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This paper covers possible defence financing and spending options under the European economic governance framework by reviewing the proposal for a ReArm Europe plan floated by the President of the Commission Ursula von der Leyen. The paper also analyses flexibilities under the EU budget, EIB and ESM financing while also assessing potential market challenges and public procurement. This paper has been updated with information from the European Commission's White Paper for European Defence Readiness ...

EU Heads of State or Government will hold their first discussion on the post-2027 multiannual financial framework (MFF) at the European Council meeting on 20-21 March 2025. Since 1988, when an interinstitutional agreement introduced the first binding MFF, the European Council has played a central role in the process leading to its adoption. In 1992, the Lisbon Treaty established a new procedure whereby the MFF would come into being through the adoption of a regulation. The European Council was not ...

This paper presents the aggregated results of a survey conducted among Members of the Monetary Policy Expert Panel (MPEP) ahead of the March 2025 Monetary Dialogue with ECB President Christine Lagarde. The opinions expressed in this document are the sole responsibility of the survey respondents and do not necessarily represent the official position of the European 合法博彩网站, the Members of the ECON Committee or the EGOV Unit.

This briefing report evaluates the ECB's monetary policy in a context of declining inflation and stagnant growth. Inflation risks have been averted and, after a period of relatively tight policy in 2024, benchmark comparisons indicate that the current interest rate is consistent with the ECB's mandate. The prevailing economic and inflation outlook supports further rate cuts. However, the high level of economic policy uncertainty necessitates cautious adjustments. Moreover, official ECB communications ...

Were the US to impose large and lasting tariffs on its imports from the EU, the effect on the euro area (EA) would be substantial and far-reaching. We expect the direct impact to be inflationary in the US and contractionary on EA aggregate demand and output. The indirect impact through an appreciation of the dollar (partly already occurred) tends to transfer inflation from the US to Europe. The ECB should be mindful that both deflationary and inflationary influences may ensue, and be ready to adjust ...

In this issue... 鈼� US President Trump starts enacting his economic policy agenda and threatens the EU with tariffs. 鈼� Headline inflation falls to 2.4% as underlying indicators ease. 鈼� ECB reduces key policy rate by 25 bps. 鈼� The euro continues to strengthen against the dollar amid growing uncertainty on US鈥檚 tariffs. 鈼� The Fed keeps rate unchanged among economic uncertainty while challenges to independence arise. 鈼� ECB reckons new US approach to cryptos and CBDCs strengthens the case for ...

The euro area experienced an unprecedented surge of inflation in 2021 and 2022 followed by a decline in 2023 and 2024. The ECB raised policy rates too late. Simple rules would have prescribed an earlier response. The policy easing since summer 2024, however, is quite in line with such rules. This experience provides a number of lessons that could lead to improvements in the policy strategy that is currently under review. The current level of policy rates appears appropriate. However, there are some ...

Europe must swiftly address huge challenges, in the face of a rapidly shifting geopolitical landscape and major fiscal policy changes. With an increasingly protectionist United States (US) on one side and China becoming an ever-more direct competitor across industries on the other, Europe's economic future is fraught with uncertainty. In these testing times, the Next Generation EU (NGEU) recovery instrument, which has contributed to the EU economy's swift rebound from the COVID-19 crisis, is expected ...

Germany was originally entitled to a maximum financial contribution of 鈧�25.6 billion in grants from the Recovery and Resilience Facility (RRF), the unprecedented EU response to the crisis triggered by the coronavirus pandemic. The national recovery and resilience plan (NRRP) for Germany does not include requests for loans. Following the latest amendment of the German NRRP in July 2024, which added a REPowerEU chapter, the EU resources devoted to the plan reached 鈧�30.3 billion. This amount corresponds ...