Mr President, Ladies and Gentlemen, Buongiorno, As you are, I am happy to be here in Taormina for this 43rd G7 Summit, the sixth in fact taking place in Italy. And I would like to thank Prime Minister Gentiloni for his hospitality and wish him all possible luck to have a successful Italian Presidency of the G7. We will meet in a few moments from now – and there are four new leaders around the table. So Donald and myself, we are the...

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The College today held an Orientation Debate to prepare the Reflection Paper on the future of European Defence by 2025, which is due to be adopted on 7 June. The Paper will open up discussions on how to better use the existing opportunities under the EU Treaties to create improve the security of our citizens. Defence and security is a field that is a top priority for European Union citizens. A stronger Europe when it comes to security and defence...

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The European System of Central Banks (ESCB) welcomes the publication of the Foreign Exchange Global Code of Conduct (Code) and related adherence mechanisms material. This is a significant global initiative to promote a robust, fair, liquid, open and transparent foreign exchange (FX) market underpinned by high ethical standards which benefits all wholesale FX market participants. Well-functioning financial markets are important to central banks in ensuring a smooth transmission of monetary policy to the real economy, from which all citizens...

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• Repricing risks in fixed income markets remain significant • Market pressure on euro area banks has receded amid persisting structural vulnerabilities • Continued political uncertainty and potentially higher bond yields could trigger renewed debt sustainability concerns • Brexit not expected to pose significant financial stability risk to euro area Systemic stress indicators for the euro area have remained low over the past six months, according to the latest Financial Stability Review of the European Central Bank. The risk of a rapid repricing...

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The data protection reform package which entered into force in May 2016 and will be applicable as of May 2018 includes the General Data Protection Regulation ("Regulation") and the Data Protection Directive for the police and criminal justice sector. The reform is an essential step to strengthening citizens' fundamental rights in the digital age and facilitating business by simplifying rules for companies in the Digital Single Market. What will change under the General Data Protection Regulation? The Regulation updates and modernises the...

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Commission sets out economic policy guidance and calls on Member States to pursue structural reforms, boost investment and strengthen public finances. The European Commission has set out its economic policy guidance to Member States for the next 12-18 months, in its 2017 country-specific recommendations (CSRs). The economy in the EU and the euro area is proving resilient, but challenges continue. The Commission wants Member States to strengthen the fundamentals of their economies by implementing the common economic and social priorities of...

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European Commission services have today published their annual European Financial Stability and Integration Review (EFSIR) report, which takes stock of recent developments in financial markets and the financial sector. The report highlights a positive trend in the recovery of the European economy, in spite of the challenging economic and political environment. It identifies private consumption as the main driver for growth, supported by improved bank funding and a better regulatory and supervisory framework. EU banks are much more stable today...

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