May 12, 2020 | Composite leading indicators (CLIs) in most major economies collapsed by unprecedented levels in April as containment measures for Covid-19 continued to have a severe impact on production, consumption and confidence.  In China, however, where containment measures have already been eased, the CLI for the industrial sector is tentatively pointing towards a positive change in momentum, with April’s CLI and a large upward revision for March both pushing the CLI upwards. Some care is needed in interpretation, as...

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May 14, 2020 | Financial circumstances were generally positive for most adults at the end of 2019. However, the Federal Reserve Board's latest Report on the Economic Well-Being of U.S. Households, Featuring Supplemental Data from April 2020, found that financial conditions changed dramatically for people who experienced job loss or reduced hours during March 2020 as the spread of COVID-19 intensified in the United States. The report draws from the Board's seventh annual Survey of Household Economics and Decisionmaking (SHED), which examines...

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May 19, 2020 | The Commission has mobilised another €122 million from its research and innovation programme, Horizon 2020, for urgently needed research into the coronavirus. The new call for expressions of interest contributes to the Commission's €1.4 billion pledge to the Coronavirus Global Response initiative, launched by President Ursula von der Leyen on 4 May 2020. The new call is the latest addition to a range of EU-funded research and innovation actions to fight the coronavirus. It complements earlier actions to develop diagnostics, treatments and vaccines by strengthening capacity...

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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 Mika Koskinen , Consul General, Consulate General of Finland a EACCNY member. The questions we asked our members for this series are: 1) What are some challenges you, personally and your organization have...

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May 18, 2020 | The world is in the grip of the COVID-19 pandemic and the ensuing Great Lockdown has pushed many countries into deep recessions—worse than during the 2008–09 global financial crisis. In response, governments and central banks all over the world have introduced strong discretionary (one-off and specific) fiscal and monetary measures to counteract the economic fallout caused by the spread of the coronavirus. Existing automatic stabilizers (such as income-based taxes and unemployment and household benefits), which differ across countries, have generally operated...

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May 14, 2020 | • Request for subsidy ceilings and a real-time IT information system to distribute EU agriculture and cohesion funding more fairly and transparently • More funding needed for the underfinanced Public Prosecutor’s Office to fight cross-border fraud • The EESC’s and Council’s discharges postponed to remedy shortcomings before autumn European Parliament granted discharge to the Commission and most other EU institutions, but called for the fight against conflict of interest to be strengthened. The Parliament, voting on Wednesday by 499 votes...

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May 15, 2020 | Speech by Michel Barnier. Ladies and gentlemen, I am happy to be with you again, even if still only virtually. I hope that you and your friends and families are as well as can be, in these times that remain difficult and continue to require our individual and collective mobilisation. Three weeks ago, at the end of our second negotiation round on our future partnership with the United Kingdom, I told you that the EU's objective was to move...

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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 Georges Ugeux, Chairman & CEO, Galileo Advisors a EACCNY member. The questions we asked our members for this series are: 1) What are some challenges you, personally and your organization have faced? 2) What...

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May 13, 2020 | Today, the Commission presents a package of guidelines and recommendations to help Member States gradually lift travel restrictions and allow tourism businesses to reopen, after months of lockdown, while respecting necessary health precautions. The Commission's guidance aims to offer people the chance to get some well-needed rest, relaxation and fresh air. As soon as the health situation allows, people should be able to catch up with friends and family, in their own EU country or across borders, with...

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May 14, 2020 | The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has published A STATEMENT supporting THE RECOMMENDATIONS issued by the General Board of the European Systemic Risk Board (ESRB).  These recommendations are part of a set of actions to address the Coronavirus emergency from a macroprudential perspective. ESMA expresses its support to the ESRB Recommendation, which suggests that relevant NCAs across the European Union (EU), coordinated by ESMA, undertake focused supervisory engagement with investment funds that have significant...

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