This paper investigates the impact of reforms altering legal central bank independence (CBI) on monetary policy discipline and credibility, two key mechanisms shaping price stability. Using a sample of 155 countries o...
The European Union’s Clean Industrial Deal (CID) seeks to align industrial competitiveness with decarbonisation, ensuring economic resilience amid geopolitical challenges. The success of this will depend on progress...
This report documents the work done in the most recent annual update for Croatia. This work was carried out by the EUROMOD core development team, based at the JRC in Seville, in collaboration with the national team.
This joint NESET-EENEE analytical report is based on a detailed literature review of the most recent European and international research on effective approaches to the teaching of literacy, highlighting practices that...
This report presents the findings of the Commission Expert Group on Technology Infrastructures (EGTI), established in November 2023 to analyse, support, and provide recommendations for improving technology infrastruct...
This paper analyzes the characteristics of cross-border M&A in the EU and discusses their relationship with innovation performance. The average EU target firm that is acquired in international M&A is larger and more i...
The launch of this new multiannual programming document for 2025–2028, Supporting better policies for a strong social Europe, follows closely upon the 2024 election of a new European Parliament and the appointment o...
The project ‘Building capacity for evidence-informed policymaking in governance and public administration in a post-pandemic Europe’ was inspired by the need of Member States to respond to complex policy issues re...
To what extent can private firms’ external equity substitute for debt financing in a banking crisis? To answer this question, I use firm-level data and firm-bank linkages to estimate the causal effect of an imported...
This paper develops an early warning system for predicting distress for large European banks. Using a novel definition of distress derived from banks’ headroom above regulatory requirements, we investigate the perfo...
Concerns about fiscal sustainability and worsening balance sheet conditions of major banks triggered a doom loop between banks and sovereigns during the 2010-2013 sovereign debt crisis. Despite closer financial integr...
This paper investigates the growth impact of the EU’s Structural, Cohesion and Pre-accession Funds. We look at a large sample of 27 EU countries and the UK, over a period of 1989 and 2020, essentially covering the f...
This paper explores the impact of the regulatory leverage ratio (LR) on banks’ demand for reserves and thus the pricing of overnight liquidity in the euro area money markets. We use daily transaction-level money mar...
This unique insight into the corporate investment in Estonia examines companies' finance needs and the constraints they face. The 2024 edition also provides insight into the pressing issues facing firms, such as clima...
This paper explores the impact of bank transparency on market efficiency by comparing banks that disclose supervisory capital requirements to those that remain opaque. Due to the informational content of supervisory c...
We document that compared to all other investor groups investment funds exhibit a distinctly procyclical behavior when financial-market beliefs about the probability of a euro-related, institutional rare disaster spik...
The digitalisation of payments has accelerated over the last decades with the internet and ever faster and cheaper computing. Now, many believe that decentralised finance (“DeFi”) offers fundamentally new possibil...
While cryptocurrencies are seen by some as a “get-richquick” tool, they are increasingly stigmatised as a medium for illicit transactions. Recent statistics reveal a significant rise in cryptocurrency platform hac...
The European Union requires a single market for capital. Well-developed and integrated capital markets support economic growth and resilience across the region, offering benefits for businesses, households, and financ...
National Promotional Banks and Institutions (NPBIs) are state-owned or partially state-owned financial entities mandated to pursue specific socioeconomic objectives. Their role has been widely analysed in the literatu...
The European Union must solidify its position as a global leader in technology, innovation and clean energy. By addressing key challenges and leveraging existing strengths, Europe can enhance its competitiveness, fost...
The European Union must solidify its position as a global leader in technology, innovation and clean energy. By addressing key challenges and leveraging existing strengths, Europe can enhance its competitiveness, fost...
In this report we study the implementation and effectiveness of the antitrust remedies that the European Commission imposed over the last 20 years pursuant to Article 7 (prohibition decisions) and Article 9 (commitmen...
The transition to a low-carbon economy requires significant investments in green technologies and infrastructure. Despite growing demand for sustainable finance, investment barriers persist, hindering the flow of capi...
The VAT Gap represents the difference between expected VAT revenues and those actually collected, reflecting compliance challenges, policy inefficiencies, and enforcement gaps. As part of the European Commission’s o...
Recent evidence shows that imports of critical products can be concentrated on a small number of supplier countries. Such supplies are therefore vulnerable to disruption, whether because unfriendly governments seek to...
The VAT Gap represents the difference between expected VAT revenues and those actually collected, reflecting compliance challenges, policy inefficiencies, and enforcement gaps. As part of the European Commission’s o...
The European Union is facing a growing dependence vis-à-vis external suppliers around strategic technologies, components, and raw materials that are crucial to achieve a fair and successful twin transition both in th...
The European Commission’s Directorate General for Financial Services, Financial Stability and Capital Markets Union (DG FISMA, the Contracting Authority) contracted this study, performed by Fincons and BR-AG, with t...
This report presents the outcome of the study undertaken by IBM Promontory for the European Commission on embedding supervision in the decentralized finance (DeFi). The project comprised four distinct phases: identify...
This report examines the EU efforts to combat harmful tax regimes and corporate tax avoidance, which can lead to significant tax losses for member states and distortions in the internal market. Within its limited comp...
For over two decades, Greece’s external position has been characterised by current account deficits and negative net foreign assets. The Recovery and Resilience Plan (RRP), supported by the EU’s Recovery and Resil...
In 2022 and 2023, the European Commission’s Knowledge Centre for Bioeconomy organised three workshops to explore bioeconomy foresight scenarios developed in 2020. With the help of a scientific game and foresight too...
The EIC Accelerator supports companies (principally start-ups and SMEs) to scale up high impact innovations with the potential to create new markets or disrupt existing ones.
The VAT compliance gap measures the difference between the VAT revenue that would be collected in the case of full compliance and the actual revenue collected. The actionable VAT policy gap measures the VAT revenue fo...
A specific form of VAT non-compliance in the EU that warrants particular attention is missing trader fraud. This scheme involves a fraudulent trader supplying goods and services to other businesses, collecting the tax...
This report provides an overview of the state of play of resolution planning and crisis management in respect of the less significant institutions (LSIs) under the direct responsibility of the national resolution auth...
The Recovery and Resilience Facility (RRF) saw the first ever large-scale rollout of EU funding with no link to actual costs, which was expected to both deliver results and simplification. In this audit, we assessed t...
IMI is a generic online application connecting public authorities across borders and languages. Accessible to more than 30 000 users, IMI contains, in a secure environment, harmonised digital workflows and pre-defined...
This publication is a report by the Joint Research Centre (JRC), the European Commission’s science and knowledge service. It aims to provide evidence-based scientific support to the European policymaking process. Th...
This report examines the potential of public permissionless blockchains to enhance traditional financial services. It highlights the key advantages of utilizing an open base layer, including transparency, inclusivity,...
In this publication, we provide an overview of climate risks in Latin America and Caribbean countries, using the European Investment Bank’s country climate risk scores. This is followed by an assessment of the regio...
European cities and regions are increasingly suffering the effects of disruptive heatwaves, droughts, floods, wildfires and other extreme weather phenomena. Economic losses from such events affect public finances, ins...
The first 10 years of the Capital Markets Union (CMU) have been marked by minimalistic progress. The unfinished nature of the CMU has direct relevance for the ECB by affecting financing conditions in Member States and...
We use inflation and income growth expectations from the ECB Consumer Expectations Survey to measure the subjective expected pass-through of inflation to income in the main euro area countries. By aggregating consumer...
This study examines how Cohesion Policy can support climate adaptation, regional resilience and sustainable businesses in the EU. It identifies regional and sectoral adaptation needs, maps relevant EU policy instrumen...
This report examines the EU efforts to combat harmful tax regimes and corporate tax avoidance, which can lead to significant tax losses for member states and distortions in the internal market. Within its limited comp...
This paper proposes a possible EU-level solution to address the widening gap in natural catastrophe insurance protection in Europe. Increased economic exposure and the growing frequency and severity of natural catastr...
The concept of a just transition, ensuring no one is left behind in the shift to low-carbon and sustainable economies, is now central to policymaking. Fairly distributing the costs and benefits of this transition is e...
The EU aims to de-risk its economic relations with China. The EU has a nuanced China strategy, seeing it at the same time as a partner for cooperation, an economic competitor and a systemic rival. Still, in a context ...
This handbook collects JRC’s six years of experience on economic complexity for policy. It is a tool for practitioners who aim at understanding the methods of complexity from data collection to policy recommendation...
Discover our careers. We recruit and offer different collaboration opportunities at every level throughout the year. You can view our current vacancies on the EBA careers page, sign up for future alerts, and apply for...
Policy monitoring frameworks allow decision makers to assess the performance and progress towards specific strategic objectives that reflect an overall vision. The bioeconomy consists of complex social, economic, and ...
The euro area consists of those Member States (MS) of the European Union (EU) that have adopted the euro as their common currency and sole legal tender. The euro was introduced to world financial markets as an account...
Multistakeholder partnerships are essential to ensure that the green transition is not only environmentally sound and economically viable but also socially just. This policy brief investigates how relevant actors (nat...
Thanks to advances in early cancer detection, effective therapies and supportive care, the prognosis for a cancer diagnosis is better than ever before. Yet, for some people with a history of cancer, obstacles persist ...
Brussels, 20 November 2024 – Policymakers, industry leaders, and experts convened at the European Parliament for the event “Enhancing EU Competitiveness Through High-Quality Business Data”, hosted by MEP Costas ...
Written and co-signed by major Business Information Providers in Europe & UK – an educational approach, a call to action to our key stakeholders, regulators, and the global business community.
The Federation of Business Information Services (FEBIS) presents its priorities for the incoming legislation in this Manifesto. In particular, the Federation here acknowledges and welcomes regulatory developments and ...
High-level event on the crucial role of B2B information services in preventing commercial fraud and building trust in business relationsHosted and organized: MEP C. Mavrides in cooperation with the Federation of B...
EIB Investment Survey data is used to investigate and compare how the pandemic affected investment in both tangible and intangible assets by European firms. The COVID-19 crisis triggered a reduction in investment by E...
GDP growth correlations and different recovery paths from recent economic shocks suggest a divergence in economic outcomes in the Netherlands and Germany in the past decade. While there may be several possible explana...
This paper examines the asymmetry in global spillovers from Fed policy across tightening versus easing episodes several examples of which have been on display since the global financial crisis (GFC). We build a dynami...
The Single Market marked its 30th anniversary in 2023. To celebrate this achievement but also to inform the next phase of the Single market’s development, the European Commission ran a campaign throughout the year a...
This paper analyses how country-specific institutional quality shapes the impact of monetary policy on downside risks to GDP growth in the euro area. Using identified highfrequency shocks in a growth-at-risk framework...
A workshop held on 19 March 2024 addressed issues affecting developing countries’ economic situation, and how it is shaped by policies and global governance. Key subjects include the International Monetary Fund and ...
This independent expert report provides strategic recommendations on maximising the impact of EU Research and Innovation programmes in the future. It is based on the preliminary findings and data on Horizon Europe and...
In line with the obligation laid down in Article 325(5) of the Treaty on the Functioning of the European Union (TFEU), each year the European Commission, in cooperation with the EU Member States, submits a report (the...
In this paper, different assessments of the ECBâs monetary policy stance are reviewed, beyond the mere observation of the sharp rise and subsequent decline of the policy rate. Overall, the monetary policy stance ...
The InvestEU Programme is a strategic initiative designed to support investment across the European Union (EU) through a policy-driven and market-based approach. It has three components: the InvestEU Fund, the InvestE...
As regards Ireland, START originally provided support to the Midlands Regional Transition Team in 2020 to assist in a range of policy and practice areas, including transition planning, community engagement, project id...
Financial losses can have persistent effects on the financial system. This paper proposes an empirical measure for the duration of these effects, Spillover Persistence. I document that Spillover Persistence is strongl...
Since the inception of the Banking Union numerous decisions of the CJEU have been issued. The purpose of this paper is to assess the impact of some of the key decisions on the legal framework established 10 years ago,...
This paper explores the relationship between banks and stablecoins and their issuers, focusing on the mechanical effects on banks’ capital and liquidity ratios when issuing stablecoins or collecting deposits from st...
The European Union is aiming to foster digital transformation in all sectors by 2030. It has pioneered cross-sectoral legislation on artificial intelligence, cloud computing services and crypto-assets for this purpose...
This study assesses euro area banks’ profitability using granular stress test data from three EU-wide exercises, coordinated by the European Banking Authority, that took place in 2016, 2018, and 2021. We propose a c...
Resources for development finance are limited. Find out how EIB Global works with 12 trust funds to increase amounts available, support a wide variety of projects and make a positive impact. The EIB works with donors ...
This report has been prepared to inform the work of the PSF panel of experts who will be responsible for formulating recommendations for improving the knowledge transfer from universities and public research instituti...
This Case Studies’ report is annexed to the EC-commissioned study on the “Policy Landscape Supporting Technology Infrastructures in Europe”. It provides an in-depth analysis on 12 specific topics of interest for...
This paper reviews trends in income inequality in the EU over the last fifteen years and presents a comprehensive framework to assess and monitor income inequalities and related key policy areas. It relies on a three-...
The objective of this report is to show the potential of the tool. While coming from a very small sample of Greek citizens, these first analyses are very promising. They demonstrate that the insights that they provide...
We document that an interest rate cut reshapes the distribution of investment rates. Specifically, expansionary monetary policy leads to fewer small and zero investment rates and more large investment rates. This chan...
This article aims to develop a ‘proof of concept’ for testing the resilience of sectoral supply chain networks at firm level against an exogenous shock to critical inputs. The rationale for implementing supply cha...
Stablecoin issuers can become subject to runs just like banks. This is because, in the absence of adequate regulation, issuers are incentivised to hold disproportionate amounts of high–yielding but illiquid assets i...
In the 2021-2022 period, European firms have faced historically high inflation, with annual increases in consumer prices peaking at 11.5 % in October 2022. While the linkage between high inflation and investments is e...