Justin Trudeau, Prime Minister of Canada and Donald Tusk, President of the European Council, met in Montreal on 17-18 July 2019 for the 17th Canada-European Union Summit. They issued the following statement: The partnership between Canada and the European Union (EU) is deep and lasting, with its roots in shared values, a long history of close cooperation, and strong people-to-people ties. The Canada-EU Strategic Partnership Agreement (SPA) and the Comprehensive Economic and Trade Agreement (CETA) reflect our shared commitment...

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By Yuanyan Sophia Zhang |  International Monetary Fund Wage rises have remained stubbornly low in advanced Europe in recent years, but, at the same time, newer EU members are experiencing rapid wage acceleration. This paper investigates the drivers of this wage divergence. Econometric analysis using error correction models suggests that wage growth responds more quickly to changes in unemployment in the newer EU members than in advanced Europe, where wages are more closely related to inflation and inflation expectations in the...

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Governments worldwide provide more than USD 500 billion in often ineffective and trade distorting support to farmers each year, and efforts to reform these policies have largely stalled, according to a new OECD report. Agricultural Policy Monitoring and Evaluation 2019 shows that farm policies in the 53 countries studied in the report – all OECD and EU countries, plus 12 key emerging economies – provided on average USD 528 billion (EUR 465 billion) per-year of direct support to farmers during the...

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The European Commission has opened a formal antitrust investigation to assess whether Amazon's use of sensitive data from independent retailers who sell on its marketplace is in breach of EU competition rules. Commissioner Margrethe Vestager, in charge of competition policy, said: "European consumers are increasingly shopping online. E-commerce has boosted retail competition and brought more choice and better prices. We need to ensure that large online platforms don't eliminate these benefits through anti-competitive behaviour. I have therefore decided to take a very...

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By Antonio de Lecea The US administration just announced a new $4 billion list of European Union (EU) products which it could apply additional tariffs on in response to the ongoing dispute between both sides of the Atlantic over government subsidies to aerospace companies Boeing and Airbus. While the United States thinks it can create better economic outcomes by forcing concessions out of Europe, this new action will only continue the lose-lose spiral of threats gripping the transatlantic trade relationship....

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“We will do it the European way” On 16 July 2019 the European Parliament elected Ursula von der Leyen the future President of the European Commission. She is the first woman to be President-elect of the European Commission.  A European by heart and by conviction, Ursula von der Leyen announced that she will focus on an ambitious climate agenda to make Europe the first climate-neutral continent by 2050. She also committed to working closely with the European Parliament to strengthen democracy and a...

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G7 high-level conference – Paris, 16 July 2019 - Bretton Woods: 75 years later – Thinking about the next 75 Welcome address by François Villeroy de Galhau, Governor of the Banque de France Ladies and Gentlemen, It is a great pleasure to welcome you to this G7 high-level conference dedicated to the next 75 years of the Bretton Woods system… which is a sign of confidence. 75 years ago, John M. Keynes for Britain, Harry Dexter White for the US, Pierre Mendès-France...

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With 383 votes in favour, the European Parliament elected Ursula von der Leyen President of the next European Commission in a secret ballot on 16 July. She is set to take office on 1 November 2019 for a five-year term. There were 733 votes cast, one of which was not valid. 383 members voted in favour, 327 against, and 22 abstained. Parliament currently comprises 747 MEPs as per the official notifications received by member state authorities, so the threshold needed to...

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