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Cemal Karakas

This tag is associated with 19 posts

Fintech (financial technology) and the European Union: State of play and outlook

The financial technology (fintech) sector encompasses firms that use technology-based systems either to provide financial services and products directly, or to make the financial system more efficient. Continue reading

Research and innovation in the EU: Evolution, achievements, challenges

According to the Commission, investing in research and innovation is investing in Europe’s future, helping it to compete globally and preserve its social model. About two-thirds of Europe’s economic growth over recent decades has been driven by innovation. Continue reading

European Defence Fund: Multiannual financial framework 2021-2027 [EU Legislation in Progress]

In June 2018, the European Commission presented a legislative proposal on a European Defence Fund, including a budget allocation of €13 billion in current prices for the 2021 to 2027 period. Continue reading

Horizon Europe – Specific programme: Implementing the framework programme [EU Legislation in Progress]

In June 2018, the European Commission proposed a total budget allocation of €100 billion to finance science, research and innovation projects during the 2021-2027 period, of which the vast majority, €94.1 billion in current prices, would be allocated to the Horizon Europe framework programme. Continue reading

EU space programme [EU Legislation in Progress]

In June 2018, the European Commission proposed a total budget allocation of €16 billion to finance space activities during the 2021-2027 period. Continue reading

Horizon Europe: Framework programme for research and innovation 2021–2027 [EU Legislation in Progress]

In June 2018, the European Commission proposed a total budget allocation of €100 billion to finance science, research and innovation projects during the 2021-2027 period, of which the vast majority, €94.1 billion in current prices, would be allocated to the Horizon Europe framework programme. Continue reading

Empowering national competition authorities (NCAs) [EU Legislation in Progress]

Since 2003, national competition authorities (NCAs) together with the European Commission have boosted the enforcement of EU competition and antitrust rules significantly. However, each year losses of €181-320 billion accrue because of undiscovered cartels, which increase prices by between 17 % and 30 % on average. Continue reading

Understanding the EU customs union [Policy Podcast]

In December 2016, the European Commission adopted its long-term plan to strengthen the governance and management of the EU customs union. The customs union, in place since 1968, is a pillar of the single market, and vital to the free flow of goods and services. According to the Commission, a strong customs system helps foster competitive businesses, increases wealth, and also protects against terrorist, health, and environmental threats. Continue reading

Single market information tool (SMIT) [EU Legislation in Progress]

Competition and consumer protection in the single market are often undermined by measures such as price discrimination based on residency, geo-blocking of online audio-visual content, or limited cross-border parcel delivery. Continue reading

Body of European Regulators for Electronic Communications (BEREC) [EU Legislation in Progress]

On 14 September 2016, the European Commission proposed an updated regulation on the Body of European Regulators of Electronic Communications (BEREC). The proposal aims at transforming BEREC into a fully fledged agency. Continue reading

Financial technology (FinTech): Prospects and challenges for the EU [Policy Podcast]

Written by Cemal Karakas, Carla Stamegna, FinTech, the abbreviation for financial technology, is a broad term. It is mainly used to refer to firms that use technology-based systems either to provide financial services and products directly, or to try to make the financial system more efficient. Examples include robotic trading, cashless payments, crowdfunding platforms, robo-advice, … Continue reading

Helicopter Money [Policy Podcast]

Written by Cemal Karakas, The economic crisis has led to stagnation in the EU, and in some euro-area countries in particular. Several experts have advocated ‘helicopter money’ as a way of jump-starting the economy by combatting deflationary tendencies and boosting investment. Helicopter money, or ‘helicopter drops’ of money, generally refers to a non-standard monetary policy … Continue reading

Economic crisis: the right time for product and labour market reforms

Written by Cemal Karakas, How could the global, and in particular European, economy recover from the ongoing economic crisis? What kind of reforms should take place? What are the prospects for the European Union (EU) and its Member States? On 18 April 2016, the European Parliamentary Research Service (EPRS) organised its first roundtable discussion with … Continue reading

The OECD Interim Economic Outlook: Stronger collective fiscal policy needed

Written by Cemal Karakas, According to the 2016 Interim Economic Outlook of the Organisation for Economic Co‑operation and Development (OECD), global GDP growth this year is projected to be the slowest in five years. The OECD has lowered its real GDP growth forecast for the euro area for 2016 from 1.8% to 1.4%, and for … Continue reading

Secular stagnation and the euro area

Written by Gustaf Gimdal and Cemal Karakas Graphics by Christian Dietrich Several years after the Great Recession began, the euro area is still far from fully recovered. The international economic and financial crisis has pushed down investment levels within the EU by about 15% from their peak in 2007. Even though the near-term prospects seem … Continue reading

Economic challenges and prospects of the refugee influx

Written by Cemal Karakas The current refugee influx represents the largest population movement in Europe since World War II. Its size and complexity make it difficult to draw conclusions on the economic challenges and prospects valid for each Member State of the European Union (EU). Many experts agree that, in the short term, the refugee … Continue reading

The minimum wage: A motor for growth or a brake on the economy?

Written by Cemal Karakas Setting minimum wages are a direct way for governments to influence wage levels. Even though they are one of the most analysed and debated topics in economics, their impact on (un-)employment, growth and poverty remains ambiguous. For some experts, the rise of minimum wages will lead to job losses, as it … Continue reading

The ECB and the financial crisis: Rigid theory vs a pragmatic approach

Written by Cemal Karakas The European Central Bank’s (ECB) main objective is stable inflation in the Economic and Monetary Union (EMU). During the financial crisis, the ECB decided to face the economic slump by, amongst other actions, increasing and then decreasing interest rates and the money supply. In addition, it launched a quantitative easing (QE) … Continue reading

Google antitrust proceedings: Digital business and competition

Written by Cemal Karakas Google holds around 90% of the market share for internet search services in most European Economic Area (EEA) countries, and several companies have complained to the European Commission about Google’s market dominance. The European Commission has thus formally launched two separate investigations, one on Google’s comparison shopping and the other on … Continue reading

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