Situated at the intersection between economic and environmental interests, the term 'ecosystem-based approach' has shaped the discussion on fisheries management for many years and is currently widely used in the context of ocean governance. There is, however, not necessarily a common understanding of what the approach implies. Different terms as well as a number of different definitions and concepts exist, depending on the entity using them. Two major concepts, the incremental and the holistic method, can be applied for putting the approach into practice. The main difficulties hindering its further deployment in the context of fisheries policy are: knowledge gaps, complex decision-making, and a lack of an interdisciplinary implementing framework. Given these challenges, the common fisheries policy remains dominated by the conventional single-species approach. The European Parliament has repeatedly argued in favour of a further development of the approach in EU policies, and current research points in this direction. Source : © European Union, 2025 - EP

With the appointment of Apostolos Tzitzikostas as European Commissioner for Sustainable Transport and Tourism, tourism policy has received new impetus. In the European Commission's communications, returning policy objectives are geared towards making tourism greener, more digital, more competitive and – since the COVID-19 pandemic – more resilient. The Commission has also set out several initiatives to improve the travel experience by protecting the rights of passengers and making tourism more accessible for people with disabilities. In addition, the EU makes use of digital tools for issuing or refusing travel authorisations, processing biometric data and protecting travellers' personal data. Furthermore, it addresses the environmental impact of tourism with legislation that encourages energy efficiency and the use of alternative fuels. It also promotes eco-friendly accommodation and little-known destinations in order to cope with overtourism. Service providers in the travel industry face several challenges and opportunities. The sector is affected, among other things, by new taxation rules. Service providers will be able to collect more reliable information on hosts and their short-term rental properties. Funding for tourism is spread across several EU programmes. Some are meant to make the sector more resilient, others to support businesses, protect the environment or encourage cultural exchange. Looking ahead, the Commission work programme for 2025 envisages amending passenger rights, digitising passports and identity cards, facilitating consular protection and protecting travellers. Source : © European Union, 2025 - EP

Improving health and safety at work has been an important concern for the EU since the 1980s. Legislation at European level sets minimum standards for the protection of workers, while allowing Member States to maintain or introduce more stringent measures. Health and safety at work is a key component of the European Pillar of Social Rights Action Plan. Source : © European Union, 2025 - EP

A ‘posted worker’ is a worker who is sent by their employer to provide a service in another EU Member State on a temporary basis. Freedom of establishment and freedom to provide services are fundamental freedoms enshrined in the Treaty on the Functioning of the European Union (TFEU). The principle governing the status of posted workers is ‘equal pay for the same work in the same place’. Source : © European Union, 2025 - EP

The need for effective communication has a legal basis in the Charter of Fundamental Rights of the European Union (the Charter), which guarantees the right to be informed about EU issues for all citizens. The EU institutions have developed several tools and services to stay in contact with and inform the public. Since its formal launch in 2012, the European Citizens’ Initiative has allowed citizens to become more directly involved in new legislation and EU issues. Source : © European Union, 2025 - EP

This briefing provides a summary of the recent economic developments in EU Member States and gives an overview of relevant economic projections forecasted by major EU and international institutions. Annex 1 includes the latest GDP data and forecasts for all EU Member States. Annex 2 provides the latest inflation data and developments. Source : © European Union, 2025 - EP

Aiming to secure peace in Europe after the horrors of the Second World War, the Schuman Declaration proposed cooperation among European countries in two key economic areas central to rearmament and warfare: coal and steel. As an institutional framework for this cooperation, the Schuman Declaration proposed the creation of the first supranational organisation in Europe, the European Coal and Steel Community (ECSC). Established in 1952, the ECSC laid the foundations for today's European Union (EU). The Schuman Declaration is therefore seen as the EU's founding act. Presented by the French Foreign Minister, Robert Schuman, on 9 May 1950, the anniversary of this key date in European integration is marked on 9 May each year in the EU. Source : © European Union, 2025 - EP

The analysis explores the competitiveness of European banks compared to their US counterparts. It highlights structural differences between the two systems, particularly Europe’s reliance on traditional bank intermediation versus US’s market-based model. European banks generally lag in profitability and market valuations, but remain central to credit provision and financial inclusion across the EU. US banks have benefitted from more favourable macroeconomic scenarios. At the same time, recent improvements in European bank’s profitability and efficiency are driven by temporary macro factors, raising concerns about sustainability. The study emphasises the need for regulatory harmonisation, capital market development, and integration to enhance the competitiveness and resilience of Europe’s banking sector. It also stresses the importance of considering both quantitative and qualitative indicators to better capture banks’ contributions to the economy and overall welfare. Source : © European Union, 2025 - EP

In 1958, Robert Schuman was elected president of the European Parliamentary Assembly, predecessor to the European Parliament. This French politician, who was particularly sensitive to the tensions between France and Germany, is regarded as one of the 'founding fathers' of what is now the European Union. After the Second World War, he supported the establishment of the Council of Europe and helped to bring many other European projects to fruition. With his declaration of 9 May 1950, considered the founding act of the European integration process, Robert Schuman assumed political responsibility for a common coal and steel market that would later become the European Coal and Steel Community (ECSC). The declaration underlines the role of France in building a strong, prosperous and peaceful Europe, starting with France and Germany. Going far beyond mere objectives, the declaration also sets out the precise basis upon which the negotiations should begin. Robert Schuman was president of the European Parliamentary Assembly from 1958 to 1960. This institution was the political institution par excellence of the Communities: at once a democratic organ representing the peoples of Europe, a body invested with the power of executive scrutiny, and a unifying element between the three Communities. Highly influenced by Christian values, Robert Schuman campaigned to build a strong and united Europe step by step, and to establish institutionalised solidarity between European countries. Robert Schuman's legacy continues to influence and shape the European Union to this day. Source : © European Union, 2025 - EP

During the May I plenary session, the European Parliament is to decide on granting discharge for the 2023 financial year to the different EU institutions and bodies. Accounting for more than 95 % of the overall EU budget, the European Commission's budget is at the centre of the discharge procedure. The discharge of the Commission includes its six executive agencies and the grant component of the Recovery and Resilience Facility (RRF). Separate discharge is granted to the Commission concerning the management of the European Development Funds (EDFs). The Committee on Budgetary Control (CONT) recommends that Parliament grant discharge to the Commission, all executive agencies and the EDFs for the 2023 budget. Source : © European Union, 2025 - EP

During the May I plenary session, as part of the discharge procedure for the 2023 financial year, the European Parliament is due to vote on discharge for 33 EU decentralised agencies and 11 joint undertakings (JUs). The Committee on Budgetary Control (CONT) recommends granting discharge to all decentralised agencies, bodies and JUs, except for the European Union Asylum Agency (EUAA), for which it proposes that the decision on discharge be postponed. Source : © European Union, 2025 - EP

During its May plenary session, the European Parliament is scheduled to vote on the discharge for the implementation of the 2023 EU budget. The Committee on Budgetary Control (CONT) recommends granting discharge for eight administrative sections, alongside the European Public Prosecutor's Office. It recommends postponing the decision on granting discharge to the European Council and the Council of the EU. Source : © European Union, 2025 - EP

Türkiye has long been a strategic partner of the EU on migration, security, and trade. However, following the attempted coup in 2016, Türkiye's democratic backsliding led the Council to freeze its accession negotiations in 2018. Although relations have since thawed, the EU is exploring a more realistic framework for bilateral relations. Parliament's Committee on Foreign Affairs (AFET) adopted its report on the 2023 and 2024 Commission reports on Türkiye on 9 April 2025. A debate and vote on the report are due to be held in plenary in May 2025. Source : © European Union, 2025 - EP

Indispensable to life and human activity, water is under multiple and severe pressures. During its May session, the Parliament is expected to adopt its recommendations on a strategy to address Europe's most pressing water challenges, which the European Commission has pledged to table in the second quarter of the year. Source : © European Union, 2025 - EP

During Parliament's May 2025 plenary session, the Commission is to make a statement on democratic legitimacy, following its continuing authorisation of genetically modified crops despite Parliament's consistent objections. Source : © European Union, 2025 - EP

The European Parliament played a fundamental role in reshaping the political landscape of central and eastern Europe during and after the end of the Cold War, setting out an agenda for European enlargement and substantiating European integration. Amid an atmosphere that signalled the triumph of democratic state-building in Europe, Members of the European Parliament also saw an opportunity to advance their own agenda of further democratising and legitimising the governance structures of the European Community. The study examines how the European Parliament strengthened its presence throughout this period in Poland, Hungary, Czechoslovakia (now Czechia and Slovakia), Romania, Bulgaria, Albania, Estonia, Latvia, Lithuania, and the former Yugoslavia. Based on archival research and relevant literature review, the study illustrates the European Parliament's involvement in these states' path to full European Union membership, the motivations behind its policies, and the points of tension that arose during this transformative period. Source : © European Union, 2025 - EP

This paper provides a summary of all scrutiny activities of the European Parliament related to euro area monetary policy in occasion of the March 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, the latest written questions made by Members to the ECB President and European Parliament resolution on the ECB Annual Report 2024. The document is published regularly ahead and after each Monetary Dialogue with the ECB. Source : © European Union, 2025 - EP

By 2033, global meat protein consumption is projected to increase by 3 %, which is expected to result in higher greenhouse gas emissions. Artificial intelligence (AI) and the internet of things have the potential to revolutionise the livestock sector by enabling farmers to increase productivity while reducing environmental impact. AI-powered systems support real-time monitoring of animal health, behaviour and welfare, allowing for the early detection of disease and stress and enabling personalised care. Precision livestock farming uses sensors, cameras and machine learning algorithms to collect and analyse data, thereby facilitating data-driven decision-making and optimised production methods. This approach can increase productivity while reducing emissions and improving animal welfare. The integration of AI in farm management has resulted in innovative solutions that contribute to a more sustainable and efficient farming and food system. In terms of animal health, AI can predict disease outbreaks, identify potential host reservoirs and detect emerging disease threats, enabling prompt intervention and treatment. Animal welfare can also benefit from AI on farms, thanks to the early recognition of discomfort, stress or pain. However, it is essential to acknowledge the potential risks associated with AI, such as cyberattacks, accidental failures and unintentional environmental consequences. Additionally, AI decisions may prioritise efficiency, productivity and cost savings over ethical considerations, potentially leading to negative repercussions for animal welfare. Source : © European Union, 2025 - EP

Separating family members can have devastating consequences on their wellbeing and ability to rebuild their lives. This is true for everybody, but especially so for people who have fled persecution or serious harm and have lost family during forced displacement and their flight from danger. For beneficiaries of international protection, family separation can affect their ability to engage in many aspects of the integration process, from education and employment to putting down roots, and harm their physical and emotional health. Family reunification is therefore a fundamental aspect of bringing normality to the lives of such people. While European Union law ensures refugees and holders of subsidiary protection – the two types of beneficiaries of international protection – equal treatment in most areas, differences persist regarding family reunification under the Family Reunification Directive, among other things. After 2015, most EU Member States witnessed a significant increase in the number of asylum-seekers arriving in their territory, with a parallel increase in the number of beneficiaries of international protection seeking reunification with their families. To establish some form of control over this unprecedented flow of people, Member States shifted away from awarding refugee status towards granting subsidiary protection, thus restricting the possibility for beneficiaries to reunite with their families. In March 2025, certain EU countries announced restrictions on the right to family reunification for migrants. According to many legal experts, beneficiaries of subsidiary protection face stricter requirements regarding family reunification than refugees, which disregards the particular circumstances related to their forced displacement and the corresponding difficulties they are likely to face in meeting these stricter requirements. Source : © European Union, 2025 - EP

Based on original archival research, interviews, media sources and wide ranging academic literature, this study focuses on the European Parliament’s leading and agenda-setting role in the process of European monetary integration. Important initiatives included the 1962 Van Campen Report on the coordination of monetary policies, the monetary chapter of the 1984 Spinelli Draft Treaty, the work of the intergroup on European Currency during the period 1984 to 1989, and the 1990 Herman Report to prepare the intergovernmental conference on economic and monetary union (EMU). The first part of the study discusses the long history of European monetary integration, from the Rome Treaties to the Delors Report. The second part analyses the role of the European Parliament in the intergovernmental conference and the adoption by the European Parliament of the Maastricht Treaty. The third part investigates the influence of the European Parliament on the EMU process. The European Parliament paid special attention to the democratic dimension of EMU, as well as to its social and regional cohesion and the issue of prudential supervision in a monetary union. Source : © European Union, 2025 - EP

The European Peace Facility (EPF) was created in March 2021 as a funding instrument aimed at enhancing the EU's ability to prevent conflicts, build and preserve peace, and strengthen international security and stability. The EPF rests on two pillars. The first is to fund EU military operations and missions under the common foreign and security policy. The second is to provide assistance to countries in the EU's eastern neighbourhood, the Middle East and Africa to strengthen security in their respective regions. Following Russia's all-out invasion of Ukraine in February 2022, the EU started using the EPF to rapidly deliver military aid to Ukraine. This support was provided alongside continued assistance to the EU's eastern neighbourhood, as well as to partners in the Middle East and Africa. The EPF has a total financial ceiling of more than €17 billion for the 2021-2027 period. As the facility is an off-budget instrument, EU Member States contribute directly to it, based on the gross national income key. Currently, the EPF lacks fresh resources to continue supfporting Ukraine in facing the war. Furthermore, since March 2023, Hungary has refused to mobilise EPF funds in military aid to Ukraine. In line with the sanctions imposed on Russia in 2022, Russian assets held in EU banks were frozen. In May 2024, the Council of the EU allocated 90 % of the 'windfall' (extraordinary) profits from these frozen assets to the EPF. A first transfer of €1.5 billion from these profits to Ukraine took place in mid-2024. A second payment, possibly amounting to €2 billion, is expected in spring 2025. Given Hungary's veto, the EU is looking for more reliable ways to continue assistance to Ukraine than by means of the windfall profits from the Russian assets channelled through the EPF. On 24 October 2024, the EU created the Ukraine Loan Cooperation Mechanism (ULCM) and issued an exceptional macro-financial assistance loan of €18.1 billion, the EU's part of an EU-G7 syndicated loan to Ukraine totalling €45 billion. Starting after March 2025, 95 % of the windfall profits from the Russian assets held in EU banks will be allocated to the EU budget and channelled through the ULCM to Ukraine. The remaining 5 % will be allocated to the EPF. Beyond Ukraine, for which the EPF-funded approved military support amounts to approximately €10.6 billion, the EPF has an available budget of €6.4 billion to fund, until 2027, both the common costs of EU military missions and operations abroad – including its military assistance mission in support of Ukraine – and assistance measures for the armed forces of partner countries. Source : © European Union, 2025 - EP

Romania's national recovery and resilience plan (NRRP) represents an ambitious agenda of reforms and investment aimed at mitigating the socioeconomic effects of the COVID-19, energy and cost-of-living crises. The amended plan – approved by the Council on 8 December 2023 – amounts to €28.5 billion, or 12.8 % of the country's 2019 gross domestic product (GDP). This includes the Recovery and Resilience Facility (RRF) grants of €12.1 billion (cut by 14.9 % following the June 2022 revision of the allocation); REPowerEU grants worth €1.4 billion; the transfer of Romania's share (€43.2 million) from the Brexit Adjustment Reserve to its NRRP; and the RRF loan allocation already fully committed under the initial version of the plan (€14.9 billion). The recovery plan is to be implemented by 2026. The REPowerEU chapter comes with seven investment and two reform measures, which –together with the remaining NRRP measures – devote €12.6 billion (44.1 % of the plan) to the green transition. Digital projects have been endowed with 21.9 % of the NRRP resources (excluding the REPowerEU chapter). Romania has so far received €9.4 billion (33.1 %) of RRF resources, including two payments and the pre-financing; this is below the EU average of 47.4 %. On 16 October 2024, the European Commission issued a partial positive assessment of the third payment request for grants and loans of €2 billion (net of pre-financing); the assessment, proposing a partial payment suspension, is being examined by the Council's Economic and Financial Committee. According to the Commission's evaluation in the 2024 European Semester, execution of the NRRP is facing significant delays. The European Parliament continues to guarantee transparency and provide accountability for EU citizens by engaging in interinstitutional dialogues on the implementation of the RRF and scrutinising the Commission's work. This briefing is one in a series covering all EU Member States. Fifth edition. The 'NGEU delivery' briefings are updated at key stages throughout the lifecycle of the plans. The author would like to thank Amalia Fumagalli, trainee in the Next Generation EU Monitoring Service, for her research assistance. Source : © European Union, 2025 - EP

Ce document s’intègre dans une série d’études qui, avec une perspective de droit comparé, visent à faire une présentation du principe de protection de l’environnement dans différents ordres juridiques. Après avoir expliqué le droit positif et la jurisprudence d’application, le contenu, les limites et la possible évolution de ce principe sont examinés. La présente étude a pour objet le cas de la France. L’introduction de la Charte de l’environnemment dans la Constitution de 1958, il y a désormais vingt ans, a constitué une avancée remarquable. La Charte, intégrée au bloc de constitutionnalité, garantit des droits environnementaux tels que le droit à un environnement équilibré (article 1er), le principe de précaution (article 5) ou encore le droit de participation et le droit à l’information (article 7). Bien que la Charte confère des droits, leur mise en œuvre dépend de dispositions législatives spécifiques. Cela crée une tension entre l’objectif de protection environnementale et la justiciabilité limitée. Source : © European Union, 2025 - EP

Malta's National Recovery and Resilience Plan (NRRP) had an initial value of €344.9 million, while its amended plan is worth €336.3 million. Under the EU's Recovery and Resilience Facility (RRF), at the core of the Next Generation EU (NGEU) instrument, Malta's RRF grant allocation decreased from €316.4 million to €258.3 million. In April 2023, Malta submitted a request to amend its NRRP, to which it added a new REPowerEU chapter with an additional grant allocation of €30 million. It also requested to transfer a portion of its share of the Brexit Adjustment Reserve to its plan (€40 million). With these funds, and cutting some measures, the overall EU financial contribution to the amended plan amounts to €328.2 million in grants, with the rest to be covered by national means. Malta has not requested loans. While in nominal terms, Malta has the second smallest allocation, it ranks higher in terms of RRF grants per capita. The value of Malta's grants under the RRF equals about 2.3 % of its 2019 gross domestic product (GDP), less than the average for the EU overall (the RRF equals 5.2 % of EU-27 GDP in 2019). So far, Malta has received its pre-financing, the REPowerEU pre-financing, and two result-based payments, which has brought the total disbursements to date to €166.3 million, or 50.7 % of its RRF allocation (above the EU average of 47.4 %). A third payment request is currently under assessment. The plan takes into account the Council's 2019 and 2020 country-specific recommendations, and aligns with both national economic and investment plans and funding under EU cohesion policy programmes for the 2021-2027 period. The plan's overall objective is to contribute to sustainable, equitable, green and digital recovery, embracing major common EU challenges. The amended plan has a stronger focus on the green transition, devoting 68.8 % of the funds to it (up from 53.8 % in the original plan), making Malta's NRRP one of the greenest; 26.2 % of the amended plan (excluding the REPowerEU chapter), or 20.6 % (including the chapter), will contribute to the digital target. The European Parliament participates in interinstitutional forums for cooperation and discussion on the implementation of the RRF, and scrutinises the European Commission's work. This briefing is one in a series covering all EU Member States. Fifth edition. The 'NGEU delivery' briefings are updated at key stages throughout the lifecycle of the plans. Source : © European Union, 2025 - EP

The freedoms of establishment and service provision are pivotal for business and professional mobility within the EU. The complete implementation of the Services Directive is crucial for solidifying the internal market, but obstacles still persist. The COVID-19 pandemic added new challenges. In response, the European Parliament passed a resolution in February 2022, outlining how economic recovery after COVID-19 can best mitigate the negative effects on these vital freedoms. Source : © European Union, 2025 - EP

The Trade and Cooperation Agreement (TCA) between the European Union (EU) and the United Kingdom (UK), which entered into force in May 2021, governs the EU's relationship with the UK, following its withdrawal from the EU. In addition to the European Commission evaluating the implementation of the TCA on an annual basis, Article 776 of the TCA provides for a joint review of the deal's implementation five years after its entry into force, in 2026. On 20 November 2024, the European Parliament's Conference of Presidents approved a joint request from the Committees on Foreign Affairs (AFET) and on International Trade (INTA) to draw up an implementation report in response to the European Commission's 21 March 2024 report on the implementation and application of the EU-UK TCA. This briefing seeks to inform the drafting of the joint AFET–INTA implementation report. The briefing provides an analysis of the data on trade flows between the EU and the UK in the last two years (2023 and 2024), in the context of the implementation of the TCA. It should be read in tandem with the European Implementation Assessment on the EU-UK TCA, published by the European Parliamentary Research Service (EPRS) in December 2023, which analyses EU-UK trade flows in the first two years of the TCA's implementation. That EPRS study was requested by AFET and INTA to inform their 2023 joint implementation report on the same subject. Similar to the 2023 EPRS study, this briefing concludes that the TCA continues to have a stronger impact on the UK than on the EU in the trade relationship. Trade between the EU and the UK continues to be more complex and challenging compared to when the UK was an EU Member State, even if the implementation of the TCA in the last four years has been generally smooth, with some exceptions. The UK has managed to bounce back from COVID and Brexit less successfully than the EU and has, like the EU-27, been affected by Russia's war in Ukraine and inflation. EU-UK trade in goods decreased slightly in 2023 and 2024, and it is still below pre-Brexit levels. EU-UK trade in services (the TCA does not cover financial services), continues to be less disrupted, and surpassed pre-COVID 19 levels as of 2023. At a time of uncertainty on the future direction of trade policy, geopolitical upheaval, and the United States administration's (potential) new tariffs on imports from its trading partners (including the UK and the EU), the TCA offers an opportunity to deepen EU-UK trade relations. Source : © European Union, 2025 - EP

Enforcement of the Digital Markets Act is under way. The European Commission has launched formal proceedings against three major providers of core platform services. The Commission's preliminary findings suggest breaches of EU rules. To date, two of these preliminary findings have been confirmed, resulting in non-compliance decisions and fines for the companies in April 2025. Source : © European Union, 2025 - EP

EU laws protect the welfare of animals bred and kept for farming purposes. When these animals are removed from the food chain and placed in sanctuaries or shelters, the same EU legislation continues to apply. National legislation may, however, grant special status to such animals. Application of special welfare rules therefore varies considerably across the Union. Source : © European Union, 2025 - EP

Following increasing pressure from members of his own party and a period of low opinion poll ratings, Canadian Prime Minister (PM) Justin Trudeau announced his resignation from the leadership of the Liberal Party of Canada on 6 January 2025. Mark Carney, his successor as prime minister of Canada, and new leader of the Liberal Party, has called a snap parliamentary election for 28 April. This year's election will mark a decade of Liberal Party rule in Canada, a period with significant political, economic and diplomatic developments. In some cases, the administration continued already existing policies; in some others, it diverged significantly. While Canada's relationship with China and India has grown increasingly tense in recent years, the country has traditionally relied on close partnerships with its Western allies, particularly its southern neighbour, the United States (US). This dynamic has shifted under the second Trump administration, which has started its term in a far more bellicose tone than before. Canada's next administration will need to navigate a volatile geopolitical environment characterised by the US's trade war and weakening commitment to its role as a global leader and guarantor of the Pax Americana; China's increasingly assertive posture as a second superpower; Russia's renewed ambitions for a greater global role; and the emergence of middle powers and countries from the Global South. This briefing builds on a 2022 EPRS briefing on Canada's Parliament and other political institutions. While the earlier briefing examines Canada's federal structure, parliament and levels of governance, the present one focuses more on the political, economic and external relations developments over the past decade, in light of the upcoming election. Source : © European Union, 2025 - EP

This study analyses why European banks, despite improved cost efficiency, continue to trade at lower valuations than their United States (US) counterparts. The gap stems from limited growth potential due to market fragmentation and underdeveloped capital markets. To close this competitiveness divide, the study calls for accelerating the Savings and Investment Union (SIU), expanding investment banking capacity, and implementing smart banking regulation and supervision that reinforces market discipline while enabling risk-taking within a stable, integrated European financial system. Source : © European Union, 2025 - EP

Since the entry into force of the Treaty of Maastricht, every EU citizen and all natural or legal persons residing in the Member States have had the right to submit a petition to the European Parliament, in the form of a complaint or a request on an issue that falls within the European Union’s fields of activity. Petitions are examined by Parliament’s Committee on Petitions, which takes a decision on their admissibility and is responsible for dealing with them. Source : © European Union, 2025 - EP

The European financial system faces significant risks from excessive bank lending to the real estate sector. Historical trends show a strong link between real estate credit booms and banking crises. Current data indicate that real estate loans constitute a substantial share of banks' corporate loan portfolios, with varying risk levels across countries. Key drivers include expansionary ECB policies and regulatory incentives favouring mortgage lending. Strengthening oversight, improving data collection, and adjusting regulations are essential for financial stability. Source : © European Union, 2025 - EP

The institutions of the Economic and Monetary Union (EMU) are largely responsible for establishing European monetary policy, rules governing the issuing of the euro and price stability within the EU. These institutions are: the European Central Bank (ECB), the European System of Central Banks (ESCB), the Economic and Financial Committee, the Eurogroup and the Economic and Financial Affairs Council (Ecofin). Source : © European Union, 2025 - EP

InvestEU is the European Union’s flagship investment programme aimed at mobilising public and private financing to support sustainable infrastructure, innovation, SMEs, and social investment across the EU. As of June 2024, it has successfully mobilized around EUR 280 billion in investments using a EUR 26.2 billion guarantee, but faces concerns over guarantee depletion, excessive burdens and lack of transparency. The European Parliament plays a crucial oversight role, particularly in ensuring accountability, verifying impacts, and maintaining scrutiny amid proposed administrative simplifications put forward by the European Commission in its amending proposal of last February. This briefing has been prepared ahead of the ECON-BUDG public hearing scheduled for 23 April 2025. Source : © European Union, 2025 - EP

Article 122 of the Treaty on Functioning of the European Union (TFEU) provides for two legal bases, enabling the Council to adopt measures based on a European Commission proposal, without involving the European Parliament in any way. Article 122(1) addresses economic difficulties faced by Member States, and Article 122(2) specifically addresses financial assistance to Member States. It is understood that the Council may resort to Article 122 TFEU in exceptional circumstances. A recent example of the use of Article 122 TFEU is the Commission's 19 March 2025 proposal to establish the security action for Europe (SAFE), aimed at mobilising the Union budget to support and accelerate national investment in defence. Considered jointly, the two legal bases enshrined in Article 122 TFEU are seen as the basis of an EU 'emergency law'. They have been praised for enabling the Union to react swiftly to unfolding crises, but at the same time, bypassing the European Parliament is seen as limiting democratic legitimacy. In its 2020 resolution on the COVID 19 pandemic, Parliament called for limiting the use of Article 122 TFEU, and called upon the Commission and Council to revise the Interinstitutional Agreement on Better Law-Making to increase Parliament's role in crisis management decision-making and to enhance the use of the ordinary legislative procedure for adopting emergency response instruments. In this vein, in December 2020, Parliament, Council and the Commission adopted a joint declaration on budgetary scrutiny of new proposals based on Article 122 TFEU with potential appreciable implications for the Union budget. It supplements the Treaty framework by providing for the possibility of budgetary scrutiny of such proposals, with Parliament playing an active role. Moreover, the recent reform of Parliament's rules of procedure has inserted a new Rule 138, under which the Commission will be invited to make a statement to Parliament explaining the reasons for the choice of Article 122 TFEU as legal basis. This briefing draws on various published sources and should not be taken to represent an official position of the European Parliament. Source : © European Union, 2025 - EP