This report, for public consultation, provides an evaluation of too-big-to-fail (TBTF) reforms for systemically important banks. These reforms were endorsed by the G20 in the aftermath of the 2008 global financial crisis and have been implemented in FSB jurisdictions over the past decade. The evaluation examines the extent to which the reforms are reducing the systemic and moral hazard risks associated with systemically important banks, as well as their broader effects on the financial system. The reforms being evaluated include:...

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President Ursula von der Leyen announced a new pledge of €4.9 billion by Team Europe, with the European Investment Bank, for universal access to coronavirus vaccines, tests and treatments. Read the transcript of her first statements during the ‘Global Goal: Unite for our Future' Summit. The event is ongoing and can be watched here. On the world's roadmap for ending this pandemic and the needs for investments We will only end this pandemic when it has been ended everywhere. That means every person in the...

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Eurosystem repo facility for central banks (EUREP) introduced as precautionary backstop to address pandemic-related euro liquidity needs outside euro area EUREP to allow broad set of central banks to borrow euro against euro-denominated debt issued by euro area central governments and supranational institutions New facility to be available until June 2021 In response to the coronavirus (COVID-19) crisis, the Governing Council of the European Central Bank (ECB) decided to set up a new backstop facility, called the Eurosystem repo...

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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...

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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...

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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 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...

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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...

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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...

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