Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today at the conclusion of the Group of 20 (G20) Finance Ministers and Central Bank Governors Meeting in Buenos Aires, Argentina:   “The G20 meeting of Finance Ministers and Central Bank Governors took place against the backdrop of continued strong but more uneven global growth. Indeed, the world economy is facing increasing risks, especially in the short term, from rising trade tensions, financial pressures in vulnerable...

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The European Commission has fined Google €4.34 billion for breaching EU antitrust rules. Since 2011, Google has imposed illegal restrictions on Android device manufacturers and mobile network operators to cement its dominant position in general internet search. Google must now bring the conduct effectively to an end within 90 days or face penalty payments of up to 5% of the average daily worldwide turnover of Alphabet, Google's parent company. Commissioner Margrethe Vestager, in charge of competition policy, said: "Today, mobile internet makes...

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On 13 July, the Council concluded this year's "European Semester" exercise, the annual monitoring process aimed at ensuring economic convergence and stability in the EU. The Council issued its 2018 recommendations and opinions to member states' on their economic, employment and fiscal policies. The recommendations had been endorsed by the European Council in June. The overall objective of this year's recommendations is to encourage member states to use the current favourable economic momentum to further strengthen the resilience of their economies. The European Semester...

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The Commission has adopted a decision to activate the enhanced surveillance framework for Greece to support the implementation of agreed reforms following the successful conclusion of the European Stability Mechanism (ESM) stability support programme. On 20 August, Greece will conclude its ESM stability support programme, safeguarding its place at the heart of the euro area and the European Union. This major achievement is the result of the sacrifices of the Greek people, Greece's commitment to reforms, and the solidarity of...

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By Christophe CAHN and Anne DUQUERROY Following the 2011 crisis, the European Central Bank lent massively to Eurosystem banks while extending the range of assets accepted as collateral for these loans. This Rue de la Banque shows that, by targeting a particular asset class, the easing of the collateral policy has made it possible to increase the supply of private financing to French small and medium-sized enterprises, in particular those with a single bank. The measure has also reduced the...

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Non-EU nationals exempt from visa requirements will have to get an authorisation before travelling to the EU, under new rules backed by Parliament on Thursday. The new European Travel Information and Authorisation System (ETIAS), which should be operational in 2021, will allow for advanced checks on visa-free travellers and those considered to pose a security, irregular migration or epidemic risk will be denied access. Nationals of the more than 60 countries and territories exempt from visa requirements to enter the EU will...

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US decision to quit key international deals and start trade war harms EU-US ties, but EU should not give up on transatlantic bond, said committee MEPs on Thursday. In a resolution on the state of EU-US relations, approved by 35 votes to 4, with 2 abstentions, Foreign Affairs Committee MEPs stress that the EU-US relationship is the fundamental guarantor for global stability, but regret that the US administration has chosen a one-sided “America first” policy, that harms the interests of...

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The Commission eliminated in 2017 the highest number ever of trade barriers faced by EU companies doing business abroad  The annual report on Trade and Investment Barriers, released today, shows that the European Commission has eliminated the highest number ever of trade barriers faced by EU companies doing business abroad. European exporters reported a major increase in protectionism in 2017. The report highlights that thanks to the EU's enhanced Market Access Strategy, 45 obstacles were lifted fully or in part in 2017...

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