TARGET2 is the Eurosystem's own system, which is essential for the functioning of the euro area and allows the settlement of financial transactions between commercial banks located in different countries of the euro area. The balances associated with TARGET2 have increased since 2008 as a result of the ECB's monetary policy. They are expected to decline with, inter alia, the gradual end of the ECB... Lire la suite
This article details the externalities and charges on road traffic and finds that road use, excluding toll motorways and petrol vehicles in rural areas, is generally under-priced. A better coverage of the external costs of road transport would require a reduction of its externalities and a more adapted pricing, in particular in urban areas and on national roads, where cost coverage is particularly... Lire la suite
Cet article détaille les externalités et prélèvements pesant sur les circulations routières et fait le constat d’une sous–tarification globale de l’usage de la route hors autoroutes à péages et véhicules essence en milieu rural. Une meilleure couverture des coûts externes du transport routier nécessiterait une réduction de ses externalités et une tarification plus adaptée, notamment dans les zones... Lire la suite
As part of the work of the Coeuré Committee, the DG Treasury has developed a micro-simulation tool to estimate the impact of the crisis, as well as of the measures put in place to respond to it, on the financial situation of French companies. The results show that although the financial situation deteriorated in 2020 compared to a year without a crisis, public policies - especially partial activit... Lire la suite
Dans le cadre des travaux du Comité Coeuré, la DG Trésor a développé un outil de micro-simulation permettant d’estimer l’impact de la crise, ainsi que des mesures mises en place pour y répondre, sur la situation financière des entreprises françaises. Les résultats montrent que si celle-ci s’est dégradée en 2020 par rapport à une année sans crise, les politiques publiques – l’activité partielle sur... Lire la suite
Global activity would rebound in 2021 as the health situation gradually improves. The United States would catch up in 2021 with the level of activity in 2019, Germany would regain it in 2022, while Spain and Italy would remain below it by that time. World trade rebounds in 2021, supported by the normalisation of industrial production, and trade increases in 2022 with activity. The evolution of the... Lire la suite
L’activité mondiale rebondirait en 2021 sous l’effet de l’amélioration progressive de la situation sanitaire. Les États-Unis rattraperaient en 2021 le niveau d’activité de 2019, l’Allemagne le retrouverait en 2022, tandis que l’Espagne et l’Italie resteraient en-deçà à cet horizon. Le commerce mondial rebondirait en 2021, soutenu par la normalisation de la production industrielle et les échanges p... Lire la suite
The EU plans to introduce a Carbon Border Adjustment Mechanism (CBAM) to tackle carbon leakage more effectively. This phenomenon corresponds to an increase in emissions in the rest of the world as a result of the implementation of more ambitious climate policies, such as carbon pricing, by some countries. A CBAM will enhance the effectiveness of European climate policies, and needs to address lega... Lire la suite
L’UE prévoit d’introduire un mécanisme d’ajustement carbone aux frontières (MACF) pour lutter plus efficacement contre les fuites de carbone. Elles correspondent à une hausse des émissions dans le reste du monde suite à la mise en œuvre de mesures climatiques plus ambitieuses, comme la tarification carbone, par certains pays. Un MACF renforcera l’efficacité des politiques climatiques européennes,... Lire la suite
The rapid spread of the Covid-19 epidemic in China, its evolution into a global pandemic and the contraction of activity are a reminder of the vulnerability of economies to infectious diseases. Past epidemics have had clear economic effects through several channels, ranging from a few tenths of a point to several points of GDP depending on their severity. The effects of the current pandemic would... Lire la suite