Benchmarks are widely used to track market developments. As many financial transactions are linked to them, they can determine who benefits from investing in a particular financial product. However, financial scandals involving benchmarks such as Libor and Eurobibor have shown that they are susceptible to manipulation.On 7 April the economic affairs committee votes on new rules to ensure the full transparency of all benchmarks used in the EU. Watch the committee meeting live online on Thursday 7 April from 9.00...

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Speech by European Commission Vice-President Ansip, in charge of the Digital Single Market, at DIGITALEUROPE's event Europe's Digital Prospects: Masters of Digital or Mastered by Digital? in Brussels Ladies and gentlemen, Industry is the main driving force of Europe's economy. It manufactures, it employs and exports. To keep up as the world turns more digital, it will have to turn more digital itself. In the future, all industrial sectors must make the best use of new technologies. Transport to telecom equipment, factories to farming, high-tech...

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Commission invests over €7.5 million under the European Maritime and Fisheries Fund to boost innovation, growth and jobs in the marine and maritime sectors. The European Commission is investing over €7.5 million to boost innovation and create jobs in the marine and maritime sectors. The money is available under the European Maritime and Fisheries Fund and divided in calls for proposal focusing on the key areas where the European Union can have the biggest impact: skills, creativity and technology. Innovation in...

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At the heart of the continent’s numerous crises is a broken democracy. Here’s how to fix it. By Thomas Piketty, Jeremy Adelman, Anne-Laure Delatte | April 4, 2016   The old world is in trouble. A prolonged economic slump, a debt crisis it can’t shake, malaise in the face of the humanitarian catastrophe generated by waves of asylum-seekers from the Middle East and North Africa, and security institutions seemingly incapable of keeping citizens safe — together, they have revealed the crippled state of...

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April 3, 2016 His Excellency Mr. Alexis Tsipras Prime Minister of the Hellenic Republic Athens, Greece Dear Prime Minister, Thank you for your letter of April 2, in which you ask about the IMF’s position regarding the program negotiations with Greece. My view of the ongoing negotiations is that we are still a good distance away from having a coherent program that I can present to our Executive Board. I have on many occasions stressed that we can only support a program that is credible...

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2016 National Trade Estimate Illustrates the Office of the U.S. Trade Representative’s Efforts to Remove Obstacles to Made-in-America Exports and Increase Economic Opportunity Abroad for American Workers, Farmers, and Businesses Washington, D.C. – American exports are a critical source of economic growth, prosperity, and jobs in every state. Central to President Obama’s commitment to doing trade right is applying all of the resources available to the U.S. Trade Representative (USTR) toward opening important markets to American exports, and leveling the playing...

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Speech by Peter Praet, Member of the Executive Board of the ECB, at Luiss School of European Political Economy, Rome, 4 April 2016 In the last half century central banks have come a long way in how they approach their macro-stabilisation functions. As recently as the late 1970s, views still diverged across advanced economy central banks as to the efficacy of monetary policy in delivering price stability. Some, such as the Bundesbank and the Swiss National Bank, were already committed...

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Hourly labour costs ranged from €4.1 to €41.3 across the EU Member States in 2015-Lowest in Bulgaria and Romania, highest in Denmark and Belgium In 2015, average hourly labour costs in the whole economy (excluding agriculture and public administration) were estimated to be €25.0 in the European Union (EU) and €29.5 in the euro area. However, this average masks significant gaps between EU Member States, with the lowest hourly labour costs recorded in Bulgaria (€4.1), Romania (€5.0), Lithuania (€6.8), Latvia...

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As a result of one of the first measures in the Capital Markets Union Action Plan, insurers will find it more attractive and cheaper to invest in infrastructure projects as of tomorrow, 2 April 2016. The European Commission proposed an amendment to EU prudential rules, known as Solvency II, as part of the CMU Action Plan launched on 30 September 2015. This amendment to a delegated act under Solvency II was published today in the Official Journal and enters into...

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