Evaluation of EFSF and ESM Financial Assistance: Technical Appendices
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Calendar of Fabio Panetta, August - September 2020 1 Tuesday, 15 September Executive Board ECB
Calendar of Fabio Panetta Member of the ECB’s Executive Board August - September 2020 Date Meeting / Event (incl. topic / meeting participants, as applicable) Location Friday, 7 August Meeting with London Stock Exchange Group, on developments in global financial markets – teleconference Monday, 10 August Annual board meeting of International Center for Monetary and Banking Studies (ICMB) – teleconference Tuesday, 25 August Financial Stability Board (FSB) Cross-border Payments Coordination Group – teleconference Thursday, 27 August 44th Economic Policy Symposium of the Federal Reserve Bank of Kansas City, on “Navigating the Decade Ahead: Implications for Monetary Policy” – teleconference Friday, 28 August 44th Economic Policy Symposium of the Federal Reserve Bank of Kansas City – teleconference Wednesday, 2 September Executive Board By phone Thursday, 3 September Central bank digital currency (CBDC) Steering Group – teleconference Attendance at virtual ECB Annual Research Conference Friday, 4 September Eurogroup Working Group – teleconference Attendance at virtual ECB Annual Research Conference Tuesday, 8 September Executive Board ECB Meeting with the Bank for International Settlements (BIS) – teleconference Wednesday, 9 September Governing Council – teleconference Thursday, 10 September Governing Council – teleconference Friday, 11 September Attendance at virtual conference on “Banking and Payments in the Digital World”, organised by the Deutsche Bundesbank Calendar of Fabio Panetta, August - September 2020 1 Tuesday, 15 September Executive -
The Future of Europe the Eurozone and the Next Recession Content
April 2019 Chief Investment Office GWM Investment Research The future of Europe The Eurozone and the next recession Content 03 Editorial Publication details This report has been prepared by UBS AG and UBS Switzerland AG. Chapter 1: Business cycle Please see important disclaimer and 05 Cyclical position disclosures at the end of the document. 08 Imbalances This report was published on April 9 2019 10 Emerging markets Authors Ricardo Garcia (Editor in chief) Chapter 2: Policy space Jens Anderson Michael Bolliger 14 Institutional framework Kiran Ganesh Matteo Ramenghi 16 Fiscal space Roberto Scholtes Fabio Trussardi 19 Monetary space Dean Turner Thomas Veraguth Thomas Wacker Chapter 3: Impact Contributors Paul Donovan 23 Bond markets Elisabetta Ferrara Tom Flury 26 Banks Bert Jansen Claudia Panseri 29 Euro Achim Peijan Louis Pfau Giovanni Staunovo Themis Themistocleous Appendix Desktop Publishing 32 The evolution of the EU: A timeline Margrit Oppliger 33 Europe in numbers Cover photo 34 2020–2025 stress-test scenario assumptions Gettyimages Printer Neidhart + Schön, Zurich Languages English, German and Italian Contact [email protected] Order or subscribe UBS clients can subscribe to the print version of The future of Europe via their client advisor or the Printed & Branded Products Mailbox: [email protected] Electronic subscription is also available via the Investment Views on the UBS e-banking platform. 2 April 2019 – The future of Europe Editorial “Whatever it takes.” These words of Mario Draghi’s marked the inflection point in the last recession and paved the way to the present economic recovery. But as the euro celebrates its 20th birthday, the world and investors are beset again by recessionary fears, with risks mounting and likely to continue doing so in the coming years. -
Pandemic Crisis Support Eligibility Assessment Prepared by the Commission Services
EUROPEAN COMMISSION DIRECTORATE GENERAL ECONOMIC AND FINANCIAL AFFAIRS Brussels, 6 May 2020 Pandemic Crisis Support Eligibility assessment conducted by the Commission services in preparation of any evaluation pursuant to Article 6 Regulation (EU) No 472/13, Article 13(1) ESM Treaty and Article 3 of ESM Guideline on Precautionary Financial Assistance (Note for the Eurogroup Working Group) Pandemic Crisis Support Eligibility assessment prepared by the Commission services This note summarises the outcomes of the preliminary assessments conducted by the Commission services at technical level on the eligibility of euro area Member States for the Pandemic Crisis Support provided by the European Stability Mechanism. The assessments are annexed to the note. In their meeting of 23 April 2020, the Heads of State and Government of the euro area Member States endorsed the Eurogroup Report of 9 April 2020, in which Ministers of Finance of the euro area Member States had agreed to establish yhe “Pandemic Crisis Support”. The Support is to be based on the existing Enhanced Conditions Credit Line (ECCL) of the European Stability Mechanism (ESM), adjusted in light of the specific challenge posed by the COVID-19 pandemic. Importantly, this Support is to be available to all euro area Member States until the crisis is over. The Support is to have “standardised terms agreed in advance by the ESM Governing Bodies, reflecting the current challenges, based on up-front assessments by the competent European institutions. The only requirement to access the credit line will be that euro area Member States requesting support would commit to use this credit line to support domestic financing of direct and indirect healthcare, cure and prevention related costs due to the COVID-19 crisis. -
Eurozone Crisis & EU Democratic Deficit
- Eurozone Crisis & EU Democratic Deficit: EU and Greece in Multilevel Perspective Alexandros Kyriakidis Dissertation submitted for Master of Philosophy (M.Phil.) degree in Politics 2016 First Supervisor: Prof. Simon Bulmer, FAcSS Second Supervisor: Dr. Owen Parker Department of Politics University of Sheffield Sheffield, UK Eurozone Crisis & EU Democratic Deficit – Alexandros Kyriakidis | i Table of Contents List of Tables ................................................................................................................ iv List of Graphs ............................................................................................................... iv List of Figures ............................................................................................................... iv Abstract .......................................................................................................................... v List of Abbreviations .................................................................................................... vi Chapter 1: Introduction .............................................................................................. 1 SECTION A: RESEARCH FOUNDATIONS, METHODS & LITERATURE ......... 11 Chapter 2: Review of Relevant Existing Literature ............................................ 11 2.1. Introduction ................................................................................................... 11 2.2. EMU & Democracy: Supranational Level ................................................... -
A Euro Area Budget: Another Seedling?
Maastricht Law Faculty of Law 201/0 Maastricht Centre for European Law 201/0 MCEL Working Paper series A Euro area budget: another seedling? Dr. M. van der Sluis* Table of Contents 1. Introduction .............................................................................................................................................. 2 2. Plans for a Euro (Area) budget ................................................................................................................. 4 2.1. The Four and Five Presidents’ reports ............................................................................................ 4 2.2. The European Parliament Resolution ............................................................................................. 4 2.3. The Commission proposals (2018) .................................................................................................. 5 2.4. The Meseberg Declaration & the New Hanseatic League .............................................................. 6 2.5. The Eurogroup agreements on the BICC ........................................................................................ 8 2.6. The Commission proposal (2019) ................................................................................................... 8 2.7. The Eurogroup’s October Term Sheet ............................................................................................ 9 3. Legal aspects of the BICC ....................................................................................................................... -
011137/EU XXVII. GP Eingelangt Am 13/02/20
011137/EU XXVII. GP Eingelangt am 13/02/20 Eurogroup ANNOTATED AGENDA Brussels, 12 February 2020 ecfin.cef.cpe(2020)934222 Draft Eurogroup annotated agenda1 17 February 2020 Starting time 15h00, Brussels 1. Presentation of the Commission priorities for the EMU The Commission will present its priorities for the EMU. 2. Presentation of the Commission Six- and Two-Pack review – euro area related issues The Commission will present the main points of its economic governance review Communication, focusing on those relevant for the euro area. Some elements of EU economic governance are applicable only to the euro area, notably the so- called “2-pack” reforms that were introduced in 2013 to establish a framework for dealing with Member States facing financial stability difficulties and to strengthen budgetary co-ordination. The Eurogroup and Eurogroup Working Group have specifically-defined roles in their implementation. 3. Thematic discussion on growth and jobs – Tax wedge on labour – focus on tax shift from labour to other forms of taxation As part of the thematic discussions on growth and jobs, the Eurogroup will continue to exchange views on the tax wedge on labour, focusing on shifting from labour to other forms of taxation. This discussion will look more particularly at the shift from labour to environmental taxation. The aim is to foster the sharing of good policy practices. A technical note by the Commission and an oral presentation by Professor Ottmar Edenhofer, Director of the Mercator Research Institute on Global Commons and Climate Change (MCC) and of the Potsdam Institute for Climate Impact Research, (PIK) will inform the debate. -
Eurogroup: Hans Vijlbrief Appointed President of the Eurogroup Working Group
PRESS Council of the EU EN PRESS RELEASE 25/18 22/01/2018 Eurogroup: Hans Vijlbrief appointed President of the Eurogroup working group The Eurogroup today appointed Hans Vijlbrief as the new President of the Eurogroup working group (EWG). He will take office as of 1 February 2018 and will serve a two-year term. He will succeed Thomas Wieser who was the first full-time EFC/EWG president and held the position since 2012. The President of the Eurogroup Working Group is elected by its members and then appointed by the Eurogroup. He was elected to this position by the EWG on 15 December 2017. The office of the President of the EWG is located at the General Secretariat of the Council of the EU, in Brussels. The EWG prepares the meetings of the Eurogroup and coordinates on euro-area specific matters. It is composed of representatives of the euro-area member states of the Economic and Financial Committee, the European Commission and the European Central Bank. Hans Vijlbrief will also serve as the President of the Economic and Financial Committee, which prepares the ECOFIN Council and promotes policy coordination among EU member states. He was elected to this position by the EFC on 15 December 2017. Until now, Hans Vijlbrief has held numerous positions at the ministry of economic affairs and at the ministry of finance of the Netherlands. Since October 2012, he has been serving as treasurer general at the ministry of finance of the Netherlands and a principal adviser to the minister of finance of the Netherlands on Eurogroup matters. -
A Crisis of Déjà Vu How a Host of Divisions Caused a Seemingly Unending String of Setbacks to a Deal for a New Greek Bailout
SPecIAL REPORT A CRISIS OF DÉJÀ VU How a host of divisions caused a seemingly unending string of setbacks to a deal for a new Greek bailout. First of three parts. NEW MAN, SAME STORY: Greek Finance Minister Evangelos Venizelos set off a new mini-crisis upon taking office. REUTERS/JOHN KOLESIDIS BY Luke BAKER, PAUL TAYLOR his debut at an emergency meeting of Monetary Fund inspectors. Greece needed AND DINA KYRIAKIDOU euro zone finance ministers on June 19, easier terms, he said. BRUSSELS, OCT 5 his country was teetering on the brink of “Venizelos started with excuses as to bankruptcy and desperate for more aid why they have to change some parts of the REEK FINANCE MINISTER Evangelos to avoid default. The burly constitutional programme to buy parliamentary support,” Venizelos came into office offering a lawyer began his presentation by seeking said one participant in the confidential freshG start in his nation’s financial crisis. But to renegotiate an austerity programme his Sunday-night meeting in Luxembourg. he began with more of the same. predecessor had only recently concluded The euro zone’s point man in the talks, When the 54-year-old politician made with European Union and International a normally mild-mannered Finn named octoBER 2011 DejA VU OCTOBER 2011 Olli Rehn, exploded. The EU’s executive how the second Greek bailout was reached differences among the euro zone countries, arm would refuse to sign off on Greece’s -- and why a third bailout now looks almost personality clashes among their leaders, compliance with its bailout programme, the inevitable -- Reuters spoke to dozens of denial in Greece about the extent of the 49-year-old economic and monetary affairs ministers, officials, central bankers and other problem and political paralysis that has commissioner told Venizelos. -
© in This Web Service Cambridge University
Cambridge University Press 978-1-107-04321-3 - Opting Out of the European Union: Diplomacy, Sovereignty and European Integration Rebecca Adler-Nissen Index More information Index Note: Locators in italics refer tables; followed by n refer notes; bold italics refer figures. acquis communautaire 10, 13, 19, 27–9, Barroso, José Manuel 134, 152, 160, 58, 126, 150, 169. See also 163 Schengen acquis BEGPs. See Broad Economic Policy Adler, Emanuel 48 Guidelines Africa behaviour. See also norms North 114, 122 deviant 29, 65–6, 177–8 West 122 state 48, 71, 166, 176–7, 189 AFSJ. See Freedom, strategic 63 Security and Justice voting 17 agency 26, 50, 56, 115, 158 Belgium 2, 22, 90, 93, 140 agricultural policy 33, 82, 116, 170n8 benchmarking 85, 150 a la carte 152, 169, 187 Benelux 25. See also Belgium; Allot, Philip 166 Luxembourg; Netherlands Amsterdam Treaty. See Treaty of Black Wednesday 78 Amsterdam Blair, Tony 79, 104, 126, 131–2 analytical strategy 198–217. See also borders. See Schengen methods Bosnia 31 Andersen, Bodil Nyboe 80 Börzel, Tanja 179 appropriate measures 135 Bourdieu, Pierre 3, 12, 17–19, 22, Arab Spring 23, 114 47–65, 71–3, 86–8, 123, 156, ASEAN. See Association of South-East 174–8, 182, 202–7, 215 Asian Nations Broad Economic Policy Guidelines 85 Association of South-East Asian Brown, Gordon 104, 211 Nations 164 Bull, Hedley 147 asylum policy 114–19, 122, 124, 126, bureaucrat 5, 17, 49, 52, 90, 149, 158 127, 133–5, 141, 145 bureaucratic epistemic community 120, autonomy 153 158 monetary 76 national 39, 61, 135, 140, 142, 145, Cameron, David 1, 14, 19, 75, 79, 99, 163, 168, 170 104, 152 trade off influence 15, 39–40, 150, 153 capital 49, 51, 61–2, 69–72, 88–90, 94, 105, 205, 208 Balladur, Eduard 25 cultural 51 Bank of England 79 diplomatic 58–62, 70, 90, 160–1, bargaining 38, 41, 53. -
Working Paper Series Demosthenes Ioannou, Jean-François Jamet and Spillovers and Euroscepticism Johannes Kleibl
Working Paper Series Demosthenes Ioannou, Jean-François Jamet and Spillovers and Euroscepticism Johannes Kleibl No 1815 / June 2015 Note: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB ABSTRACT: During the crisis, support for the EU has declined noticeably in many European Union member states. While previous research on European public opinion has mainly focused on the impact of domestic country- and individual-level factors on public attitudes towards the EU, this paper argues that developments in other EU member states can also have a significant impact on domestic euroscepticism. Specifically, deteriorating economic and fiscal conditions in other member states can lead to concerns in domestic publics about possible negative spillovers on the domestic economy and the ability of the EU to deliver positive economic outcomes. This in turn may lead to rising euroscepticism at the domestic level. The analysis of a panel data set for the EU as a whole and the euro area countries lends support to these arguments by showing that higher unemployment rates and government debt levels in other European countries are systematically related to lower levels of trust in the EU domestically. KEYWORDS: European Union, Euroscepticism, Spillovers, Debt, Unemployment. JEL CLASSIFICATION: D72 (Political Processes), E02 (Institutions and the Macroeconomy), F15 (Economic Integration), H63 (Debt), J64 (Unemployment). ECB Working Paper 1815, June 2015 1 Non-Technical Summary The financial and economic crisis has led to a notable rise in euroscepticism in many European Union member states. -
September 2010 Volume 18 BANKING JOURNAL
7 September 2010 Volume 18 BANKING JOURNAL NÁRODNÁ BANKA SLOVENSKA BIATEC Conference The Euro Area and the Financial Crisis The Euro Area and the Financial Crisis conference was opened by NBS Governor Mr. Jozef Makúch (first from left), who also chaired the first session. Governor of the Central Bank of Cyprus Mr. Athanasios Orphanides (in the middle) devoted the keynote lecture to regulation and supervision, and to the issue of crisis resolution. The same issue was also analysed by Mr. Thomas F. Huertas from Great Britain (first from left). Economic research in Slovakia witnessed from cial stability is undoubtedly an important concern the 6th to 8th of September hitherto the greatest of central banks. At the European level it is neces- event. Národná banka Slovenska together with sary to solve two aspects of financial stability: on the Heriot-Watt University from Edinburgh and the one hand regulation and supervision, on the the Comenius University in Bratislava organized other hand resolution of a manifested crisis. A sig- The Euro Area and the Financial Crisis conference. nificant progress was made in recent years in the As the name suggests, the conference was dedi- area of supervision and regulation – increasing cated to the issues of the financial crisis and its emphasis on macrofinancial stability, setting up aftermath, the implications of the crisis for the the European Systemic Risk Board, there is a sys- euro area and several of its members, open issues tem of communication and cooperation among of financial regulation, and the issue of how the national regulators, and the harmonisation of euro introduction influenced several EU member legislation among member states has intensified. -
Corona: EU's Existential Crisis
APRIL 2020 Corona: EU’s existential crisis Alert Clingendael Why the lack of solidarity threatens not only the Union’s health and economy, but also its security Bob Deen & Kimberley Kruijver & Kimberley Deen Bob Source: Shutterstock Introduction When European Union leaders met on Similarly, these days national governments Thursday 26 March via a videoconference and EU institutions are pledging to do to discuss their common response to the “whatever it takes”, while both their initial coronavirus outbreak in Europe, the pressure and later actions did not show much was on to show that the EU could act in solidarity towards one another. On top of unison to manage this unprecedented crisis. that, various EU senior officials issued dire During the previous two calamities – the warnings that “the germ of division”1 or 2010 European debt crisis and the 2015 migration crisis – EU member states vowed to work together and make sure that the Union emerges stronger. But in reality they 1 Aris Oikonomou, ‘Epidemic infects Europe gradually drifted further apart by the rise with ‘germ of division’’, Agence France-Presse, of nationalism and populism that followed. 28 March 2020. Clingendael Alert “the lack of ‘all for one spirit’”2 threaten the health crisis in a tailored manner suited to existence of the European project itself. their own specific situation and the state of To the outside, these statements portray an the outbreak. But that does not mean the unsettling image of disarray. Although most EU could not play a more prominent role in attention has so far been paid to the public promoting intergovernmental co-operation health and economic havoc wrought by and in co-ordinating matters such as border COVID-19, it also poses threats to the social policies, research efforts and the production cohesion and security of the EU itself.