Main results Economic impact of COVID-19 and recovery measures Ministers exchanged views on the progress achieved on the implementation of measures to respond to the COVID-19 crisis at EU level. The European Commission and the European Central Bank (ECB) presented their assessment of the current situation. We are at a crucial moment in our response to the economic consequences of the COVID-19 crisis. We are stepping up our efforts to make sure that companies, employees and member states can access the funds...

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Improving drivers’ working conditions Clear rules on posting of drivers Better enforcement to fight illegal practices Parliament backs revised rules to improve drivers’ working conditions and stop distortion of competition in road transport. MEPs endorsed all three legal acts without any amendments, as adopted by EU ministers in April 2020. The political agreement with the Council was reached in December 2019. The revised rules for posting of drivers, drivers’ driving times and rest periods and better enforcement of cabotage rules (i.e. transport...

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To become climate-neutral by 2050, Europe needs to transform its energy system, which accounts for 75% of the EU's greenhouse gas emissions.  The EU strategies for energy system integration and hydrogen, adopted today, will pave the way towards a more efficient and interconnected energy sector, driven by the twin goals of a cleaner planet and a stronger economy. The two strategies present a new clean energy investment agenda, in line with the Commission's Next Generation EU recovery package and the European Green Deal....

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The COVID-19 pandemic is devastating labor markets across the world. Tens of millions of workers lost their jobs, millions more out of the labor force altogether, and many occupations face an uncertain future. Social distancing measures threaten jobs requiring physical presence at the workplace or face-to-face interactions. Those unable to work remotely, unless deemed essential, face a significantly higher risk of reductions in hours or pay, temporary furloughs, or permanent layoffs. What types of jobs and workers are most at...

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Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally. We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring James S. York, Director of US Business & Innovation, Enterprise Estonia a Member of the EACCNY. The questions we asked our members for this series are: 1) What are some challenges you, personally...

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Today, the European Commission published its latest report on the Commission's system to prevent or restrict the selling of dangerous products on the market, the so-called ‘Rapid Alert System'. The report shows that the number of actions taken by authorities following an alert is growing year on year, reaching 4,477 in 2019 compared to 4050 in 2018. Didier Reynders, Commissioner for Justice, said: “The Rapid Alert System is available 24 hours, 7 days a week, keeping information flowing and our single market safe. As...

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The EU economy will experience a deep recession this year due to the coronavirus pandemic, despite the swift and comprehensive policy response at both EU and national levels. Because the lifting of lockdown measures is proceeding at a more gradual pace than assumed in our Spring Forecast, the impact on economic activity in 2020 will be more significant than anticipated. The Summer 2020 Economic Forecast projects that the euro area economy will contract by 8.7% in 2020 and grow by 6.1% in...

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Speech by President Charles Michel | First of all, I would like to thank you for inviting me to speak at this 20th edition of your economic forum. This year, by way of exception, the forum will be conducted virtually. And it is the exceptional nature of this COVID-19 crisis that I wish to address first, setting the context for the action we are endeavouring to take at EU level. It is a simple yet astonishing fact: leaders throughout the world – regardless...

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ECB supportive of banks’ European Payments Initiative Pan-European card and digital wallet to complete European retail payments market The European Central Bank (ECB) welcomes the decision by 16 European banks to launch the European Payments Initiative. This initiative aims to create a unified payment solution for consumers and merchants across Europe, encompassing a payment card and a digital wallet and covering in-store, online and person-to-person payments as well as cash withdrawals. In recent years, significant progress has been made towards...

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