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Press release - MEPs approve reforms for a more sustainable and resilient EU gas market
MEPs approve reforms for a more sustainable and resilient EU gas market
- MEPs approve reforms for a more sustainable and resilient EU gas market
- New directive will help decarbonise the gas sector to tackle climate change
- MEPs secured measures to protect vulnerable consumers and to ensure transparency
- EU countries will be able to restrict imports from Russia
- To shift away from fossil gas, the legislation will promote biomethane and hydrogen
On Thursday, MEPs adopted plans to facilitate the uptake of renewable and low-carbon gases, including hydrogen, into the EU gas market. - In negotiations with Council on the directive, MEPs focused on securing provisions around transparency, consumer rights, and support for people at risk of energy poverty.
- Unbundling rules for hydrogen network operators will correspond to existing best practices in the gas and electricity market."
- It includes provisions to facilitate blending hydrogen with natural gas and renewable gases, and greater EU cooperation on gas quality and storage.
Press release - European Parliament Press Kit for the Special European Council of 17 and 18 April 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
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 - Parliament adopts its position on EU pharmaceutical reform
Isabel Schnabel: From laggard to leader? Closing the euro area's technology gap
Is home bias biased? New evidence from the investment fund sector
A new measure of firm-level competition: an application to euro area banks
Abstract
- Abstract
This paper extends Boone (2008) by introducing a competition measure at the individual
firm level rather than for an entire market segment. - We apply this extended Boone indicator to individual bank-level competition
in the loan market in the four largest euro area countries and Austria. - Our new measure of firm-level competition enriches and complements
other competition measures and provides a promising starting point for future market
power analyses. - The only measure among non-structural measures that is based on the
concept of competition as a process of rivalry is the Boone (2008) indicator. - We introduce
a new performance measure of competition by extending the Boone indicator to the
individual firm level. - Introduction
The ability to reliably measure competition is valuable to researchers, analysts, and
policymakers, especially antitrust authorities, financial supervisors, and central banks. - One broad
category of indicators often used to measure competition are structural competition
measures, such as static concentration measures, and dynamic measures, e.g., entry and
exit rates. - Out of these measures, the only measure based on the
concept of competition as a process of rivalry is the Boone indicator. - This study introduces a new performance measure of competition by extending the
Boone indicator to the individual firm level. - It thus measures the
increase in profits in percent of one percentage point increase in efficiency, with marginal
costs as measure of efficiency. - We extend the theoretical
underpinning of the measurement of competition for the entire market of Boone (2008) by
a new measure of individual firm-level competition. - A concern of the literature is the gap
between the practical application and the theoretical framework of Boone (2008). - We introduce within the same theoretical
framework a new measure of competition on firm level, the MRP. - Our new
measure significantly augments the antitrust evaluative framework by shedding light on
whether a merger results in a less competitive market. - Our novel indicator focuses on
firms? incentives to enhance their relative efficiency, as manifested in the elasticity
between relative profits and efficiency. - However, an inefficient firm that is foreclosed could be more
competitive than the larger efficient firm that relies on its scale economies. - Our new metric of competition unveils
banks? ability to influence their profitability in the short term by cutting costs relative to
their peers. - The new MRP indicator provides the ability to assess the impact
of individual banks? competitiveness on their interest rate-setting behaviour in loan
markets. - Incorporating this information promises a more refined understanding of the impact and
timing of monetary policy rates changes on the real economy. - Section 3 introduces within the Boone
(2008) theoretical framework our new measure of individual firm-level competition,
including the interpretation of the MRP. - Section 4 provides an application of our new
ECB Working Paper Series No 29256
individual firm-level competition measure to the loan market.
- The StructureConduct-Performance paradigm (SCP) provides a traditional framework in the field of
industrial organization for analysing competition behaviour in markets. - Concentrated
markets ease the possibilities to collude implicitly or explicitly and therefore concentrated
markets result in higher prices and profits. - For example, a tougher competition
setup may lead to a reallocation of market shares, potentially forcing some firms to exit
the market. - This approach gives firms? strategic behaviour
central stage and focuses on the strategic interaction on prices and quantities, known as
conjectural variation. - Another measure from
this strand of literature is the H-statistic developed by Panzar and Rosse (1987). - The only competition measure from this performance literature where competition is the
outcome from a process of rivalry is the Boone indicator. - A continuous and monotonically increasing relationship exists between
RPD and the level of competition if firms are ranked by decreasing efficiency. - (2013) compare the Boone indicator with the price-cost margin
and conclude that the profit elasticity is a more reliable measure of competition. - The high
elasticity of profits to efficiency unequivocally indicates that the high market shares and
therefore high profits are due to high efficiency. - A firm that quickly passes changes to the input prices is seen as a price
taker with little market power. - Indicators of competition tend to measure different phenomenon and may provide
conflicting messages, as reported for European banking by Carbo et al. - Application 2: Test the ?quiet life? and related market structure hypotheses using the
MRP as competition or market structure measure. - Data
Our application to individual bank-level competition in the euro area loan market uses
balance sheet and income statement data from the Moody?s Analytics BankFocus for the
calendar years 2013-2020. - As such, most publications
on competition in the euro area includes the largest four member states. - Due to these restrictions the database was reduced to an unbalanced panel of up to 1862
banks (depending on the year) from five euro area countries. - Application 1: Measure bank competition using MRP
Looking at the distribution of the MRP for individual banks (Fig. - A similar finding for the four largest euro area countries as a group is
reported in Carbo et al. - Application 2: Test of market structure hypotheses using MRP
Our new measure of individual-bank competition can be used to test market structure
theories. - Euro area banks? market power,
lending channel and stability: the effects of negative policy rates, European Central Bank
Working Paper, 2790 (February). - A
new approach to measuring competition in the loan markets of the euro area, Applied
Economics, 43 (23), 3155?3167. - Impact of bank competition on the interest rate pass-through in the euro area, Applied
Economics, 45 (11), 1359?1380.
EQS-News: SFC Energy AG, TEST-FUCHS GmbH and Auto AG Group start serial production of the H2Genset after successful market test phase
A unique selling point is the possibility of refuelling the integrated tanks of the H2Genset at hydrogen filling stations.
- A unique selling point is the possibility of refuelling the integrated tanks of the H2Genset at hydrogen filling stations.
- Only in April 2022, SFC Energy, TEST-FUCHS and Auto AG Group signed a cooperation partnership for the joint development of the H2Genset.
- The trailer-mounted power generator produces reliable and emission-free energy and is designed for 10 kW nominal and 28 kW peak output.
- Marc Ziegler, CEO of Auto AG Group: “The H2Genset is the result of three innovative partners bundling their know-how.
EQS-News: SFC Energy AG publishes audited consolidated figures for 2023 – Focus on another record year in 2024
Dr Peter Podesser, CEO of SFC Energy AG: “After record operating figures in 2021 and 2022, fiscal year 2023 continues seamlessly with new records.
- Dr Peter Podesser, CEO of SFC Energy AG: “After record operating figures in 2021 and 2022, fiscal year 2023 continues seamlessly with new records.
- For the first time, our sales exceeded the EUR 100 million mark, coming to EUR 118,148 thousand (2022: EUR 85,229 thousand).
- At the same time, we grew profitably in an economically challenging environment, something that is not a matter of course in our sector.
- Overall, Group sales were thus even higher in 2023 than the forecast range of EUR 115,000 thousand to EUR 117,000 thousand, which had been adjusted upwards in November 2023.
EQS-News: SFC Energy secured record order of around EUR 27.8 million
SFC has again secured a follow-up order in the Clean Power Management business segment for high-performance power supply and coil solutions from a leading international high-tech equipment manufacturer.
- SFC has again secured a follow-up order in the Clean Power Management business segment for high-performance power supply and coil solutions from a leading international high-tech equipment manufacturer.
- The customer, a leading international high-tech equipment manufacturer, is once again relying on products and solutions from SFC Energy.
- SFC Energy's power supply and coil solutions are used in equipment for semiconductor and life science applications where exceptional performance with long life and reliability is essential.
- Hans Pol, COO of SFC Energy AG: "This new record order underlines our success in international partnerships.