The Commission proposes new targets for the EU fleet wide average CO2 emissions of new passenger cars and vans to help accelerate the transition to low- and zero emission vehicles. The Commission today took a decisive step forward in implementing the EU's commitments under the Paris Agreement for a binding domestic CO2 reduction of at least 40% till 2030. At the same time as the international climate conference takes place in Bonn, the Commission is showing that the EU is...

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The Eurogroup meeting took place in two formats: the first part was a regular meeting of the euro area ministers, while the second part was a meeting of the ministers of 27 EU member states with the aim of preparing the December Euro Summit. In September, President Tusk announced that the Euro Summit, which is expected to discuss matters related to the Economic and Monetary Union (EMU), would take place in an inclusive format. This includes the euro area member states and...

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The European Investment Bank (EIB) and Nacional Financiera (NAFIN), one of Mexico’s leading development banks, have signed a USD 100 million loan to support climate action projects in Mexico. The loan to NAFIN will be on-lent to private sector borrowers to develop wind farm projects, including one 200 MW farm located in the State of Coahuila, northern Mexico and a 130 MW farm in the State of Zacatecas.  The development of wind energy in Mexico supports national targets for renewable energy...

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The European Investment Bank and SKB, Sweden’s largest non-profit privat housing co-operative, signed a EUR 56 million loan agreement to build new minimum energy apartments in the Stockholm region. This is the first time the EIB provides direct financing for energy efficient residential buildings in Sweden, which are also known as “nearly zero-energy” buildings. “We are happy to support SKB in its long-term efforts to create sustainable, and climate friendly housing in the capital region,” said EIB Vice-President Alexander Stubb....

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Ladies and gentlemen, I come full of hope for my country, for Europe, for the bilateral relationship between both countries. And full of willingness too. A few words about our bilateral relationship. I believe in a strong transatlantic relationship. Between the US and France. We share a huge responsibility on the world stage. We live in an unstable world – both politically and economically. And I am convinced we have a better chance of successfully dealing with the many challenges we face if...

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The European Investment Bank (EIB) is lending EUR 50m to Transgaz, the national gas transmission company of Romania, to finance the construction of a new European gas transmission corridor to increase security of gas supply and to reduce energy dependence by making it possible to diversify gas supply routes and sources. This operation is backed by the European Fund for Strategic Investments (EFSI) under the Investment Plan for Europe (IPE). The new pipeline represents the first phase of the Romanian section of...

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The European Investment Bank (EIB) and the European Investment Fund (EIF) – jointly the EIB Group – today signed the first guarantee agreements with ProCredit Holding and its subsidiaries in order to support EUR 100 million of lending to small and medium-sized enterprises (SMEs) in Georgia, Moldova and Ukraine under the EU4Business initiative. These agreements will enable the ProCredit banks in these countries to facilitate access to finance for local SMEs by providing a 70% guarantee on each loan and...

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Following on from the announcements made in President Juncker's 2017 State of the Union Address, the European Commission is today presenting its plans for completing the work on President Juncker's ten political priorities before the end of its mandate, as well as a series of forward-looking initiatives for the future of Europe. President Jean-Claude Juncker said: “Europe is regaining its strength, and we must take advantage of this renewed momentum. We have already put on the table 80% of the proposals we promised when...

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By Cecilia Malmström A couple of weeks ago a new EU-Canada trade agreement, known as CETA, came into force. If you're involved in a business that already exports to Canada, or is considering doing so, it's time to crack open the champagne. Why? Well, if you export goods, CETA is the tariff beater – you no longer have to pay Canadian customs duties on 98% of all products from day one, saving your company money and allowing you to compete more...

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Beyond Nominal Convergence The current criteria for adopting the euro refer to nominal variables relating to the macroeconomic environment – the inflation rate, the long-term interest rate and the exchange rate – and to the budget deficit and debt ratios. However, these criteria do not necessarily reflect developments in the real economy, which can also pose challenges on the road to adopting the euro. The European debt crisis, multiple euro area accession experiences, academic analyses, as well as evidence from the...

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