European Parliamentary Research Service Blog
economic and monetary union (EMU)
Joint debt instruments: A recurrent proposal to strengthen economic and monetary union
The idea of issuing joint debt instruments, in particular between euro-area countries, is far from new. It has long been linked in various ways to the Union’s financial integration process and in particular to the implementation of economic and monetary union. Continue reading
Introduction to the European Semester: Coordinating and monitoring economic and fiscal policies in the EU
In response to the financial and economic crisis, the European Union introduced a series of changes to its institutional architecture for economic and social governance, with the aim of achieving more integrated fiscal and economic coordination. Continue reading
A decade on from the financial crisis: Key data
The financial crisis began with the collapse of Lehman Brothers, starting a worldwide chain reaction. The EU economy contracted for five consecutive quarters, with growth returning only in the second half of 2009. Continue reading
The Future of Europe debates in the European Parliament, 2018-19: A synthesis of the speeches by EU Heads of State and Government
The debates held in the European Parliament on the Future of Europe offered a unique opportunity for Heads of State or Government to present their views on the future direction that the EU-27 should take. This exercise showed, on the one hand, that the question of which policy areas are of compelling importance differs among the speakers, and, on the other hand, that they have converging views on many issues. Continue reading
The Juncker Commission’s ten priorities: An end-of-term assessment
As the European Parliament reaches the end of its 2014-2019 mandate and the European Commission approaches the end of its term, it is timely to look back at the commitments made by the Juncker Commission when it took office in 2014 and assess to what extent it has delivered. Continue reading
Outlook for the European Council and Euro Summit, 13-14 December 2018
On 13 and 14 December, EU Heads of State or Government will hold their last meeting of 2018. Their discussions will mainly focus on the 2021-2027 Multiannual Financial Framework (MFF), the single market and migration. Continue reading
Sovereign bond-backed securities: Risk diversification and reduction [EU Legislation in Progress]
As a part of the European regulatory responses to the financial and sovereign debt crises, the European Commission has proposed a regulation on sovereign bond-backed securities (SBBS), a new class of low-risk securities backed by a diversified pool of national government bonds. Continue reading
Plenary round-up – Strasbourg, June 2018
The June plenary session highlights were the continuation of the debate on the future of Europe with the Prime Minister of the Netherlands, Mark Rutte, and the preparation of the European Council meeting of 28 and 29 June 2018. Continue reading
Future of Europe debates IV: Parliament hosts Heads of State or Government
Against the background of the many challenges which the European Union has faced in recent years, the European Parliament has taken the lead in launching and hosting a series of high-profile debates on the Future of Europe, intended to run for the whole of 2018. Continue reading
The Future of Europe: Contours of the current debate
In the aftermath of the United Kingdom’s decision to leave the European Union (EU), following the referendum of June 2016, the EU launched a profound reflection on the Future of Europe, which continues in various fora and institutions. Continue reading
The Juncker Commission’s ten priorities: State of play in early 2018
The Juncker Commission has now been in office for more than three years. With only one full calendar year to go until the end of its mandate, many consider that 2018 will be judged as ‘the year of delivery’. Continue reading
The European Commission at mid-term: State of play of President Juncker’s ten priorities
Written by Etienne Bassot and Wolfgang Hiller, At a time when, more than ever, citizens expect the European Union institutions to address their concerns and deliver on promises and commitments made, this analysis provides an overview of the work carried out by the European Commission at the mid-term of its current mandate, notably in the … Continue reading
EU social policies [What Think Tanks are thinking]
Written by Marcin Grajewski, On 26 April, the European Commission presented a European Pillar of Social Rights, which is a package of legislative proposals and recommendations aimed at enhancing work-life balance, fostering equal opportunities and better access to the labour market, as well as improving working conditions. Under the proposal, for example, new fathers would … Continue reading
The Juncker Commission’s ten priorities: State of play at the start of 2017
Written by Étienne Bassot and Wolfgang Hiller, More than two years since Commission President Jean-Claude Juncker took office on 1 November 2014, having presented the ten priority areas that would serve as his Commission’s guiding lines for the following five years, the European Commission is now approaching the midway point of its mandate. Building on the … Continue reading
Capital Markets Union [What Think Tanks are thinking]
Written by Marcin Grajewski, Since the 2008 financial crunch and the ensuing recession, the European Union has been overhauling its regulation of financial markets to try to avoid any repetition of the crisis and to shore up economic growth. The current European Commission has prioritised the creation of Capital Markets Union, which would encourage companies … Continue reading
A fiscal capacity for the euro area? Options for reforms to counter asymmetric shocks
The idea to create a ‘fiscal capacity’ for the euro area was launched in the wake of the sovereign debt crisis, with the recognition that weaknesses in the Economic and Monetary Union (EMU) had worsened the crisis. Although the debate has lost some momentum as euro-area countries have stepped back from the acute phase of the crisis, the EU institutions continue to work on designing a framework to bolster EMU, looking in particular at automatic stabilisers. The European Parliament’s Committees on Budgets and Economic and Monetary Affairs are currently preparing a report on a budgetary capacity for the euro area. Continue reading
Monetary easing by the ECB [What Think Tanks are thinking]
Written by Marcin Grajewski, The European Central Bank has been easing its monetary policy to counter deflationary forces in the euro-zone economy and to reinforce its fragile growth. On 10 March, the ECB announced another stimulus package, cutting interest rates, expanding its asset purchase programme in size and scope, and introducing measures to make it … Continue reading
Differentiated integration in the European Union
Written by Aidan Christie and Giulio Sabbati, As the number of European Union Member States has increased and the competences of the Union have widened, some Member States have on occasion been exempted from joining their partners in new fields of integration. Whilst the single market and its ‘four freedoms’ remain at the heart of … Continue reading
Completing Economic and Monetary Union [What Think Tanks are thinking]
Written by Marcin Grajewski Member states using the euro and the EU institutions are engaged in reforms of the euro area’s system of governance to improve its economic performance and avoid any repeat of the sovereign debt crisis and severe recession that followed the 2008-09 global financial crisis. Reforms have so far included the creation … Continue reading
The ECB’s Quantitative Easing: Early results and possible risks
Written by Angelos Delivorias, In early 2015, at a time when most indicators of actual and expected inflation in the euro area had drifted towards historic lows, the European Central Bank (ECB) announced that it would launch a new asset purchase programme, which would be similar in many respects to the ‘Quantitative Easing’ (QE) programmes … Continue reading
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