The COVID-19 pandemic pushed economies into a Great Lockdown, which helped contain the virus and save lives, but also triggered the worst recession since the Great Depression. Over 75 percent of countries are now reopening at the same time as the pandemic is intensifying in many emerging market and developing economies. Several countries have started to recover. However, in the absence of a medical solution, the strength of the recovery is highly uncertain and the impact on sectors and countries...
The Commission adopted today a report on the Marine Strategy Framework Directive (MSFD) which reveals that, while the EU's framework for marine environmental protection is one of the most comprehensive and ambitious worldwide, persistent challenges remain, such as excess nutrients, underwater noise, plastic litter, and other types of pollution as well as unsustainable fishing. This message is further reinforced in the European Environment Agency's “Marine Messages II” also published today.
“This report and the accompanying EEA Marine Messages confirm that we need...
The European innovation scoreboard provides a comparative analysis of innovation performance in EU countries, other European countries, and regional neighbours. It assesses relative strengths and weaknesses of national innovation systems and helps countries identify areas they need to address. The European innovation scoreboard 2020 was released on 23 June 2020.
European innovation scoreboard 2020
The 2020 edition of the innovation scoreboard highlights that the EU's innovation performance continues to increase at a steady pace, with growing convergence between EU countries. On average, the...
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 Carlota Cenalmor, Permanent Representative of the European Investment Bank a Member of the EACCNY.
The questions we asked our members for this series are:
1) What are some challenges you, personally...
Today, just over two years after its entry into application, the European Commission published an evaluation report on the General Data Protection Regulation (GDPR). The report shows the GDPR has met most of its objectives, in particular by offering citizens a strong set of enforceable rights and by creating a new European system of governance and enforcement. The GDPR proved to be flexible to support digital solutions in unforeseen circumstances such as the Covid-19 crisis. The report also concludes that...
The Commission has today proposed an EU budget of €166.7 billion for 2021, to be complemented by €211 billion in grants and approximately €133 billion in loans under Next Generation EU, the temporary recovery instrument aimed at mobilising investments and kick-starting the European economy. Together, the annual budget and Next Generation EU will mobilise significant investments in 2021 to address the immediate economic and social damage caused by the coronavirus pandemic, kick-start a sustainable recovery and protect and create...
The EU is temporarily adapting banking rules in order to maximise the capacity of banks to lend money and support households and businesses to recover from the COVID-19 crisis.
The banking package adopted today provides targeted and exceptional legislative changes to the capital requirements regulation (CRR 2). These changes will allow credit institutions to fully play their role in managing the economic shock that stems from the COVID-19 pandemic by fostering credit flows.
Thanks to the reforms conducted after the 2008 financial crisis,...
To address the severe disruptions created by the COVID-19 pandemic, the EU will allow more time to comply with rules on cross-border information reporting and exchanges and VAT for e-commerce.
Directive on administrative cooperation in the area of taxation (DAC)
The Council adopted an amendment to the DAC allowing member states an option to defer by up to 6 months the time limits for the filing and exchange of the following information:
automatic exchanges of information on financial accounts of which the beneficiaries are tax...
ECB and other major central banks to reduce frequency of 7-day US dollar operations from daily to three times per week, operations with 84-day maturity continue to be offered weekly
New frequency effective from 1 July 2020, to remain in place for as long as appropriate to support smooth functioning of US dollar funding markets
ECB and other major central banks stand ready to re-adjust provision of US dollar liquidity as warranted by market conditions
In view of the...
Previously published in FINANCE & DEVELOPMENT, JUNE 2020, VOL. 57, NUMBER 2 | By Daniel Susskind, James Manyika, Jean Saldanha, Sharan Burrow, Sergio Rebelo, and Ian Bremmer
Six prominent thinkers reflect on how the pandemic has changed the world
Daniel SUSSKIND is a fellow in economics at Balliol College, Oxford University, and author of A World Without Work (Allen Lane, 2020).
In March 2020, Rabbi Jonathan Sacks, an influential figure in British intellectual life, described the COVID-19 catastrophe as “the nearest we have to a revelation for atheists.”
At the time...