'A record rise in private debt could slow the economic recovery, but the drag on growth will vary across countries and within them.' Governments succeeded in lessening the economic pain of the pandemic by providing plenty of liquidity to stricken consumers and businesses through credit guarantees, concessional lending and moratoriums on interest payments. But although these policies proved effective in supporting balance sheets, they also led to a spike in private debt, extending a steady increase in leverage spurred by supportive...

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Cooperation across countries can raise revenue, tackle inequality, and fight climate change. Technology, globalization, and global warming have changed the world, and taxation must keep pace. With a mouse click, individuals can move money across borders and corporations can transact with their affiliates across global supply chains. Production depends on intangible know-how assets that can be located anywhere. Employers and their employees can work in different countries. As income and factors of production become more mobile, and with climate...

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Today, the Commission has proposed a first-ever framework to protect the intellectual property for craft and industrial products that rely on the originality and authenticity of traditional practices from their regions. This framework will cover products such as Murano glass, Donegal tweed, Porcelaine de Limoges, Solingen cutlery and Boleslawiec pottery. While these products benefit from a European and sometimes global reputation and standing, producers have so far lacked an EU indication protection linking their products' origin and reputation to...

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Measures include job training, tax credits for lower-income workers, green infrastructure and R&D investment push, and a carbon tax. Consensus on the need to build a greener economy often founders on concern over potential job losses. It’s one thing to agree that a transition away from fossil fuels is needed. But how easily can a coal miner, say, shift to a job installing solar panels? The answer shouldn’t be a surprise: for some workers, the change will be difficult. But there...

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For people who prefer to buy Made in USA merchandise, products from Lithionics Battery LLC seemed like an attractive option. According to the FTC, Lithionics and General Manager Steven Tartaglia used phrases and American flag images to convey a Made in USA marketing message for their battery, battery module, and battery management system products. But don’t wave Old Glory just yet. As the FTC’s first action under the new Made in USA Labeling Rule alleges, the lithium ion cells...

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'Emerging firms are quickly making inroads into critical financial services, and often taking on more risk than traditional banks.' Technology sometimes moves at a dizzying pace. When it comes to innovation in financial activities, often referred to as FinTech, the world is seeing major advances. For banks, FinTech disrupts core financial services and pushes them to innovate to remain relevant. For consumers, it means potentially wider access to better services. Such changes also raise the stakes for regulators and supervisors—while most...

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In light of Russia’s continuing war of aggression against Ukraine, and the reported atrocities committed by Russian armed forces in Ukraine, the Council decided today to impose a fifth package of economic and individual sanctions against Russia. The agreed package includes a series of measures intended to reinforce pressure on the Russian government and economy, and to limit the Kremlin’s resources for the aggression. These latest sanctions were adopted following the atrocities committed by Russian armed forces in Bucha and other...

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The Conference on the Future of Europe Plenary session on 8-9 April debated concrete proposals. The Chairs and spokespersons of nine Working Groups tabled consolidated draft proposals, grouped by theme, to the Conference Plenary. The proposals were mainly based on the recommendations of European Citizens' Panels, as well as national panels, and enriched by ideas from the Multilingual Digital Platform. These proposals were discussed by all Plenary Members. Vice-President for Democracy and Demography, Dubravka Šuica, said: “We are now in the...

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The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Meggitt by Parker. The approval is conditional on full compliance with commitments offered by Parker. Executive Vice-President Margarethe Vestager, in charge of competition policy, said: “Manufacturers of civil and military aircraft depend on competitive supply chains for all aerospace components. Parker and Meggitt are leading global suppliers of wheels and brakes for a range of aircraft types, including military helicopters and drones. The remedy package offered...

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