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European Stability Mechanism
~FACTSHEET~ European Stability Mechanism The Treaty establishing the European Stability Mechanism (ESM) has been ratified by all 17 euro area member states. It entered into force on 27 September 2012, nine months earlier than initially foreseen 1. The treaty was signed by euro area member states on 2 February 2012. The ESM board of governors held its inaugural meeting on 8 October 2012. The ESM is an intergovernmental institution based in Luxembourg, set up to provide financial assistance to eurozone member states experiencing, or being threatened by, severe financing problems, if this is indispensable for safeguarding financial stability in the euro area as a whole. The initial maximum lending capacity of the ESM is set at €500 billion. This is achieved with subscribed capital of €700 billion (€ 80 billion paid-in capital, the rest callable). A first version of the treaty was signed on 11 July 2011, but it was subsequently modified to incorporate decisions taken by the heads of state and government of the euro area on 21 July and 9 December 2011 to improve the effectiveness of the mechanism. As a permanent mechanism, the ESM will take over the tasks currently fulfilled by the European Financial Stability Facility (EFSF) and the European Financial Stabilisation Mechanism (EFSM). With the accelerated entry into force, the ESM will now operate alongside the EFSF for nine months. In March 2012, the Eurogroup agreed to raise the overall ceiling for ESM/EFSF lending to €700 billion 2. Already during the transitional period, until mid-2013, the ESM will be the main instrument for the financing of new programmes. -
European Parliament: 7Th February 2017 Redistribution of Political Balance
POLICY PAPER European issues n°420 European Parliament: 7th February 2017 redistribution of political balance Charles de Marcilly François Frigot At the mid-term of the 8th legislature, the European Parliament, in office since the elections of May 2014, is implementing a traditional “distribution” of posts of responsibility. Article 19 of the internal regulation stipulates that the Chairs of the parliamentary committees, the Deputy-Chairs, as well as the questeurs, hold their mandates for a renewable 2 and a-half year period. Moreover, internal elections within the political groups have supported their Chairs, whilst we note that there has been some slight rebalancing in terms of the coordinators’ posts. Although Italian citizens draw specific attention with the two main candidates in the battle for the top post, we should note other appointments if we are to understand the careful balance between nationalities, political groups and individual experience of the European members of Parliament. A TUMULTUOUS PRESIDENTIAL provide collective impetus to potential hesitations on the part of the Member States. In spite of the victory of the European People’s Party (EPP) in the European elections, it supported Martin As a result the election of the new President of Schulz in July 2104 who stood for a second mandate as Parliament was a lively[1] affair: the EPP candidate – President of the Parliament. In all, with the support of the Antonio Tajani – and S&D Gianni Pittella were running Liberals (ADLE), Martin Schulz won 409 votes following neck and neck in the fourth round of the relative an agreement concluded by the “grand coalition” after majority of the votes cast[2]. -
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. -
Next Generation EU: Has the Hamiltonian Moment Come for Europe? DI LUCA LIONELLO*
ISSN 2384-9169 Fascicolo n. 4 - 2020 rivista.eurojus.it Next Generation EU: has the Hamiltonian moment come for Europe? DI LUCA LIONELLO* Table of Contents: 1. Introduction. – 2. Why did the EU finally decide to create a common fiscal instrument? – 2.1. The Maastricht paradigm and its adaptations. – 2.2. The outbreak of the Covid-19 pandemic and the risks of destabilisation for the Union. – 2.3. The structural limits of the economic governance. – 2.4. The ECB in action: the difficulty to repeat “whatever it takes”. – 3. Next Generation EU: main features and functioning. – 3.1. From the Franco-German proposal to the agreement of the European Council. – 3.2. Next Generation EU and the new Multiannual Financial Framework. – 4. The main innovations of Next Generation EU. – 4.1. European debt. – 4.2. Transfer mechanism. – 4.3. Shaping a common macroeconomic policy. – 4.4. Revitalising the community method. – 4.5. Weakening the control of national parliaments on fiscal policy. – 5. Conclusive remarks. 1. Introduction Many commenters hailed the decision to establish a new EU “recovery fund”, namely “Next Generation EU” (NGEU), as a turning point in the process of European integration. For the first time in its history, the Union will be allowed to borrow significant resources from the financial markets and use them to support national economies severely hit by the pandemic Covid-19. Aside from the positive effects on the stability of the euro area and the single market, such an instrument may also have a strategic relevance for the future development of the European Union. -
Understanding the European Union
SAMPLE SYLLABUS – SUBJECT TO CHANGE POL-UA 9595L01 Understanding the European Union NYU London Instructor Information ● Dr. Eiko Thielemann ● Individual meetings can usually be arranged for before or after class. Course Information ● Tuesdays 9:00 – 12:00 ● Location: Room 303 ● Prerequisites: none Course Overview and Goals The European Union constitutes the most prominent experiment in peaceful international cooperation in world history. The course will explore the origins, evolution and impact of the European Union. You will be introduced to the workings of the EU institutions such as the Council, the Commission, the Parliament and the Court of Justice. We will also explore the key areas of EU competence, such as the European Single Currency, the Single Market and free movement, asylum & immigration, the Common Agricultural Policy etc. Through small group debates, we will address questions such as: Is the European Union an economic giant but a political dwarf? Why is the EU so controversial among the European public? Why did the UK vote for Brexit and what will that mean for both Britain and the EU? Can the EU effectively manage immigration? How can the EU's institutions be made more democratic? Will the EURO survive? How far and how fast should the EU be enlarged? Will Europe develop into a federal (super) state? Course delivery will be through short lectures, small group discussions and in-class debates. Upon Completion of this Course, students will be able to critically analyze: ● the European integration process; ● the operation of the EU as a political system; ● the process of EU policy-making; ● and the EU’s role in the world. -
Reform of the European Stability Mechanism
Reform of the European Stability Mechanism The European Stability Mechanism’s (ESM’s) Nevertheless, on 30 November 2020, the Eurogroup agreed to proceed with the reform of the ESM. The reform entails aim is to provide financial assistance to EU a number of new tasks for the ESM and will further develop member states experiencing or threatened the ESM measures and strengthen the role of the ESM in the by severe financial problems. Like its oversight of financial assistance programmes. It also provides for establishing a funding tool to the Single Resolution Fund predecessor, the temporary European (SRF) in the form of a credit line from the ESM to replace Financial Stability Facility (EFSF), the ESM the direct recapitalisation instrument, providing a financial safety net for bank resolutions in the EU, which will help to provides financial assistance, which is granted protect financial stability and is regarded as a step forward to only if it is proven necessary to safeguard the a Banking Union. financial stability of the euro area as a whole At present, according to the current ESM Treaty, the ESM can and of the ESM members. only lend to governments. Therefore, as SRF is a European institution (seated in Luxembourg), the ESM is not permitted To achieve this aim, the ESM relies on several instruments, to lend to the SRF. As a result of reforming the ESM Treaty, including loans within a macroeconomic adjustment financial instruments will be adapted. In particular, the programme, such as the one used by Cyprus, Greece, Ireland precautionary credit line will be made easier to use. -
Chapter 1 the Present and Future of the European Union, Between the Urgent Need for Democracy and Differentiated Integration
Chapter 1 The present and future of the European Union, between the urgent need for democracy and differentiated integration Mario Telò Introduction The European Union has experienced an unprecedented multi-dimensional and prolonged crisis, a crisis which cannot be understood in isolation from the international context, with major global economic changes to the detriment of the West. Opinions differ as to the overall outcome of the European policies adopted in recent years to tackle the crisis: these policies saved the single currency and allowed for moderate growth, but, combined with many other factors, they exacerbated the crisis of legitimacy. This explains the wave of anti-European sentiment in several Member States and the real danger that the European project will collapse completely. This chapter analyses the contradictory trends at play and examines more closely how to find a way out of this crisis – a way which must be built around the crucial role of the trade union movement, both in tackling Euroscepticism and in relaunching the EU. This drive to strengthen and enhance democracy in the euro area, and to create a stronger European pillar of social rights, will not be successful without new political momentum for the EU led by the most pro-European countries. The argument put forward in this chapter is that this new European project will once again only be possible using a method of differentiated integration. This paper starts with two sections juxtaposing two contradictory sets of data. On the one hand, we see the social and institutional achievements of the past 60 years: despite everything, the EU is the only tool available to the trade union movement which provides any hope of taming and mitigating globalisation (Section 1). -
Notice of Vacancy Seconded National Experts to The
Form DG.1 (EN) NOTICE OF VACANCY SECONDED NATIONAL EXPERTS TO THE EUROPEAN COMMISSION Post identification: ECFIN-CEF.CPE.02 (DG-DIR-UNIT) Directorate-General: Economic and Financial Affairs (ECFIN) Directorate: ECFIN.EFC.EPC - Secretariat of the Economic and Unit: Financial Committee and of the Economic Policy Committee and Eurogroup/EWG ECFIN.EFC.EPC.02 - Secretariat for the Eurogroup/EWG Head of Unit: Moisés ORELLANA Telephone: +32 2 29 69933 Number of available posts: 1 Category: Administrator (AD) Suggested taking up duty: 3rd quarter 20171 Suggested initial duration: 2 year(s)1 Place of secondment: Brussels Luxembourg Other: ……….. Specificities: With allowances COST-FREE This vacancy notice is also open to the following EFTA countries : Iceland Liechtenstein Norway Switzerland EFTA-EEA In-Kind agreement (Iceland, Liechtenstein, Norway) the following third countries: the following intergovernmental organisations: 1 Nature of the tasks: We are looking for a colleague to join a friendly and challenging work environment in a dynamic team of 10 people. The Seconded National Expert would contribute to the smooth running of the Unit, which serves as the Secretariat for the Eurogroup and the Eurogroup Working Group (EWG). The latter is composed of high-level representatives from Finance Ministries of euro area Member States and has as tasks to keep under review the economic and financial situation of the euro area Member States and to contribute to the preparation of the Eurogroup meetings. The successful candidate will contribute to the efficient preparation of meetings of the Eurogroup and the EWG. She/he will also contribute to the preparation of meetings of ECOFIN Council and the Economic and Financial Committee (EFC), as appropriate. -
The Power of Initiative of the European Commission: a Progressive Erosion?
The Power of Initiative of the European Commission: A Progressive Erosion? Paolo PONZANO, Costanza HERMANIN and Daniela CORONA Preface by António Vitorino Studies & 89 Research Study & The Power of Initiative 89 of the European Commission: Research A Progressive Erosion? PAOLO PONZANO, COSTANZA HERMANIN AND DANIELA CORONA Preface by António Vitorino Paolo PONZANO is a senior fellow at the European University Institute and a special adviser of the European Commission. Former collaborator of Altiero Spinelli at the Institute for International Affairs in Rome, he has worked for the European Commission from 1971 to 2009. He was formerly Director for Relations with the Council of ministers, subsequently for Institutional Matters and Better Regulation. He was also Alternate Member of the European Convention in 2002/2003. He published several articles and chapters on the EU institutions. He teaches European Governance and Decision-Making at the University of Florence and at the European College of Parma as well as European Law at the University of Rome. Costanza HERMANIN is a researcher in the department of social and political science of the European University Institute, where she is about to complete her PhD. Her research interests comprise EU social and immigration policy, EU institutional affairs, and human rights and immigration policy in Italy. She has been visiting fellow at several places (WZB, CERI, Columbia, Berkeley). She is the co-editor of a forthcoming book on “Fighting Race Discrimination in Europe” (Routledge, 2012). She has been publishing on Italian and English speaking journals. Daniela CORONA is currently research collaborator at the Robert Schuman Center for Advanced Studies at the European University Institute in Florence where she completed her PhD. -
The European Parliament and Environmental Legislation: the Case of Chemicals
European Journal of Political Research 36: 119–154, 1999. 119 © 1999 Kluwer Academic Publishers. Printed in the Netherlands. The European Parliament and environmental legislation: The case of chemicals GEORGE TSEBELIS & ANASTASSIOS KALANDRAKIS University of California, Los Angeles, USA Abstract. The paper studies the impact of the EP on legislation on chemical pollutants in- troduced under the Cooperation procedure. A series of formal and informal analyses have predicted from significant impact of the EP, to limited impact (only in the second round) to no impact at all. Through the analysis of Parliamentary debates as well as Commission and Parliamentary committee documents, we are able to assess the significance of different amendments, as well as the degree to which they were introduced in the final decision of the Council. Our analysis indicates first that less than 30% of EP amendments are insignificant, while 15% are important or very important; second, that the probability of acceptance of an amendment is the same regardless of its significance. Further analysis indicates two sources of bias of aggregate EP statistics: several amendments are complementary (deal with the same issue in different places of the legal document), and a series of amendments that are rejected as inadmissible (because they violate the legal basis of the document or the germainess require- ment) are included in subsequent pieces of legislation. We calculate the effect of these biases in our sample, and find that official statistics underestimate Parliamentary influence by more than 6 percentage points (49% instead of 56% in our sample). Finally, we compare a series of observed strategic behaviors of different actors (rapporteurs, committees, floor, Commission) to different expectations generated by the literature. -
Understanding Public Euroscepticism
Firenze University Press www.fupress.com/qoe Understanding public Euroscepticism Citation: Simona Guerra (2020) Under- standing public Euroscepticism. Quad- Simona Guerra erni dell’Osservatorio elettorale – Ital- ian Journal of Electoral Studies 83(2): University of Surrey, United Kingdom, 0000-0003-3911-258X 45-56. doi: 10.36253/qoe-9672 E-mail: [email protected] Received: September 4, 2020 Abstract. Euroscepticism has become more and more embedded both at the EU and Accepted: December 17, 2020 national levels (Usherwood et al. 2013) and persistent across domestic debates (Ush- erwood and Startin 2013). This study presents an in-depth analysis of contemporary Published: December 23, 2020 narratives of Euroscepticism. It first introduces its question related to understanding Copyright: © 2020 Simona Guerra. This public Euroscepticism, following the British EU referendum campaign and outcome, to is an open access, peer-reviewed then present the established literature, and the analysis of the British case study. A sur- article published by Firenze Univer- vey run in Britain in May 2019 shows that, as already noted by Oliver Daddow (2006, sity Press (http://www.fupress.com/qoe) 2011), Euroscepticism is very much identifiable in the traditional narratives of Europe and distributed under the terms of the as the Other. Context accountability (Daddow 2006) is still cause for concern in Britain Creative Commons Attribution License, and by assuming a more positive view of a European Britain (Daddow 2006) does not which permits unrestricted use, distri- make the debate more informed. Images, narratives and specific issues to reform the bution, and reproduction in any medi- um, provided the original author and Eurosceptic toolbox into a more neutral, but informative, instrument could be applied source are credited. -
José Manuel Barroso's Leadership of the European Commission
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Kassim, Hussein Working Paper A new model presidency: José Manuel Barroso's leadership of the European Commission WZB Discussion Paper, No. SP IV 2013-502 Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Kassim, Hussein (2013) : A new model presidency: José Manuel Barroso's leadership of the European Commission, WZB Discussion Paper, No. SP IV 2013-502, Wissenschaftszentrum Berlin für Sozialforschung (WZB), Berlin This Version is available at: http://hdl.handle.net/10419/103427 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence