in the form of capital multipliers or targeted operational relief measures (Art. 461a CRR). On 24 July 2024, the Commission adopted a delegated act (DA) postponing the date of application of the market risk framework by one year to 1 January 2026.
Autorid :
MAIER Rudolf
10 years of Banking Union’s case-law: How did European courts shape supervision and resolution practice in the Banking Union? EN
Uuring
Kokkuvõte :
The Banking Union makes ten years. It is a story of success. Courts have been crucial for this success. This study explains why, and what should be done to preserve (and improve) their role.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Kokkuvõte :
This note provides an overview of the main features and recent developments regarding the advisory European Fiscal Board. It also includes some reflections on a stronger role of the EU level fiscal board in the light of the revised EU economic governance framework.
Autorid :
HAGELSTAM Kajus, DE LEMOS PEIXOTO SAMUEL, LOI GIACOMO
The Judicial Scrutiny of the SSM and the SRB-A missed chance or a success story? EN
Uuring
Kokkuvõte :
This study examines key rulings on the supervision and resolution of credit institutions in the EU and their impact on the Banking Union framework. It explores how case law has refined the European Central Bank’s practices, shareholders' and boards' rights, and the interaction between ECB and Single Resolution Board powers during ‘failing or likely to fail’ assessments. While highlighting how litigation has clarified processes, rights, and the criteria for resolution, the study’s findings underscore the need for heightened scrutiny of agencies to prevent political interference and ensure effective oversight.
From Aggressive Rate Hikes to Gradual Easing: The ECB’s Evolving Monetary Policy Stance Amidst Persistent Services Price Pressures EN
Analüüs
Kokkuvõte :
The ECB’s interest rate hikes since 2022 aimed to curb inflation by tightening financial conditions and dampening aggregate demand. While price pressures for food and goods have eased, persistent inflation in the services sector remains a key concern. Although the ECB is expected to gradually ease its restrictive stance by 2025, inflation challenges could re-emerge. The ECB should be careful not to undermine its commitment to price stability by loosening monetary policy too aggressively.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 30 September 2024.
Public hearing with Dominique Laboureix, Chair of the Single Resolution Board - 23 September 2024 EN
Briefing
Kokkuvõte :
This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix, scheduled for 23 September 2024.
This briefing addresses:
• Regular reporting on MREL- Q1 2024
• Resolvability assessment 2023
• Bail-in mechanics
• Forthcoming expectations on valuation capabilities
• SRB‘s 2023 annual report
• Second SRB’s report on smaller banks in the Banking Union
• Two new thematic briefing papers on SRB accountability and on the CMDI Council position.
Autorid :
MAGNUS Marcel, SABOL MAJA, SPITZER Kai Gereon
One Money, One Financial Market- The Capital Markets Union EN
Analüüs
Kokkuvõte :
Bringing all European financial markets under one roof, the Capital Markets Union (CMU), stands to provide European savers and borrowers with better opportunities. This, in turn, is expected to boost long-term growth and to improve the functioning of the Economic and Monetary Union (EMU). Yet, powerful private and public interest groups have been able so far to stand in the way of this transformation. Most governments are torn between the benefits from CMU and the pressure of these interest groups.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 30 September 2024.
Kokkuvõte :
Since the inception of the Banking Union numerous decisions of the CJEU have been issued. The purpose of this paper is to assess the impact of some of the key decisions on the legal framework established 10 years ago, showing how they have been instrumental in supporting a centralised and integrated model of banking supervision at the EU level. In that context, the SSM could represent an example of a truly integrated EU legislative system, with a proper institutional balance.
Recovery and Resilience Dialogue with the European Commission 16 September 2024 EN
Analüüs
Kokkuvõte :
Executive Vice-President Dombrovskis and Commissioner Gentiloni are invited to the 16th Recovery and Resilience Dialogue (RRD) under the Recovery and Resilience Facility (RRF) Regulation, scheduled for 16 September 2024. The previous RRD took place on 22 April 2024.
Autorid :
MAGNUS Marcel, LOI GIACOMO, HANINA KATERYNA
Recovery and Resilience Plans and the involvement of stakeholders EN
Analüüs
Kokkuvõte :
This paper presents the latest findings and developments related to the Recovery and Resilience Facility (RRF), with a particular focus on stakeholder assessments of its structure and initial implementation. It summarises the perspectives of stakeholders at the EU, national, regional, and local levels concerning the National Recovery and Resilience Plans (NRRPs). Notably, the paper compiles recent opinions and evaluations from EU stakeholders, as well as relevant institutions and bodies, regarding the execution of these plans.
Autorid :
LEHOFER WOLFGANG, HANINA KATERYNA
Kokkuvõte :
Banking Union is crucial for European integration, ensuring financial stability in the single market for financial services. The Court of Justice of the European Union (CJEU) plays an essential role in interpreting and enforcing the legal framework of the Banking Union, especially regarding the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). This in-depth analysis scrutinises the pertinent CJEU case law and highlights its implications for the Banking Union and the EU legal order. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Kokkuvõte :
The European Banking Union has marked a substantial transfer of powers for banking supervision and resolution from the national to the supranational arena. With power and independence comes accountability to ensure that the competences are exercised in accordance with their legal framework. This paper analyses existing accountability mechanisms and concludes that accountability should be strengthened in light of the relevance of supervisory and resolution decisions both on an individual fundamental rights level and at the global policy level.
This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.
Kokkuvõte :
This paper argues that the mandate of the SSM is too imprecise to function as a quantifiable yardstick based on which the performance of the ECB can be objectively evaluated. The accountability mechanisms should therefore focus on policy processes, underlying analyses and motivations instead of results.
Based on the transparency index of Liedorp (2013), the SSM appears much more transparent than national supervisors at the time of the SSM’s creation.
However, the legislative framework lacks one feature that is usually associated with the concept of accountability, as the EP has no possibility to impose formal sanctions if the SSM underperforms.
Public hearing with Claudia Buch, Chair of the ECB / SSM Supervisory Board EN
Briefing
Kokkuvõte :
This briefing has been prepared for the public hearing with the Chair of the Single Supervisory Mechanism (SSM), Claudia Buch, scheduled for 2 September 2024. The previous hearing took place on 21 March 2024.
Autorid :
MAGNUS Marcel, SABOL MAJA, SPITZER Kai Gereon
10 years of parliamentary scrutiny over the Single Supervisory Mechanism EN
Uuring
Kokkuvõte :
We first discuss why and how banking supervisors should be held accountable for their activities, then consider the case of the ECB /SSM to report on the academic debate on its faults and merits. We also review the main accountability channels between the ECB and the EP, showing how they have been used since 2014. Finally, we outline some possible steps to improve the ECB’s accountability in the short term.
Kokkuvõte :
The Stability and Growth Pact (SGP) is the legal framework (based on primary and secondary EU law) that seeks to ensure sustainable public finances in the interest of the stability of the Economic and Monetary Union. The SGP consists of two main building blocks: the preventive arm and the corrective arm. The revised rules on the preventive and corrective arms entered in force in April 2024. This note provides an overview of the reformed framework. A separate forthcoming document will focus on the application of the SGP. This briefing is structured in three main sections: first, it outlines the key new elements in the preventive arm; second, it details the revised corrective arm; and finally, it explains the role of the European Parliament in the new framework. Each section provides a step-by-step explanation of the procedures involved.
Autorid :
DE LEMOS PEIXOTO SAMUEL, LOI GIACOMO