Economy, employment, social policies Flashcards

Question

ECB new strategy

Answer 1

Published in July 2021 Elements: 1) keep HICP, but inluding owner occupied housing in the medium term 2) An inflation buffer above zero per cent provides monetary policy with space for interest rate cuts in the event of adverse developments 3) new price stability target: The Governing Council considers that price stability is best maintained by aiming for two per cent inflation o**ver the medium term**. The Governing Council’s commitment to this target is symmetric (both negative and positive deviations undesired) 4) ECB will include climate considerations not only in monteray policy assessments, buts also in monetary policy instruments (e.g. APP)

Answer 2

Article 127(1) of the Treaty on the Functioning of the European Union

Answer 3

The European Stability Mechanism is an intergovernmental organisation established by member states of the euro area in 2012. Its mission is to enable the countries of the euro area to avoid and overcome financial crises and to maintain long-term financial stability and prosperity. Maximum amount of loans in EUR 500 billion. The total equity that was deosited is EUR 80 billion, with MS committed another EUr 625 billion. The ESM carries out this mission by providing loans and other types of financial assistance to member states that are experiencing or are threatened by severe financial distress. In other words, the ESM acts as a “lender of last resort” for euro area countries when they are unable to refinance their government debt in financial markets at sustainable rates. The ESM was activated for 5 countries, Greece, Ireland, Portugal, Spain and Cyprus, when these did not have market access anymore Under 2021 reform, ESM would serve as backstop to Single Reslution Fund. This is important as SRF is too small (EUR 70 billion) to bear the brunt of a widespread banking crisis.

Answer 4

The banking union of the European Union is the transfer of responsibility for banking policy from the national to the EU level in several EU member states, created in 2014 as a response to the Eurozone crisis (and following the single rulebook created in response to GFC). All euro-area MS are part of BU It has the following objectives * banks are robust and able to withstand any future financial crises * non-viable banks are resolved without recourse to taxpayers' money and with minimal impact on the real economy * market fragmentation is reduced by harmonised financial sector rules It consists of two pillars: - Single Supervisory Mechanism (SSM): The SSM supervises the largest and most important banks in the euro area directly at European level. It is the EU's supranational bank supervisory body. The responsibility for supervising credit institutions is exercised by the European Central Bank in close cooperation with national supervisory authorities. - Single Resolution Mechanism (SRM): prupose is to resolve failing banks in an orderly manner with minimal costs for taxpayers and for the real economy. It is made iup of the Single Resolution Board and the Single Resolution Fund. The fund is to be used in cases of bank failure and is financed entirely by Europe's banking sector. **completing BU** * A third element, a European Deposit Insurance Scheme (EDIS), has been accepted as a legislative priority for 2021. It was proposed by EC in 2015, but legislative process stopped by EP and Council. * EDIS would apply to deposits below €100 000 of all banks in the banking union

Answer 5

To ensure a safer financial sector for the single market, the 'single rulebook' was created as the backbone of the banking union and financial sector regulation in the EU. The single rulebook consists of a set of legislative texts that all financial institutions (including approximately 8 300 banks) in the EU must comply with, in order to ensure a level playing field across the EU. Key objectives: * to eliminate legislative differences among member states * to ensure the same level of protection for consumers * to ensure a level playing field for banks across the EU The pillars of the single rulebook - the legal acts that are most relevant for the banking union - are: capital requirements directive (CRD IV and V) and capital requirements regulation (CRR I and II) amended directive on deposit guarantee schemes (DGS) bank recovery and resolution directive (BRRD I and II)

Answer 6

Portfolio: Mairead McGuinnes (Ireland, Financial Services, Financial Stability and the Capital Markets Union) * The capital markets union (CMU) is a plan to create a single market for capital. The aim is to get money – investments and savings – flowing across the EU so that it can benefit consumers, investors and companies, regardless of where they are located. * The EU remains 27 capital markets, with cross-border finance hampered. This lack of an EU capital markets union is more than an inconvenience: it weakens Europe’s businesses and households. * In EU, size of financial markets is 53% of GDP, ini U.S: it is 170%. This also implies also a weaker role of the euro than it could be * First CMU action plan in 2015 **A CMU will: ** * * provide businesses with a greater choice of funding at lower costs and provide SMEs in particular with the financing they need * * support the economic recovery post-Covid-19 and create jobs * * offer new opportunities for savers and investors * * create a more inclusive and resilient economy * * help Europe deliver its new green deal and digital agenda * * reinforce the EU’s global competitiveness and autonomy

Answer 7

**New CMU action plan in 2020** * While progress has been made since the CMU initiative was launched in 2015, EU capital markets remain fragmented. This means that European citizens and businesses are not able to fully benefit from the deep, competitive, efficient and reliable sources of funding and investment that capital markets can offer. * A strong and complete CMU is needed now more than ever, in order to support the economic recovery following the COVID-19 crisis and finance the green and digital transitions * The CMU action plan proposes 16 legislative and non-legislative actions to deliver on three key objectives, based on several pillars: 1) Improving access to finance for companies and ensure that EU's recovery is green, e.g. through support for long-term investment vehicles, supporting access to public markets 2) Make EU safer place for indiviuals to save and invest long-term, e.g. through empowering citizens through finance literay, building retail investor's trust in capital markets 3) Integrate national capital markets in genuine single markets, e.g. through alleviating tax burden in cross-border investment, facilitating shareholder engagement Actions announced: * Create a single access point to company data for investors; * Support insurers and banks to invest more in EU businesses; * Strengthen investment protection to support more cross-border investment in the EU. * Facilitate monitoring of pension adequacy across Europe; * Make insolvency rules more harmonised or convergent; * Push for progress in supervisory convergence and consistent application of the single rulebook for financial markets in the EU. **CMU Package November 2021** package of measures to improve the ability of companies to raise capital across the EU and ensure that Europeans get the best deals for their savings and investments. * The European Single Access Point (ESAP): The ESAP will offer a single access point for public financial and sustainability-related information information about EU companies and EU investment products * Review of the European Long-Term Investment Funds (ELTIFs) Regulation: improves attractiveness of ELTIFs, e.g. by removing minimum investment threshold * Review of the Alternative Investment Fund Managers Directive (AIFMD): proposal harmonises the rules related to funds that give loans to companies, which will will facilitate lending to the real economy, while better protecting investors and ensuring financial stability * Review of the Markets in Financial Instruments Regulation (MiFIR): adjustments to EU trading rules will ensure more transparency on capital markets.They will introduce a “European consolidated tape”, which will give investors access to near real-time trading data for stocks, bonds and derivatives across all trading venues in the EU. This data has so far been available only for handful of professional investors **CMU package July 2022** The European Commission has today put forward measures to further develop the EU's Capital Markets Union (CMU): * to make EU clearing services more attractive and resilient, supporting the EU's open strategic autonomy and preserving financial stability. * to harmonise certain corporate insolvency rules across the EU, making them more efficient and helping promote cross-border investment. * to alleviate – through a new Listing Act – the administrative burden for companies of all sizes, in particular SMEs, so that they can better access public funding by listing on stock exchanges. **May 2023 Retail investment Strategy** * Places the consumers' interests at the centre of retail investing. The aim is to empower retail investors (i.e. “consumer” investors) to make investment decisions that are aligned with their needs and preferences, ensuring that they are treated fairly and duly protected. * Today's package aims to achieve that goal and encourage participation in EU capital markets, which has traditionally been lower than in other jurisdictions, such as the United States – even though Europeans have very high savings rates. Actions: * Increase transparency and comparability of costs by requiring the use of a standard presentation and terminology on costs * Improve the way information is provided to retail investors about investment products and services, in ways that are more meaningful and standardised * Protect retail investors from misleading marketing, makign financial intermediares fully responsible for use of their marketing channels * Preserve high standards of professional qualifications for financial advisors. * Empower consumers to make better financial decisions, by encouraging Member States to implement national measures that can support citizens' financial literacy

Answer 8

**Background** * The euro is the currency of 19 EU countries, over 340 million EU citizens and the second most important currency in the world * 60 countries and territories (with 175 million people livign in them) have pegged their currency directly or indirectly to the euro * The latest survey (March 2021) shows that public support for the euro has reached a record high in the euro area: 80% thinks having euro is good * he euro is well placed to play a stronger international role, as it is backed by a large economic area, well-advanced financial markets, relatively low currency volatility, and an independent central bank with a clear price stability mandate and a prohibition of monetising government deficits. * An increased international role for the euro is a tool to strengthen Europe’s influence in the world. It will allow the European Union to better protect its citizens and businesses, uphold its values and promote its interests in shaping global affairs according to rule-based multilateralism. **Benefits from stronger euro** * It would ensure more stable financing conditions and attract more investors. * Lower interest rates paid by European households, businesses and Member States * Lower cost and lower risk of trading internationally for European businesses * Stronger autonomy of European consumers and businesses * Improved resilience of the international financial system and economy, making them less vulnerable to exchange rate shocks. **2021 Strategy on strengthening global role of the euro** * This strategy aims to better enable Europe to play a leading role in global economic governance, while protecting the EU from unfair and abusive practices * It is based on 3 pillars: 1) Promoting a stronger international role of the euro by reaching out to third-country partners to promote its use, supporting the development of euro‑denominated instruments and benchmarks and fostering its status as an international reference currency. E.g. NGEU borrowing has made euro denomiated onds much more liquid 2) Further developing EU financial market infrastructures and improving their resilience,including towards the extraterritorial application of sanctions by third countries. This will be done through analysing vulnerabilities of key financial market infrastrucutre copmanies as regards the unlawful extraterritorial application of unilateral measures by third countries 3) Further promoting the uniform implementation and enforcement of the EU's own sanctions. his year, the Commission will develop a database – the Sanctions Information Exchange Repository – to ensure effective reporting and exchange of information between Member States and the Commission on the implementation and enforcement of sanctions.

Answer 9

**Background** * Social economy organisations are entities which put social and environmental purposes first, reinvesting most of their profit back into the organisation. * There are 2.8 million social economy entities in Europe that employ 13.6 million people and which offer solutions to key challenges in our societies. * Enhanced support to the social economy not only creates jobs, but also allows organisations to increase their social impact across the EU. **Actions in 3 areas** 1) Creating right conditions for the social economy to thrive EC to propose measures to enable sound regulatory framework in taxation, public procurement, State Aid. 2) Opening opportunities for social economy organisations to start up and scale up * Among other actions, the Commission will launch a new EU Social Economy Gateway in 2023 to ensure social economy actors can find all the information they need in one place on EU funding, policies, training and initiatives. * It will also launch new financial products in 2022 under the InvestEU programme and improve access to funding. * In 2022, the Commission will also set up a European Competence Centre for Social Innovation. **Making surethe social economy and its potential are recognised ** * The Commission will carry out communication activities emphasising the role and specificities of the social economy. * Furthermore, the Commission will launch a study to collect qualitative and quantitative data to better understand the social economy across the EU. * It will also organise training courses for public officials on various topics with relevance for the social economy,

Answer 10

**Overview** * Today, the Commission recommends concrete measures to support the social economy, which prioritises people, social and environmental causes over profit. * The proposal aims to create favourable conditions for social economy organisations to thrive and grow, and raise awareness of their potential, **Proposals** * A proposal for a Council recommendation for Member States to design and implement social economy strategies. These recommendations include (exanples) a) how to design labour market policies, b) how to improve access to public and private funding, c) how to enable access to market opportiniteis nd public procurement, d) how to create a supportive taxation system * The social economy gateway, a one-stop shop website to provide social economy organisations with information on EU funding, training opportunities and more.

Answer 11

**Overview** * Intellectual property (IP) is a key driver for economic growth as it helps companies to valorise their intangible assets. * IP-intensive industries account for 45% of all GDP and 93% of all EU exports, while the added value of IP is growing across most European industrial ecosystems. * Globally, IP filings are on the rise, as intangible assets play an increasing role in the global race for technological leadership * European innovators and creators, in particular SMEs, are often not aware of the benefits of integrating IP in their business strategy. For instance, only 9% of SMEs file for IP protection. * The import of counterfeited and pirated goods amounts to 6.8% of EU GDP. * The New EU Industrial Strategy adopted on 10 March this year acknowledged the need for the EU Intellectual Property policy to help uphold and strengthen Europe's tech sovereignty and promote global level playing field * The Action Plan builds on the strengths of the European IP framework **Actions** The Action Plan aims at enabling the European creative and innovative industry to remain a global leader and at speeding up Europe's green and digital transitions. Today's Action Plan announces measures in five key areas: 1) Improving the protection of IP * The Action Plan proposes to upgrade a series of existing IP tools and make them fit for the digital age, including improving the supplementary protection certificates (SPC) for patented medicinal * modernises EU design protection * It aims at strengthening the protection of agricultural geographical indications (GIs) * The Commission also launches an industry dialogue to address the impact of new technologies (such as AI and block chain) on the IP system 2) Boost the uptake of IP by small and medium-sized companies (SMEs) * the Commission proposes measures to improve information and advice. * It will help coronavirus-affected SMEs better manage and leverage their IP portfolios via a new financial assistance scheme with € 20 million * It also acts to make it easier to use IP as a lever for access to finance. 3) Facilitate the sharing of IP * the Commission proposes measures to facilitate the sharing of critical IP in times of crisis, whilst ensuring return on investment. * The Commission will also work on an improved copyright infrastructure 4) Fight counterfeiting and improve enforcement of IP rights * The Commission will improve an effective and balanced enforcement of IP rights. * For instance, as a complement to the upcoming Digital Services Act package, it will establish an EU anti-counterfeiting toolbox to promote and facilitate effective cooperation 5) Promote a global level playing field * to address challenges on international stage with IP, the Commission aims to strengthen the EU's position as a global standard-setter in IP. * It will also step up the EU response to unfair practices committed by third country players, such as industrial espionage or attempts to misappropriate IP in the context of R&D cooperation.

Answer 12

* In 2019, the European Labour Authority was established, with its seat in Bratislava. Its main purpose is to help the Member States and the Commission to ensure that EU rules on labour mobility and social security coordination are enforced in a fair, simple and effective way. * Directive (EU) 2019/1158 on work-life balance for parents and carers aims to improve access to family leave and flexible work arrangements, further enhancing equality between men and women in the labour market * After the outbreak of the COVID-19 pandemic, several measures were adopted to address the employment and social consequences of the crisis, such as the Coronavirus Response Investment Initiatives (CRII and CRII+) and the temporary Support to mitigate Unemployment Risks in an Emergency (SURE). * Furthermore, the Cohesion’s Action for Refugees in Europe (CARE) was launched and pre-financing using resources from the Recovery Assistance for Cohesion and the Territories of Europe (REACT-EU) programme was increased to support the Member States and regions in providing emergency assistance to people fleeing Ukraine following Russia’s invasion. * The Council recommendation on establishing a European Child Guarantee was adopted to prevent and combat social exclusion by guaranteeing the access of children in need to the following key services: early-childhood education and care, education, healthcare, nutrition and housing * As a tool to fight in-work poverty, Directive (EU) 2022/2041on adequate minimum wages in the EU establishes requirements to ensure that minimum wages as provided for by national law and/or collective agreements are sufficient, and enhances the effective access of workers to minimum wage protectio

Answer 13

* Health and safety at work (2021 - 2027 staretgic framework on health and safety at work) * Equal opportunities for women and men: equal treatment at work, pregnancy, maternity leave, parental leave * The European Youth Guarantee aims to ensure that all people under the age of 30 receive a good-quality offer of employment, continued education, an apprenticeship or a traineeship within four months of becoming unemployed or leaving formal education. * Protection against discrimination based on sex, race, religion, age, disability and sexual orientation * Working conditions: minimum wages, part-time work, fixed-term contracts, working hours, employment of young people, informing and consulting employees * The European Skills Agenda contains 12 actions focused on skills for jobs in order to ensure that the right to training and lifelong learning is fulfilled across Europe. The year spanning from 9 May 2023 until 8 May 2024 has been designated as the ‘European Year of Skills’ with the aim of addressing skills shortages in the EU and promoting a mindset of reskilling and upskilling to help people develop the right skills for quality jobs.

Answer 14

* Under Article 151 TFEU, the promotion of dialogue between management and labour is recognised as a common objective of the EU and the Member States. The aim of social dialogue is to improve European governance through the involvement of the social partners in decision-making and implementation. * The 2017 European Pillar of Social Rights (EPSR) also provides for respect for the autonomy and the right to collective action of social partners and recognises their right to be involved in designing and implementing employment and social policies, * The directive on adequate minimum wages in the EU strengthens the use of collective bargaining in wage setting and requires Member States that have a collective bargaining coverage rate below 80% to establish an action plan to promote collective bargaining. * Under Article 154 TFEU, the Commission must consult the social partners before taking any action in the field of social policy. The social partners may then choose to negotiate an agreement among themselves instead.

Answer 15

* Combating poverty and social exclusion is one of the specific social policy goals of the EU and its Member States. * In accordance with Article 153 TFEU, social inclusion is to be achieved solely on the basis of non-legislative cooperation – the open method of coordination (OMC) * The EPSR action plan of March 2021 contained a number of relevant initiatives: the EU strategy on the rights of the child, the Council recommendation establishing a European Child Guarantee,the European Platform on Combating Homelessness, the Council recommendation on adequate minimum income ensuring active inclusion, the European Care Strategy and a high-level group on the future of social protection and of the welfare state, **Funding** * he ESF+ Regulation (EU) 2021/1057 requires 25% of the funds to be earmarked for social inclusion, at least 3% of the budget to be spent on food aid and basic material assistance for the most deprived * Two of the six pillars set out in the RRF will contribute to tackling poverty and social exclusion. * In March 2022, in the context of the Russian invasion of Ukraine, the Commission put forward a proposal for Cohesion’s Action for Refugees in Europe (CARE) to introduce more flexibility in the 2014-2020 cohesion policy rules. Member States can use such resources to finance emergency measures and to provide immediate support in the areas of employment, education and social inclusion * In the context of the transition towards a climate-neutral economy, the European Union has adopted a series of measures to ensure that poverty and social inclusion do not worsen. Some examples are the Just Transition Mechanism, including the Just Transition Fund, and the proposal for a Social Climate Fund.

Answer 16

* Strengthening its economic, social and territorial cohesion is one of the EU’s main objectives * Cohesion policy is the European Union’s main investment policy. It provides benefits for all regions and cities in the EU and supports economic growth, the creation of jobs, business competitiveness, sustainable development and protection of the environment. * From its very beginning, there have been large territorial and demographic disparities in the European Community (now the European Union) which could constitute obstacles to integration and development in Europe **Funding** * The EU supports the achievement of these objectives through the use of the European Structural and Investment Funds (the ESF, ERDF, Cohesion Fund, European Maritime and Fisheries Fund (EMFF)), and the Just Transition Fund (JTF). * During the 2021-2027 programming period, the EU allocated over **EUR 392 billio**n (current prices) **to cohesion policy** * The European Regional Development Fund helps to redress the main regional imbalances in the EU. It supports regions whose development is lagging behind, along with the conversion of declining industrial regions. Size: EUR 226 billion * The Cohesion Fund provides a financial contribution to projects relating to the environment and to trans-European networks in the area of transport infrastructure. This fund may only be accessed by those Member States whose gross national income per inhabitant is lower than 90% of the EU average. SIze: EUR 42.6 billion, out of which the contribution to the Connecting Europe Facility will amount to EUR 10 billion. * The allocation of the Union’s financial resources devoted to cohesion policy is focused on two main goals: Investment for growth and jobs — aiming to strengthen the labour market and regional economies; EUR 322.3 billion European Territorial Cooperation — supporting EU cohesion through cooperation at cross-border, transnational and interregional level. * Interreg is the European Union’s instrument to support cooperation across regions and countries: EUR 8 billion * The new Just Transition Fund, which supports the territories most affected by the transition towards climate neutrality and aims to prevent the growth of regional disparities will have a budget of EUR 17.5 billion. EUR 7.5 billion will come from the MMF and additional EUR 10 billion will come from the NGEU. * Another new instrument, ReactEU, was adopted in December 2020. It will act as a top-up for 2014-2020 cohesion programmes and will be additional to the cohesion allocations for 2021-2027. ReactEU will support the most important sectors in making a sound recovery following the COVID-19 crisis. Its allocation (until 2023) is EUR 47.5 billion. **Policy objectives** In the period 2021-2027, the cohesion policy has five policy objectives for the ERDF, ESF+, the Cohesion Fund and the EMFF: A smarter Europe — innovative and smart economic transformation; A greener, low-carbon Europe; A more connected Europe — mobility and regional ICT connectivity; A more social Europe — implementing the European Pillar of Social Rights; A Europe closer to citizens — sustainable and integrated development of urban, rural and coastal areas through local initiatives.

Answer 17

The ERDF has two main goals, namely: * Investment for growth and jobs – aiming to strengthen the labour market and regional economies; * European Territorial Cooperation – aiming to strengthen cross-border, transnational and interregional cooperation within the EU. Resources assigned to the first goal have been allocated to three different categories of regions: * More-developed regions whose GDP per capita is above 100% of the EU average; * Transition regions whose GDP per capita is between 75% and 100% of the EU average; * Less-developed regions whose GDP per capita is below 75% of the EU average. FUnds are assigned in certain shares to the 5 objectives of cohesion policy for the current MFF: * 30% of ERDF go to greener, low carbon transition

Answer 18

The Cohesion Fund was established for the purpose of strengthening the economic, social and territorial cohesion of the European Union in the interests of promoting sustainable development. In the 2021-2027 programming period it provides support to: * Investment in the environment, including areas related to sustainable development and energy which present environmental benefits; * Trans-European networks in the area of transport infrastructure (TEN-T); * Technical assistance. * SIze: EUR 42 billion * The Cohesion Fund is reserved for Member States whose gross national income (GNI) per capita is less than 90% of the EU average. * 37% of the Cohesion Fund’s total financial allocations are expected to contribute to EU climate objectives.

Answer 19

* The Solidarity Fund is the main EU instrument for supporting recovery from natural disasters and is an expression of EU solidarity. * It enables the EU to provide effective support to an EU Member State (or a candidate country) to help it deal with the effects of a major natural disaster, such as a flood, forest fire, earthquake, storm or drought. Since 2020, the Solidarity Fund has also covered major public health emergencies, such as the COVID-19 pandemic. * Size: Since 2021, the Solidarity Fund and the Emergency Aid Reserve have been financed as one instrument, called the Solidarity and Emergency Aid Reserve (SEAR). The maximum annual budget for the SEAR is EUR 1.2 billion (in 2018 prices).

Answer 20

* The Just Transition Fund is one of the European Union’s key tools to support regions in the transition towards climate neutrality by 2050. * As part of the European Green Deal and with the aim of achieving the objective of EU climate neutrality in an effective and fair manner, the European Commission proposed the creation of a Just Transition Mechanism, including a Just Transition Fund * It said that the Just Transition Mechanism should focus on the regions and sectors that are most affected by the transition due to their dependence on fossil fuels, including coal, peat and oil shale, and on greenhouse-gas-intensive industrial processes. The mechanism consists of three pillars: 1. The Just Transition Fund; EUR 17.5 billion /7.5 billion budget + 10 from NGEU) 2. A dedicated scheme under the InvestEU programme; 3. A public sector loan facility provided by the European Investment Bank to mobilise additional investments in the regions concerned. The Just Transition Fund primarily provides grants. The dedicated transition scheme under InvestEU crowds in private investments. European Investment Bank activities should leverage public financing.

Answer 21

The European Skills Agenda is a five-year plan to help individuals and businesses develop more and better skills and to put them to use, by: * strengthening sustainable competitiveness, as set out in the European Green Deal * ensuring social fairness, putting into practice the first principle of the European Pillar of Social Rights: access to education, training and lifelong learning for everybody, everywhere in the EU * building resilience to react to crises, based on the lessons learnt during the COVID-19 pandemic **Included actions** * Strengthening skills intelligence * Rolling out the European Universities Initiative and upskilling scientists * Skills to support the twin transitions * Increasing STEM graduates and fostering entrepreneurial and transversal skills * Support people in lifelong learning: A European approach to micro-credentials, Europass platform, Initiative on individual learning accounts **Objectives** * Participation of adults aged 25-64 in learning during the last 12 month: 60% * Participation of low-qualified adults 25-64 in learning during the last 12 months: 30% * Share of unemployed adults aged 25-64 with a recent learning experience: 20% * Share of adults aged 16-74 having at least basic digital skills: 70% **Funding** * RRF will also focus on skills * ESF+: 61.5 billion * Erasmus: 16.2 billion * InvestEU: 4.9 billion * Plus EU to explore how fiscal frameworks can better support investment and we will promote enhanced reporting on human capital by large companies.

Answer 22

* The Pact for Skills is one of the flagship actions of the European Skills Agenda. * The Pact aims to support public and private organisations with upskilling and reskilling, so they can thrive through the green and digital transitions * National, regional and local authorities; companies; social partners; cross-industry and sectoral organisations; chambers of commerce; education and training providers; employment services – they can all become members of the Pact for Skills. All members of the Pact can benefit from three dedicated services: Through the Networking Hub, members can find partners and relevant EU tools (like Europass, Skills Panorama, EURES and the European Network of Public Employment Services). They can also promote their activities. The Knowledge Hub organises webinars, seminars and peer learning activities for members. It also provides updates on EU policies and instruments, as well as information on projects, tools, and best practices. In the Guidance Hub, members can find information about EU and national funding opportunities, and guidance to partnering with national and regional authorities.

Answer 23

o European Year of Skills o ouncil Recommendations on vocational education and training, individual learnign accounts and micro-credentials o Pact for Skills: 2 million people have benefited from training under Pact and members have invested 160 million in skills initiatives o Net zero industry academies under Green deal industrial plam o Under new Innovation Agenda:  Deep tech talent initiative: Implemented by EIT, will skill 1 million people in deep tech fields over next 3 years (until 2025)  nnovation Internship Scheme: part of EIC, will allow EU-funded (read: Horizon Europe) researchers to intern at company ufundes by EIC or managed by EIT  * Digital Europe programme: The European Commission will continue to provide training support to Higher Education Institutes, businesses and research and innovation centres through the Digital Europe programme  Launch Innovation Talent Platform o The cohesion policy will dedicate EUR 36.6 billion to the digital transition during the 2021–2027 period, adding to the EUR 16 billion invested between 2014 and 2020, amonh others for skills to bridge digital divide. o Actions to boost investment in research, skills and innovation under blue economy strategy - Under New Pact on Asylum and migration: Skills and Talent Package o Reform of the Blue Card Directive for highly-skilled talent (done) o Review Single Permit Directive for low and medium skilled workers ▪ Faster processing, not linked to a single employer, more controls o Review of Long-Term Residence Directive to support intra-MS movement ▪ Cumulate residence periods in different Member States - International Partnerships: Fight against migrant smuggling + Talent Partnerships for more legal routes to EU or job opportunities at home - Flexibility and resilience: learning from the lessons of 2015

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