Inflation is defined as a process of continuously rising prices and falling purchasing power. In other words, a general and broad-based increase in the price of goods and services over an extended period. The main objective of central banks is to keep prices stable, to preserve the integrity and purchasing power of people's money. The most common inflation indicator measures the average change in the price of a basket of consumer goods and services over time. The closest approximation of what people intuitively understand by the term inflation is the change in their cost of living. Inflation is expected to remain significantly above the euro area inflation target of 2 % for some time, due to continued geopolitical uncertainty and persistent supply bottlenecks.

EPRS policy podcast - Inflation explained: What lies behind and what is ahead?

With its recent European Green Deal framework, the EU is striving to achieve climate neutrality in its economy by 2050 and, simultaneously, bring itself on the path of recovery from the adverse effects of the COVID-19 pandemic. Technology will inevitably play a significant part in this process. However, historical experience tells us that culture and aesthetic have too had significant roles in recovery from a crises, be it war, economic recession, or an epidemic.

EPRS STOA podcast - What If Technology And Culture Combined To Boost A Green Recovery?

The pandemic has highlighted the risk involved, including for the EU, in relying heavily on external suppliers. The EU's 30 critical raw materials (CRMs) combine two characteristics: they are strategically important for its industry and economy, and there are high risks associated with securing their supply. The twin transition to a green and digital future relies particularly on the safe and diverse supply of CRMs.

EPRS policy podcast - Critical raw materials for the EU: Enablers of the green and digital recovery

Recent shocks have shown not only how vulnerable to crises the single market is, but also the extent to which the EU economy relies on a well-functioning single market. To protect it, the European Commission put forward a single market emergency instrument (SMEI) package. The main proposal establishes measures for contingency planning, such as an early warning system. If a wide-ranging crisis hits the single market, an 'emergency mode' could be triggered.

EPRS podcast policy - Protecting the single market in future crises

The coronavirus has taken a heavy toll on our lives, our economies, our societies but also on electoral processes around the world, with many elections being postponed in order to protect citizens’ health. But this involves a delicate balancing act between ensuring the democratic right to vote and a government’s responsibility to protect public health. So, what can we learn from experience?

EPRS policy podcast - Impact of the pandemic on elections around the world: From safety concerns to political crises

An efficient and modern public system is a pre-condition for smart societies and economies. But how do we foster public sector innovation? The EU doesn’t have a direct role here, but it can definitely provide direction! So, stay with us… as we spell out a new vision for the public sector in Europe!

EPRS policy podcast - Public sector innovation: Concepts, trends and best practices

As more and more European countries went into lockdown, trade within the EU and the foundations of its single market were hit hard! The EU was quick to respond, but the effects of the pandemic on both European and world economies will be deep and long-lasting…

EPRS policy podcast - Single market and the pandemic: Impacts, EU action and recovery

Every year the European Central Bank publishes an annual report on how it has carried out its supervisory responsibilities, it describes the tasks and activities of the European System of Central Banks (ESCB) and reports on the Eurosystem’s monetary policy. The report is usually published in April of the following year. The Chair of the Supervisory Board of the ECB presents the report to the European Parliament at a public hearing and then during a debate in plenary.

European Central Bank - annual report

The EU Heads of state or government of the Member States will meet via video conference&nbsp; on 19 June 2020 and look at a number of the most pressing issues.&nbsp;

They will discuss the issue of a recovery fund to respond to the COVID-19 crisis and a new EU long term budget.&nbsp; The proposal for a new recovery instrument and for the multiannual financial framework (MFF) for 2021-2027 presented by the European Commission on 27 May 2020 will be at the heart of the discussion. The EU leaders' discussion will serve as a thorough preparation for a summit at a later date which, if possible, will be a physical meeting.

European Council, 19 June 2020

The EU provides additional financial support to Member States to protect jobs and workers affected by the coronavirus pandemic.

The European Central Bank is providing €750 billion to relieve government debt during the crisis, as well as €120 billion in quantitative easing and €20 billion in debt purchases. In addition, MEPs voted to make €37 billion from existing EU structural funds available to EU countries to tackle the coronavirus crisis and support healthcare, businesses and workers.

Ursula von der Leyen, President of the European Commission, presents a revised long-term EU budget (MFF 2021-2027) and recovery plan during a plenary session. MEPs discuss the proposals, but have already called for a €2 trillion recovery package to help the EU bounce back from the effects of the Covid-19 pandemic.

Coronavirus outbreak: impact on economic situation (2020)

The coronavirus crisis is a major shock for the European and global economies. Member States have already adopted budgetary, liquidity and policy measures to increase the capacity of their health systems and provide relief to those citizens and sectors that are particularly impacted.

Among the measures the EU is taking to support the economic recovery are the EU's recovery plan, Next Generation EU, SURE: temporary support for workers, amendments to the EU budget to address urgent issues, re-direction of EU funds to help member states most in need, support to most affected sectors.

On 21 July 2020, EU leaders agreed on a €750 billion recovery effort, Next Generation EU, to help the EU tackle the crisis caused by the pandemic. Alongside the recovery package, EU leaders agreed on a €1 074.3 billion long-term EU budget for 2021-2027. Among others, the budget will support investment in the digital and green transitions and resilience.

Together with the €540 billion of funds already in place for the three safety nets (for workers, for businesses and for member states), the overall EU's recovery package amounts to €2 364.3 billion (source: Council).

Coronavirus outbreak: impact on economic situation

EP Plenary session - Instant payments in euro

EP Plenary session - Topical debate (Rule 162) - Reducing regulatory burden to unleash entrepreneurship and competitiveness

EP Plenary session - Saving the summer tourism season - EU support to the hospitality sector

EP Plenary session -  Good governance of national Recovery&Resilience Plans

EP Plenary session - Statement - Tackling Covid effects: investment, competitiveness, skills

EP plenary session- Social and employment crisis in the COVID-19 pandemic and the EU's response in the Recovery Plan and the MFF

A person uses the free Czech Covid-10 tracker eRouška app on his mobile phone in Prague. With the help of Bluetooth the application detects in a totally anonymous way the other users of the application with whom you have been in close contact and can warn you if you have met an infected person and should consider a quarantine volunteer or consult a health care professional if symptoms occur.

The shadow of a medical worker wearing a protective equipment testing a social worker for Covid-19 is projected on the wall of a nursing house in Prague.

Europe's economic situation has been hit by the energy crisis resulting from Russia's aggression in Ukraine. Member States are coping with the new situation by promoting trade through the single market that exists within their territory. Boosting digitalisation brings many benefits to society as well. The EU wants to strengthen its digital sovereignty and set standards, rather than follow standards set by others, to make Europe fit for the digital age. This infoclip shows factories, industries and shops, workers in their trades and citizens using electronic devices.

Infoclip: Economy, energy and digital

EPRS identifies and frames some of the top key issues that might feature prominently in public debate and on the political agenda of the European Union this year. In times of crises and war, what are the challenges we must face and choices we have to make? Restrictions: ©The material may not be edited and must be shown entirely.

EPRS - Geo-economics in an age of empires

Food prices in the EU have risen dramatically over the past two years. The chain of disruptions caused by the COVID 19 pandemic, extreme weather events and the Russian invasion of Ukraine in 2022 have led to severe shortages in the agri-food chain, resulting in higher consumer prices. The latest European Parliament Eurobarometer survey shows that the cost of living continues to be the main concern for European citizens. Restrictions: ©The material may not be edited and must be shown entirely.

EPRS - Rising food prices

The US Inflation Reduction Act is a huge investment bill pouring over US$369 billion into the American economy. It favours clean energy and technology made in the US or in countries America has a trade agreement with, which is not the case for the European Union. Considering how to integrate its climate, energy and industrial policies, so as to contribute towards climate goals and energy security while retaining the global competitiveness of its economy, the EU proposed a Green deal industrial plan. Restrictions: ©The material may not be edited and must be shown entirely.

EPRS - EU response to the US Inflation Reduction Act

EPRS - EU recovery instrument

Inflation has risen to levels not seen in 40 years in the euro area or in many other countries. What is being done to keep energy bills down and to help EU citizens deal with the social and economic consequences of the war in Ukraine. This infoclip shows the inflation and reduced purchasing power for consumers. Domestic illustrations with rising cost of living, use of heating, use of electric and gas appliances and illustrations of supermarket, open-air market, petrol station with costumers paying and counting savings.

Infoclip: Inflation and reduced purchasing power for consumers

Travel restrictions and border shutdowns generated by the Covid-19 pandemic have impacted our economic and social life. Much work has been done at European level to improve reporting of data on Covid-19, and to better understand when travel restrictions become a necessary part of protecting public health. In the event of a future health emergency, the routines established and the experience gained recently will help improve the management of travel restrictions. Reform of the Schengen Treaty can make it easier to meet future challenges while at the same time making sure that those living in Europe can continue to benefit from free movement. Broader global cooperation and coordination is also important.

EPRS - The future of EU borders in times of pandemic

During the plenary session of the European Parliament in Strasbourg (4-7 October 2021), As the pandemic took a heavy toll on tourism, MEPs look into lessons learned from the 2021 season and the effectiveness of the EU digital COVID certificate. Closing statement by Thierry BRETON, European Commissioner for Internal Market.

Assessing the Union’s measures for the EU tourism sector as the end of the Summer season nears: closing statement by Thierry BRETON, European Commissioner for Internal Market

economic situation in Europe (T)

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