NGEU

Isabel Schnabel: From laggard to leader? Closing the euro area's technology gap

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星期四, 四月 18, 2024
Orbis, NACE, PRT, Premium, Employment, FRA, Economics, ITA, BACH, LVA, European Commission, GTA, ECB, Risk, CEIC, Ageing, Intangibles, Policy, Person, NGEU, TFP, GDP, GRC, NLD, EIA, RHS, Bureau of Economic Analysis, Database, Digital, European Economic Association, Journal, LUX, AUT, JPN, Frontier, Harmful, Trade Data Monitor, Gérard Schivardi, Lost, Attention, Growth, LHS, LTU, RRF, COVID-19, Rubric, Productivity, Bank, Capital, HICP, Social, METI, Total
Key Points: 

Meeting of 6-7 March 2024

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星期五, 四月 5, 2024
Consensus, Senior advisor, Reproduction, Sick leave, Employment, Frankfurt, Next Generation, Depreciation, APP, PEPP, Absorption, ECB, Unemployment, Risk, International, Policy, Communication, Attention, Climate, NGEU, GDP, Fiscal policy, Workforce, Person, Depression, Climate change, Projection, Perseverance, M1, Disinflation, News, Human, Food, Management information system, Insurance, OIS, DeMarco, Economics, Persistent, Member, Personal ordinariate, European Central Bank, Element, Pressure, Growth, Rotation, Stagnation, Common, Consensus decision-making, ILS, Federal Reserve, Housing, Probability, Government, Convenience food

We find that banks experiencing large deposit outflows reduce credit, but not the interest rate they charge, to the same borrower relative to other lenders.

Key Points: 
  • We find that banks experiencing large deposit outflows reduce credit, but not the interest rate they charge, to the same borrower relative to other lenders.
  • This credit restriction is stronger for fixed rate and longer maturity loans, but not for riskier borrowers.

Philip R. Lane: The economic outlook and monetary policy

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星期三, 四月 3, 2024
Consensus, Momentum, Tax, MIR, BLS, Consensus Economics, Wealth, Domestic, IHS Markit, Next Generation, BIS, Transport, DFR, European Commission, Labour, Bank of Greece, BSI, Employment, S&P Global, Governance, Loan, ECB, House, Workforce, ESCB, Policy, Aes, NGEU, Imperial College Business School, Refinitiv, Manufacturing, Cargo, GDP, Index, Household, RHS, Real, Coronavirus, PMI, Disinflation, Confidence, Bank of France, SMA, Food, Competition (economics), Credit, Perception, CES, Economics, Persistent, Personal ordinariate, Disposable product, Bank for International Settlements, Government, SVAR, Growth, Energy, Common, Consensus decision-making, Bank, Rest, ILS, Bloomberg, HICP, IBoxx, Housing, Deutsche Bundesbank, Composite, Unit, Total, Phosphorus
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Isabel Schnabel: From laggard to leader? Closing the euro area’s technology gap

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星期六, 二月 17, 2024
Eurofi, Lecture, NGEU, Research, European Economic Association, GameChanger, Artificial intelligence, European Investment Bank, Education, Investment, Mining, Invention, Quarterly Journal of Economics, Growth, Superstar, Commerce, MIT Press, Labour economics, GDP, Health, Christian Social Union (UK), Climate change, History, Information technology, CompStat, Applied economics, ICC, Policy, Apple, Public policy, Diagnosis, Federal Reserve, European Parliament, Literature, NBER, Ageing, International economics, Software, Metal, Productivity, New Vision (newspaper), Review of World Economics, Recovery, Next Generation, Computer, MIT, Journal of Labor Economics, Nicolaus Copernicus, Journal of Monetary Economics, Craft, EDIS, European Fiscal Board, Howitt, International Chamber of Commerce, Financial management, Council, Journal, Electricity, Congress, Nobel, American Economic Journal, Transatlantic, Communication, Environment, Journal of Economic Perspectives, European Commission, American Economic Review, European Economic Review, Capital market, Economic impact analysis, Indicator, Demography, World War II, Paul Krugman, Single market, RRF, Macroeconomics, IMF, Daniel Schwaab, Frankfurt, Conference, Aggression, Carbon, Civil service commission, European Central Bank, Rise, Business, Labor share, Skill, Democracy, Heart, Quarterly Journal, E.F, Speech, Public, Public sector, OECD, Reproduction, Internet, Monetary economics, Fabiani, AI, Labour, Intangibles, Paper, Government, Competition, Economic and monetary union, Journal of International Economics, Organization, Treaty, Diffusion, Observation, Autumn, COVID-19, Resilience, Amazon, Role, Hand, Lost, EMU, Unemployment, ECB

This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.

Key Points: 
  • This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.
  • We further show that relying on microprudential regulation alone would not be enough to account for the systemic dimension of transition risk.

Piero Cipollone: The euro at 25: what next for Economic and Monetary Union?

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星期二, 二月 13, 2024
NGEU, Freedom, Education, Investment, Next Generation EU, Growth, High, GDP, Attention, Single, University, Work, ESM, Policy, European Parliament, SURE, Recovery, Journal of Monetary Economics, Solidarity, ISPI, Council, American Economic Review, Blog, Journal, Economics, Congress, Workforce, Communication, Stability, Pressure, Depreciation, Smets, European Commission, Scar, Single market, RRF, Wildwood House, European Court, Economy, Frankfurt, Benefit, Central bank, City, European Central Bank, Employment, Commission, De Ridder, Speech, Research, Face, Insurance, Reproduction, Monetary economics, Annual report, Climate, Friends, Thought, Economic and monetary union, Mathematics, Risk, COVID-19, OJ, Mundell, Single Euro Payments Area, EMU, Brueghel, Justice, Unemployment, ECB, Renewable energy

We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.

Key Points: 
  • We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them.
  • Supply shocks, moreover, are found to pass through to all components of euro area inflation – producer prices, wages and core inflation, which has implications for monetary policy.

Press release - Deal on mid-term revision of EU’s long-term budget

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星期三, 二月 7, 2024
Multiannual Financial Framework, Union, Policy, STEP, Research, EPP, European Commission, NGEU, MFF, S&D, Council, EUR, Next Generation EU, Committee, Parliament, Generation, ECR

Following talks with EU member states, MEPs reached an agreement on the revision of EU’s long-term budget, addressing unforeseen challenges like Russia’s invasion of Ukraine.Committee on Budgets Source : © European Union, 2024 - EP

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Following talks with EU member states, MEPs reached an agreement on the revision of EU’s long-term budget, addressing unforeseen challenges like Russia’s invasion of Ukraine.Committee on Budgets Source : © European Union, 2024 - EP

Eurosystem staff macroeconomic projections for the euro area, December 2023

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星期三, 一月 3, 2024
Consensus, Shock, Table, Government, Private sector, Reproduction, Uncertainty, CPI, United, USD, Climate change, Food, Traction, Coronavirus, Next Generation, Employment, Lifting, Kilowatt-hour, Database, Rotation, Federal Constitutional Court, NGEU, Electricity, ETS, Growth, Metal, Projection, Housing, Household, VIX, Carbon, ISSN, Climate, Tax, Depreciation, Hoarding, Elasticity, PDF, Comparison, Weather, European Central Bank, Time, Real, Table A, ECB, Judgement, Environment, Consensus Economics, Website, GDP, Income, Weakness, COVID-19, Translation, Blog, Eurostat, Pressure, Tourism

In doing so, we provide a rare application of the NGFS climate scenarios to economic assessment through the lens of the macroeconomic modelling frameworks underlying the scenario construction (e.g.

Key Points: 
  • In doing so, we provide a rare application of the NGFS climate scenarios to economic assessment through the lens of the macroeconomic modelling frameworks underlying the scenario construction (e.g.
  • Full recycling through government investment yields the strongest output multiplier, whereas recycling through household transfers or reduced income taxes yields the lowest multiplier.
  • During the transition, euro area macroeconomic variables respond very similarly if two-pillar or price level-targeting monetary policy rules are followed.

Highlights - Members to discuss EU borrowing costs - 09.10.2023 - Committee on Budgets

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星期三, 十月 4, 2023
Projection, Committee, United States Congressional Joint Select Committee on Budget and Appropriations Process Reform, NGEU, Budget, Periodical literature, EU

Members to discuss EU borrowing costs - 09.10.2023

Key Points: 
  • Members to discuss EU borrowing costs - 09.10.2023
    04-10-2023 - 14:57
    Following a workshop on ‘EU borrowing costs: drivers and dynamics - A comparative perspective’ for the Committee on Budgets took place on 22 May 20231, experts have estimated that yearly interest costs borne by the EU budget could increase quickly in the next few years to reach €10.8 billion.
  • Members requested the experts to deliver a follow-up briefing to provide detailed answers to a number of questions raised during the workshop.
  • The authors of the briefing will elaborate on the main takeaways of the briefings and provide:
    The authors of the briefing will elaborate on the main takeaways of the briefings and provide:
    - an update of the spreads between the EU and other major European sovereign issuers,
    - a projection of the total costs of the NGEU borrowing until 2058,
    - an assessment of the adequacy between such a projection and the second batch of own resources,
    - an evaluation of the savings resulting from a tentative tightening of the spreads,
    - additional recommendations to reduce and optimise EU interest rate costs.

Highlights - BUDG-CONT - Presentation of ECA Report on NGEU debt management - 19.07.23 - Committee on Budgets

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星期三, 七月 12, 2023
Commission, Next Generation EU, Court, European Court, ECA, Committee, NGEU, Budget, Security (finance), EU

BUDG-CONT - Presentation of ECA Report on NGEU debt management - 19.07.23

Key Points: 
  • BUDG-CONT - Presentation of ECA Report on NGEU debt management - 19.07.23
    11-07-2023 - 12:11
    On 19 July 2023, Jorg Kristijan Petrovič, Member of the European Court of Auditors (ECA), will present the Special report 16/2023 "NGEU debt management at the Commission – An encouraging start, but further alignment with best practice needed" to the Members of the Committees on Budgets and on Budgetary Control.
  • This report finds that the new debt management system established for NextGenerationEU (NGEU) allowed the EU to borrow promptly from the capital markets, and provided the funds in good time.
  • The Court, however, calls on the Commission to better measure and report how it manages the EU's debt in order for NGEU to be in line with international best practices.

Press release - EU revenue: a new start for EU finances, a new start for Europe

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星期三, 五月 10, 2023
Review, Plastic, MFF, European Parliament, NGEU, European, Commission, EPP, Generation, Member of the European Parliament, Statistics, Parliament, Investment, Income, Union, M&G Recovery Fund, Renewable energy, EU

The Commission has already proposed a first batch of new own resources in 2021.

Key Points: 
  • The Commission has already proposed a first batch of new own resources in 2021.
  • Background
    In 2020, along with the current long-term EU budget (multi-annual financial framework 2021-2027), the EU institutions agreed on a legally binding roadmap introducing new sources of EU revenue.
  • On that basis, the plastics own resource, introduced in 2021, was the first new source of EU revenue since 1988.
  • The Commission has confirmed that it will, as agreed in the roadmap, propose another basket of new own resources still this year, earlier than stipulated in the roadmap.