The Executive Board of the Conference on the Future of Europe, comprising representatives from the European Parliament, the Council of the European Union and the European Commission, is launching the multilingual digital platform for the Conference on the Future of Europe inviting all EU citizens to contribute to shaping their own future and that of Europe as a whole. The platform is available in 24 languages, allowing citizens from across the Union to share and exchange their ideas and...

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The European Committee of the Regions and the European Commission's Joint Research Centre organized a joint online workshop on 15 April to underline the role of regional Smart Specialisation Strategies as a cornerstone of EU policies, from the post-pandemic recovery plans to the delivery of the European Green Deal, digital transition and the Sustainable Development Goals. Smart Specialisation is an essential part of EU's cohesion policy: a place-based approach characterised by the identification of the strengths and assets of each...

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Regular format International meetings The President of the Eurogroup, Paschal Donohoe, informed the Eurogroup about the discussions at the spring meetings of the World Bank Group and the International Monetary Fund, in which he represented the euro area. Thematic discussion on insolvency frameworks The Eurogroup held a thematic discussion on insolvency frameworks based on a technical note prepared by the Commission. Effective and efficient insolvency frameworks are very important for achieving a quicker recovery as well as more robust growth and deeper financial integration...

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The economic costs of the pandemic have fallen most heavily on those least able to bear them. Governments have taken steps to support people and firms through wage subsidies, unemployment benefits, and other fiscal measures. But more investment in health care, education, and other basic public services will still be needed, and this will come at a cost. With rising inequality and mounting public debt, countries will have to find innovative approaches to raise the money to pay for it all. 'Public sentiment...

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This article argues that European Central Bank (ECB) and Federal Reserve System (Fed) monetary policy spill over to other countries asymmetrically. At the bilateral level, the Fed’s impact on the euro area is material to firms’ financial conditions and economic activity. Conversely, the impact of the ECB’s actions on the US economy is minimal. On a global scale, both central banks’ monetary policies matter for other countries, but the Fed’s monetary policy has a more sizeable impact, particularly on...

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Citizens and professionals alike value privacy most for possible future digital euro Preference for a digital euro being integrated into existing banking and payment systems Public consultation provides valuable input for Eurosystem’s decision in mid-2021 on starting formal investigation on digital euro The European Central Bank (ECB) has published today a comprehensive analysis of its public consultation on a digital euro. The analysis confirms, by and large, our initial findings: what the public and professionals want the most from...

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The Commission has today taken steps to ensure that borrowing under the temporary recovery instrument NextGenerationEU will be financed on the most advantageous terms for EU Member States and their citizens. The Commission will use a diversified funding strategy to raise up to around €800 billion in current prices until 2026. This approach, which will be in line with the best practices of sovereign issuers, will enable the Commission to raise the needed volumes in a smooth and efficient...

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One year into the pandemic, Europe finds itself at another turning point. New waves of infection are hitting the continent, requiring new lockdowns. But, unlike last year, safe and effective vaccines are now available. While the pace of vaccination is still slow, an end to the pandemic is in sight. Reflecting the periodic infection waves and the pace of vaccinations, the economic recovery in Europe is still halting and uneven. While industrial production has returned to pre-pandemic levels, the service sector...

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The COVID-19 pandemic has brought social and economic disruption worldwide, but is also providing governments with the opportunity to put economies on a more sustainable and inclusive growth path while addressing the underlying challenges, according to the OECD’s Going for Growth policy report. Going for Growth 2021: Shaping a Vibrant Recovery analyses pre-existing weaknesses as well as those brought on by the pandemic, and offers policy makers country-specific advice to seize the opportunity for a fundamental reset. OECD Secretary-General Angel Gurría and Italian Minister...

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The factors to consider on COVID-19 support measures, and a roadmap to address climate-related financial risks. This letter from the FSB Chair, Randal K. Quarles, to G20 Finance Ministers and Central Bank Governors ahead of their virtual meeting on 7 April notes that, while progress is moving at different speeds across jurisdictions, the vaccine rollout heralds an inflection point in the COVID-19 pandemic. While it is sensible to keep measures that support financial system stability and financing of the real...

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