Chapter News

26 Jan
Chapter News

State aid: EU Commission approves €2.9 billion public support by twelve Member States for a second pan-European research and innovation project along the entire battery value chain

The Commission has approved, under EU State aid rules, a second Important Project of Common European Interest (“IPCEI”) to support research and innovation in the battery value chain. The project, called “European Battery Innovation” was jointly prepared and notified by Austria, Belgium, Croatia, Finland, France, Germany, Greece, Italy, Poland, Slovakia, Spain and Sweden. The twelve Member States will provide up to €2.9 billion in funding in the coming years. The public funding is expected to unlock an additional €9 billion in private...

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26 Jan
Chapter News

ECB sets up climate change centre

New unit, operational as of early 2021, to strengthen and bring together ECB work on climate Decision reflects growing importance of climate change for the economy and the ECB’s policy Climate change centre will shape and steer climate agenda The European Central Bank (ECB) has decided to set up a climate change centre to bring together the work on climate issues in different parts of the bank. This decision reflects the growing importance of climate change for the economy and the...

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26 Jan
Chapter News

Speech by Christine Lagarde | Climate change and central banking

Keynote speech by Christine Lagarde, President of the ECB, at the ILF conference on Green Banking and Green Central Banking | Frankfurt am Main, 25 January 2021 In the famous fable “Belling the Cat”, a group of mice gather to discuss how to deal with a cat that is eating them one by one. They hatch a plan to put a bell on the cat so they can hear it coming and escape before being caught. When it comes to who will...

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25 Jan
Chapter News

Speech | Sustainable finance: transforming finance to finance the transformation

Keynote SPEECH by Fabio Panetta, Member of the Executive Board of the ECB, at the 50th anniversary of the Associazione Italiana per l’Analisi Finanziaria (by videoconference) | Introduction I would like to start by thanking the Italian Association for Financial Analysts (Associazione Italiana per l'Analisi Finanziaria, AIAF) for inviting me to speak on the occasion of its 50th anniversary. Promoting high standards in financial analysis is vitally important for guaranteeing the development and the integrity of markets, to ensure they can serve the...

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25 Jan
Chapter News

New US president: how EU-US relations could improve

A new US president taking office represents an opportunity to reset transatlantic relations. Find out what the EU is offering to work together on. On 20 January, the day of Biden's inauguration, MEPs debated the political situation in the US. They also welcomed the new president as an opportunity for Europe to strengthen EU-US ties and tackle common challenges and threats to the democratic system. Europe and America have traditionally always been allies, but under Donald Trump the US has been...

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25 Jan
Chapter News, COVID-19 News

Coronavirus: EU Commission proposes additional safeguards on travel from outside the EU and updated criteria for applying travel restrictions

Today the Commission is proposing additional safeguards and requirements for international travellers into the EU. New coronavirus variants and the volatile health situation worldwide call for further action to ensure that any travel to the EU takes place safely. To reflect the latest scientific advice, the Commission is also proposing updated criteria taking into account the testing rate, testing positivity and detection of variants of concern when deciding on the application of restrictions on non-essential travel to the EU to a specific non-EU country.   Additional safeguards on travel from outside the EU  Member States should introduce additional measures to ensure that travel into the EU takes place safely. This concerns those travelling...

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22 Jan
Chapter News

U.S. Fed Speech | Full Employment in the New Monetary Policy Framework

Speech by Governor Lael Brainard at the Inaugural Mike McCracken Lecture on Full Employment Sponsored by the Canadian Association for Business Economics (via webcast) | I want to thank the Canadian Association for Business Economics for inviting me to join you today, particularly president Bonnie Lemcke and past president Armine Yalnizyan. It is a pleasure to be here with Carolyn Wilkins. I am honored to deliver the inaugural Mike McCracken Lecture on Full Employment.1 Widely known for his critical contributions in bringing...

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22 Jan
Chapter News

Euro banknote counterfeiting at historically low level in 2020

460,000 counterfeit euro banknotes withdrawn from circulation in 2020, a historically low level in proportion to banknotes in circulation About two thirds of the total were €20 and €50 banknotes Euro banknotes continue to be a trusted and safe means of payment All euro banknotes can be verified using the “feel, look and tilt” method Some 460,000 counterfeit euro banknotes were withdrawn from circulation in 2020 (220,000 in the second half of the year), a decrease of 17.7% when...

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22 Jan
Chapter News

Results of the ECB Survey of Professional Forecasters in the first quarter of 2021

Shorter-term inflation expectations largely unchanged; longer-term inflation expectations unchanged at 1.7% Opposing revisions to real GDP growth outlook, with near-term forecasts revised down but stronger rebound envisaged thereafter Unemployment rate expectations revised down across all horizons Respondents to the European Central Bank (ECB) Survey of Professional Forecasters (SPF) for the first quarter of 2021 reported point forecasts for annual HICP inflation averaging 0.9%, 1.3% and 1.5% for 2021, 2022 and 2023 respectively. These were unchanged for both 2021 and...

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21 Jan
Chapter News

EU tax haven blacklist is not catching the worst offenders

Criterion to judge if a country’s tax system is fair or not needs to be widened Countries should not be removed from the blacklist if they only make symbolic tweaks A 0% tax rate policy should automatically lead to being placed on the blacklist List has to be formalised through a legally binding instrument by end 2021 MEPs adopted a resolution pushing for the system used to draw up the EU list of tax havens to be changed, as...

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