The European Central Bank has published its Economic Bulletin No. 8/2021.
The ECB highlighted that:
- the global economy remains on a recovery path, although persisting supply bottlenecks, rising commodity prices and the emergence of the Omicron variant of the coronavirus (COVID-19) continue to weigh on the near-term growth prospects;
- the euro area economy continues to recover. Growth is moderating, but activity is expected to pick up again strongly in the course of this year;
- although the COVID-19 crisis continued to weigh heavily on public finances in 2021, the December Eurosystem staff macroeconomic projections show that the fiscal balance is already on a path to improvement;
- Growth is expected to rebound strongly over the course of 2022. The December Eurosystem staff macroeconomic projections foresee annual real GDP growth at 5.1% in 2021, 4.2% in 2022, 2.9% in 2023 and 1.6% in 2024. Compared with the September staff projections, the outlook has been revised down for 2022 and up for 2023.
These Guidelines represent a significant step in complementing the EU legal framework in the field of resolution based on international standards and leveraging on EU best practices.
EBA also launched its consultation paper on Guidelines for institutions and resolution authorities on transferability of parts of or a whole bank in the context of resolution to complement the resolvability assessment for transfer strategies. In particular, the Guidelines specify separability in the context of the application of transfer tools.
The consultation runs until 15 April 2022.