The Commission has today proposed an annual EU budget of €167.8 billion for 2022, to be complemented by an estimated €143.5 billion in grants under NextGenerationEU. Their combined firepower will mobilise significant investments to boost the economic recovery, safeguard sustainability, and create jobs. It will prioritise green and digital spending in order to make Europe more resilient and fit for the future. Commissioner Johannes Hahn, responsible for the EU Budget, said: “Today, we are putting forward unprecedented levels of financial support to...

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HM Treasury | 5 June 2021, London, United Kingdom We, the Finance Ministers and Central Bank Governors of the G7, met virtually on 28 May 2021, and Finance Ministers met in London on 4-5 June 2021, joined by the Heads of the International Monetary Fund (IMF), World Bank Group, Organisation for Economic Cooperation and Development (OECD), Eurogroup, and (on 28 May) Financial Stability Board (FSB). We agreed concrete actions to address today’s historic challenges and as part of our renewed...

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The G7 on the 5 June 2021 agreed to back an historic international agreement on global tax reform which delivers on the Chancellor’s promise for big international companies to start paying their fair share. G7 Finance Ministers during their meeting in London came together to tackle the tax challenges that arise from the global digital economy. Following years of discussions, finance ministers agreed to reforms which will see multinationals pay their fair share of tax in the countries they do...

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05/06/2021 - OECD Secretary-General Mathias Cormann welcomed today’s ground-breaking agreement by G7 Finance Ministers on key elements of international tax reform designed to address the tax challenges of the digitalisation and the globalisation of the economy. "Governments around the world need to be able to raise the necessary revenue to fund the essential public services and support that their populations require and expect, in a way that is efficient, least distorting and also fair and equitable", said Mr. Cormann. "The combined effect...

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Speech by Christine Lagarde, President of the ECB, on the occasion of the awarding of the Prix Turgot 2021, Paris | It is a great pleasure to be here once again in Bercy, which brings back so many memories. I am very grateful to Jean-Claude Trichet and the Cercle Turgot for bestowing this prize on me. It is an honour to join such an illustrious group of recipients. Anne-Robert, Jacques Turgot himself said that “the whole mass of humanity … marches...

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The Commission today proposed a framework for a European Digital Identity which will be available to all EU citizens, residents, and businesses in the EU. Citizens will be able to prove their identity and share electronic documents from their European Digital Identity wallets with the click of a button on their phone. They will be able to access online services with their national digital identification, which will be recognised throughout Europe. Very large platforms will be required to accept...

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On June 2, the European Commission is presenting a new Strategy to make the largest free travel area in the world – the Schengen area – stronger and more resilient. The Schengen area is home to more than 420 million people across 26 countries. The removal of internal border controls between Schengen States is an integral part of the European way of life: almost 1.7 million people reside in one Schengen State and work in another. People have built their lives around...

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Statement by the European Commission on Swiss decision to terminate IFA negotiations The Swiss Federal Council took the decision to terminate the negotiations of the EU-Swiss Institutional Framework Agreement. We take note of this unilateral decision of the Swiss Government. We regret this decision, given the progress that has been made over the last years to make the Institutional Framework Agreement a reality. The EU-Swiss Institutional Framework Agreement was intended as the foundation to enhance and develop EU-Swiss bilateral relations for the future....

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Watch the live webcast of the press conference Prospects for the world economy have brightened but the recovery is likely to remain uneven and, crucially, dependent on the effectiveness of public health measures and policy support, according to the OECD’s latest Economic Outlook.  In many advanced economies more and more people are being vaccinated, government stimulus is helping to boost demand and businesses are adapting better to the restrictions to stop the spread of the virus. But elsewhere, including in many emerging-market...

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