Dokumenti - Think Tank - Evropski parlament

Poglobljena analiza - Defence financing and spending under the Economic Governance framework - 27-03-2025

Wed, 26 Mar 2025 23:00:00 GMT

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 2030 and related documents published on 19 March 2025.

Vir : © Evropska unija, 2025 - EP

Briefing - The role of the European Council in negotiations on the multiannual financial framework: Frequently asked questions - 19-03-2025

Tue, 18 Mar 2025 23:00:00 GMT

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 assigned a formal legal role in this procedure. Due to national contributions to the EU budget and the allocation of funding being highly sensitive issues, MFF negotiations have largely been considered as Chefsache, with a strong de facto involvement of the European Council, especially during the past two rounds. This briefing, presented in the form of answers to frequently asked questions, outlines the trends that can be identified regarding the European Council's involvement in decision-making on the EU's long-term budget.

Vir : © Evropska unija, 2025 - EP

Poglobljena analiza - Monetary Policy Expert Panel Quarterly Survey: 2025 Q1 - 19-03-2025

Tue, 18 Mar 2025 23:00:00 GMT

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 �Ϸ��վ, the Members of the ECON Committee or the EGOV Unit.

Vir : © Evropska unija, 2025 - EP

Briefing - Economic Outlook Quarterly: Navigating times of uncertainty - 14-03-2025

Thu, 13 Mar 2025 23:00:00 GMT

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 to increase its impact on potential growth from 2025. The implementation of the strategic investment and reform plans financed by NGEU continues at varying intensity across the EU, with a number of measures being suggested to tackle possible risks of under-execution.

Vir : © Evropska unija, 2025 - EP

Na kratko - EGOV 2024 Annual Activity Report - 14-03-2025

Sun, 16 Mar 2025 23:00:00 GMT

Vir : © Evropska unija, 2025 - EP

Na kratko - 2025 European Semester for economic policy coordination - 06-03-2025

Thu, 06 Mar 2025 13:07:31 GMT

For the first time in four years, EU fiscal rules are in effect. The first implementation cycle of the new economic governance framework, centred on country-specific, medium-term fiscal plans steers multilateral budget surveillance, and aims to coordinate Member States' economic policies. The renewed emphasis on European defence capabilities has sparked debates on potential exemption of defence spending from fiscal rules. Against this backdrop, the European �Ϸ��վ report on the European Semester will be debated during the March plenary session.

Vir : © Evropska unija, 2025 - EP

Poglobljena analiza - Economic Dialogue with the President of the ECOFIN - 19 February 2025 - 14-02-2025

Thu, 13 Feb 2025 23:00:00 GMT

Andrzej Domański, Minister of Finance of Poland, is participating in the ECON Committee in his capacity of President of the ECOFIN Council during the Polish Presidency January - June 2025). 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”.

Vir : © Evropska unija, 2025 - EP

Poglobljena analiza - Assessing the Debt Sustainability Analysis Methodology in the EU’s New Economic Governance Framework - 12-02-2025

Tue, 11 Feb 2025 23:00:00 GMT

This in-depth analysis reviews the Debt Sustainability Analysis (DSA) that guides the implementation of the new Economic Governance Framework. It evaluates the adequacy of the methodology, with a focus on the changes introduced in the DSA to make it fit for the multi-annual character of the framework. While the DSA is not far from the state-of-art, the way the framework handles uncertainty is suboptimal. The study notes a few other areas where the analysis could be improved, namely potential output and structural primary balance estimation, sovereign borrowing strategies, and fiscal multipliers. The study also discusses whether the framework is sufficiently transparent, and presents venues through which the European �Ϸ��վ can foster a transparent debate about the methodology underpinning the DSA exercise.

Vir : © Evropska unija, 2025 - EP

Poglobljena analiza - Recovery and Resilience Facility: State of play and way forward - European Implementation Assessment - 07-02-2025

Thu, 06 Feb 2025 23:00:00 GMT

This paper has been drafted to assist the European �Ϸ��վ's Committees on Economic and Monetary Affairs (ECON) and on Budgets (BUDG) in the context of their work on an implementation report on the Recovery and Resilience Facility. Based on publicly available information, it provides a literature review of EU reports and academic papers on the state of play of the implementation of the Recovery and Resilience Facility. It also summarises the main topics of recent parliamentary resolutions and questions.

Vir : © Evropska unija, 2025 - EP

Briefing - Commission implementing decision on equivalence for UK CCPs - 07-02-2025

Thu, 06 Feb 2025 23:00:00 GMT

The Commission’s implementing decision under Article 25(6) EMIR extends for three further years the current equivalence decision regarding the UK (i.e. to consider the regulatory framework applicable to central counterparties in the UK equivalent to the one applicable in the Union). The currently applicable equivalence decision is due to expire on 30 June 2025. The extension could disincentivise efforts to reduce excessive exposures to clearing services of substantial systemic importance provided by CCPs outside the Union, delaying the effective implementation of the active account requirement.

Vir : © Evropska unija, 2025 - EP

Poglobljena analiza - Implementation of the reformed Stability and Growth Pact - 23-01-2025

Wed, 22 Jan 2025 23:00:00 GMT

The autumn 2024 (and winter 2025) fiscal surveillance has been marked by the first implementation cycle of the reformed EU economic governance framework. It has included the assessments and the adoption of the first set of national medium-term fiscal-structural plans (see Section 3 and Annex 1 and 2 of this briefing), the assessments of the 2025 Draft Budgetary Plans of euro area Member States (see Section 4), and Council recommendations to bring an end to their excessive deficit situations and two Commission reports assessing compliance with the deficit criterion (See Section 5).

Vir : © Evropska unija, 2025 - EP

Poglobljena analiza - Debt Sustainability Analysis Methodology in the EU's New Economic Governance Framework: An assessment - 08-01-2025

Wed, 08 Jan 2025 23:00:00 GMT

This paper discusses issues with using a DSA framework as a fiscal rule anchor. It introduces key concepts to guide the reader's understanding and highlights concerns about numerous assumptions that are inevitable in DSA calculation. The paper highlights structural issues, including asymmetry in how megatrends of aging, environmental change and a changing security and defence needs are incorporated into the framework.

Vir : © Evropska unija, 2025 - EP

Briefing - Economic Outlook Quarterly: A story of contrasts - 29-11-2024

Thu, 28 Nov 2024 23:00:00 GMT

The current economic context is a story of contrasts: the labour market continues to exceed expectations, with record employment, while inflation is nearing the 2 % target; meanwhile, subdued growth momentum is fuelling concern over the sustainability of high public debt. Despite extremely challenging circumstances, the EU economy achieved an anticipated soft landing, not least thanks to fiscal support measures at national and EU level. However, factors weighing on economic growth, estimated at 1.5 % in 2025, include tight financing conditions, low consumer confidence and the impact of uncertainty and high energy costs on business. Cumulative growth since the pre-pandemic period has varied widely across EU countries, with countries reliant on (financial) services leading, followed by the eastern European economies, whereas Germany, Finland, and Estonia have stagnated with no notable growth. The new fiscal rules are expected to trigger a shift in fiscal policy, with a decline in the EU’s aggregate deficit below 3 % of gross domestic product (GDP) by 2026. Nevertheless, fiscal tightening is projected to be pro-cyclical in a number of countries. With the EU’s employment rate at a record high (75.8 % of people aged 20 to 64), labour markets remain strong and the employment gender gap has narrowed. A gradual easing of monetary policy is anticipated. In their final 2 years, Next Generation EU (NGEU) and its Recovery and Resilience Facility are expected to mitigate the impact of fiscal consolidation, providing support for public investment, if their implementation is not delayed.

Vir : © Evropska unija, 2024 - EP

Poglobljena analiza - Assessing the Debt Sustainability Analysis Methodology in the EU’s New Economic Governance Framework - 26-11-2024

Tue, 26 Nov 2024 23:00:00 GMT

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.

Vir : © Evropska unija, 2024 - EP

Poglobljena analiza - The new economic governance framework: Implications for monetary policy - 31-10-2024

Wed, 30 Oct 2024 23:00:00 GMT

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.

Vir : © Evropska unija, 2024 - EP

Briefing - Monetary Dialogue in September 2024: Summary of parliamentary scrutiny activities - 23-10-2024

Tue, 22 Oct 2024 22:00:00 GMT

This briefing provides a summary of all scrutiny activities of the European �Ϸ��վ 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.

Vir : © Evropska unija, 2024 - EP

Poglobljena analiza - The ECB’s Monetary Policy Stance in Perspective - 23-09-2024

Mon, 23 Sep 2024 22:00:00 GMT

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.

Vir : © Evropska unija, 2024 - EP

Briefing - CRR/CRD: The delegated act on the date of application of the own funds requirements for market - 20-09-2024

Sun, 22 Sep 2024 22:00:00 GMT

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.

Vir : © Evropska unija, 2024 - EP

Poglobljena analiza - One Money, One Financial Market- The Capital Markets Union - 18-09-2024

Tue, 17 Sep 2024 22:00:00 GMT

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.

Vir : © Evropska unija, 2024 - EP

Briefing - �Ϸ��վ's powers: Motion of censure - 12-09-2024

Wed, 11 Sep 2024 22:00:00 GMT

�Ϸ��վ's powers and influence have evolved significantly since its establishment. Starting out as a Common Assembly – a consultative body made up of delegations from the national parliaments of the EU Member States – in 1979 the European �Ϸ��վ became a directly elected institution with both budgetary and legislative powers. Today, it is a fully fledged legislative body with competences in a broad range of EU policy areas, and considerable influence over the majority of EU affairs. While law-making is central to its activities, �Ϸ��վ also has various other responsibilities stemming from its powers in areas such as the EU budget, scrutiny, appointments, agenda-setting and the constitutional foundation of the EU. From its inception, one of �Ϸ��վ's key roles has been to scrutinise the European Commission, the EU's executive branch. �Ϸ��վ can use a host of instruments to hold the Commission to account, such as voting on its investiture or dismissal as a collective body. According to the EU Treaties, the Commission is accountable to the �Ϸ��վ as a body and must resign if the �Ϸ��վ adopts a motion of censure. The �Ϸ��վ's right to dismiss the Commission as a body is regarded as a 'nuclear option'. It has never been enforced, as the required majority of votes has never been reached, but it exerts real political pressure. In 1999, for example, the mere threat of a motion of censure led to the resignation of the entire Santer Commission.

Vir : © Evropska unija, 2024 - EP

Poglobljena analiza - 10 years of Banking Union case law - 11-09-2024

Tue, 10 Sep 2024 22:00:00 GMT

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.

Vir : © Evropska unija, 2024 - EP

Poglobljena analiza - Accountability of the European Banking Union - 11-09-2024

Tue, 10 Sep 2024 22:00:00 GMT

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.

Vir : © Evropska unija, 2024 - EP

Poglobljena analiza - On the transparency and accountability of the SSM - 05-09-2024

Wed, 04 Sep 2024 22:00:00 GMT

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.

Vir : © Evropska unija, 2024 - EP

Briefing - Public hearing with Claudia Buch, Chair of the ECB / SSM Supervisory Board - 29-08-2024

Wed, 28 Aug 2024 22:00:00 GMT

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.

Vir : © Evropska unija, 2024 - EP

Na kratko - Pilot projects and preparatory actions in the EU's annual budgetary procedure - 17-07-2024

Tue, 16 Jul 2024 22:00:00 GMT

Pilot projects and preparatory actions (PPs and PAs) are tools in the EU budget designed to test new policy initiatives or prepare the ground for the adoption of future programmes. PPs and PAs give Members of the European �Ϸ��վ (MEPs) the possibility to initiate innovative policies and fund them before a legal act has been adopted. The financing of both new PPs and PAs and those continued from previous years must be included in the EU budget under the annual budgetary procedure.

Vir : © Evropska unija, 2024 - EP

Dokumenti - Think Tank - Evropski parlament

Poglobljena analiza - Defence financing and spending under the Economic Governance framework - 27-03-2025

Briefing - The role of the European Council in negotiations on the multiannual financial framework: Frequently asked questions - 19-03-2025

Poglobljena analiza - Monetary Policy Expert Panel Quarterly Survey: 2025 Q1 - 19-03-2025

Briefing - Economic Outlook Quarterly: Navigating times of uncertainty - 14-03-2025

Na kratko - EGOV 2024 Annual Activity Report - 14-03-2025

Na kratko - 2025 European Semester for economic policy coordination - 06-03-2025

Poglobljena analiza - Economic Dialogue with the President of the ECOFIN - 19 February 2025 - 14-02-2025

Poglobljena analiza - Assessing the Debt Sustainability Analysis Methodology in the EU’s New Economic Governance Framework - 12-02-2025

Poglobljena analiza - Recovery and Resilience Facility: State of play and way forward - European Implementation Assessment - 07-02-2025

Briefing - Commission implementing decision on equivalence for UK CCPs - 07-02-2025

Poglobljena analiza - Implementation of the reformed Stability and Growth Pact - 23-01-2025

Poglobljena analiza - Debt Sustainability Analysis Methodology in the EU's New Economic Governance Framework: An assessment - 08-01-2025

Briefing - Economic Outlook Quarterly: A story of contrasts - 29-11-2024

Poglobljena analiza - Assessing the Debt Sustainability Analysis Methodology in the EU’s New Economic Governance Framework - 26-11-2024

Poglobljena analiza - The new economic governance framework: Implications for monetary policy - 31-10-2024

Briefing - Monetary Dialogue in September 2024: Summary of parliamentary scrutiny activities - 23-10-2024

Poglobljena analiza - The ECB’s Monetary Policy Stance in Perspective - 23-09-2024

Briefing - CRR/CRD: The delegated act on the date of application of the own funds requirements for market - 20-09-2024

Poglobljena analiza - One Money, One Financial Market- The Capital Markets Union - 18-09-2024

Briefing - �Ϸ�������վ's powers: Motion of censure - 12-09-2024

Poglobljena analiza - 10 years of Banking Union case law - 11-09-2024

Poglobljena analiza - Accountability of the European Banking Union - 11-09-2024

Poglobljena analiza - On the transparency and accountability of the SSM - 05-09-2024

Briefing - Public hearing with Claudia Buch, Chair of the ECB / SSM Supervisory Board - 29-08-2024

Na kratko - Pilot projects and preparatory actions in the EU's annual budgetary procedure - 17-07-2024

Briefing - �Ϸ��վ's powers: Motion of censure - 12-09-2024