EU carbon sinks will de facto raise 2030 emissions reduction target to 57% Greenhouse gas budget must guide 2040-target New independent EU scientific body to monitor progress The new EU Climate Law increases the EU’s 2030 emissions reductions target from 40% to at least 55%. With the contribution from new carbon sinks it could raise to 57%. Parliament endorsed the Climate Law, agreed informally with member states in April, with 442 votes to 203 and 51 abstentions. It transforms the European Green...

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The European Commission has today extended – by one additional year –the current transitional regime regarding the capital requirements that EU banks and investment firms must maintain when exposed to non-EU central counterparties (‘CCPs'). This transitional regime will therefore continue to apply until 28 June 2022. Mairead McGuinness, EU Commissioner responsible for financial services, financial stability and Capital Markets Union said, “Today's decision gives us a bit more breathing space while we continue to work on equivalence decisions. It also gives EU...

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Rising world food prices for producers are making headlines and causing concerns among the public. The most recent data show a moderation in consumer food price inflation globally, but as we explain below, that could change in the coming months. This would only add to the high prices that consumers in many countries already lived through last year. If prices eventually rise again, there will likely be sizeable differences between countries. Due to various factors, it is probable that the effect...

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The Commission is today laying out a vision to build a new Joint Cyber Unit to tackle the rising number of serious cyber incidents impacting public services, as well as the life of businesses and citizens across the European Union. Advanced and coordinated responses in the field of cybersecurity have become increasingly necessary, as cyberattacks grow in number, scale and consequences, impacting heavily our security. All relevant actors in the EU need to be prepared to respond collectively and exchange relevant...

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Transition away from LIBOR requires significant commitment and sustained effort from both financial and non-financial institutions across many LIBOR and non-LIBOR jurisdictions. The Financial Stability Board has identified that continued reliance of global financial markets on LIBOR poses clear risks to global financial stability. On 5 March 2021, ICE Benchmark Administration (IBA) and the UK Financial Conduct Authority (FCA) formally confirmed the dates that panel bank submissions for all LIBOR settings will cease, after which representative LIBOR rates will no longer be available. The...

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