European Parliament

Oil and gas lobbyists have deep pockets and access to politicians, but an EU ban could be in the pipeline

Retrieved on: 
Tuesday, February 13, 2024

Something similar is already in place for the tobacco industry in order to safeguard public health.

Key Points: 
  • Something similar is already in place for the tobacco industry in order to safeguard public health.
  • The European Parliament is set to examine what lessons can be learned to protect the environment from the harms associated with continued use of fossil fuels.
  • Restrictions on tobacco lobbyists, known as the Framework Convention on Tobacco Control (FCTC), came into force in 2005 and are legally binding in 182 countries.
  • Litigation in the US has shown that some of the major oil companies actively engaged in deception, denial and increasingly now delay tactics.
  • But delaying policies to address the climate emergency pose a huge societal risk.

Dominating discussions

  • Many leading climate scientists are growing increasingly concerned about the continued influence of oil and gas lobbyists.
  • The industry still enjoys privileged access to the highest reaches of decision making in Europe.
  • The EU’s delegation to the recent COP28 included over 130 oil and gas industry lobbyists.
  • What happens with lobbying will give a sense of how Europe will grapple with the challenges of the transition to low carbon energy.


Will Dinan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

ROCTOOL: Reserved Capital increase of 2M€ in favor of the ENRX GROUP

Retrieved on: 
Tuesday, February 13, 2024

Roctool (Euronext Growth - FR0010523167 - ALROC), specialists in mold heating and cooling technologies for plastics and composites, announced today that the ENRX Group has become a shareholder.

Key Points: 
  • Roctool (Euronext Growth - FR0010523167 - ALROC), specialists in mold heating and cooling technologies for plastics and composites, announced today that the ENRX Group has become a shareholder.
  • The Company's Board of Directors decided to issue 1,111,111 new shares to the ENRX Group at a unit price of 1.80€ (of which 0.20€ par value and 1.60€ issue premium), representing a capital increase of 2€ million.
  • As part of the transaction, ENRX Group will join the Company's Board of Directors.
  • For information, a shareholder holding 1% of the capital before the transaction will hold 0.80% after the transaction (non-diluted basis).

Transaction in Own Shares

Retrieved on: 
Tuesday, February 13, 2024

The repurchase of own shares is executed in public trading in accordance with Regulation No.

Key Points: 
  • The repurchase of own shares is executed in public trading in accordance with Regulation No.
  • 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052.
  • After the disclosed transactions, Nordea holds 13,774,848 treasury shares for capital optimisation purposes and 4,787,315 treasury shares for remuneration purposes.
  • Details of each transaction are included as an appendix to this announcement.

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

Retrieved on: 
Tuesday, February 13, 2024

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.

European farmers are angry: addressing root causes would overcome polarisation

Retrieved on: 
Monday, February 12, 2024

On Wednesday February 1, I stood side-by-side with the farmers who had taken over Place Luxembourg and the streets adjacent to the European Parliament in Brussels. On my way, long lines of tractors with Belgian, French and Dutch plates could be seen almost a kilometre away from the square. As I drew closer to the scene, the sound of their horns and the smell of burned tires saturated my ears and nose. Farmers’ multiple voicesHowever, once I entered the square the idea that I was participating to such an event became much more nuanced and complex.

Key Points: 


On Wednesday February 1, I stood side-by-side with the farmers who had taken over Place Luxembourg and the streets adjacent to the European Parliament in Brussels. On my way, long lines of tractors with Belgian, French and Dutch plates could be seen almost a kilometre away from the square. As I drew closer to the scene, the sound of their horns and the smell of burned tires saturated my ears and nose.

Farmers’ multiple voices

  • However, once I entered the square the idea that I was participating to such an event became much more nuanced and complex.
  • Green and yellow banners of left-wing unions and groups, along with Belgian and Flemish flags crying out their nationalist aspirations.
  • Close to the entrance, a banner cloaking the statue of English-born industrialist John Cockerill called on farmers to “Say no to despotism” and organize against environmental measures.
  • From the stage, speakers urged the public and policy-makers to address retailers’ power, market concentration, cheap prices and exploited labour.


Far from a mere matter of urban landscape, understanding the complexity of the struggles that day matters for politics. If we truly want to learn from what is happening and elaborate policy responses, it is essential we acknowledge that there was not one uniform square but rather diverging visions for the future likely stemming from the same structural weaknesses.

Farmers’ doppelgangers?

  • Although incompatible, both responses arose from a common sense of isolation, dissatisfaction, frustration, and realisation that society – and its economy – had failed many of us.
  • Rather than confronting and identifying the common origin of our condition, we fight.
  • In Place Luxembourg, I believed I could trace back the common origin of farmers’ grievances to one slogan above all: “Free Farmers!

‘Free Farmers! Stop Free Trade!’

  • Hence the renaming of the Mercosur trade agreement: “cars for cow” deal.
  • In agriculture, untrammelled free trade and the obsession with competitiveness have led to lower income, market concentration, dependency on powerful buyers, exploitation of nature, animals and labor, and land abandonment.

Tangible policies to overcome polarisation

  • If we want to overcome the current polarisation, it is key that we adopt policies that address the root causes of the problem.
  • From 2020 to 2023, I led a research-action project FASS-Food EU , which brought together farmers, consumers, workers, environmental organizations and EU policy makers to unpack and improve the EU’s agri-food system.
  • The aim was to collectively reflect on the regulatory and policy obstacles prevented the bloc from enjoying food chains that are Fair, Accessible, Sustainable and Short (FASS-Food).


Revising the 2019 Unfair Trading Practices Directive could give the EU and Member States the possibility of sanctioning large commercial players that purchase food at a price that does not guarantee living wage of farmers and workers.
Via competition law, EU and national authorities can break up the trade and distribution oligopolies, while trade law can also be deployed to rethink existing trade agreements and the impact of global competitiveness on food systems both in Europe and among trading partners.
Governments initiatives can help citizens to better feed themselves. Belgium’s Sécurité sociale de l'alimentation is one such example: drawing from fiscal revenues, public administrations issue food vouchers for citizens, which can be used to purchase food that respects social and environmental standards.
Whichever solutions we opt for, we will not find them in more of the same market dynamics or in another round of technological fixes. A vast toolbox exists, but unlocking it requires that we accept that food is not just like any another global commodity, with farmers’ protests just the tip of the iceberg.
Tomaso Ferrando ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d'une organisation qui pourrait tirer profit de cet article, et n'a déclaré aucune autre affiliation que son organisme de recherche.

Swissco.com reports World Economy 2024: Perspectives, Challenges, and Opportunities

Retrieved on: 
Monday, February 12, 2024

Leading the economic charge in 2024 are Asia's emerging markets, notably India and China, which are anticipated to exhibit vigorous growth.

Key Points: 
  • Leading the economic charge in 2024 are Asia's emerging markets, notably India and China, which are anticipated to exhibit vigorous growth.
  • The economy of the Russian Federation is also expected to grow, albeit at a pace slightly below the global average, reflecting the varied economic dynamics across regions.
  • The election outcome is poised to shape global trade dynamics, regulatory landscapes, and international relations, emphasizing the intertwined nature of the global economy.
  • This approach emphasizes the need for strategy and adaptability for the full potential of the economy in 2024.

Transaction in Own Shares

Retrieved on: 
Monday, February 12, 2024

The repurchase of own shares is executed in public trading in accordance with Regulation No.

Key Points: 
  • The repurchase of own shares is executed in public trading in accordance with Regulation No.
  • 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052.
  • After the disclosed transactions, Nordea holds 13,557,379 treasury shares for capital optimisation purposes and 4,787,315 treasury shares for remuneration purposes.
  • Details of each transaction are included as an appendix to this announcement.

Press release - Deal on EU economic governance reform

Retrieved on: 
Sunday, February 11, 2024

EU co-legislators on Saturday provisionally agreed a revamp of EU economic governance making it clearer, investment friendly, more tailored to each country’s situation, and more flexible.Committee on Economic and Monetary Affairs Source : © European Union, 2024 - EP

Key Points: 


EU co-legislators on Saturday provisionally agreed a revamp of EU economic governance making it clearer, investment friendly, more tailored to each country’s situation, and more flexible.Committee on Economic and Monetary Affairs Source : © European Union, 2024 - EP

Piero Cipollone: Modernising finance: the role of central bank money

Retrieved on: 
Saturday, February 10, 2024

The paper demonstrates how agreement-level data can be used to study drivers of aggregate negotiated wage growth, as well as monitor the breadth of wage increases and account for time-varying factors such as one-off payments, when assessing wage pressures.

Key Points: 
  • The paper demonstrates how agreement-level data can be used to study drivers of aggregate negotiated wage growth, as well as monitor the breadth of wage increases and account for time-varying factors such as one-off payments, when assessing wage pressures.
  • Lastly, the paper shows that the new indicators can provide reliable signals about current and future developments of wage pressures in the euro area while also serving as important cross-checking tools for negotiated wage growth forecasts.

The macroeconomic effects of global supply chain reorientation

Retrieved on: 
Saturday, February 10, 2024
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We analyse the macroeconomic

Key Points: 
    • We analyse the macroeconomic
      effects of supply chain reorientation through localisation policies, using a global dynamic
      general equilibrium model.
    • While arguments about comparative advantage, the potential forgone benefits of international specialisation and industry- and product-specific disruptions are familiar, there is less
      analysis on the macroeconomic effects of supply chain changes resulting from localisation policies.
    • The large sensitivity of the global economy to the recent supply chain shocks suggests that
      the international trade reconfiguration implied by localisation policies could also have sizable
      impacts on key macroeconomic variables such as output, employment and inflation.
    • Thus, localisation focuses on the
      goods in our model most closely related to global supply chains.
    • Retaliation also attenuates any positive effects from
      reshoring on output and implies a reduction in the volume of overall international trade.
    • This finding calls for limiting the scope of reshoring, such as by focusing on vital goods that are
      most susceptible to supply chain disruptions.
    • Either that, or the economic costs are considered a worthwhile trade-off for an increase
      in security of supply, for example.
    • While arguments about comparative advantage, the potential forgone benefits of international specialisation and industry- and product-specific disruptions are familiar, there is less
      analysis on the macroeconomic effects of supply chain changes resulting from localisation policies.
    • Recent supply chain shocks have had large effects, with disruptions in 2021 estimated
      to have reduced euro area GDP by around two percent and doubled the rate of manufacturing producer inflation (Celasun et al., 2022).
    • To analyse this issue, we simulate a (partial) reshoring of production back to Europe in
      a global dynamic general equilibrium framework.
    • Thus,
      localisation focuses on the goods in our model most closely related to global supply chains.3 We
      model reshoring through a direct change to the export goods? production-function parameters.
    • Since reshoring
      effectively shortens the supply chain, the sum of markups along the chain falls.
    • This means that imports that are at the end of the supply chain (i.e.
    • In particular, our work relates to papers examining the potential for countries to reduce
      their exposure to global supply chains.
    • (2021) demonstrate that reduced reliance on foreign inputs does not mitigate pandemicinduced contractions in labour supply.
    • (2021) find no evidence of a relationship
      between global value chain integration and macroeconomic volatility.
    • This dynamic, along with factors such as natural disasters, climate-change
      induced volatility and terrorism mean that supply chain disruptions could be a new normal
      (Grossman et al., 2021).
    • Our work contributes to the literature providing dynamic general equilibrium analyses of
      protectionist policies, in particular those using global macroeconomic models to quantify trade
      policy changes.
    • (2008) analyse the effect of a rise in protectionism in response
      to rising global trade imbalances.
    • Linde? and Pescatori (2019) find that although the macroeconomic costs of a
      trade war are substantial, a fully symmetric retaliation is the best response.
    • (2020) consider a rich input-output structure and demonstrate that closer integration amplifies
      the adverse effects of protectionist trade policies.
    • Several recent studies have also examined the economic effects of a global trade fragmentation.
    • First, we modify a dynamic general
      equilibrium model of the global economy in order to analyse the transmission of localisation
      policies.
    • This allows for a comprehensive treatment of cross-border macroeconomic interdependences and spillovers between the different regions.
    • 4

      There is, however, substantial cross-country heterogeneity in terms of impact, with small open economies
      (SOEs) reliant on global supply chains more affected.

    • ECB Working Paper Series No 2903

      7

      Second, we are able to assess both long-run effects and the transition dynamics of localisation
      policies.

    • Our model contains a detailed monetary block and captures inflation dynamics, which is a key
      concern for supply chain reorientation.
    • Overall, our paper contains a careful analysis of the key aspects of the localisation debate,
      including effects of localisation on domestic competition and efficiency.
    • Section 2 provides a brief overview of the model, the modifications to examine
      global supply chain reorientation, some key details on the calibration and a brief discussion of
      the nature of our exercise.
    • (2020) for discussions of the relative strengths and weaknesses of
      trade and macroeconomic models in assessing large economic shocks.
    • 2.1

      Supply chain reorientation

      Our analysis focuses on imported inputs used to produce goods for export, as the introduction
      of localisation policies is in response to recent disruptions to global supply chains.

    • Since reshoring
      effectively shortens the supply chain, the sum of markups along the chain falls.
    • Further to
      these effects, engagement with global firms provides an opportunity for knowledge spillovers to
      local firms (Criscuolo et al., 2017).
    • This finding calls for limiting the scope of reshoring, such as by focusing on vital goods that are
      most susceptible to supply chain disruptions.
    • (B12)

      Adjusting the share of local inputs in export goods, of course, affects prices and quantities all
      along the supply chain.