From smartphones to cloud computing, technology is rapidly changing virtually every facet of society, including communications, business and government. The financial world is no exception. As a result, the financial world stands at a critical juncture. Yes, the widespread adoption of new technologies, such as blockchain-based systems, offers many potential benefits. But it also gives rise to new risks, including risks to financial stability. That causes challenges for financial regulators, a subject I addressed at the 2017 World Government Summit...

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The Commission presented an Action Plan setting out ways to provide consumers with greater choice and better access to financial services across the EU. President Juncker's Commission has committed to developing a deeper and fairer Single Market, including through digital means. In terms of financial services, this means enhancing competition and improving choice so that consumers can enjoy lower prices and better quality, regardless of whether or not they shop abroad for financial services such as bank accounts, car...

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  This year we're celebrating three important anniversaries in EU-U.S. history: the 70th anniversary of the Marshall Plan, the 65th anniversary of EU-US diplomatic relations, and the 60th anniversary of the Treaty of Rome. In this video address, EU Ambassador David O'Sullivan states, "In honoring these three anniversaries, we are truly celebrating the American and European visionaries who dared to dream what Europe could become." Watch the video. Compliments of the Delegation of the EU to the US  

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The Council reached a provisional agreement with the European Parliament on a regulation setting a framework for energy efficiency labelling. This agreement will have to be confirmed by the member states Permanent Representatives (Coreper) tomorrow. The proposed regulation will replace the current legislation (Directive 2010/30/EU) retaining its main principles but further clarifying, strengthening and extending its scope. The Energy labelling framework allows customers to be more aware of the energy efficiency and energy consumption of household appliances (such as dishwashers, televisions,...

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New powers for national authorities to check whether e-commerce websites geo-block consumers, track down rogue traders or even, subject to safeguards inserted by MEPs, order that websites hosting scams be shut down, were approved by the Internal Market and Consumer Protection Committee on Tuesday. Under this draft legislation, national enforcement authorities would be required to have a set of powers to detect and halt online breaches of consumers’ rights across the EU. Internal Market Committee rapporteur Olga Sehnalová (S&D, CZ) said:...

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Applications for the IN2NYC program are now available on the program website. Prospective participants can submit their applications now through May 3, 2017.In its inaugural application round, the program received one hundred forty four applications from around the globe. Visit the IN2NYC website to learn more about the program and apply! APPLY NOW Compliments of IN2NYC

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The European Securities and Markets Authority (ESMA)’s latest report on Trends, Risks and Vulnerabilities No. 1, 2017 (TRV) identifies political and policy uncertainty – such as potential repercussions from the upcoming elections in some EU Member States – as the main risk drivers for 2017. Risks in the markets under ESMA remit remained at high levels, reflecting very high risk in securities markets, and elevated risk for investors, infrastructures and services. Therefore, ESMA’s overall risk assessment remains unchanged: market and...

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The initial results of a preliminary investigation carried out by the French National Financial Public Prosecutor's Office, commenced in September 2015, has revealed a vast and complex money laundering network in six Member States (Denmark, Germany, Estonia, Spain, Latvia, Lithuania) and in the offshore financial centres outside Europe (Hong Kong, Singapore). An alert issued by the French Financial Intelligence Unit (TRACFIN) and a complaint by the Directorate General of Public Finance (DGFiP) led to the investigation, assigned to the Central...

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