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Liste des publications du Think Tank du PE
https://www.europarl.europa.eu/thinktank
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Date de création : 30-09-2022Plenary round-up – July 2022
Type de publicationEn bref
Date 08-07-2022
Auteur FERGUSON CLARE | SOCHACKA KATARZYNA
Domaine politique Droit démocratique, institutionnel et parlementaire de l''Union
Mot-clé conférence européenne | Conseil européen | Croatie | euro | Kosovo | marché unique numérique | neutralité carbone |
question russo-ukrainienne | Russie | Serbie | transport aérien | Ukraine
Résumé The war in Ukraine was again an important point on the agenda of the July 2022 plenary session, with Members
debating the conclusions of the European Council meeting that took place on 23 24 June 2022, as well as a long list of
Council and Commission statements, including on facilitating exports of Ukrainian agricultural products, and on
relations of the Russian government and diplomatic network with extremist, populist, anti-European and other
European political parties. Parliament also debated statements on the Czech Presidency's programme of activities for
the next six months, and a 'This is Europe' debate was held with the Prime Minister of Greece, Kyriakos Mitsokakis.
Members addressed European Union initiatives to address inflation, implementation of the European Pillar of Social
Rights, and taxing energy companies' windfall profits. Members rejected a motion to oppose the inclusion of nuclear
and gas as environmentally sustainable economic activities in the EU taxonomy. A debate on the activities of the
European Investment Bank took place in the presence of its President, Werner Hoyer. Members also considered the
consequences of the recent heat waves and drought in the EU. Looking further afield, Members debated the United
Kingdom's unilateral introduction of the Northern Ireland Protocol Bill and respect of international law, and the United
States Supreme Court decision to overturn abortion rights. Debates took place on the treatment of refugees at the
Spanish-Moroccan border, and on the post-Cotonou Agreement. Finally, Members debated and voted on a number of
legislative files.
En bref EN
Croatia enters the euro area
Type de publication En bref
Date 29-06-2022
Auteur HOFLMAYR MARTIN
Domaine politique Affaires économiques et monétaires
Mot-clé critère de convergence | Croatie | euro | Eurogroupe (zone euro) | mécanisme de change SME | pays participant |
rapport | stabilité des prix | union économique et monétaire | équilibre budgétaire
Résumé On 1 January 2023, Croatia is set to become the 20th country to join the euro area and adopt the common currency.
Two independent assessments, from the European Commission and the European Central Bank (ECB), found that
Croatia fulfils the requirements for accession to the euro area. Nonetheless, significant challenges remain in order for
Croatia to be able to maintain a sustainable convergence path in the medium term.
En bref EN
The digital euro: policy implications and perspectives
Type de publicationEn bref
Date 21-03-2022
Auteur RAKIC Drazen
Domaine politique Affaires économiques et monétaires | Questions financières et bancaires
Mot-clé bancatique | Banque centrale européenne | euro | monnaie fiduciaire | monnaie virtuelle | stabilité financière | système
de paiement | système monétaire européen
Résumé AAG of the study identifies the fundamental rationale for a possible issuance of a digital euro: to preserve the role of
public money in a digital economy. It outlines the policy options, trade-offs as well as design issues that its creation
would raise. This document was provided by the Policy Department for Economic, Scientific and Quality of Life
Policies at the request of the committee on Economic and Monetary Affairs (ECON)
En bref EN
30-09-2022 Source : © Union européenne, 2022 - PE 1Ireland and Denmark in the EU: Fiftieth anniversary of accession
Type de publicationBriefing
Date 19-01-2022
Auteur NEVILLE ANN | PERCHOC Philippe
Domaine politique Droit démocratique, institutionnel et parlementaire de l''Union
Mot-clé accord de Schengen | adhésion à l'Union européenne | clause d'exemption | Communauté européenne |
commémoration | Danemark | euro | intégration économique | Irlande | traité d'adhésion (UE)
Résumé This year marks the 50th anniversary of the signing of the accession treaties to the former European Communities by
Ireland and Denmark. The path to membership was not smooth for either country, with their first two applications made
in 1961 and 1967, together with the United Kingdom, effectively blocked by French opposition. With a change of
government in France, the six members of the European Communities reaffirmed their agreement to the enlargement
of the Communities, and negotiations on membership began with Denmark, Ireland, Norway and the United Kingdom
(UK). In Denmark, Ireland and Norway, referendums were held to decide on possible membership. The Danish and
Irish people voted 'yes', while citizens in Norway narrowly rejected membership, with 53.5 % voting 'no'. On 1 January
1973, Denmark and Ireland (along with the UK) officially became members of the European Communities after more
than a decade of negotiations. Over time, Treaty ratification referendums took place in other countries too, but were
most concentrated in Ireland (7) and Denmark (4). In fact, Ireland remains unique in this sense as the only Member
State that has held a referendum on every major Treaty revision since voting in 1972 to become a member. This was
the first enlargement of the European Economic Community (EEC), bringing membership from the original six to nine
members. It also meant that the number of Members of the European Parliament rose from 142 to 198, which
represented an increase of nearly 40 %. This paper looks at the background to the decision to seek membership of the
European Communities, examining the economic and political conditions that caused Ireland and Denmark to seek to
become Member States. It also discusses key features of EU membership: for Ireland, the decision to join the euro and
its relationship with the Schengen Agreement; and for Denmark, the opt-outs introduced with the advent of the
Maastricht Treaty.
Briefing EN
Outlook for the meetings of EU leaders on 25-26 March 2021
Type de publicationBriefing
Date 22-03-2021
Auteur DRACHENBERG Ralf
Domaine politique Affaires économiques et monétaires | Affaires étrangères | Coronavirus | Démocratie | Industrie | Santé publique |
Semestre européen
Mot-clé euro | libre circulation des personnes | maladie à coronavirus | politique industrielle de l'UE | politique étrangère et de
sécurité commune | Russie | réunion au sommet | rôle international de l'UE | taxation de l’économie numérique | vaccin
| vaccination | épidémie
Résumé One year after the outbreak of the coronavirus pandemic, the fight against the virus will again top the agenda of the
European Council meeting on 25-26 March 2021. EU leaders are expected to focus their discussions on ‘digital green
certificates’ (providing proof of vaccination and/or Covid-19 test results) and progress on production, delivery and
deployment of vaccines. They will work further on developing a common EU approach to the gradual lifting of
restrictions and refer to global solidarity. Other agenda points are digitalisation, including digital taxation, the single
market and industrial policy. In respect of external relations, EU leaders will review the situation in the eastern
Mediterranean and hold a strategic discussion on Russia. The subsequent Euro Summit will discuss the international
role of the euro.
Briefing EN
The European Union and the multilateral system: Lessons from past experience and future challenges
Type de publicationBriefing
Date 05-03-2021
Domaine politique Affaires étrangères | Droit démocratique, institutionnel et parlementaire de l''Union
Mot-clé coopération européenne | coopération intergouvernementale (UE) | coopération internationale | euro | politique
extérieure | relation internationale | relation multilatérale | rôle international de l'UE | union économique et monétaire
Résumé EPRS invites leading experts and commentators to share their thinking and insights on important features of the
European Union as a political and economic system. In this paper, David O'Sullivan, former Secretary General of the
European Commission and EU Ambassador to the United States, reflects on the Union's contribution to and standing
in the multilateral system which it has done so much to support and pioneer, as well as on some of the issues that
confront Europe if it is to maximise its influence in international economic fora of various kinds.
Briefing EN
30-09-2022 Source : © Union européenne, 2022 - PE 2COVID-19 and the Future of Quantitative Easing in the Euro Area: Three Scenarios with a Trilemma
Type de publicationAnalyse approfondie
Date 30-09-2020
Auteur externe Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI
Domaine politique Affaires économiques et monétaires | Coronavirus | Questions financières et bancaires | Évaluation du droit et des
mesures politiques dans la pratique
Mot-clé Banque centrale européenne | commission PE | conséquence économique | euro | Eurogroupe (zone euro) | maladie à
coronavirus | politique fiscale | politique monétaire unique | rapport de recherche | reprise économique | épidémie
Résumé We present the set of measures that the ECB has undertaken to fight the pandemic crisis by outlining the deep impact
that COVID-19 is having on economic structures, and by highlighting the differences between the current policy
package and previous ECB’s programmes. Moreover, we discuss what are the challenges that await the ECB in the
medium to long run, contingent on different post-COVID scenarios concerning economic growth and inflation,
considering its peculiar multinational jurisdiction.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs (ECON).
Analyse approfondie EN
Post-COVID-19 Global Currency Order: Risks and Opportunities for the Euro
Type de publication Étude
Date 22-09-2020
Auteur externe Barry EICHENGREEN, Daniel GROS
Domaine politique Affaires économiques et monétaires | Affaires étrangères | Commerce international | Coronavirus | Questions
financières et bancaires
Mot-clé conséquence économique | euro | euro-émission | maladie à coronavirus | politique monétaire unique | stabilité
financière | système monétaire international | épidémie
Résumé The issuance of EU debt in the context of the recovery plan for Europe creates scope for strengthening the
international role of the euro. However, with a large share of safe euro assets likely to be absorbed by the pandemic
emergency purchase programme of the ECB, a shortage of eligible bonds stands to impede such progress. The ECB
could decisively increase the supply of safe assets by issuing tradable ECB certificates of deposit as a way of
overcoming this obstacle.
This document was provided by Policy Department for Economic, Scientific and Quality of Life Policies at the request
of the Committee on Economic and Monetary Affairs (ECON).
Étude EN
Can the Euro Dethrone the US Dollar as the Dominant Global Currency? Not so Soon, if Ever
Type de publicationAnalyse approfondie
Date 15-05-2020
Auteur externe Marek DABROWSKI
Domaine politique Affaires économiques et monétaires | Affaires étrangères | Commerce international
Mot-clé devise | euro | intégration monétaire | monnaie de réserve | monnaie internationale | politique monétaire | réserve de
change | stabilité financière | système de paiement | système monétaire international
Résumé The euro is the second most important global currency after the US dollar. However, its international role has not
increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the
financial market for US dollar-denominated assets is larger and deeper; network externalities and inertia also play a
role. Increasing the attractiveness of the euro outside the euro area requires, among others, a proactive role for the
European Central Bank and completing the Banking Union and Capital Market Union.
This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the
request of the committee on Economic and Monetary Affairs.
Analyse approfondie EN
The International Role of the Euro: State of Play and Economic Significance
Type de publicationAnalyse approfondie
Date 15-05-2020
Auteur externe Joscha BECKMANN, Salomon FIEDLER, Klaus-Jürgen GERN, Josefin MEYER
Domaine politique Affaires économiques et monétaires | Affaires étrangères | Commerce international
Mot-clé devise | euro | marché international | monnaie internationale | paiement international | politique monétaire unique |
réserve de change | stabilité financière | zone euro
Résumé This paper summarises recent trends in the international use of the euro and potential benefits and drawbacks of
acquiring the status of an international currency, with a focus on implications for monetary policy. The benefits of
international currency status are found to likely be limited and the effects on monetary policy to be ambiguous. The
international role of the euro could be strengthened by policy initiatives in specific markets or as a by-product of
improvements in the soundness of euro area economic and fiscal policies.
This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the
request of the committee on Economic and Monetary Affairs.
Analyse approfondie EN
30-09-2022 Source : © Union européenne, 2022 - PE 3The Euro and the Geopolitics of Post-COVID-19
Type de publicationAnalyse approfondie
Date 15-05-2020
Auteur externe Corrado MACCHIARELLI
Domaine politique Affaires économiques et monétaires | Affaires étrangères | Commerce international | Coronavirus
Mot-clé devise | euro | intégration monétaire | maladie à coronavirus | monnaie internationale | politique fiscale | récession
économique | réserve de change | stabilité financière | zone euro | épidémie
Résumé This note provides a critical overview on the current status and recent trends related to the euro’s international
standing over the last decade and reflects on the opportunities and risks for the role of the euro going forward,
including the post-COVID-19 international trade and political order.
This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the
request of the committee on Economic and Monetary Affairs.
Analyse approfondie EN
Global Currencies During a Crisis: Swap Line Use Reveals the Crucial Ones
Type de publicationAnalyse approfondie
Date 15-05-2020
Auteur externe Daniel GROS, Angela CAPOLONGO
Domaine politique Affaires économiques et monétaires | Affaires étrangères | Commerce international
Mot-clé Banque centrale européenne | crédit croisé | euro | liquidité monétaire | monnaie de réserve | monnaie internationale |
monnaie nationale | politique monétaire | stabilité financière | États-Unis
Résumé The current crisis has confirmed the importance of the currency swap lines offered by the Federal Reserve. They
enhance the role of the USD as the dominant global currency. However, one should not expect much impact on the
international role of the euro when the ECB offers similar currency swap lines. Currency competition is not won by
competing on the generosity of currency swap lines.
This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the
request of the committee on Economic and Monetary Affairs.
Analyse approfondie EN
Euro area deepening and reform [What Think Tanks are thinking]
Type de publication Briefing
Date 03-12-2019
Auteur CESLUK-GRAJEWSKI Marcin
Domaine politique Affaires économiques et monétaires
Mot-clé club de réflexion | euro | rapport d'étude de l'UE | zone euro
Résumé Countries sharing the euro have done little to change the functioning of the single currency area since French
President Emmanuel Macron called for its major overhaul in 2017. Many analysts and politicians have attributed the
lack of significant reforms in this area to Germany’s – and some other countries’ – cautious approach, although also
underlining that the currency area is now much stronger and more resilient than in the wake of the financial crisis of
2008. The single currency area’s most immediate challenge is to cope with the economic slow-down, which is partly a
consequence of global trade disputes. A smooth transition in leadership at the European Central Bank will also be very
important. This note brings together commentaries, analyses and studies by major international think tanks and
research institutes on challenges facing the euro area and related issues. Earlier publications on the topic can be
found in a previous edition of 'What Think Tanks are Thinking' published in February 2019.
Briefing EN
Towards unified representation for the euro area within the IMF
Type de publication Briefing
Date 02-07-2019
Auteur DE RYCK PAUL
Domaine politique Affaires économiques et monétaires
Mot-clé euro | Fonds monétaire international | système monétaire international | zone euro
Résumé Looking back on 20 years of the euro, it is widely acknowledged that it has proved successful as the common currency
of the euro area, and that it has also developed into a vehicle for international trade, having become the second most
widely used currency in the world. However, this growing international role is not reflected in the external
representation of the euro in international financial fora, notably the International Monetary Fund (IMF). Over the years,
various attempts have been made to change this. The latest of these attempts came in the wake of the Five
Presidents' Report of 2015, which subsequently led to a Commission proposal for a Council decision on unified
representation of the euro area in the IMF. The proposal aims to secure representation of the euro area on the IMF's
Executive Board through the creation of a single euro-area constituency, and by the Eurogroup in the remaining IMF
bodies. Member States have shown reluctance to give up the current form of representation on the IMF Executive
Board in favour of a unified euro-area constituency. Their objections are mainly geopolitical in nature. They tend to
consider that their national interest is best served in the framework of the existing IMF governance structure. Although
the proposal has been on Council's table since 2015, there has been no visible progress to date, with the 2025
implementation deadline proposed by the Commission now called into question.
Briefing EN
Multimédia Towards unified representation for the euro area within the IMF
30-09-2022 Source : © Union européenne, 2022 - PE 4Fight against fraud: Pericles 2020, Hercule III and AFIS
Type de publication Briefing
Date 09-04-2019
Auteur MAŃKO Rafał
Domaine politique Budget | Contrôle budgétaire | Espace de liberté, de sécurité et de justice
Mot-clé budget de l'UE | corruption | dépense de l'UE | euro | faux monnayage | fraude contre l'UE | logiciel | lutte contre le
crime | Office européen de lutte antifraude | programme de l'UE | échange d'information
Résumé Pericles 2020 is an exchange, assistance and training programme for the protection of the euro against counterfeiting.
Hercule III is a programme aimed at supporting action to combat irregularities, fraud and corruption affecting the EU
budget. AFIS is a collection of applications for the exchange of anti-fraud information between OLAF and national
administrations.
Briefing EN
The euro at 20 [What Think Tanks are thinking]
Type de publication En bref
Date 15-02-2019
Auteur CESLUK-GRAJEWSKI Marcin
Domaine politique Affaires économiques et monétaires
Mot-clé club de réflexion | euro | rapport | zone euro
Résumé The euro marked its 20th anniversary in January 2019, as debates continued about the single currency's track-record
and the shape of future reform. When the 11 original members of the euro area irrevocably fixed their exchange rates
in 1999, and transferred authority over their monetary policies to the European Central Bank, the currency's advocates
hailed the move as the crowning achievement of European integration. Whilist some economists have blamed the euro
area's one-size-fits-all approach to interest rates for weakening growth and increasing economic divergences between
certain countries, others have pointed to the euro's role in underpinning the single market as well as offering resilience
to Europe in withstanding the 2008-2009 financial crisis and its aftermath. Opinion polls shows the euro continues to
be popular among citizens. This note brings together commentaries, analyses and studies by major international think
tanks and research institutes on the euro's merits, its future and related issues. Earlier publications on the topics can
be found in a previous edition of the series published in November 2018, PE 630.268.
En bref EN
A Fiscal Capacity for the Eurozone: Constitutional Perspectives
Type de publication Analyse approfondie
Date 15-02-2019
Auteur externe Federico Fabbrini, Professor of EU Law at Dublin City University (DCU) and Founding Director of the DCU Brexit
Institute
Domaine politique Droit démocratique, institutionnel et parlementaire de l''Union
Mot-clé crise monétaire | euro | politique fiscale | stabilisation économique | union économique et monétaire | zone euro
Résumé This in-depth analysis, commissioned by the European Parliament’s Policy Department for Citizens’ Rights and
Constitutional Affairs at the request of the AFCO Committee, considers from a constitutional perspective the
introduction of a fiscal capacity for the Eurozone. After explaining the constitutional asymmetry of Economic &
Monetary Union, and surveying several recent proposals to establish a fiscal capacity, the in-depth analysis explains in
comparative perspective how other federal unions by aggregation such as the United States and Switzerland are
endowed with centralized fiscal stabilization tools and discusses how such a fiscal capacity could be established in the
Eurozone, considering issues of legal bases, governance and accountability, as well as possible windows of
opportunities to introduce it post-Brexit.
Analyse approfondie EN
The euro at 20: Benefits of the Single Currency for Citizens
Type de publication En bref
Date 14-02-2019
Auteur DESSIMIROVA Denitza | PATERNOSTER Dario
Domaine politique Affaires économiques et monétaires
Mot-clé euro | politique monétaire unique
Résumé On 1 January 2019, the euro turned 20. The launch by 11 EU Member States (MS) of the single currency and of the
single monetary policy under the responsibility of the European Central Bank (ECB) was a historic milestone on a
journey driven by the ambition to ensure stability and prosperity in Europe. Today, still young, the euro is already the
currency of 340 million Europeans in 19 MS.
This note, prepared by Policy department A, summarises benefits of the single currency for European citizens.
En bref EN
30-09-2022 Source : © Union européenne, 2022 - PE 5EURO AT 20: BACKGROUND READER COLLECTION OF STUDIES AND ASSESSMENTS
Type de publication Étude
Date 13-02-2019
Auteur LEHOFER WOLFGANG | PATERNOSTER Dario
Auteur externe R.M.Lastra, CEPS, K.Whelan, M.Dabrovski, Sciences Po-OFCE et al.
Domaine politique Affaires économiques et monétaires | Questions financières et bancaires | Semestre européen
Mot-clé euro | politique monétaire unique | zone euro
Résumé This publication is a collection of studies and assessment papers, originally prepared at the request of the Committee
on Economic and Monetary Affairs of the European Parliament. It aims to provide background-reading materials for the
members of European Parliament and members of national parliaments participating in the Parliamentary week 2019
focusing on the Euro@20 debate.
Étude EN
Happy birthday? The euro at 20
Type de publication Analyse approfondie
Date 31-01-2019
Auteur externe K. BERNOTH, F. BREMUS, G. DANY-KNEDLIK, H. ENDERLEIN,
M. FRATZSCHER, L. GUTTENBERG, A. KRIWOLUZKY, R. LASTRA
Domaine politique Affaires économiques et monétaires | Évaluation du droit et des mesures politiques dans la pratique
Mot-clé euro | monnaie internationale | union monétaire | zone euro
Résumé We analyse the first twenty years of the euro both from an economic and an institutional perspective. We find that in
particular during the period since the financial crisis, convergence as measured by a variety of indicators has not
improved. Design flaws in the Eurozone institutional architecture have contributed importantly to this lack of
convergence. This is why further reforms are urgently needed.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs.
Analyse approfondie EN
The Economic and Monetary Union: Past, Present and Future
Type de publication Étude
Date 31-01-2019
Auteur externe Marek Dabrowski
Domaine politique Affaires économiques et monétaires | Évaluation du droit et des mesures politiques dans la pratique
Mot-clé euro | monnaie internationale | union économique et monétaire
Résumé Twenty years of euro history confirms the euro’s stability and position as the second global currency. It also enjoys the
support of majority of the euro area population and is seen as a good thing for the European Union. The European
Central Bank has been successful in keeping inflation at a low level. However, the European debt and financial crisis in
the 2010s created a need for deep institutional reform and this task remains unfinished.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs.
Étude EN
The Euro@20: A critical assessment
Type de publication Analyse approfondie
Date 30-01-2019
Auteur externe Professor Andrew Hughes Hallett
Domaine politique Affaires économiques et monétaires | Évaluation du droit et des mesures politiques dans la pratique
Mot-clé euro | marché unique | stabilité financière | union monétaire | zone euro
Résumé To review the strengths, weaknesses and robustness of the Euro system after 20 years is an enormous project. This
paper picks out three of the less usually discussed themes, at least in this context. It focuses on the policy lessons and
where design improvements are needed. It makes three points. i) the achievements in the single market are palpable
and substantial, but they derive more from investment and productivity growth than they do from trade as such. This
carries its own dangers: if the markets are allowed to use low real wages to substitute cheap labour for more
expensive capital, these gains will be lost. ii) The Euro area needs to reassess its use of monetary policy, and the need
to introduce an explicit financial stability mandate. We find that financial stability and traditional monetary objectives
can be achieved without one limiting the achievement of the other because the ECB has new policy tools derived from
the regulatory metrics introduced to handle the expanded balance sheets of the post-crisis macro-prudential
framework. iii) Fiscal governance remains a crucial issue. The North remains divided from the South over how much
coordination (possibly loans or transfers) to allow. But, despite the Euro system being based on the separation of
monetary and fiscal powers, the economic consequences of using those powers cannot be separated in practice. More
active debt management policies offer a better and more robust way to deal with this difficulty.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs.
Analyse approfondie EN
30-09-2022 Source : © Union européenne, 2022 - PE 6The euro at 20: A concise critical assessment
Type de publication Analyse approfondie
Date 30-01-2019
Auteur externe Christophe BLOT, Jérôme CREEL and Xavier RAGOT
Domaine politique Affaires économiques et monétaires | Évaluation du droit et des mesures politiques dans la pratique
Mot-clé euro | union monétaire | zone euro
Résumé Eurozone monetary governance was framed for a stable macroeconomic environment. While the ECB policy
framework changed much after the global financial crisis, this did not prevent important nominal divergences. These
ones prove the importance of non-monetary factors affecting relative nominal prices, such as fiscal policy and labor
market institutions. New tools are necessary to limit these nominal divergences, otherwise real divergence will continue
to weaken the euro.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs.
Analyse approfondie EN
Twenty years of the euro: Resilience in the face of unexpected challenges
Type de publication Analyse approfondie
Date 30-01-2019
Auteur externe Daniel GROS, Cinzia ALCIDI
Domaine politique Affaires économiques et monétaires | Évaluation du droit et des mesures politiques dans la pratique
Mot-clé euro | stabilité financière | union monétaire | zone euro
Résumé The first 20 years of the euro were very different from what had been anticipated. Deflation, rather than inflation
became a problem. Financial markets, which had been neglected, became a major source of instability. However, the
euro area proved resilient and support for the euro is at historic highs. Looking to the future, the greatest danger might
not be another financial crisis, but sluggish growth and an increasing gulf between countries that have successfully
adjusted their public finances and those where this goal remains increasingly distant.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs.
Analyse approfondie EN
EURO project, 20 years on: A critical assessment and the road ahead
Type de publication Analyse approfondie
Date 30-01-2019
Auteur externe Eddie Gerba
Domaine politique Affaires économiques et monétaires | Évaluation du droit et des mesures politiques dans la pratique
Mot-clé euro | politique monétaire unique | zone euro
Résumé 20 years have passed since EURO was first introduced in 1999. Several restructurings and crises later, the Monetary
Union remains, but in a different shape and size to when it was first introduced.
Against this background, the current paper critically explores the following dimensions of the Euro Area project:
Credibility and stability, economic performance, uneven developments, and the main avenues/challenges for the
project in the years to come. The document includes two comparative aspects: a domestic dimension from a historical
perspective and a global comparison in terms of economic and monetary performance to other advanced economies
during the past two decades.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs.
Analyse approfondie EN
Euro at 20: The Monetary Union from a Bird’s-eye View
Type de publication Analyse approfondie
Date 30-01-2019
Auteur externe Klaus-Jürgen GERN, Stefan KOOTHS , Ulrich STOLZENBURG
Domaine politique Affaires économiques et monétaires | Évaluation du droit et des mesures politiques dans la pratique
Mot-clé euro | politique monétaire unique | union monétaire | zone euro
Résumé 20 years after the start of the monetary union, this briefing takes stock of accomplishments and challenges. In
response to the sovereign debt crisis and in its attempts to support fiscal and structural reforms and later to lift inflation
back to target, the Eurosystem has manoeuvred itself in a difficult position causing unintended side-effects. At the
same time, broad consensus on reforming the institutional framework of monetary and fiscal affairs is still lacking
among Eurozone members.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs.
Analyse approfondie EN
30-09-2022 Source : © Union européenne, 2022 - PE 7The Euro at 20: Successes, Problems, Progress and Threats
Type de publication Analyse approfondie
Date 30-01-2019
Auteur externe Professor Karl Whelan
Domaine politique Affaires économiques et monétaires | Évaluation du droit et des mesures politiques dans la pratique
Mot-clé analyse économique | euro | union monétaire | zone euro
Résumé The euro project has had a difficult second decade but it is worth remembering its successes. The ECB has
successfully achieved its primary goal of price stability and the common currency is popular among the euro area’s
citizens. This popularity has made the euro more resilient than many people thought possible twenty years ago. A
significant number of improvements have been made to the architecture of EMU, have been implemented in the past
decade but serious problems remain, relating to fiscal capacity, sovereign default and financial stability. To keep the
euro together, Europe’s politicians need to make the euro area less crisis-prone and also an easier place to be during
the inevitable cyclical downturns that will happen in the future. The economics profession has provided many plans for
future improvements. It is up to Europe’s politicians to implement them.
This document was provided by Policy Department A at the request of the Committee on Economic and Monetary
Affairs.
Analyse approfondie EN
The EURO at 20 - A Critical Assessment
Type de publicationBriefing
Date 15-01-2019
Auteur DESSIMIROVA Denitza | PATERNOSTER Dario
Domaine politique Affaires économiques et monétaires | Questions financières et bancaires | Évaluation du droit et des mesures
politiques dans la pratique
Mot-clé euro | monnaie internationale | politique monétaire unique
Résumé This note, provided by Policy department A, gives an overview of in-depth analyses prepared for the Monetary
Dialogue which took place on 28 January 2019.
Briefing EN
Interaction between euro-denominated payment systems and ECB monetary policy: challenges for the
single currency
Type de publication En bref
Date 28-02-2018
Auteur DESSIMIROVA Denitza | PATERNOSTER Dario
Domaine politique Affaires économiques et monétaires | Questions financières et bancaires
Mot-clé euro | politique monétaire unique | retrait de l’UE | Royaume-Uni | stabilité financière | système de paiement
Résumé For the Monetary Dialogue of 26 February 2018, the Committee on Economic and Monetary Affairs (ECON) asked
monetary experts to analyse the challenges for the single currency stemming from the interactions between euro-
denominated payment systems and the ECB monetary policy. This note, prepared by Policy department A, lists
references to the relevant in-depth analyses.
En bref EN
2018 Recommendations on the economic policy of the Euro Area:
A comparison of Commission and Council texts (the ‘comply or explain’ principle)
Type de publicationBriefing
Date 08-02-2018
Auteur CIUCCI MATTEO
Domaine politique Affaires économiques et monétaires | Questions financières et bancaires | Semestre européen
Mot-clé amendement | Commission européenne | Conseil de l'Union européenne | croissance économique | euro | politique de
l'emploi de l'UE | politique fiscale | promotion des investissements | règlement (UE) | zone euro
Résumé This document compares the draft 2018 Recommendations for the economic policy of the Euro Area proposed by the
European Commission on 22 November 2017 with the 2018 Euro Area draft recommendation revised by the Economic
and Financial Committee on 17 January 2018 and to be approved by the Council (ECOFIN) on 23 January 2018.
Briefing EN
30-09-2022 Source : © Union européenne, 2022 - PE 8Side effects of non-standard monetary policy: How long is the short-run?
Type de publication Analyse approfondie
Date 15-02-2017
Auteur externe Michael HACHULA, Michele PIFFER, Malte RIETH (DIW Berlin), Roman HORVATH (CASE, Center for Social and
Economic Research), Daniel GROS (CEPS, Centre for European Policy Studies)
Domaine politique Affaires économiques et monétaires
Mot-clé Banque centrale européenne | euro | financement à court terme | intérêt | investissement | politique monétaire |
politique économique | productivité du travail | produit intérieur brut | épargne | État membre UE
Résumé In the short- to medium-run, non-standard monetary policy helps to stimulate the economy and stabilize financial
markets. However, it is also widely acknowledged that side effects tend to materialize in the medium- to long-run.
Thus, the time dimension is a crucial factor in assessing the riskiness of this policy approach. For the February 2017
session of the Monetary Dialogue, the Committee on Economic and Monetary Affairs (ECON) of the EP has requested
a set of briefings to key monetary experts to address the side effects of non-standard monetary policy. Particular
attention is given to the possibility that the ECB expansionary monetary policy may have contributed to the slowdown
in labour productivity growth experienced by several member countries after the global financial crisis.
Analyse approfondie EN
Side Effects of Non-Standard Monetary Policy: How Long is the Short Run?
Type de publication Briefing
Date 02-02-2017
Auteur DESSIMIROVA Denitza | PATERNOSTER Dario
Domaine politique Affaires économiques et monétaires | Législation de l''Union: système et actes juridiques
Mot-clé Banque centrale européenne | euro | financement à court terme | intérêt | investissement | politique monétaire |
politique économique | productivité du travail | produit intérieur brut | épargne
Résumé In the short- to medium-run, non-standard monetary policy helps to stimulate the economy and stabilize financial
markets. However, it is also widely acknowledged that side effects tend to materialize in the medium- to long-run.
Thus, the time dimension is a crucial factor in assessing the riskiness of this policy approach.
Briefing EN
Euro area reforms [What Think Tanks are thinking]
Type de publication En bref
Date 02-09-2016
Auteur CESLUK-GRAJEWSKI Marcin
Domaine politique Affaires économiques et monétaires
Mot-clé club de réflexion | critère de convergence | euro | Fonds monétaire international | macroéconomie | politique
économique | réforme économique | zone euro
Résumé The euro area and the European Union have been overhauling their economic governance systems since the 2008-09
financial crisis and the subsequent economic slump. Reforms have included the creation of authorities to better
supervise the financial markets, improved mechanisms to coordinate fiscal policies, and new procedures to correct
economic imbalances. Important steps have been taken to create a Banking Union. But as immediate threats to the
stability of the euro area have subsided, the pace of reform has slowed according to many analysts. One of the last
significant policy contributions to the debate on how to run the euro zone was the 'Five Presidents' report', entitled
'Completing Europe's Economic and Monetary Union', published more than a year ago. This notes offers links to
commentaries, studies and reports on the topic from major international think tanks and research institutes on euro
areas reform. Earlier publications on the subject can be found in a previous edition of 'What Think Tanks are Thinking.'
En bref EN
The economic impact of suspending Schengen
Type de publication En bref
Date 04-03-2016
Auteur KARAKAS Cemal
Domaine politique Affaires économiques et monétaires | Espace de liberté, de sécurité et de justice
Mot-clé accord de Schengen | conséquence économique | contrôle à la frontière | dénonciation d'accord | euro | frontière
intérieure de l'UE | réseau transeuropéen | situation de l'Union européenne | travailleur frontalier | échange intra-UE
Résumé The suspension of the Schengen Agreement and re-establishment of permanent border controls would lead to a
restriction of the four freedoms of the Single Market and have a negative economic impact. Estimates show that the
costs of rolling back Schengen would – depending on region, sector and alternative trade channels – be between €5
billion and €18 billion per year. Please click here for the full publication in PDF format
En bref EN
30-09-2022 Source : © Union européenne, 2022 - PE 9The Strength of the Euro, Monetary Dialogue, July 2014
Type de publication Analyse approfondie
Date 15-07-2014
Auteur externe Daniel GROS, Cinzia ALCIDI and Alessandro GIOVANNINI (Centre for European Policy Studies) ;
Stefan COLLIGNON and Sebastian DIESSNER (Scuola Superiore Sant'Anna, London School of Economics) ;
Ansgar BELKE (University of Duisburg-Essen) ;
Sylvester C.W. EIJFFINGER and Louis RAES (Tilburg University) and
Guillermo DE LA DEHESA (Centre for Economic Policy Research)
Domaine politique Affaires économiques et monétaires | Commerce international | Marché intérieur et union douanière | Semestre
européen
Mot-clé Banque centrale européenne | commerce international | euro | reprise économique | stabilité des prix | statistique de
l'UE | taux de change | zone euro | économétrie
Résumé The notes in this compilation discuss the challenges for ECB monetary policy stemming from the recent appreciation of
the Euro in the context of a nascent euro area recovery. The notes have been requested by the Committee on
Economic and Monetary Affairs (ECON) as an input for the July 2014 session of the Monetary Dialogue between the
Members of ECON and the President of the ECB.
Analyse approfondie EN
EU Mapping: Systematic Overview on Economic and Financial Legislation
Type de publication Étude
Date 15-05-2014
Auteur externe Katja LANGENBUCHER (Center of Excellence SAFE and Goethe University Frankfurt, Germany), Marcel GELLINGS
(Center of Excellence SAFE and Goethe University Frankfurt, Germany), Kai JUNGBLUTH (Center of Excellence
SAFE and Goethe University Frankfurt, Germany) , in cooperation with European Parliament staff: Julia Ferger,
Stephanie Honnefelder, Doris Kolassa, Rudolf Maier, Marcus Scheuren, Ivo van Es
Domaine politique Affaires économiques et monétaires | Marché intérieur et union douanière | Protection des consommateurs | Questions
financières et bancaires
Mot-clé blanchiment d'argent | droit bancaire | droit de l'UE | droit de la concurrence | droit des assurances | droit des sociétés |
droit fiscal | euro | marché financier | protection du consommateur | réglementation financière | services financiers |
société d'investissement | statistique de l'UE | surveillance du marché | union économique et monétaire | vérification
des comptes
Résumé This paper prepared by the Policy Department A provides a graphic overview on core legislation in the area of
economic and financial services. The presentation essentially covers the areas within the responsibility of the
Economic and Monetary Affairs Committee (ECON); hence it starts with core ECON areas but also displays
neighbouring areas of other Committees' competences which are closely connected to and impacting on ECON's work.
It shows legislation in force, proposals and other relevant provisions on i.a. banking, securities markets and investment
firms, market infrastructure, insurance and occupational pensions, payment services, consumer protection in financial
services, the European System of Financial Supervision, European Monetary Union, Euro bills and Coins and
statistics, competition, taxation, commerce and company law, accounting and auditing.
Étude EN
Exchange of Views with Lithuania on a Possible Euro Adoption
Type de publicationBriefing
Date 13-03-2014
Auteur ANGERER Jost | HAUPTMAN Manica
Domaine politique Affaires économiques et monétaires | Questions financières et bancaires | Semestre européen
Mot-clé activité bancaire | ajustement structurel | budget de l'État | critère de convergence | dette publique | euro | Lituanie |
macroéconomie | politique monétaire | politique énergétique | produit intérieur brut | statistique nationale | zone euro
Résumé This paper summarizes the economic situation relevant for euro adoption in Lithuania.
Briefing EN
La valeur ajoutée européenne en action : La valeur ajoutée du marché unique européen
Type de publicationBriefing
Date 14-06-2013
Auteur CASALPRIM Eva
Domaine politique Protection des consommateurs | Valeur ajoutée européenne
Mot-clé conséquence économique | Espace économique européen | euro | Europe des citoyens | libéralisation du marché |
macroéconomie | marché unique | politique de la concurrence de l'UE | rapprochement des législations | valeur ajoutée
Résumé La série «valeur ajoutée européenne en action", présente succinctement la valeur ajoutée apportée aux citoyens
européens par les politiques actuelles de l'UE.
Briefing DE, EN, FR
30-09-2022 Source : © Union européenne, 2022 - PE 10Protection pénale de l'euro et des autres monnaies contre la contrefaçon : première évaluation de
l'analyse d'impact de la Commission européenne
Type de publication Briefing
Date 15-05-2013
Auteur MANIAKI-GRIVA Alexia
Domaine politique Affaires économiques et monétaires | Espace de liberté, de sécurité et de justice | Évaluation de l''impact ex ante
Mot-clé coopération judiciaire pénale (UE) | euro | faux monnayage | lutte contre le crime | monnaie fiduciaire | proposition (UE)
| sanction pénale | étude d'impact
Résumé Cette note vise à effectuer une première évaluation des forces et des faiblesses de l'analyse de l'impact de la
Commission accompagnant sa proposition de directive du Parlement européen et du Conseil relative à la protection
pénale de l'euro et des autres monnaies contre la contrefaçon, et remplaçant la décision cadre 2000/383/JAI du
Conseil (COM (2013) 42 final), présentée le 5 février 2013.
Briefing DE, EN, FR
Criminal penalties for counterfeiting the euro
Type de publication En bref
Date 11-03-2013
Auteur BAKOWSKI Piotr
Domaine politique Affaires économiques et monétaires | Espace de liberté, de sécurité et de justice
Mot-clé euro | faux monnayage | fraude | initiative de l'UE | lutte contre le crime | monnaie
Résumé Since 2002, when euro notes and coins were introduced, numerous investigations have revealed the existence of
illegal print shops and mints producing fakes, despite EU instruments to combat this. The Lisbon Treaty created new
possibilities to fight counterfeiting of the euro through EU legislation. On this basis, the Commission proposed, in
February 2013, a Directive using criminal law to protect the euro and other currencies against counterfeiting.
En bref EN
External Representation of the Euro Area
Type de publication Étude
Date 15-05-2012
Auteur externe Alessandro GIOVANNINI, CEPS; Daniel GROS, CEPS; Paul IVAN, CEPS; Piotr Maciej KACZYŃSKI, CEPS; Diego
VALIANTE, CEPS
Domaine politique Affaires économiques et monétaires | Gouvernance mondiale | Questions financières et bancaires
Mot-clé Banque mondiale | coopération renforcée | euro | finances internationales | Fonds monétaire international | marché
international | relation multilatérale | relation économique | union économique et monétaire | zone euro
Résumé This study outlines concrete options for improving the external representation of the euro area in international
institutions such as the IMF, the World Bank and the G-20. The study proposes a two-stage process, the first of which
requires the creation of a permanent subcommittee of the Eurogroup Working Group (EWG) to elaborate common
positions at international level. A second step, taken in the longer term, would consist of creating a single-member
position in the IMF and World Bank by merging national quotas via the European Stability Mechanism (ESM). For the
G-20, a single membership of the euro area could create inconsistencies with the European Union membership.
However, a euro area membership could be envisaged if a more economically and financially integrated euro area
were to develop.
Étude EN
Building a Comprehensive Crisis Management Framework for the EU and Extinguishing the Raging Fire
Type de publication Étude
Date 14-01-2011
Auteur externe Sony KAPOOR (Managing Director Re-Define) ; additional research by Linda OKSNES (Research Associate Re-
Define)
Domaine politique Affaires économiques et monétaires | Questions financières et bancaires
Mot-clé amortissement de la dette | coordination des politiques UEM | crise monétaire | emprunt public | euro | instrument
financier | mécanisme de soutien | plan anticrise | politique fiscale
Résumé The on-going discussion on Crisis Management in the EU is incomplete and on particular issues misguided and ill-
informed. This is true both of the longer term discussion on designing a Crisis Management Framework for the EU as
well as the immediate and on-going efforts to put the fire out. This Policy Paper has three parts: Part I maps out the
structure of a complete Crisis Management framework for the EU. Part II offers detailed suggestions on improving the
current Crisis Mitigation framework in the form of the European Financial Stabilization Mechanism. Part III sketches an
optimal detailed design of what the permanent European Stabilization Mechanism should look like.
Étude EN
30-09-2022 Source : © Union européenne, 2022 - PE 11The threat of 'currency wars': global imbalances and their effect on currencies
Type de publication Étude
Date 15-11-2010
Auteur externe Anne SIBERT (Birbeck, University of London and CEPR), Zsolt DARVAS (Bruegel), Jean PISANI-FERRY (Bruegel),
Charles WYPLOSZ (Graduate Institute of International and Development Studies, Geneva), Stefan COLLIGNON (S.
Anna School of Advanced Studies, Pisa) and Guillermo de la DEHESA (Centre for Economic Policy Research - CEPR)
Domaine politique Affaires économiques et monétaires
Mot-clé balance des paiements | Chine | euro | inflation | marché des changes | politique monétaire | reprise économique | taux
de change | zone euro | États-Unis
Résumé Within the context of persisting international imbalances and a lingering crisis, there has been increased focus on the
exchange rates between major economic areas, taking for example the heated debate between the US and China and
unilateral action by numerous countries. It currently seems that a quantitative easing boom is back on the agenda
globally. Inevitably, such policy actions will have effects on the global flows of capital and trade and have already
attracted strong criticism from some emerging countries such as Brazil which complain about the loss of
competiveness caused by the appreciation of their currency. The Monetary Experts Panel of ECON was asked help
the European Parliament's ECON Committee understand the implications of the above mentioned developments.
Consequently, in this compilation, the motives and policy options available to major economic actors with regard to
their exchange rate and current accounts. Very importantly, the question on the impact on the euro area is raised, i.e.
how the euro area can avoid remaining too passive and being the loser in these policy actions of global importance.
Étude EN
Unconventional ECB Monetary Policy
Type de publication Étude
Date 16-06-2010
Auteur externe Ansgar BELKE, DIW Berlin and University of Duisburg-Essen ; Stefan GERLACH, Institute for Monetary and Financial
Stability, University of Frankfurt ; Daniel GROS, Director, CEPS ; Anne SIBERT, Birbeck, University of London and
CEPR ; Karl WHELAN, University College Dublin. The summary has been drafted by Christoph SCHMIEDEL,
European Parliament, DG IPOL.
Domaine politique Affaires économiques et monétaires | Questions financières et bancaires
Mot-clé Banque centrale européenne | crise monétaire | dette publique | euro | Grèce | mécanisme de soutien | plan anticrise |
politique monétaire | Système européen de banques centrales
Résumé The fourth Monetary Dialogue of the 7th Parliament is scheduled to take place on 21 June 2010 in Brussels. This
compilation of briefing papers is written by members of the Monetary Experts Panel of ECON advising the Committee
on monetary policy questions. It includes five contributions (incl. summary) within the topic area of "Update on Exit
Strategies". Given the dominant content of the papers, this compilation has been named "Unconventional ECB
Monetary Policy", Another compilation on "Euro Area Governance", the other topic of the Monetary Dialogue in June
2010, is published simultaneously.
Étude EN
The Future Development of Global Imbalances - Topic 1 - Monetary Dialogue March 2010
Type de publication Étude
Date 15-03-2010
Auteur externe Stefan Collignon (S. Anna School of Advanced Studies, Pisa) ; Stefan Gerlach (University of Frankfurt) ; Anne Sibert
(Birbeck College, University of London) ; Karl Whelan (University College Dublin) ; Jean Pisani-Ferry and Zsolt Darvas
(Bruegel)
Domaine politique Affaires économiques et monétaires | Questions financières et bancaires
Mot-clé balance des paiements | contrôle bancaire | euro | macroéconomie | politique monétaire | récession économique | taux
de change | union économique et monétaire | économie internationale
Résumé The third Monetary Dialogue of the 7th Parliament is scheduled to take place on 22 March 2010 in Brussels. This
compilation of briefing papers is written by members of the Monetary Experts Panel of ECON advising the Committee
on monetary policy questions. It includes five contributions in dealing with the role of global imbalances in the crisis.
Another compilation on the "Policy Implications of Increased Debt Issuance and Rising Deficits", the other topic of the
Monetary Dialogue in March 2010, is published simultaneously (see the document n° PE 433.446).
Étude EN
30-09-2022 Source : © Union européenne, 2022 - PE 12Vous pouvez aussi lire
