Budapest left out of revenue compensating COVID-19 funds

Budapest and all districts of the Hungarian capital were excluded from the €64 million (HUF 23 billion) in state support meant to alleviate the budgetary pressure caused by the government’s decision to support businesses struggling with the pandemic-induced economic hardships…

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Briefing – Understanding initial coin offerings: A new means of raising funds based on blockchain – 13-07-2021

Initial coin offerings (ICOs) are a relatively new method of raising capital for early-stage ventures. They allow businesses to raise capital for their projects, by issuing digital tokens in exchange for crypto assets or fiat currencies. They constitute an alternative to more traditional sources of start-up funding such as venture capital (VC) and angel finance. ICOs can potentially offer advantages in comparison with traditional ways of raising capital. At the same time, their opacity and the general tendency for issuers to exploit regulatory loopholes can carry significant risk for investors, may make ICOs vulnerable to money laundering and terrorist financing, and could even create financial stability concerns. ICOs have been met with a wide range of initial regulatory responses: from an outright ban in the case of China and South Korea, to more supportive approaches in other jurisdictions, with Singapore in Asia and Switzerland in Europe leading the way. As for the European Union (EU) and the United States, the relevant regulatory agencies initially published warning notices, reinforced by statements that securities laws could apply and registration be necessary. The EU went a step further and is currently seeking to partially regulate ICOs, with a proposal for a regulation on markets in crypto-assets (MiCA regulation). Meanwhile, some Member States are currently implementing regulatory sandboxes, to provide an impetus for innovation without imposing the immediate burden of regulation.

Source : © European Union, 2021 – EP

At a Glance – Amending budget No 3/2021: 2020 surplus – 01-07-2021

Draft Amending Budget No 3/2021 (DAB 3/2021) to the European Union’s 2021 general budget aims to enter as revenue in the 2021 budget the surplus resulting from the implementation of the 2020 budget. The 2020 surplus totals almost €1.77 billion (as compared to €3.2 billion in 2019, €1.8 billion in 2018 and €0.56 billion in 2017). It consists mostly of higher than expected revenues, plus under-spending on the expenditure side. Inclusion of the surplus will reduce the gross national income (GNI) contributions of the EU Member States to the 2021 budget accordingly. The European Parliament is expected to vote on the Council position on DAB 3/2021 during its July plenary session.

Source : © European Union, 2021 – EP

Briefing – The financial management of visitor groups to the national parliaments – 08-07-2021

In most Member States, visitor’ groups are not sponsored to visit the national parliament. A visit to the national parliament is free of charge, and all the costs related to the visit, for example travel costs, accommodation and local minor expenses, need to be paid by the visitors themselves.
Germany is the only country which has various kinds of programmes where visitors can be reimbursed. Members of Parliament can invite up to 200 people a year of which the travel costs are partially covered by the German Bundestag. There is also a programme which consists of more days for which all the costs related to travel and accommodation are covered by the German government. The German Bundesrat has a programme in which the 16 federal states can invite people for a visit of multiple days to Berlin. In this case the travel costs and accommodation are paid for by the Bundesrat. For all reimbursements, the rules apply that the receipts and underlying documents need to be provided to the Bundestag and Bundesrat after the visit. All documents and receipts are checked through an ex-post control.
The United Kingdom has a programme in which costs are reimbursed, and this programme is funded by the commercial tours of the parliament. In this case, it can be MPs, Peers or the House of Commons or Lords who can invite visitors who are eligible for reimbursement.
In Hungary, only schools can get reimbursement for their travel costs and the entry fee for the national parliament. All the receipts need to be provided to the visitor service of the parliament.
Some countries do have other schemes in which they provide coverage for schools or costs are covered by the MPs’ own funds.
The Council of the EU does not sponsor visitor groups. All visits are requested by visitors themselves and they need to cover all the costs related to the visit themselves. The questions were also sent to the European Commission but no answer was received.

Source : © European Union, 2021 – EP

Highlights – Financial contributions from non-EU countries: committee debate – Committee on Budgets – Committee on Budgetary Control

Finger pushing computer key that says ECA European Court of Auditors
The Committees on Budgets and on Budgetary Control will go over the European Court of Auditors’ review on financial contributions from non-EU countries to the EU, with ECA Member François-Roger Cazala, on 12 July. These contributions are based on agreements through which non-EU countries gain access to EU programmes and activities and/or to the EU single market. In 2019, they amounted to EUR 1,9 billion, meaning 1% of the total EU revenue.

Source : © European Union, 2021 – EP

Briefing – Re-starting tourism in the EU amid the pandemic – 13-07-2021

Tourism plays an enormously important role in the EU economy and society. It generates foreign exchange, supports jobs and businesses, and drives forward local development and cultural exchanges. It also makes places more attractive, not only as destinations to visit but also as locations to live, work, invest and study. Furthermore, as tourism is closely linked with many other sectors – particularly transport – it also affects the wider economy. The coronavirus pandemic has hit the tourism sector hard. The impact on various tourist destinations in the EU has been asymmetrical and highly localised, reflecting differences in types of tourism on offer, varying travel restrictions, the size of domestic tourism markets, level of exposure to international tourism, and the importance of tourism in the local economy. At the beginning of summer 2021, several EU Member States started to remove certain travel restrictions (such as the requirements for quarantine or testing for fully vaccinated travellers coming from certain countries). However, all continue to apply many sanitary and health measures (such as limits on the number of people in common areas, and cleaning and disinfection of spaces). Such measures and restrictions change in line with the evolving public health situation, sometimes at short notice, making recovery difficult for the sector. The EU and its Member States have provided the tourism sector with financial and other support. Some measures were already adopted in 2020. Others were endorsed only shortly before the beginning of summer 2021. One flagship action has been the speedy adoption of an EU Digital Covid Certificate. This certificate harmonises, at EU level, proof of vaccination, Covid-19 test results and certified recovery from the virus. However, it does not end the patchwork of travel rules. Despite efforts to harmonise travel rules at Council level, Member States still apply different rules to various categories of traveller (such as children or travellers arriving from third countries).

Source : © European Union, 2021 – EP

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