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Περίληψη : Non-cash payments constitute the lifeblood of the developed economies, and a threat to their resilience is automatically a threat to wider economic resilience. The ECON Committee has commissioned two papers from members of its academic expert panel for Banking Union scrutiny in order to analyse threats to the resilience of non-cash payments and possible measures to strengthen resilience. This briefing reviews the two papers and puts forward the main lessons they offer.

Συντάκτες : SPITZER Kai Gereon

Περίληψη : In June 2025, EU Member States that are members of NATO committed to a significant increase in spending on defence to 5% of GDP to be reached withing a decade. 3.5% of GDP would be spent on core defence items, 1.5% on defence-related items. Obviously, such commitments come on top of already tight public finances in most of the economies concerned. Against this background, in autumn 2025, the ECON Committee requested external expertise to better understand the potential synergies and tensions between security-oriented measures and competitiveness objectives, with a view to fostering effective policy scrutiny in light of the European Parliament's economic oversight responsibilities. The experts were asked to examine the economic implications of reducing dependencies in critical supply chains—including raw materials, energy, semiconductors, and defence—identifying where security-motivated investments can simultaneously enhance innovation and productivity. They were further tasked with evaluating policy frameworks to maximise positive spillovers between resilience-building and competitiveness, assessing innovative approaches to industrial policy, and providing concrete recommendations for policy design that leverages synergies whilst offering pragmatic solutions for managing unavoidable tensions. Three papers have been received: one by Maria DEMERTZIS, Alejandro FIORITO and Konstantinos PANITSAS for The Conference Board Europe and European University Institute, one by Erik JONES and Richard YOUNGS for Carnegie Europe and the Robert Schuman Centre, and one by Stefan THURNER and Peter KLIMEK for the Complexity Science Hub and Supply Chain Intelligence Institute Austria (for a comparative overview and links to the papers see the table at the end of this briefing). This briefing offers an overview of all three papers with key takeaways.

Συντάκτες : DE LEMOS PEIXOTO SAMUEL, STIEBER Harald

Περίληψη : This briefing has been prepared for the exchange of views with the Chair of the European Fiscal Board (EFB), scheduled for 29 January 2026. It provides background information on the EFB’s mandate, and summarises the Board’s two main annual publications - the Annual Report and the Assessment of the euro area fiscal stance - as well as other relevant contributions recently published by the EFB. Further information on the EFB’s revised role within the reformed governance framework is available in a dedicated EGOV briefing.

Συντάκτες : MAZZOCCHI Ronny, LOI GIACOMO, BECKER ĐURIČIĆ RUDI

Περίληψη : This study examines transparency in the context of the Recovery and Resilience Facility, with a particular focus on data and information availability, quality, granularity, accessibility, comparability and comprehensibility. Lessons learnt are drawn from the positive examples and shortcomings in transparency identified across National Resilience and Recovery Plans and at EU level. The study puts forward some recommendations, including the adoption of an accessible, consistent and interoperable transparency ecosystem, to enhance the accountability of future EU funding instruments. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.

Συντάκτες : SANDERSKI ANDRZEJ, SERPIERI Margherita

Περίληψη : This document provides an overview of the European Parliament’s committee-level Economic Dialogues with other institutions of the European Union under the European Semester for economic policy coordination. It also lists the Recovery and Resilience Dialogues with the European Commission as undertaken by the competent committee(s) since the start of the current legislative term in June 2024, and includes an overview of the respective legal bases. During the 10th legislative term, the competent committees have so far held 6 Recovery and Resilience Dialogues and 4 Economic Dialogues with the European Commission, 3 Economic Dialogues with the Council, and 1 Economic Dialogue with the Eurogroup.

Συντάκτες : LOI GIACOMO, BECKER ĐURIČIĆ RUDI

Περίληψη : In autumn 2025, the ECON Committee requested external expertise to better understand the evolving EU-US macroeconomic dynamics to foster effective policy scrutiny in light of the European Parliament's economic oversight responsibilities. Three papers have been received: one by Natacha VALLA and François MIGUET (Sciences Po and New York University), one by Cinzia ALCIDI (Centre for European Policy Studies, CEPS), and one by Daniela GABOR (SOAS University of London). This briefing presents the main takeaways from the three studies and, in the following sections, provides an overview of the authors’ analyses and findings structured around four key questions.

Συντάκτες : MAZZOCCHI Ronny, LOI GIACOMO

Περίληψη : The ECB’s Governing Council set up a High-Level Task Force to recommend simplifications of banking regulation and supervision, chaired by Vice-President Luis De Guindos. On 11 December 2025, the ECB published the task force’ report. This briefing reviews and analyses the proposals and provides context in view of the ECON committee exchange of views with Vice-President De Guindos on 15 January 2026.

Συντάκτες : MAZZOCCHI Ronny, SPITZER Kai Gereon

Περίληψη : This study assesses the evolving structural divergence between the US and EU economies, driven by widening productivity gaps and asymmetric financial integration. It identifies a “Competitiveness Trilemma” constraining EU policy responses to US industrial activism. The paper analyses new transmission channels of economic shocks and proposes a strategic playbook for the European Parliament to enhance industrial sovereignty and rebalance the transatlantic partnership.

Συντάκτες : SANDERSKI ANDRZEJ, SERPIERI Margherita

Περίληψη : The EU has developed a differentiated system of financial supervision, distributing powers among bodies such as the ECB, ESMA, SRB and AMLA. Each authority operates with distinct mandates, governance structures and accountability mechanisms. Their combined roles illustrate how the Union balances centralisation, coordination and independence to address systemic risks, cross-border challenges and financial innovation.

Συντάκτες : IGLESIAS ESCUDERO Santiago, BECKER ĐURIČIĆ RUDI

Περίληψη : This briefing analyses the implementation of the new economic governance framework in its second year of application. In particular, after discussing recent economic developments, it assesses results and roll-out of the new framework of fiscal coordination and surveillance as reported by the Commission in its 2026 Autumn Package. It also describes the current state of play on the implementation of the national escape clause for defence spending before focusing on the current excessive deficit procedures and finally assessing the governance of the new framework.

Συντάκτες : DE LEMOS PEIXOTO SAMUEL, MAZZOCCHI Ronny, LOI GIACOMO, BECKER ĐURIČIĆ RUDI

Περίληψη : This briefing reviews the initial implementation of the National Escape Clause (NEC), operationalised for defence purposes in 2025 to help accommodate higher defence spending within the EU fiscal framework. Using the evidence released in the European Semester Autumn package, it assesses how Member States responded to the new instrument, both in terms of activation and actual use of the additional fiscal room. These early developments offer preliminary insights into how such clauses operate in practice, and into their effectiveness in encouraging higher spending in specific policy areas within clearly defined rules and over relatively short implementation periods.

Συντάκτες : MAZZOCCHI Ronny, BECKER ĐURIČIĆ RUDI

Περίληψη : In preparation of the Economic Dialogue on the launch of the 2026 European Semester for economic policy coordination with Executive Vice-President Mînzatu and Commissioner Dombrovskis on 15 December 2025, this briefing note covers the main elements of the 2026 European Semester Package proposed by the Commission, notably the Macroeconomic Imbalances Procedure, the Joint Employment Report, the Euro Area policy recommendations and on-going work to strengthen the EU’s global competitiveness.

Συντάκτες : MARTINEZ GARZON VICTOR MANUEL, LOI GIACOMO, STIEBER Harald, BECKER ĐURIČIĆ RUDI, MEHMEDI MENTOR

Περίληψη : The IA is part of the second package of Commission proposals for programmes under the 2028 2034 multiannual financial framework (MFF). It acknowledges from the start that it deviates from the scope and standard IA methods defined by the Commission's better regulation guidelines and toolbox, which affects all parts of the IA. Another particularity is the fact that the IA is entirely qualitative and does not provide any quantified estimates, either for the problem definition, or for the impacts, or for the 'one in, one out' approach. The problem definition lacks coherence and substantiation. It describes in short sections a panoply of problems in the design of the broad range of current programmes and policies covered by this initiative, without clearly indicating the link between these problems, the drivers causing them, their consequences or, for that matter, the overall magnitude (and relevance) of the problems. Furthermore, the IA's objectives do not fulfil the better regulation 'SMART' criteria – they are relevant, but not specific, measurable, achievable or time-bound. The description of the limited range of options (two) is vague, because the IA does not present any specific implementation or governing measures for them. Therefore, the assessment of their impacts is also vague, as the difference between the options remains blurred. The IA focuses on regulatory impacts and does not assess economic, social or environmental impacts, or other potentially relevant impacts, such as budgetary implications or impacts on third countries. The IA does not assess proportionality. Nor does it provide monitoring or evaluation indicators in relation to the initiative's objectives. The critical comments of the Regulatory Scrutiny Board on the draft IA were only partially taken into account, at best, in the final IA. Finally, the evidence base of the IA seems limited and often unspecific, with several of the most cited sources (interim evaluations) not publicly available. The methodology and the IA's underlying assumptions are not explained, nor are potential uncertainties or limitations with the analysis, which limits the IA's transparency significantly. The legislative proposal is in line with the IA's preferred option but goes beyond the IA, which takes a general approach overall.

Συντάκτες : KRAMER Esther

Περίληψη : This briefing provides a comparative overview of how six Member States have designed their medium-term fiscal-structural plans in the first application cycle of the reformed EU economic governance framework. Through a set of country case studies, it highlights the main approaches, methodological choices and emerging implementation issues that characterise the 2025 exercise across different institutional and macro-fiscal contexts.

Συντάκτες : MAZZOCCHI Ronny, LOI GIACOMO, BECKER ĐURIČIĆ RUDI

Περίληψη : Escalating security threats have revealed defence dependencies that constrain choices and allow for coercion. While there has been progress on the competitiveness agenda, the EU must increase military and economic autonomy further. Industrial policy should move centre stage, drawing past lessons to gain scale and productivity and, with multilateralism stalled, bilateral trade deals are vital. Organising swiftly is needed to strengthen Europe’s standing and enable increased competitiveness. Economic security is now a first order priority for the European Union.

Περίληψη : State of play - December 2025 This document provides an overview of the public hearings of the Chair of the Supervisory Board of the European Central Bank and the Chair of the Single Resolution Board in the ECON Committee during the 10th parliamentary term (since July 2024). The briefing lists all research papers requested by the ECON Committee, which are usually provided by a standing panel of banking experts, and lists all EGOV briefings related to the Banking Union. The annex gives an overview of the respective legal bases for those hearings, which form part of the accountability framework of the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). For an overview of public hearings during the 9th parliamentary term, please see here and here.

Συντάκτες : MAZZOCCHI Ronny

Περίληψη : Technology now allows for complete, firm-level mapping of supply chains. The European Union can use this to build a Digital Twin of its economy, enabling it to simulate shocks, identify vulnerabilities, and enhance resilience. Developing this capability is essential for the EU’s strategic autonomy as global competitors advance similar tools. We recommend establishing a dedicated legal and institutional framework to secure the Union’s economic preparedness and competitive advantage. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.

Περίληψη : This paper assesses the European Central Bank’s country-specific market-stabilisation instruments (SMP, OMT, PEPP flexibility and TPI) with a focus on the balance between rules and discretion in their design and use. While this study does not aim to provide an overall assessment of these instruments, it examines the clarity of access criteria, the impact of ambiguity in shaping market expectations, and the extent to which deployment of these tools has succeeded in reducing sovereign stress and thereby safeguarding monetary policy transmission. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 3 December 2025.

Περίληψη : In this issue: ECB keeps the key policy rates unchanged, for the third consecutive time; Monetary Policy Expert Panel overall deems latest ECB’s decision adequate; ECB’s Financial Stability Review underscores that financial stability vulnerabilities remain elevated, given uncertainty over geoeconomic trends and tariff impacts; Bulgaria is set to join euro area on 1 January 2026, following the Council’s formal approval of the final three legal acts for its accession

Συντάκτες : MAZZOCCHI Ronny, SABOL MAJA, MEHMEDI MENTOR

Περίληψη : This paper analyses the ECB’s treatment of sovereign debt in its collateral framework and market stabilisation instruments. The ECB’s treatment of sovereign debt sits at the core of Europe’s financial stability, yet its legal mandate leaves the central bank with wide discretion. This paper analyses the political stakes and design choices in the ECB’s sovereign debt policies and how the European Parliament can respond. The European Parliament can enhance the democratic legitimacy of the ECB’s approach to sovereign debt by demanding more transparency, ensuring presence in key fora shaping sovereign-debt governance, as well as by deepening its guidance on the secondary mandate. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 3 December 2025.

Περίληψη : Persistent reliance of European financial institutions on non-EU payment networks highlights a critical vulnerability in the Union’s financial architecture. In an era of deglobalisation, sanctions warfare, and contested multilateralism, access to cross-border payment infrastructures may become a vector of geopolitical leverage. This in-depth analysis explores this emerging risk and argues that, while long-term strategies should aim at strategic autonomy, extending the extra-territorial reach of EU law could strengthen systemic resilience in the interim.

Περίληψη : This paper presents the aggregated results of a survey conducted among Members of the Monetary Policy Expert Panel (MPEP) ahead of the December 2025 Monetary Dialogue with ECB President Christine Lagarde. The opinions expressed in this document are the sole responsibility of the survey respondents and should not be attributed to the European Parliament or its services.

Συντάκτες : MAZZOCCHI Ronny, SABOL MAJA, LOI GIACOMO, BECKER ĐURIČIĆ RUDI, MEHMEDI MENTOR

Περίληψη : On 21 October 2025, the European Commission under Ursula von der Leyen's second mandate adopted its work programme for 2026 (2026 CWP). In line with the Commission President's political guidelines and letter of intent and highlighting the need for full implementation of Mario Draghi's competitiveness report, the 2026 CWP places a strong emphasis on competitiveness, innovation and collective security. In parallel, the Commission commits to advancing simplification, implementation, and this year, also to strengthening enforcement. These three areas will remain key horizontal priorities for the entire Commission mandate. Just like last year's CWP, the 2026 CWP adheres to the seven headline ambitions put forward in the political guidelines. It is accompanied by a report on implementation, simplification and enforcement, the first of its kind. This new annual report is set to replace the annual burden survey. Annex I of the 2026 CWP puts forward 70 major new legislative and non-legislative initiatives, 44 % of which fall under the competitiveness headline ambition. (Up to) 48 of the new initiatives are legislative, including three sector-specific omnibus packages (on energy product legislation, taxation and citizens). Of the forthcoming legislative initiatives, 67 % are likely revisions of existing legislation, while more than half have a strong simplification dimension. Unlike previous CWPs, the 2026 CWP does not indicate whether a legislative initiative will be accompanied by an impact assessment; this lack of transparency runs counter to the spirit of the Interinstitutional Agreement on Better Law-Making. Information on the Commission's 'Have your say' portal shows that, at the time of writing, two thirds of the up to 48 legislative initiatives were expected to be accompanied by an impact assessment (though the final number may be higher). The annual evaluation plan presented in Annex II of the CWP, comprising 20 evaluations, does not appear exhaustive. Finally, the communication on Better Regulation, expected in Q2 2026, may entail a revision of the Better Regulation Guidelines, the first since 2021.

Συντάκτες : ANGLMAYER Irmgard, DALLI HUBERT, IOANNIDES Isabelle

Περίληψη : This paper is prepared in view of a regular public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 3 December 2025. It covers the ESRB’s report on crypto-assets and decentralised finance, recent conclusions from the ESRB General Board meeting, the financial sector’s current risk outlook and broader systemic-risk and financial-stability concerns. The paper also analyses the role of money market funds (MMFs), the Commission’s proposed securitisation package, and the related ESRB recommendations and opinions.

Συντάκτες : MAZZOCCHI Ronny, SABOL MAJA, IGLESIAS ESCUDERO Santiago, MEHMEDI MENTOR

Περίληψη : This briefing provides background on digital assets ahead of the ECON public hearing on 3 December 2025. In addition to providing quantitative and qualitative background information on digital assets including stablecoins, the briefing also aims to clarify how the decentralized and centralized parts of crypto assets interact. It offers two main take-aways: First, since the creation of Bitcoin as the first genuine digital asset, alternatives have in general re-introduced risks by imitating business models of traditional centralized financial institutions. Second, stablecoins, as a manifestation of this trend, combine elements of decentralized and centralized finance. While they use services of decentralized public ledgers (such as Ethereum) they are (highly) centralized when it comes to corporate decisions (such as minting) or the management of reserve assets and resemble Money Market Funds (MMFs) but with increased operational and cyber risks.

Συντάκτες : VERBEKEN Dirk, SABOL MAJA, IGLESIAS ESCUDERO Santiago, STIEBER Harald, BECKER ĐURIČIĆ RUDI

Περίληψη : We analyse the euro area economic outlook, the European Central Bank’s monetary policy stance and its communication strategy. We offer suggestions for complementing monetary policy statements: including additional indicators, publishing scenario analyses, and being more explicit about secondary objective considerations. We indicate guidelines for future policy analysis, like how structural changes in the economy influence monetary policy, trade-offs between different roles of the ECB, the impact of rate setting on the green transition, and additional scenarios for digital euro introduction. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 3 December 2025.

Περίληψη : Executive Vice-President Ribera, charged with the Competition portfolio, has been invited to a structured dialogue in ECON on 4 December 2025. This briefing outlines key principles of competition policy, and elaborates on the available State aid data, to illustrate its size (exceeding the EU budget) and use.

Συντάκτες : MAGNUS Marcel, SPITZER Kai Gereon

Περίληψη : The global economic paradigm has shifted from globalisation to competition between transformative state projects. This briefing paper examines the risks and opportunities in EU-US relations, across the short-term threat of an AI Minsky moment in the US, the structural challenges of building state capacity for transformative industrial policy, and global Euro ambitions that require the European Central Bank to strengthen its local market maker and global lender of last resort frameworks, and European institutions to tighten the governance of Eurodollar stable coins while protecting monetary sovereignty through a digital euro.

Περίληψη : After the surge in inflation in 2021-2023, the return to price stability and a more challenging global environment have altered the monetary picture and present the ECB with new questions. In this paper, we discuss three of them: how to define an “equilibrium” monetary stance; how to deal with divergent national inflation rates; and how to navigate the forces shaping global exchange rates, in particular the euro’s. We assess the current ECB monetary stance to be broadly adequate, but we see challenges both in the persistence of cross-country inflation rate differences and in the appreciation of the euro. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 3 December 2025.

Περίληψη : This note provides an overview of the main features and recent developments regarding the advisory European Fiscal Board. It also includes some reflections on a stronger role of the EU level fiscal board in the light of the revised EU economic governance framework.

Συντάκτες : DE LEMOS PEIXOTO SAMUEL, LOI GIACOMO

Περίληψη : This briefing provides an overview of the role and mandate of the Eurogroup, including the role and accountability of its President. It covers: 1) The role of the Permanent President of the Eurogroup; 2) The President of Eurogroup and the European Parliament; 3) The role and mandate of the Eurogroup; and 4) Eurogroup transparency. The paper is an update of a previous version and will continue to be regularly updated. This document reflects the institutional situation as of November 2025, following the resignation of President Paschal Donohoe and during the transition period with Acting President Makis Keravnos of Cyprus.

Συντάκτες : DE LEMOS PEIXOTO SAMUEL, LOI GIACOMO

Περίληψη : This paper analyses the external dependencies and vulnerabilities in European payments, notably on cloud services or data privacy. It acknowledges that regulatory solutions enhance resilience but have limitations, while homegrown alternatives look tempting, but may be unfeasible, or come with major trade-offs. European institutions should carefully assess costs and benefits case by case, address short-term threats, while promoting strategic long-term planning, and push decisively for a Single Market in payment services.

Περίληψη : This briefing analyses the establishment of the European Anti-Money Laundering Authority (AMLA) as a cornerstone of the EU’s 2024 Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) legislative reform. As AMLA formally began its operations in the summer of 2025, a key question will be how effectively the Authority translates the new rulebook into consistent supervisory practice across the Union. The briefing examines how the new framework addresses long-standing regulatory fragmentation, enhances supervisory convergence, and strengthens the Union’s capacity to detect and prevent financial crime. It also explores AMLA’s institutional mandate, its interaction with national and EU authorities, and its potential evolution in a digitalised financial environment. Finally, it considers broader policy and geopolitical implications, assessing how AMLA may contribute to a more integrated and resilient European financial system.

Συντάκτες : IGLESIAS ESCUDERO Santiago

Περίληψη : This paper provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in occasion of the June 2025 Monetary Dialogue with the European Central Bank (ECB). It covers the topics chosen by the competent Committee and related expertise papers provided in advance of the Dialogue, the actual topics addressed during the Dialogue, a brief overview of results from the Monetary Policy Expert Panel Survey, and the latest written questions made by Members to the ECB President. The document is published regularly ahead and after each Monetary Dialogue with the ECB.

Συντάκτες : SABOL MAJA, BECKER ĐURIČIĆ RUDI

Περίληψη : This paper provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in occasion of the October 2025 Monetary Dialogue with the European Central Bank (ECB). It covers the topics chosen by the competent Committee and related expertise papers provided in advance of the Dialogue, the actual topics addressed during the Dialogue, a brief overview of results from the Monetary Policy Expert Panel Survey, and the latest written questions made by Members to the ECB President. The document is published regularly ahead and after each Monetary Dialogue with the ECB.

Συντάκτες : SABOL MAJA, BECKER ĐURIČIĆ RUDI

Περίληψη : Geopolitical risk is a peculiar type of risk for banks and it has gained in prominence recently. Yet, it is hard to grasp, and even more so to quantify. Three papers by academic experts that we have commissioned on behalf of the ECON Committee now provide important insights on geopolitical risk. This thematic briefing reviews the results of the three papers. The papers show the importance of this risk and report on the available evidence and the policy measures in place. They also point to some problems and gaps in the transparency and management of this risk.

Συντάκτες : SPITZER Kai Gereon

Περίληψη : BUDG-ECON Committee meeting on 24 November 2025 Executive Vice-President Fitto and Commissioner Dombrovskis are invited to the 21st Recovery and Resilience Dialogue (RRD), scheduled for 24 November 2025. The RRD is the mechanism by which the European Parliament exercises democratic oversight over the implementation of the Recovery and Resilience Facility (RRF) according to the RRF Regulation. The previous RRD took place on 8 September 2025.

Συντάκτες : SCHWARCZ András, MAGNUS Marcel, LOI GIACOMO, GHIRAN-MERVEILLE Anda-Diana, BECKER ĐURIČIĆ RUDI, MUNARI Ludovica

Περίληψη : The EU has made welcome commitments to bring its economic and security aims into closer harmony with each other. Despite some advances in this fusion, the EU needs more precisely defined strategies for giving it tangible substance – and also for addressing the tensions that exist between economic and security policies. The present report proposes ten concrete ideas to take this forward.

Περίληψη : This paper examines EU–US economic relations, presenting evidence on trade and investment patterns and analysing transatlantic differences in short-term macroeconomic developments, productivity trends, economic structures, and policy orientations. It outlines three plausible trajectories of the future EU-US economic relations, the risks they entail and the need for EU action. Finally, the paper assesses the adequacy of the current European Parliament oversight framework in monitoring and responding to evolving transatlantic macroeconomic dynamics.

Περίληψη : In her mission letter, the Commission President had requested Commissioner Albuquerque to establish a structured dialogue with the competent committee in the European Parliament. This is the first such dialogue to take place in the ECON Committee which is the competent committee for most files entrusted to the Commissioner for Financial Services and the Savings and Investments Union. The present briefing reviews the input received from the Commissioner for this exchange of views (i.e., her 2025 Annual Progress Report on Simplification, Implementation and Enforcement); the briefing also discusses several topical issues in the portfolio of Commissioner Albuquerque.

Συντάκτες : MAZZOCCHI Ronny, STIEBER Harald

Περίληψη : Geopolitical tensions have emerged as a major source of macro-financial instability, with conflicts, sanctions, and global rivalries introducing risks that differ from traditional credit or market shocks. These events are difficult to anticipate and propagate through financial markets, the real economy, and operational channels, often amplifying into systemic consequences. Recent research shows that banks reallocate rather than withdraw—cutting cross-border lending but maintaining affiliate activity—while capital requirements calculated at consolidated level may transmit foreign shocks to domestic credit supply. Stronger capital buffers cushion these effects. Overall, major geopolitical shocks raise funding costs, weaken bank stability, and disrupt financial infrastructure, underscoring the need for robust governance, releasable buffers, scenario-based supervision, more coordinated micro and macro prudential regulation, and overall strengthened international coordination.

Περίληψη : This study quantifies the impact of geopolitical risk on euro area banks using the 2025 EU-wide stress test, the first to include an explicit geopolitical scenario. Comparing outcomes with earlier stress tests, we find that geopolitical shocks measurably erode capital ratios, with smaller and less diversified banks most affected and considerable heterogeneity across countries. The results highlight how stress testing can capture structural vulnerabilities and inform supervisory responses through Pillar 2 requirements and Systemic Risk Buffers within the Banking Union framework.

Περίληψη : This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix, scheduled for 5 November 2025 in the ECON Committee. Content: 1. The SRB’s simplification agenda 2. A more branch-based Banking Union: opportunities and challenges ahead 3. Liquidity in resolution 4. Further lessons from the Credit Suisse AT1 bail-in? 5. Guidance for communication by banks 6. Guidance on resolvability testing 7. Guidance on separability 8. Guidance on resolvability self-assessments

Συντάκτες : MAZZOCCHI Ronny, SPITZER Kai Gereon

Περίληψη : This briefing outlines recent and past developments concerning Romania's fiscal situation and the steps taken under the Excessive Deficit Procedure. On 4 June 2025, the Commission issued a recommendation stating that Romania had failed to take effective corrective action. The Council adopted a decision in this regard on 20 June. In July 2025, the Council required Romania to present measures by 15 October 2025; Romania has since adopted two fiscal packages. Because of the June Council decision, the Commission would be obliged to propose the suspension of payments or commitments under the ESI Funds and the RRF. This briefing reviews Romania's macroeconomic and fiscal situation (Section 1), EDP developments including fiscal packages adopted (Section 2), Country-Specific Recommendations (Section 3), EU funds at stake (Section 4), the legal framework for suspensions (Section 5), and the role of the European Parliament with lessons from the 2016 Spain-Portugal precedent (Section 6).

Συντάκτες : SCHWARCZ András, DE LEMOS PEIXOTO SAMUEL, GOUARDERES Frederic, MAZZOCCHI Ronny, LOI GIACOMO, GHIRAN-MERVEILLE Anda-Diana, SALVA BASTIEN ROMÉO EMILE

Περίληψη : In order to help national authorities improve their capacity to implement reforms, the European Parliament and the Council adopted a regulation in 2021 that established the Technical Support Instrument (TSI). This note outlines the TSI’s key features, procedures, and reporting requirements, and takes a critical look at the latest TSI Annual Report for 2024, focussing in particular on what it says about support for reforms set out in national Recovery and Resilience Plans.

Συντάκτες : MAGNUS Marcel, LOI GIACOMO, BECKER ĐURIČIĆ RUDI

Περίληψη : On 19 March 2025, the European Commission presented its communication on the Savings and Investments Union (SIU), outlining a strategic framework for future financial services initiatives. This briefing places the SIU in the context of the Capital Markets Union (CMU) launched in 2015 and reviews progress to date using selected indicators from the Commission’s own monitoring framework. Despite extensive legislative efforts, several indicators show only limited improvement, echoing the conclusions of recent reports by Draghi, Letta and Noyer. Against this background, it is worth reflecting on how to ensure that the SIU does not encounter the same shortcomings as the CMU.

Συντάκτες : MAGNUS Marcel, MAZZOCCHI Ronny, LOI GIACOMO

Περίληψη : STATE OF PLAY – October 2025 This table provides a regular update on Member States invited for an Economic Dialogue in the competent Committee of the European Parliament and an overview of the respective legal base.

Συντάκτες : LOI GIACOMO

Περίληψη : The IA was conducted 'back to back' (in parallel) with an ex-post evaluation of the current EU securitisation framework. Based on the evaluation it identifies three regulatory problems leading to a persistently subdued securitisation market. On the positive side, the IA directly relates the problem definition and the options' assessment to the most affected stakeholder groups and follows a clear intervention logic. It is transparent about uncertainties and limitations stemming from data gaps and from significant challenges in quantifying the impacts of specific legislative measures, given the complex internal and external factors influencing financial markets and stability. On the weaker side, the IA does not clearly define the specific measures under each option, which makes it difficult to fully understand their characteristics, impacts and trade-offs. The range of options seems limited (although in line with the minimum better regulation criteria). Stakeholder feedback is consistently referenced, revealing divided positions on various aspects, which complicates the assessment of overall support for the proposed measures. These issues, along with the technical and complex nature of the issues at hand, affect the IA's accessibility despite efforts to keep the overall train of thought straightforward. The trade-offs between simplification and financial stability could have been explored and substantiated more thoroughly. Overall, the proposals appear to be in line with the IA's preferred options.

Συντάκτες : KRAMER Esther

Περίληψη : Spikes in geopolitical risk indices have been associated with lower bank stability, leading supervisors to closely monitor how they are being managed by lenders. We propose a set of key elements that should be part of bank’s geopolitical risk management systems and review an array of plausible future scenarios. We then turn to some initiatives carried out by the SSM and the EBA, including thematic reviews and stress-tests, and look at how crucial geopolitical risk is considered by bank managers. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee.

Περίληψη : In line with the European Green Deal, the Paris Agreement and the UN 2030 Agenda for Sustainable Development, the EU's sustainable finance framework aims to steer financial sector capital towards the transition to a more sustainable, low-carbon, resource-efficient and circular economy. Further to the 2018 action plan on sustainable finance, Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector (the Sustainable Finance Disclosure Regulation, or SFDR) was adopted in 2019 to enhance transparency, combat greenwashing and align financial markets with the EU's climate goals and the UN sustainable development goals to which the EU is committed. In a comprehensive assessment of the SFDR conducted by the European Commission in 2023, stakeholders expressed strong support for the regulation, but many identified a number of shortcomings in its implementation. These included a lack of legal clarity, limited relevance of certain disclosure requirements, inconsistencies with other sustainable finance legislation (such as the Corporate Sustainability Reporting Directive (CSRD) and the Taxonomy Regulation) and difficulties in securing good-quality data. In light of these findings, in its 2025 work programme the Commission announced its intention to revise the SFDR in Q4 2025, with the proposal currently scheduled for publication on 19 November. It is expected to clarify key concepts, ensure regulatory coherence across the EU sustainable finance framework, and address the categorisation of financial products.

Συντάκτες : HAHNKAMPER-VANDENBULCKE Nora

Περίληψη : This briefing has been prepared for the public hearing with the Chair of the Single Supervisory Mechanism (SSM), Claudia Buch, scheduled for 13 October 2025 in the ECON Committee. Content: − Supervisory approach to “legacy” NPLs at smaller banks − Developments around banks’ internal models − Latest supervisory banking statistics (Q2 2025) − Progress and new proposals for simplification in bank supervision and regulation − Extended financial reporting for smaller bank − EU policy coherence at stake: lessons from the Monte dei Paschi–Mediobanca episode − Cross-border integration meets national red lines: The UniCredit–Commerzbank test case − Golden power in banking mergers: follow-up on the UniCredit–Banco BPM case − Result of 2025 Stress Test exercise

Συντάκτες : MAZZOCCHI Ronny, SPITZER Kai Gereon

Συντάκτες : SANDERSKI ANDRZEJ, SERPIERI Margherita

Περίληψη : This study reviews new perceptions of an imminent decline of the international role of the US dollar and implications for the euro. It considers developments in international reserves, invoicing, debt and payment systems. Strengths and weaknesses of the US and euro area economies are discussed along with new policy initiatives and proposals. The study concludes that a quick decline of the US dollar or a shift towards a multipolar currency system with similarly important reserve currencies is highly unlikely. For the foreseeable future, the euro’s role is likely to remain one of primarily regional importance. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 6 October 2025.

Περίληψη : This paper presents the aggregated results of a survey conducted among Members of the Monetary Policy Expert Panel (MPEP) ahead of the October 2025 Monetary Dialogue with ECB President Christine Lagarde. The opinions expressed in this document are the sole responsibility of the survey respondents and should not be attributed to the European Parliament or its services.

Συντάκτες : MAZZOCCHI Ronny, SABOL MAJA, LOI GIACOMO

Περίληψη : This paper summarises the euro-area economic outlook, assesses the ECB’s current monetary policy stance, and reviews its policy communication. Inflation is near target and risks surrounding it are broadly balanced, with a mild upside tilt. The ECB’s monetary stance is close to neutral: balance sheet normalisation partially offsets easing from recent rate cuts. Communication has evolved in recent years, and the data-dependent, meeting-by-meeting strategy remains appropriate. Clearer reaction-function guidance could help reduce uncertainty about the inflation outlook. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 6 October 2025.

Περίληψη : In this issue... - ECB keeps policy rates unchanged for the second consecutive time - ECB reaffirms its symmetric medium-term inflation target of 2% - Monetary Policy Expert Panel overall deems current policy stance as adequate - In addition, more than half of the experts believe that achieving the status of global reserve currency is desirable for the euro - FED cuts rates for the first time since December 2024

Συντάκτες : MAZZOCCHI Ronny, SABOL MAJA, LOI GIACOMO

Περίληψη : The ECB’s 2025 strategy review responded to high inflation, supply shocks and broader structural transformations. The framework preserved the core of the 2021 design but introduced refinements in five areas: price stability, temporal orientation, instruments, analytical framework and communication. This briefing outlines these changes and assesses their implications, noting progress and highlighting persisting gaps.

Συντάκτες : MAZZOCCHI Ronny, SABOL MAJA, LOI GIACOMO

Περίληψη : This paper examines the persistence and challenges of dollar supremacy in the international monetary system, from Bretton Woods to digital stablecoins. It highlights structural supports for dollar dominance, such as deep U.S. financial markets and commodity pricing, but also explores vulnerabilities linked to fiscal risks, sanctions, and policy uncertainty. The euro’s potential as an alternative is assessed, with attention to institutional constraints, safe asset scarcity, and fragmented capital markets. Reforms like Eurobonds and a digital euro could strengthen Europe’s role. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 6 October 2025.

Περίληψη : The paper assesses the current monetary policy stance of the European Central Bank (ECB). It analyses the factors driving inflation dynamics in the euro area, drawing comparisons with the United States (US). It also analyses inflation differentials across euro-area countries, including the role of energy price dynamics. Finally, the paper assesses the ECB’s monetary policy stance, discusses the recent ECB strategy review and draws out implications for policy and communication in a more uncertain world. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 6 October 2025.

Περίληψη : The dollar is likely to lose its dominant position as a world currency. The world will evolve towards a multipolar currency system which includes the euro as one of the significant international currencies. To achieve this status the Capital Markets Union (CMU) should be strengthened. In addition, to counter the dominance of the dollar payment system, the full integration of the national payments systems in the euro area should be pursued. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 6 October 2025.

Περίληψη : Stephanie Lose, Minister for Economic Affairs of Denmark, is participating in the ECON Committee in her capacity of President of the ECOFIN Council during the Danish Presidency (July - December 2025). In accordance with the Treaty of the Union, “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”. This document provides an overview of the Danish Presidency's priorities in ECON matters, including the Council’s work relating to the implementation of the European Semester for economic coordination, the application of the Recovery and Resilience Facility and other policy streams relevant to the EU single market, notably progress on the Banking Union and the Capital Markets Union.

Συντάκτες : DE LEMOS PEIXOTO SAMUEL, MAGNUS Marcel, MAZZOCCHI Ronny, SABOL MAJA, LOI GIACOMO, SPITZER Kai Gereon, STIEBER Harald

Συντάκτες : SANDERSKI ANDRZEJ, SERPIERI Margherita

Περίληψη : This briefing provides an overview of the global implementation of the Basel III framework. We provide a global overview using information from the Basel Committee and then look in more detail at the progress in the EU, US and UK.

Συντάκτες : MAZZOCCHI Ronny, SPITZER Kai Gereon

Περίληψη : Executive Vice-President Fitto and Commissioner Dombrovskis are invited to the 20th Recovery and Resilience Dialogue (RRD), scheduled for 8 September 2025. The RRD is the mechanism by which the European Parliament exercises democratic oversight over the implementation of the Recovery and Resilience Facility (RRF) according to the RRF Regulation. The previous RRD took place on 16 June 2025.

Συντάκτες : SCHWARCZ András, MAGNUS Marcel, LOI GIACOMO

Περίληψη : The cost of banking regulation and the supervisory framework for banks feature prominently in the debate over EU competitiveness. The strong regulation and supervision implemented after the great financial crisis are generally considered a positive for the EU economy, but in the context of the notion of simplification, a discussion is ongoing whether cost reduction is possible without deregulation. To support parliamentary scrutiny of the Single Supervisory Mechanism (SSM), this briefing analyses: - the interaction of simplicity and deregulation; - the ongoing simplification efforts of the ECB / SSM and the European Commission; and - the demands of stakeholders for simplification.

Συντάκτες : MAZZOCCHI Ronny, SPITZER Kai Gereon

Περίληψη : This briefing assesses the economic, financial, and monetary implications of the tariffs announced by the Trump administration for the EU. Starting with an overview of US measures and EU countermeasures, it analyses the impact on the EU economy across sectors and member states, explains monetary policy challenges for the ECB, and discusses strategic options for European policymakers. As the situation evolves rapidly, the assessment provided in this briefing reflects information available as of 15 July 2025, with updates to follow as developments unfold.

Συντάκτες : DE LEMOS PEIXOTO SAMUEL, SABOL MAJA, LOI GIACOMO, SPITZER Kai Gereon

Περίληψη : This briefing has been prepared for the public hearing with the Chair of the Single Supervisory Mechanism (SSM), Claudia Buch, scheduled for 15 July 2025 in the ECON Committee. Content: 1. Annual Report on Supervisory Activities for 2024 2. Annual Report on Sanctioning Activities in the SSM in 2024 3. ECB sanctions against SEB Baltics 4. The SSM’s simplification efforts 5. ECB’s feedback on Parliament’s Banking Union Annual Report 6. Between prudence and politics: EBA default framework fails to reflect legislative intent 7. National security or economic intervention? The stretching boundaries of golden power 8. New external expertise on (1) competitiveness of European banks and (2) real estate risks 9. Latest Supervisory Banking Statistics (Q4 2024)

Συντάκτες : MAZZOCCHI Ronny, SPITZER Kai Gereon

Περίληψη : This briefing outlines recent and past developments concerning Romania’s fiscal situation and the steps taken under the Excessive Deficit Procedure. On 4 June 2025, the Commission issued a recommendation stating that Romania had failed to take effective corrective action. Should the Council adopt a decision in this regard, the Commission would be obliged to propose the suspension of payments or commitments under the ESI Funds and the RRF. Such a suspension could carry significant economic and social repercussions. Finally, this briefing recounts the situation of Spain and Portugal which also faced a suspension of payments in 2016, and highlights the role of the European Parliament in this process.

Συντάκτες : DE LEMOS PEIXOTO SAMUEL, MAZZOCCHI Ronny

Περίληψη : On 13 May 2025 the Commission published ten In-Depth Reviews (IDRs) as a follow up to the Alert Mechanism Report (AMR) of 17 December 2024. However, decisions on the existence of imbalances were only made public on 4 June as part of the 2025 Spring Package of the European Semester. The present note discusses those reviews and how they interact with other surveillance mechanisms such as the Excessive Deficit Procedure (EDP) and Post-Programme Surveillance (PPS) for Member States that have received Union financial assistance in the context of a macroeconomic adjustment programme.

Συντάκτες : MAZZOCCHI Ronny, STIEBER Harald

Περίληψη : This briefing analyses the implementation of the new economic governance framework in its first year of application. In particular, after discussing recent economic developments (Section 1), it assess results and roll-out of the new framework of fiscal coordination and surveillance as reported by the Commission in its 2025 Spring Package (Section 2). It also describes the current state of play on the implementation of the national escape clause for defence spending (Section 3) before focusing on the current excessive deficit procedures (Section 4).

Συντάκτες : DE LEMOS PEIXOTO SAMUEL, MAZZOCCHI Ronny, SABOL MAJA, LOI GIACOMO, ANTONINI LEONARDO

Περίληψη : This note provides an overview of the European Commission’s assessment of the implementation of the country-specific recommendations issued annually to EU Member States under the European Semester for economic policy coordination. It presents how their implementation has been assessed over time (during 2011-2025 European Semester cycles), both from an annual and a multiannual perspective. The note is updated on a regular basis.

Συντάκτες : LOI GIACOMO, ANTONINI LEONARDO

Περίληψη : This document provides an overview of all country-specific recommendations for 2025 as proposed by the Commission on 4 June 2024 and agreed by the Council on 8 July 2025.

Συντάκτες : LOI GIACOMO, ANTONINI LEONARDO

Περίληψη : This briefing has been prepared for the public hearing with the Chair of the Single Resolution Board (SRB), Dominique Laboureix, scheduled for 15 July 2025 in the ECON Committee. Content: 1. SRB’s 2024 Annual Report 2. Regular reporting on MREL (Q4 2024) 3. End 2024 resolvability assessment 4. New external expertise on (1) banks’ competitiveness and (2) real estate risks 5. Consultation on valuation capabilities 6. Consultation on resolvability testing for banks 7. Updated guidance on trading books 8. Deal reached in trilogues on CMDI 9. Investment funds and bail-in instruments: structural vulnerabilities in the EU resolution framework

Συντάκτες : MAZZOCCHI Ronny, SPITZER Kai Gereon

Περίληψη : The dollar has been the dominant global currency and the anchor of the international monetary system for over 80 years. The euro, once seen as a legitimate contender for this role, has largely stagnated in second place. This paper explains recent policy and other developments that have reinvigorated the debate about global currency dominance and discusses the viability of the dollar’s continued dominance. It then explores different possible scenarios and policy gaps that would need to be addressed for the euro to play a more prominent international role.

Συντάκτες : RAKIC Drazen, ANTONINI LEONARDO

Περίληψη : In this paper, we analyse potential impacts that dollar-denominated stablecoins could have on monetary policy. We also consider related questions about the introduction of the digital euro. Based on our findings, the adoption of stablecoins in Europe is unlikely to be large-scale without state support. The development of the digital euro with full state and central bank backing is more likely to succeed. To be a viable alternative to private payment options, the digital euro needs to be carefully designed.

Περίληψη : The current US administration promotes dollar-backed stablecoins—privately issued and supported by US debt—to reinforce dollar dominance worldwide, a strategy we dub “cryptomercantilism.” This report studies the EU’s 2024 Markets in Crypto Assets Regulation (MiCAR) and its safeguards for the EU’s monetary sovereignty. It also compares MiCAR to the proposed GENIUS Act in the US. Under existing policies, USD stablecoins create severe risks for third countries, indirectly also affecting the EU. The EU should counter digital dollarisation by promoting the international role of the euro in a context of enhanced multilateral payment systems.

Περίληψη : This paper examines ECB monetary policy amid rising international uncertainty. We focus on three global risks: renewed trade protectionism, euro appreciation, and US fiscal fragility. Using inflation forecasts and survey data, we evaluate the ECB’s evolving policy framework. A potential US fiscal crisis poses risks but also creates an opportunity for Europe to supply a global safe asset. We argue that a European Debt Agency issuing common debt could mitigate contagion and enhance Europe’s financial sovereignty.

Περίληψη : In this paper, we review the recent economic outlook, policy decisions and communication of the ECB against the backdrop of growing uncertainty. First, inflation heterogeneity has receded with inflation, thus contributing to facilitating the design of monetary policy. Second, monetary easing is somewhat dampened by the reduction in ECB’s balance sheet. Third, ECB has chosen to foreground uncertainty more explicitly in its public-facing communication, potentially as a tool to manage expectations and signal caution to a broader audience.