The European Commission has today proposed a new €1 billion macro-financial assistance (MFA) operation for Ukraine as the first part of the exceptional MFA package of up to €9 billion announced in the Commission's communication of 18 May 2022 and endorsed by the European Council of 23-24 June 2022. Today's proposal is part of the extraordinary effort by the EU, alongside the international community, to help Ukraine to address its immediate financial needs following the unprovoked and unjustified aggression by...

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The Commission welcomes the adoption by the European Parliament of the Digital Services Act and Digital Markets Act, proposed by the Commission in December 2020. The Digital Services Package sets out a first comprehensive rulebook for the online platforms that we all depend on in our daily lives. These new rules will be applicable across the whole of the EU and will create a safer and more open digital space, grounded in respect for fundamental rights. Executive Vice-President for a Europe...

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The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published the results of its fourth stress test exercise of Central Counterparties (CCPs). The results confirm the overall resilience of European Union (EU) CCPs, as well as third-country Tier 2 CCPs, to credit, concentration and operational risks under the tested scenarios and implemented framework. However, the stress test also identified areas where some CCPs may need to strengthen their risk management frameworks, or where further supervisory...

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Today marks a historic moment in digital regulation with the landslide vote by the European Parliament adopting the Digital Services Act (DSA) and Digital Markets Act (DMA) which I have been working on together with my teams from the very first day of my mandate. These two Acts, agreed upon in record time, have resonated around the world as landmarks – with front-page media coverage in many countries and even high-level political acknowledgements including by a former US President. The EU is the first jurisdiction in the...

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'Countries have made substantial progress toward implementing capital markets regulatory reform, but important gaps remain and new challenges have raised the bar.' Capital markets are like engines that help power the global economy: they perform best with regular tune-ups. In this spirit, the major regulatory overhaul following the global financial crisis was aimed at shoring up key segments, from over-the-counter derivatives to investment funds and market infrastructure, closing fault lines revealed by the crisis. But now, even after historic enhancements...

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The Commission has today adopted the 2022 Strategic Foresight Report – “Twinning the green and digital transitions in the new geopolitical context”. As we prepare to accelerate both transitions, the report identifies ten key areas of action with the objective of maximising synergies and consistency between our climate and digital ambitions. By doing so, the EU will strengthen its cross-sector resilience and open strategic autonomy, and be better prepared to face new global challenges between now and 2050. Maroš Šefčovič,...

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We, the Leaders of the Group of Seven (G7), met in Elmau, Germany, on 26-28 June 2022, were joined by the Leaders of Argentina, India, Indonesia, Senegal and South Africa, as well as Ukraine. At a time when the world is threatened by division and shocks, we, the G7, stand united. We underscore our resolve to, together with partners, jointly defend universal human rights and democratic values, the rules-based multilateral order, and the resilience of our democratic societies. In doing...

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Millions of Americans look to Walmart as their go-to place to pick up essentials. According to a complaint filed by the FTC, among the people who have come to rely on Walmart for their day-to-day needs are fraudsters who have allegedly used the retail giant’s money transfer services to bilk consumers out of millions of dollars. The FTC lawsuit charges that Walmart’s practice of looking the other way in the face of massive fraud and illegal telemarketing transactions violates...

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A renewed focus on structural reforms would help drive stronger growth and sustain living standards in Estonia as rising inflation, exacerbated by Russia’s war of aggression against Ukraine has harmed its economic recovery and risks undermining its efforts to reduce poverty. The latest OECD Economic Survey of Estonia sets out that double-digit inflation and labour shortages are slowing the pace of Estonia’s initially robust rebound from the COVID-19 crisis. Headline inflation stood at 20% year-on-year in May, with core inflation...

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