The EU Commission has published its first preliminary assessment of the impact of SURE, the €100 billion instrument designed to protect jobs and incomes affected by the COVID-19 pandemic. The report finds that SURE has been successful in cushioning the severe socio-economic impact resulting from the COVID-19 crisis. It has helped to ensure that the increase in unemployment in the beneficiary Member States during the crisis has been significantly smaller than during the global financial crisis, despite them experiencing a...

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1. Introduction A phenomenon referred to as the “paradox of banknotes” has been observed in the euro area; in recent years, the demand for euro banknotes has constantly increased while the use of banknotes for retail transactions seems to have decreased. Recent payment surveys indicate that the share of cash transactions in the euro area has decreased. This, together with ongoing digitalisation in retail payments, might have been expected to lead to a decrease in the demand for cash. However, this reduction in...

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Today, the Council of the OECD composed of Ambassadors representing the 37 Member Countries, took the formal decision to appoint Mr. Mathias Cormann of Australia to become the sixth Secretary-General of the Organisation, for a 5 year-term beginning on 1 June 2021. Member countries took this decision following the conclusion of the seven-month Selection Process led by the Dean of the Council, and chair of the Selection Committee, Ambassador Christopher Sharrock of the United Kingdom, that began in August 2020....

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Compounded €STR average rates and compounded index based on €STR to be published as of 15 April 2021 Average rates to cover 1-week, 1-month, 3-month, 6-month and 12-month tenors Publication via ECB’s Market Information Dissemination (MID) platform and Statistical Data Warehouse The European Central Bank (ECB) will start publishing compounded €STR average rates and a compounded index based on the euro short-term rate (€STR) on 15 April 2021. Publication will take place on each TARGET2 business day at 09:15 CET...

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The European Commission launched today, at an online event, the European Innovation Council (EIC) with a budget of over €10 billion (in current prices) for 2021-2027 to develop and expand breakthrough innovations. Building on a successful pilot programme under Horizon 2020, the new EIC is not only a novelty of Horizon Europe, but it is also unique in the world: it combines research on emerging technologies with an accelerator programme and a dedicated equity fund, the European Innovation Council Fund, to scale up innovative...

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Speech by Luis de Guindos, Vice-President of the ECB, at the High-level conference on “Strengthening the EU’s bank crisis management and deposit insurance framework: for a more resilient and efficient banking union” organised by the European Commission | Setting up the banking union was a crucial step in ensuring the stability of the euro area financial system and strengthening Economic and Monetary Union (EMU). The global financial crisis and sovereign debt crisis highlighted the need to make faster progress towards...

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The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes its first Trends, Risks and Vulnerabilities (TRV) Report of 2021. The Report analyses the impact of COVID-19 on financial markets during the second half of 2020 and highlights the increasing credit risks linked to significant corporate and public debt overhang, as well as the risks linked with investments in non-regulated crypto-assets. Continued high risk across financial markets Globally, risks in markets under ESMA’s remit remain very high. The...

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The European Commission has disbursed today €9 billion to seven EU Member States in the fifth installment of financial support to Member States under the SURE instrument. This is the second disbursement in 2021. As part of today's operations, Czechia has received €1 billion, Spain €2.87 billion, Croatia €510 million, Italy €3.87 billion, Lithuania €302 million, Malta €123 million and Slovakia €330 million. This is the first time that Czechia has received funding under the instrument. The other six...

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