Investigación e Innovación

For a long time, debt sustainability concerns were hidden under a surface of abundant central bank liquidity in a zero interest rate environment. Once this regime of monetary stimulus and zero interest rates is gone, such imbalances may become visible again. In the pursuit to avoid fragmentation risk, and in the absence of other politically feasible solutions, the ECB could be tempted to lean towards tightening monetary policy too slowly at the cost of persistent deviations from the inflation target. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 20 June 2022.

El santo grial de los pagos transfronterizos es una solución que permita que los pagos transfronterizos sean inmediatos, baratos, universales y se liquiden en un medio de liquidación seguro. La búsqueda de esta solución es tan antigua como el comercio internacional y la necesidad implícita de pagar. En este documento se describen las visiones actuales de cómo encontrar este santo grial en la próxima década, a saber: (i) la banca corresponsal modernizada; (ii) las nuevas soluciones FinTech transfronterizas; (iii) Bitcoin; (iv) stablecoins globales; (v) sistemas de pago instantáneo interconectados con capa de conversión de divisas; (vi) CBDC interconectados con capa de conversión de divisas. Para cada uno de ellos, se explica la mecánica de liquidación y se ofrece una evaluación de su potencial para ser el santo grial de los pagos transfronterizos. Varias soluciones son adecuadas para mejorar significativamente los pagos transfronterizos, y algunas podrían ser incluso el santo grial.

It is ten years since Mario Draghi’s “whatever it takes” speech and the announcement of the OMT programme designed to address financial fragmentation. This paper reviews the sources of financial fragmentation including whether monetary tightening will trigger concerns about unsustainable fiscal burdens in some Member States. The paper discusses the evolution of ECB policy regarding fragmentation and the practical and legal issues involved. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 20 June 2022.

The last two years have been a period of intense innovation and transition for the European Commission’s institution building instruments. Re-imagining peer-to-peer exchanges in a digital format in 2020 was a milestone for our community and allowed TAIEX and Twinning to continue bringing added value despite the pandemic. In 2021, we demonstrated that the combination of virtual, hybrid and in-person activities enables us to support our partners better, increase our reach, deliver faster and with even more flexibility.

Por el siguiente Reglamento de Ejecución se establecen medidas para la contención de Grapevine flavescence dorée phytoplasma en determinadas zonas demarcadas

La Decisión es relativa a las consecuencias de la decisión del Alto Representante sobre la reorganización de las estructuras de gestión civil de crisis en el Servicio Europeo de Acción Exterior en lo que respecta a la función de comandante de la operación civil para las misiones de gestión civil de crisis