Euro & Finance

Time for a stronger and more sustainable Economic and Monetary Union

Despite continuous efforts by all decision-makers to reform and strengthen the Economic and Monetary Union, the European Economic and Social Committee (EESC) believes that its architecture still remains to be completed, writes Stefano Palmieri.

A new tax deal for the EU

Cross-border tax evasion is a problem for the EU and there is no reason to exclude EU member states from the tax haven assessment. Therefore, the EU needs a New Tax Deal. Jan Sarnowski and Piotr Arak set out the principles that could guide it

Why the ECB needs to look at helicopter money now

If Christine Lagarde is sincere in her conviction that the ECB’s strategic review should be open minded and “turn each and every stone”, she must persuade the Governing Council to open a discussion on helicopter money, argue Stanislas Jourdan and Eric Lonergan.

The case for a border carbon tax as an own resource to the EU budget

To deliver on the flagship European Green Deal, there is a need to introduce a new source of revenues for the EU budget under the form of carbon tax, writes Ivailo Kalfin.

So you think the banking crisis is over? Sorry to spoil your Christmas!

The stock market is flashing ever-stronger orange about the health of Europe’s banks. Yet the regulatory community tells us good news about its capital strength – despite unsustainably low profitability. Fingers crossed for a muddle through!

Why are European countries against fiscal transparency?

After three years of blocking negotiations, the European Council finally voted on whether to secure fiscal transparency in the EU. True to form, they voted against it, writes Luis Garicano.

Smart taxation in a fast-changing global economy

Smart taxation is the solution to drive growth, address current and future challenges of economic change and fulfill international goals, whilst at the same time taking into consideration national needs.

Why it makes sense to adopt new own resources for the EU budget

The European Union is forgetting the revenue side of the EU budget to pursue its policies. The new own resources can provide a link to an EU policy, increase ownership, and shape behaviour of citizens, businesses and governments, write a group of Slovak diplomats.

Practise what you preach: banks should endorse the sustainability practices they publicly support

Paul Tang questions why bank lobbyists are seeking to delay transparency measures that they have publicly endorsed.

Don’t let politics derail Greece’s economic recovery

With the Greek national elections on the horizon and the European parliamentary elections imminent, political controversy is driving inaccurate pronouncements on the state of the economy in Greece, writes Dimitris Papadimitriou.

Time to get rid of EU’s unanimity rule on green fiscal matters

Taxation is the last EU policy area where decision-making exclusively relies on unanimity. A gradual shift to qualified majority voting would help reach environmental objectives more effectively at a time when action on climate change is more urgent than ever, argue Eero Yrjö-Koskinen, Patrick ten Brink and Emma Watkins.

Greece 4.0: Leveraging technological change for an inclusive and sustained economic recovery

How can the Greek economy continue its recovery? Investing in skills and technological change will be part of the solution, argues Cyril Muller.

The beacon of sustainable finance in Europe must not lose its flame

One year after the High-Level Expert Group on Sustainable Finance released its final report, the follow up on its recommendations is lagging somewhat behind, writes Catherine Howarth.

A new era for securitisation?

The coming into force of the simple, transparent and standardised (STS) securitisation rules in January was intended to mark a fresh start for securitisation within Europe. Richard Hopkin examines the likely effects of the EU's new rules on securitisation across the bloc.

EU governments must drive investors’ money where their mouth is

There is a big risk that the European Commission’s proposals on sustainable finance will be watered down when EU member states examine the draft legislation, warn Lis Cunha, Sebastien Godinot and Rachel Owens.

ECB reshuffle: The EU can do better than gentlemen’s agreements behind closed doors

Appointments to the European Central Bank's Executive Board are no less than a strategic and political decision over the future of the Eurozone. But experience has shown this process is not transparent, open, and democratic enough to protect the ECB from its legitimacy gap, argue Stanislas Jourdan and Sebastian Diessner.

Of funds and values: Conditionality in EU cohesion policy

As the EU's multi-annual budget is being negotiated, the amounts and efficiency of spending matter but also priorities and European values when disbursing programmes. Smarter conditionality is needed, triggering less political backlash, and, where needed, direct payment to beneficiaries, argue Benedek Jávor and Laszlo Andor.

Green transition: ECB and budgetary authorities should face their responsibilities

Reforming the rules for coordinating budgetary and economic policies in the eurozone is a necessity to conciliate economic, social and climate objectives, write Olivier Bodin and Michael Vincent.

Member states must not let Commission stand against Italy alone

The rejection of Italy’s draft budget by the European Commission on Tuesday is unprecedented in the history of the Stability and Growth Pact. Member states cannot sit idly by but must take a more active role in the political conflict over fiscal sovereignty.

Rising inequality calls for a new social contract

The gap between rich and poor in Europe has increased compared to thirty years ago, affecting young cohorts in particular. Yet the social protection systems currently in place across European countries were designed during the past century and are no longer fit for the present, argues Cyril Muller.

Visegrad’s place in the next EU Budget

Vladislava Gubalova argues that Visegrad countries should not be considered as having caught up with older EU members, while taking aim at Sofia for attracting too much financing.

Lessons from Lehman: It’s the real economy and politics that matter

There are few safeguards against a repeat of the “Great Recession” triggered ten years ago by the collapse of Lehman Brothers, writes Karl Aiginger. However, it will be different from the crisis of 2008 and there is a lot we can do to make it less likely and less severe, he argues.

Time to measure progress to complete Capital Markets Union

Almost three years on from its launch, the Capital Markets Union needs renewed momentum to see it reach fruition and deliver on the promise of deep and well-integrated EU capital markets. Simon Lewis outlines why now is the moment to assess its progress so far.