Dokumentai - Think Tank - Europos Parlamentas

Glaustai - A competitiveness compass for the EU - 05-02-2025

Wed, 05 Feb 2025 16:35:38 GMT

On 29 January 2025, the Commission presented a 'competitiveness compass', an economic framework to guide its work in the coming years. Grounded in the key role of productivity in financing the EU's competitiveness ambitions, the compass is about simplifying legislation, pooling private and public investment in key technologies and mitigating foreign dependencies in order to unleash EU innovation. To this end, the Commission intends to issue up to 47 legislative and non-legislative proposals by the end of 2026. Members are expected to debate this initiative following a statement by the Commission during the February plenary session.

Šaltinis : © Europos Sąjunga, 2025 - EP

Briefing - Retail investor package - 22-04-2024

Sun, 21 Apr 2024 22:00:00 GMT

On 24 May 2023, the European Commission put forward a package of two proposals to amend existing directives and a regulation with a view to fostering retail investor information transparency and ensuring that investment decisions are best for investors. The objective is to enhance trust and confidence, thereby increasing retail investor participation in financing the economy. The package is mostly concerned with clarity in communication and the prevention of misleading marketing. It also seeks to mitigate potential conflicts of interest for advisers and increase retail investments' value for money. In the European �Ϸ��վ, the file was referred to the Committee on Economic and Monetary Affairs (ECON), which adopted its reports on 20 March 2024. The committee decision to enter into interinstitutional negotiations was announced in the April I 2024 part-session. �Ϸ��վ is expected to vote on its first-position reading during the April II part-session. Discussions at the Council are ongoing. Third edition. The 'EU Legislation in Progress' briefings are updated at key stages throughout the legislative procedure.

Šaltinis : © Europos Sąjunga, 2024 - EP

Tyrimas - Mapping of long-term public and private investments in the development of Covid-19 vaccines - 29-03-2023

Tue, 28 Mar 2023 22:00:00 GMT

This study provides a mapping of funds contributed by different actors for the R&D and the expansion of the production capacity of COVID-19 vaccines, with a focus on those authorised in the EU. Nine vaccines are examined. It is found that governments, mainly the US (with some not-for-profit entities) decisively supported corporate investments, either for R&D, manufacturing, or both, by nearly EUR 9 billion, i.e. on average EUR one billion of grants per vaccine, with, however, vast variance across companies. Moreover, almost EUR 21 billion was allocated to companies through Advance Purchase Agreements. While the EU and MS support through Advance Purchase Agreements was key to de-risk the production of vaccines, the role of EU and MS support in directly supporting R&D was marginal compared with the US federal government. The study assesses the necessity for continuing public support to R&D on vaccines for SARS-CoV-2 future variants of concern and possibly other coronaviruses. After highlighting current market failures, new incentive mechanisms in the public interest for vaccine R&D are suggested to grant equity and accessibility, as well as rewards in line with risks.

Šaltinis : © Europos Sąjunga, 2023 - EP

Tyrimas - Robo-advisors - 30-06-2021

Tue, 29 Jun 2021 22:00:00 GMT

This study analyses if and to what extent the current EU legal framework provides effective investor protection for customers of robo-advisors. It puts emphasis on structural conflicts of interests, the difficulties presented by the supervision of algorithms, and potential threats to the stability of the financial system. 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 (ECON).

Šaltinis : © Europos Sąjunga, 2021 - EP

Briefing - The productivity riddle: Supporting long-term economic growth in the EU - 03-12-2018

Mon, 03 Dec 2018 16:40:46 GMT

Productivity has a key role to play in the EU's long-term economic growth. The recent economic recovery has reversed the negative trend but concerns remain about long-term prospects. Productivity varies across the EU, with newer Member States reaching only about half the level of the older ones (EU-15) when measured in terms of gross domestic product (GDP) per hour worked, but showing a higher growth dynamic. The recent poor productivity growth in the EU raises a number of important policy questions. First, there is no consensus on the reasons behind it or the best ways to remedy it. There are also conflicting views regarding how long this situation will continue. Most economists believe the current weak growth trend may be explained by a combination of cyclical and structural economic weaknesses that need to be addressed by a mix of shorter and longer-term measures. Remedies for low productivity include increasing labour market participation, strengthening product market competition, encouraging demand, investment and lending to companies, as well as restructuring inefficient markets, disseminating technology and generalising digitalisation. In the EU context, particularly important factors conducive to productivity growth include creating a genuine single market for services, boosting digitalisation across economic sectors and addressing long-term challenges, such as the ageing society and rising income inequalities, as well as implementing long-awaited structural reforms in the Member States.

Šaltinis : © Europos Sąjunga, 2018 - EP

Tyrimas - Research for REGI Committee - Public Private Partnerships and Cohesion Policy - 15-11-2017

Wed, 29 Nov 2017 23:00:00 GMT

The objective of this study is to describe the role of Public-Private Partnerships (PPPs) in Cohesion Policy. The study finds that the use of PPPs in Cohesion Policy has been limited and concentrated in a number of Member States and sectors, in spite of favourable regulatory changes. Evidence shows that PPPs are useful instruments to implement projects on time and on budget, but the assessment of outcomes over the long-term period is still limited and not conclusive.

Šaltinis : © Europos Sąjunga, 2017 - EP

Briefing - EU support for social entrepreneurs - 16-03-2017

Thu, 16 Mar 2017 05:00:00 GMT

Social enterprises combine social goals with entrepreneurial activity. They represent a business model focused on having a positive social or environmental impact rather than simply making profit for shareholders. Social enterprises make a valuable contribution to the economy and society, operating mainly in local communities and covering areas such as education, healthcare, social services, work integration and environmental protection. They are also an increasingly popular choice for outsourcing certain public services of general economic interest. Social enterprises encounter challenges in their operations, mostly related to regulatory obstacles and difficulties in accessing funding. At EU level the momentum gained by the Social Business Initiative of 2011 is currently being supplemented by regulatory changes such as the review of the regulation on the European Social Entrepreneurship Funds, improving access to public procurement and developing methodologies for measuring social impact. The EU is also making efforts to improve funding opportunities, for instance via the Social Impact Accelerator and the 'microfinance and social entrepreneurship' axis of the Employment and Social Innovation programme. Additional funding is made available under the European Structural and Investment Funds, as well as programmes tailored to small and medium-sized enterprises. Expansion of the social economy, however, requires further development of a supportive regulatory environment, a tailored financial ecosystem, and also increased visibility and recognition.

Šaltinis : © Europos Sąjunga, 2017 - EP

Briefing - European venture capital and social entrepreneurship funds - 07-12-2016

Tue, 06 Dec 2016 23:00:00 GMT

This initial appraisal concludes that the Commission's impact assessment is based on sound knowledge and on relevant data relating to the investment funds industry. However, the evidence regarding specifically the two fund frameworks under review - European venture capital funds and European social entrepreneurship funds - is, by the IA's own admission, limited. The IA and the review attached to it do not cover all the points listed in the review clauses of the two regulations, for instance the geographical and sectoral distribution of investments undertaken specifically by EuVECA and EuSEF funds. At first sight, it appears that different conclusions could be drawn using the same data provided in the IA, for instance regarding the low take-up and lower than expected performance of the funds. The range of options analysed in depth seems rather narrow. Finally, the purpose of the existing regulations is to enhance the growth of small and medium-size enterprises and of social businesses. The IA states that it is too early to judge whether these objectives have been achieved and excludes this issue from the scope of the analysis. Even so, an initial analysis of the public consultations undertaken shows that, despite the absence of more concrete evidence, a greater effort could have been made to integrate the voice of non-financial businesses, including SMEs and social enterprises, within the IA.

Šaltinis : © Europos Sąjunga, 2016 - EP

Briefing - Why Has ECB’s Very Accommodative Monetary Policy Not Yet Triggered a Rebound of Investment? - 15-06-2016

Mon, 27 Jun 2016 22:00:00 GMT

The European Central Bank has adopted a series of unconventional monetary policy measures to combat the financial crisis and ward off the risks of a too prolonged period of low inflation. The policy package has led to a tangible improvement in borrowing conditions for both households and firms. Sovereign bond rates have reached record low levels even at relative long maturities in several euro-area countries. In theory lower financing costs should support consumption and investment via the increase in bank lending and bond or stock issuance. In practice the main beneficiaries of ECB very accommodative monetary policy seem to be for governments via lower interest payments, while the effects on private spending and, in particular, capital formation have been limited, so far.

Šaltinis : © Europos Sąjunga, 2016 - EP

Išsami analizė - Why Has ECB’s Very Accommodative Monetary Policy Not Yet Triggered a Rebound of Investment? - 15-06-2016

Mon, 11 Jul 2016 22:00:00 GMT

This compilation of notes requested by the Committee on Economic and Monetary Affairs (ECON) for the June 2016 Monetary Dialogue looks into the key factors which are holding back investment in the euro area notwithstanding a very loose monetary policy stance.

Šaltinis : © Europos Sąjunga, 2016 - EP

Išsami analizė - Should the Marketing of Subordinated Debt Be Restricted/Different in One Way or the Other? What to Do in the Case of Mis-Selling? - 18-03-2016

Thu, 17 Mar 2016 23:00:00 GMT

Bail-in can potentially lead to enhanced market discipline and lower use of public finances only if its application is credible and stringent. This requires that the holders of bail-in able debt have the capacity of absorbing losses but also that the application of bail-in does is consistent with financial stability. Sophisticated investors have typically a larger financial capacity than unsophisticated investors but they are also more reactive to information and/or imposition of losses and are therefore more likely to generate runs and systemic risk. In contrast, retail investors are slower movers and as such they constitute a more stable source of funding. As a result, we do not advocate the ban of the sale of subordinated debt to retail investors. Rather, it is crucial that the rules concerning the marketing of these products are appropriately designed and their implementation is supervised by competent authorities.

Šaltinis : © Europos Sąjunga, 2016 - EP

Briefing - Occupational pensions: Revision of the Institutions for Occupational Retirement Provision Directive (IORP II) - 11-12-2015

Thu, 10 Dec 2015 23:00:00 GMT

In 2014, the European Commission proposed a revision (‘IORP II’) of the existing Institutions for Occupational Retirement Provision (IORP) Directive of 2003, which covers certain occupational pension savings. These are overwhelmingly in the United Kingdom (55.9% of IORP assets) and the Netherlands (30.7%). The proposed revision aims to improve the governance, risk management, transparency and information provision of IORPs and help increase cross-border IORP activity, strengthening the single market. The proposal did not include new prudential rules (i.e. capital requirements) for IORPs following a long and controversial debate. Stakeholders have in general welcomed the focus of the proposal and the lack of new prudential rules, but feel the revision is overly detailed and prescriptive and does not respect national competences, nor reflect the variety of IORPs and their position as social (not just financial) entities. The EESC and some national parliaments have made similar comments on the proposal. The Council has agreed on its negotiating mandate, while the ECON Committee is expected to vote on its draft report in early 2016. A more recent edition of this document is available. Find it by searching by the document title at this address: http://www.europarl.europa.eu/thinktank/en/home.html

Šaltinis : © Europos Sąjunga, 2015 - EP

Glaustai - The Capital Markets Union package - 30-09-2015

Wed, 30 Sep 2015 15:45:00 GMT

Despite the fact that the free movement of capital is one of the 'four freedoms', the integration of European capital markets is not complete and has even regressed during the latest financial crisis. Furthermore, European businesses remain heavily reliant on banks (about 80% of their financing comes from banks) and much less on capital markets (whereas in the US, the ratio is the opposite).

Šaltinis : © Europos Sąjunga, 2015 - EP

Glaustai - The €315 billion Investment Plan for Europe - 10-12-2014

Wed, 10 Dec 2014 16:07:00 GMT

The economic and financial crisis led to a 14% reduction in investment in the EU from the pre-crisis peak of 2007 (€2 606 billion in 2013, compared to €3 039 billion in 2007, in 2013 prices), despite a pressing need for more investment. The European Commission believes that this is due to uncertainty regarding potential growth leading to excessive risk aversion among many investors. It sees the solution in using public funds to encourage the private sector to invest more.

Šaltinis : © Europos Sąjunga, 2014 - EP

Glaustai - UNCTAD's World Investment Report 2014: Investing in the Sustainable Development Goals - 04-12-2014

Thu, 04 Dec 2014 09:52:00 GMT

The Sustainable Development Goals (SDGs) are set to replace the Millennium Development Goals (MDGs) after 2015. In its 2014 World Investment Report, the United Nations Conference on Trade and Development (UNCTAD) assesses the developing countries' needs for financing in SDG-sensitive sectors over the period 2015 to 2030. UNCTAD points to a financing gap of US$2.5 trillion per year and suggests reflecting on policies to raise the share of private-sector participation in order to narrow that gap.

Šaltinis : © Europos Sąjunga, 2014 - EP

Briefing - Social impact bonds: Private finance that generates social returns - 28-08-2014

Wed, 27 Aug 2014 22:00:00 GMT

Social impact bonds are a results-based form of social impact investment. Private investors provide capital to launch or expand innovative social services that provide a public good. �Ϸ��վ has called for greater use of innovative financing for social benefit and for more specific proposals from the European Commission.

Šaltinis : © Europos Sąjunga, 2014 - EP

Tyrimas - Political, Social and Economic Impacts of European Union Policies with its Mediterranean Partners - Focus on ‘Investment’ and Recommendations for Improved Integration - 25-04-2014

Tue, 29 Jul 2014 14:45:01 GMT

Since the 2011 Arab revolutions, the Southern and Eastern Mediterranean countries (SEMCs) have been undergoing multiple transitions (political, social, cultural, religious, etc.). These revolutions have brought to light two main areas requiring action: the upgrading of infrastructures and the creation of jobs for the younger generation. Although the relationship between these countries and Europe is strong, it needs to be renewed. This renewal must be comprehensive and must focus on investment, joint management of energy transition, and mobility, which requires special treatment due to its human dimension. Certain measures would need to be put in place for this, for example a fund dedicated to infrastructures, bringing together all of the financial support from Europe; increased mobilisation in favour of SMEs, and management of the mobility of professionals. As far as the SEMCs are concerned, the establishment of a regional economic area will be achieved through improvement of the business climate. This will entail the modernisation of the legal framework by means of regional convergence so that the EU operators and the SEMCs have shared and mutually compatible legal tools at their disposal, as well as taking a progressive step towards the modernisation of the financial system in accordance with a schedule set out by each country.

Šaltinis : © Europos Sąjunga, 2014 - EP

Tyrimas - Financing for Development Post-2015: Improving the Contribution of Private Finance - 09-04-2014

Fri, 11 Apr 2014 15:51:35 GMT

This overview of financing for developing countries finds that government spending is the largest domestic resource, domestic private investment is also growing, outflows of private financial resources are very large, real net financial private flows are overstated, and ODA is the largest flow to least developed countries. Global public finance cannot be directly substituted by private finance, as it pays for public goods, is more predictable and counter-cyclical, and can be targeted at the poorest countries. Global private finance mainly goes to higher income countries and has difficultly targeting MSMEs or paying for public services. Leveraging private finance has faced many problems including in proving additionality, intransparency and lack of ownership, and poor evidence of development impact. Instead, we should focus on how international public flows can reduce barriers to private sector investment through investing in essential services, and how the EU can alter policies including by reforming investment treaties, curbing illicit financial flows, supporting fair debt workout mechanisms and developing responsible financing standards.

Šaltinis : © Europos Sąjunga, 2014 - EP

Briefing - Net neutrality in Europe - 25-03-2014

Wed, 26 Mar 2014 23:00:00 GMT

Net neutrality means that data communications over a network are all processed in the same way, regardless of sender, receiver, application or content. This principle has historically underpinned the internet. However, some end-users want specialised services that can guarantee that time-sensitive data are delivered promptly, even at peak times. Mandating net neutrality or allowing specialised services at a higher price could have important effects on economic growth and innovation, investment in broadband infrastructure and freedom of expression.

Šaltinis : © Europos Sąjunga, 2014 - EP

Briefing - Investor-State Dispute Settlement (ISDS): State of play and prospects for reform - 21-01-2014

Tue, 21 Jan 2014 23:00:00 GMT

Investor-State Dispute Settlement (ISDS) mechanisms are found in more than 3 000 international investment treaties, but have been increasingly criticised in recent years. Their advocates defend them as a depoliticised neutral system to resolve disputes between foreign investors and host states. The issue of ISDS has lately come to public attention in the EU, with the completion of negotiations for a Comprehensive Economic and Trade Agreement (CETA) with Canada, and the opening of negotiations on a Transatlantic Trade and Investment Partnership Agreement.

Šaltinis : © Europos Sąjunga, 2014 - EP

Išsami analizė - Food Security in a Just Food System - 08-11-2013

Thu, 21 Nov 2013 16:17:56 GMT

Hundreds of millions of people live in food insecurity, lacking nutritious food and the means to develop their resilience to natural and man-made disasters and shocks. Obstacles to improving the situation are numerous and include climate change and resource scarcity, poor regulations and rights-based considerations, insufficient human and technical capacities and training. Nevertheless, it is possible to produce enough food for all and to build a more sustainable and just food system. For this to happen, small-scale, sustainable agriculture must be developed and strengthened. Private finance across the food system will play an increasingly important role in this process. But for the livelihood and resilience of agricultural producers to be ensured, investments must be responsible and combined with targeted and inclusive initiatives.

Šaltinis : © Europos Sąjunga, 2013 - EP

Išsami analizė - Responsibility in Investor-State Arbitration in the EU - Managing Financial Responsibility Linked to Investor-State Dispute Settlement Tribunals Established by EU's International Investment Agreements - 03-12-2012

Tue, 18 Jun 2013 06:40:34 GMT

The Lisbon Treaty extends exclusive European Union competence to foreign direct investment (FDI). In this context the issue of dispute settlement will be included in future EU Investment Agreements. For such situations the European Commission has put forward a draft proposal on how financial responsibility could be shared between the EU and/or a Member State (MS). The proposal aims to address possible conflicts that may arise between the EU/Commission and the respective MS when claims are brought under investment agreements or chapters concluded between the EU (or the EU and its MSs) and a third state. Moreover, the proposal deals with the representation of the EU or MS in arbitral proceedings. The study provides background under public international law by setting out the responsibility of states and international organisations, and considers the financial reimbursement laws and policies of several federal states. Further analysis is provided on the proposal’s respective provisions on financial distribution, respondent status, settlement and the technical aspects of reimbursement. Particular attention is given to the external competence of the EU in relation to the internal competences of MSs, specifically with regard to standards of treatment. Other issues addressed include executive federalism with respect to allocating financial responsibility and the balance between unity of external representation and MS' interests. The conclusions are largely based on the issue of internal/external competence, acknowledging the importance of the language of future investment agreements and chapters in clarifying some of these technical aspects.

Šaltinis : © Europos Sąjunga, 2012 - EP

Tyrimas - Workshop on 'Financing energy savings and energy efficiency in Europe' - 14-10-2011

Tue, 18 Jun 2013 06:49:24 GMT

The workshop set out to evaluate and assess the advantages, disadvantages and barriers related to the various financing instruments for energy savings and energy efficiency. It also looked at the financing needs and relevant instruments for achieving energy savings under energy obligation schemes.

Šaltinis : © Europos Sąjunga, 2011 - EP

Tyrimas - Privačių investicijų į kultūros sektorių skatinimas - 15-07-2011

Tue, 18 Jun 2013 07:04:03 GMT

Šiuo tyrimu nustatomos privačių investicijų į kultūros sektorių skatinimo tendencijos ES valstybėse narėse. Vykdant šį tyrimą buvo analizuojami empiriniai duomenys, gauti iš apklausos anketų, atvejų tyrimų ir dokumentų analizės. Pateikiama privačių investicijų skatinimo sistemų ir priemonių apžvalga, įskaitant mokesčių sistemą (t. y. kultūros vartojimo bei verslo ir filantropinių investicijų skatinimą), finansų ir bankininkystės programas bei tarpininkavimo priemones. Pateikiamas privačių investicijų į kultūrą Jungtinėse Valstijose ir Europoje palyginimas.

Šaltinis : © Europos Sąjunga, 2011 - EP

Tyrimas - Private Equity and Leveraged Buy-outs - 06-11-2007

Tue, 18 Jun 2013 06:43:01 GMT

Executive Smmary The present study looks at a range of questions related to the social and economic consequences of private equity/LBO activity raised by the European �Ϸ��վ. Overall, we find private equity to be a well-functioning, established industry that fulfils a crucial role in our economy by providing corporate financing and governance services for the efficient revitalization of underperforming mature businesses. Through long-term controlling investments, Private Equity Firms trigger predominantly growth-oriented changes in the acquired businesses with a positive impact on their short- and long-term competitiveness. Private Equity activity creates value beyond the pure effect of leverage. Historically, private equity funds have generated annual returns approximating 3% above the performance of broad stock market indices gross-of-fees. However the fee structure of Private Equity Firms is such that institutional investors in their funds are left with an average underperformance of 3% relative to these same broad stock market indices. We find no sign of a negative impact of buyouts on the growth or competitiveness of the sectors in which they occur. Also, there is no empirical support for the claim that Private Equity makes the financial and economic system less stable. Finally, we found no evidence of harmful conflicts of interest between Private Equity Firms and their advisors.

Šaltinis : © Europos Sąjunga, 2007 - EP