European Council

EU migration overhaul stresses fast-track deportations and limited appeal rights for asylum seekers

Retrieved on: 
Tuesday, April 23, 2024

The pact is a legacy of the 2015 migration crisis when EU countries saw more than 1 million people claim asylum after arriving, mainly by boat, to European countries.

Key Points: 
  • The pact is a legacy of the 2015 migration crisis when EU countries saw more than 1 million people claim asylum after arriving, mainly by boat, to European countries.
  • Front-line European countries, including Greece and Italy, were overwhelmed by the sheer numbers, prompting anti-migrant violence and a backlash from far-right political parties.
  • Authorities there were struggling to provide the bare minimum of aid and failing to provide legal protection or process asylum claims.
  • But to critics of the pact, the reforms will institutionalize inequality, instrumentalize migration crises and ignore the actual holes in migration governance.

Stalling reform

  • Hungary, the Czech Republic and Poland refused to participate, and in 2020 the EU Court of Justice found they had broken EU law.
  • Nevertheless, the quota system was never scaled up, leaving front-line states to continue to process much of Europe’s refugee population.
  • Since 2016, the European Commission has proposed multiple reforms, but negotiations stalled because of opposition from far-right governments in Eastern Europe.
  • Previously, the database included only fingerprints – not images or biographic details – of people above the age of 14.
  • The pact also makes it easier for police to access the database.
  • Together, these other four directives work to make it harder for people to make asylum claims in the EU.
  • They claim that the reforms also undermine the right of appeal – sometimes deporting people before an appeals decision is finalized – and expand detention.

Leveraging migration flows

  • Biden’s executive order paralleled President Donald Trump’s earlier transit and entry bans, arguing that asylum seekers must apply in the first safe country they transit.
  • The EU reforms also parallel recent proposals from Biden to shut down the border during migration surges.
  • There is growing academic literature on “migration diplomacy” and “refugee blackmail” that documents how states leverage migration flows as a tool in their foreign policy.
  • Critics argue that this commodifies refugees – literally putting a price tag on individual lives – while undermining solidarity.

‘Fortress Europe’


The need for EU migration reform was made clear by the 2015 crisis faced by front-line European countries. But rather than address the real problems of low state capacity, processing times, human rights protections, or conditions in detention centers, I believe the pact will reinforce the concept of “Fortress Europe” by investing in deterrence and deportation, not human rights.
Nicholas R. Micinski does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Christine Lagarde: Unlocking the power of ideas

Retrieved on: 
Tuesday, April 23, 2024

Since 2022 rising housing costs have, on average, largely been offset by growth in household income, leading to stable housing cost to household income ratios.

Key Points: 
  • Since 2022 rising housing costs have, on average, largely been offset by growth in household income, leading to stable housing cost to household income ratios.
  • The housing cost burden has, however, increased slightly for both renter and mortgage households at the upper end of the income distribution.

Press release - European Parliament Press Kit for the Special European Council of 17 and 18 April 2024

Retrieved on: 
Thursday, April 18, 2024

In this press kit, you will find a selection of the European Parliament’s press releases reflecting MEPs’ priorities for topics on the summit agenda. Source : © European Union, 2024 - EP

Key Points: 


In this press kit, you will find a selection of the European Parliament’s press releases reflecting MEPs’ priorities for topics on the summit agenda. Source : © European Union, 2024 - EP

Press release - EP President Metsola at EUCO: The Single Market is Europe’s greatest economic driver

Retrieved on: 
Thursday, April 18, 2024

Doubling down on the Single Market ensures Europe’s long-term competitiveness, prosperity and leadership on the global stage, said President Metsola at the Special European Council. Source : © European Union, 2024 - EP

Key Points: 


Doubling down on the Single Market ensures Europe’s long-term competitiveness, prosperity and leadership on the global stage, said President Metsola at the Special European Council. Source : © European Union, 2024 - EP

Leading Companies Launch Consortium to Address AI's Impact on the Technology Workforce

Retrieved on: 
Thursday, April 4, 2024

LEUVEN, Belgium, April 4, 2024 /PRNewswire/ -- Cisco (NASDAQ: CSCO) and a group of eight leading companies including Accenture, Eightfold, Google, IBM, Indeed, Intel, Microsoft and SAP as well as six advisors today announced the launch of the AI-Enabled Information and Communication Technology (ICT) Workforce Consortium focused on upskilling and reskilling roles most likely to be impacted by AI. The Consortium is catalyzed by the work of the U.S.-EU Trade and Technology Council's (TTC) Talent for Growth Task Force, with the goal of exploring AI's impact on ICT job roles, enabling workers to find and access relevant training programs, and connecting businesses to skilled and job-ready workers.

Key Points: 
  • It will assess AI's impact on technology jobs and identify skills development pathways for the roles most likely to be affected by artificial intelligence.
  • Consortium members represent a cross section of companies innovating on the cutting edge of AI that also understand the current and impending impact of AI on the workforce.
  • "The mission of our newly unveiled AI-Enabled Workforce Consortium is to provide organizations with knowledge about the impact of AI on the workforce and equip workers with relevant skills.
  • Working alongside industry leaders as part of this AI-enabled ICT workforce consortium will help upskill and reskill the workforce for the digital economy ahead."

Press release - Foreign Affairs Committee and EU ministers debate enlargement

Retrieved on: 
Wednesday, April 3, 2024

On Tuesday, MEPs on the Committee on Foreign Affairs will discuss the future of EU enlargement with ministers, vice-ministers and secretaries of state of EU member states.

Key Points: 
  • On Tuesday, MEPs on the Committee on Foreign Affairs will discuss the future of EU enlargement with ministers, vice-ministers and secretaries of state of EU member states.
  • Ahead of the European Council, during which EU leaders will debate the future of EU enlargement, Parliament’s Committee on Foreign Affairs will discuss enlargement with the foreign ministers of Austria, Denmark, Estonia, Finland, Latvia, Lithuania, Slovenia and the deputy ministers or secretaries of state of Bulgaria, Croatia, Cyprus, Greece and Hungary.
  • MEPs want to exchange views with their guests and to seek solutions on how to approach challenges that EU enlargement will face in the future.
  • To address this, the report recommends that the EU reform its neighbourhood policy and accelerate the enlargement process.

Press release - European Parliament Press Kit for the European Council of 21 and 22 March 2024

Retrieved on: 
Wednesday, April 3, 2024

In this press kit, you will find a selection of the European Parliament’s press releases reflecting MEPs’ priorities for topics on the summit agenda. Source : © European Union, 2024 - EP

Key Points: 


In this press kit, you will find a selection of the European Parliament’s press releases reflecting MEPs’ priorities for topics on the summit agenda. Source : © European Union, 2024 - EP

Press release - Metsola at the European Council: This election will be the test of our systems

Retrieved on: 
Wednesday, April 3, 2024

Delivering on our priorities is the best tool to push against disinformation, said EP President Roberta Metsola at European Council Source : © European Union, 2024 - EP

Key Points: 


Delivering on our priorities is the best tool to push against disinformation, said EP President Roberta Metsola at European Council Source : © European Union, 2024 - EP

Procedural advice for orphan medicinal product designation: Guidance for sponsors

Retrieved on: 
Wednesday, April 3, 2024

Frequently asked questions ................................................................... 10

Key Points: 
    • Frequently asked questions ................................................................... 10

      Procedural advice for orphan medicinal product designation
      EMA/420706/2018

      Page 2/13

      1.

    • This Regulation lays down the procedure for
      the designation of medicinal products as orphan medicinal products and provides incentives for the
      development and placing on the market of designated orphan medicinal products.
    • The Regulation also
      establishes the Committee for Orphan Medicinal Products (COMP) within the European Medicines
      Agency (EMA), which is responsible for examining applications for orphan medicinal product
      designation.
    • As of 28 April 2000, the date this Regulation entered into force, sponsors have been able to
      submit applications for orphan medicinal product designation to the EMA.
    • Procedural advice for orphan medicinal product designation
      EMA/420706/2018

      Page 3/13

      2.

    • Objectives
      In examining an application for orphan medicinal product designation, the COMP will focus on
      determining whether the sponsor has established that the designation criteria are met, i.e.
    • To assist in the development of a policy on orphan medicinal products, an expert network will
      be built up by the Committee, with expert(s) identified as appropriate to be involved in the evaluation
      of applications for orphan medicinal product designation.
    • ?

      The complete application should include:

      Procedural advice for orphan medicinal product designation
      EMA/420706/2018

      Page 5/13

      Document

      Format

      General administrative and scientific information completed online via the portal.

    • Important:
      In preparing an application for orphan medicinal product designation, sponsors are requested to follow
      the Commission guideline (2022/C 440/02) on the format and content of applications for designation
      as orphan medicinal products.
    • Please refer to the Procedural advice on
      appeal procedure for Orphan Medicinal Product Designation (EMEA/2677/01 Rev.3).
    • The grounds for the

      Procedural advice for orphan medicinal product designation
      EMA/420706/2018

      Page 9/13

      appeal should be based only on the original information provided in the application for orphan
      designation.

    • ?

      The European Commission will enter the designated medicinal product in the Community Register
      of Orphan Medicinal Products.

    • General advice
      ?

      Full information on the procedure for orphan medicinal products designation is available on the
      EMA orphan designation website.

    • In accordance with Regulation (EC) No 141/2000 of 16 December 1999, the sponsor may submit an
      application for orphan medicinal product designation to the Agency at any stage of development of the

      Procedural advice for orphan medicinal product designation
      EMA/420706/2018

      Page 10/13

      medicinal product as long as the criteria for designation may be justified.

    • A request for orphan medicinal product designation may be made for
      a new orphan indication for an already authorised medicinal product.
    • Procedural advice for orphan medicinal product designation
      EMA/420706/2018

      Page 11/13

      Which are the sponsor?s options in case of negative outcome for orphan designation?

Consumer participation in the credit market during the COVID-19 pandemic and beyond

Retrieved on: 
Tuesday, April 2, 2024
Tax, BLS, Face, La Cava, Liquidity, Journal of Economic Perspectives, Special, MRO, Recovery, Next Generation, Child, Interview, Transport, Attanasio, Consumer behaviour, DFR, Research Papers in Economics, Post-Keynesian economics, Gross domestic product, .177 caliber, Great Moderation, European Commission, Vaccine, Employment, Loan, PDF, Hall, House, ECB, Unemployment, Risk, Shock, Education, Rutgers University Press, Quarterly Journal, Policy, Real estate economics, EU Council, Woman, HHS, World Health Organization, Section 4, Clutch (eggs), MIT Press, Omicron, De Nederlandsche Bank, Social science, Federal Reserve Bank, Modigliani, EDS, JEL, Christian Social Union (UK), Female, Section 3, COVID-19, The Journal of Finance, Journal, Classification, News, Journal of Monetary Economics, Oxford Economic Papers, Death, Insurance, Journal of Economics, FRB, FED, Credit, HFCS, Economy, Deficit reduction, Vaccination, Princeton University Press, Literature, CES, Application, University of Oxford, Paper, R.E, Quarterly Journal of Economics, Section 2, European Central Bank, Civil service commission, C23, COVID, Conference, European Council, Central bank, Lifting, HH, Political economy, Consumer confidence index, European Parliament, MIT, RRF, Monetary economics, Household, Perception, Section 5, Bank, Structure, Reproduction, Website, HICP, Aimé Dossche, Working paper, Housing, Cambridge, Massachusetts, Heart, Fabbri, American Economic Review, Partner, Data, Collection, Probability, Government, Real estate

We find that credit demand is highest when

Key Points: 
    • We find that credit demand is highest when
      the first lockdown ends and it drops when supportive monetary compensation schemes are implemented.
    • Credit is more likely to be
      accepted under favourable borrowing conditions and after the approval of national recovery plans.
    • We also find
      that demographic, economic factors, perceptions and expectations are associated with the demand for credit and
      the credit grant.
    • First, it adds to a rapidly growing literature on household
      borrowing behaviour during the COVID-19 pandemic; see, for example, Ho et al.
    • We provide evidence that credit applications and credit acceptances display a different pattern over
      time.
    • Credit is more likely to be accepted under favourable borrowing conditions and after the
      approval of national recovery plans.
    • In almost all countries
      households are significantly less likely to apply and to get their credit approved than in Germany.
    • In line with literature, we show that
      demographic and economic factors affect the probability for credit applications and credit approval.
    • In addition,
      the paper shows that consumer perceptions and expectations matter when they decide to apply for credit.
    • Introduction

      The participation of households in the credit market receives wide attention in the consumer finance literature
      because consumer credit enters the monetary policy transmission mechanism through the so-called ?credit
      channel?: changes in credit demand and supply have an effect on consumers' spending and investment, which in
      turn affect economic growth.

    • We use microdata from the ECB?s Consumer Expectations Survey (hereinafter CES), a survey that
      measures consumer expectations and behaviour in the euro area.
    • Its panel dimension allows for an assessment of
      how consumer behaviour changes over time and how consumers respond to critical economic shocks.
    • This way we can gauge how credit applications and credit acceptances change under different, almost
      opposite, borrowing conditions.
    • We also distinguish between the demand for long-term secured loans (mortgages) and for short-term
      uncollateralized loans (consumer loans).
    • ECB Working Paper Series No 2922

      3

      We use probit models to estimate the probability of the consumer to apply for credit and the credit being granted.

    • The rate peaks in 2020Q3 which reflects the rebound in the demand for loans when the first lockdown ended.
    • In almost all countries households are significantly less likely
      to apply and to get their credit approved than in Germany.
    • However,
      when it comes to credit acceptance, we observe that the two groups of households are more similar.
    • Finally, we find some heterogeneity with respect to the type of credit, particularly between secured and unsecured
      debt.
    • The demand for
      consumer credit is insignificant for liquid households and decreases significantly for constrained households in
      the last two quarters of our timespan.
    • The first consists of a recently growing literature which
      explores consumer behaviour in the credit market during the COVID-19 pandemic, mostly in the United States.
    • Sandler and Ricks (2020) show that consumers did not use credit card debt for financial liquidity in the early stage
      of the COVID-19 pandemic.
    • (2020) report that credit card applications and new mortgage loans
      declined during the first months of the pandemic in regions with more unemployment insurance claims.
    • Lu and
      Van der Klaauw (2021) show that there was a sharp drop in consumer credit demand, especially for credit cards.
    • (2022) document that there was a substantial decrease in the usage of credit cards and home equity lines
      of credit by Canadian consumers.
    • Our paper is also consonant with studies on the association between financial and demographic factors and
      consumers? participation in the credit market as well as on the demand for specific types of credit.
    • January 2020 ? October 2020 - The two main events are the outbreak of the COVID-19 pandemic and the
      consequential lockdowns in the euro area.
    • 4 If the
      respondent has applied for more than one type of credit, she is asked to refer to the most recent credit application.
    • Between 2021Q3 and 2022Q3 the acceptance
      rate stays above the average values, mirroring the easing of credit standards for consumer credit and other lending
      to households during this period.
    • Second, we can investigate the presence of nonlinearities in how liquidity and the credit type interact in explaining credit applications.
    • (2023) ? who show that in the United States the local pandemic severity had a strong
      negative effect on credit card spending early in the pandemic, which diminished over time.
    • First, we select mortgages and consumer credit as the two mostly reported categories for secured and

      13

      The full estimation results are reported in Table 3.

    • The right-hand side panel of Figure 6 shows that the demand for consumer credit is insignificant for both liquid
      and illiquid households.
    • It also shows that
      subjective perceptions of credit access, financial concerns and expectations on interest rates matter for the demand
      for credit.
    • In Bertola, G., Disney
      R., and Grant, C. (eds) The Economics of Consumer Credit, Cambridge MA, MIT Press.
    • Horvath, A., Kay, B. and Wix, C. (2023) The COVID-19 shock and consumer credit: Evidence from credit card
      data.
    • Magri, S. (2007) Italian households? debt: The participation to the debt market and the size of the loan.