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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Mixed developments underline importance of ambitious capital markets union and completion of the banking union New quality indicator shows limited private cross-country risk-sharing Development of more pan-European banks could help financial integration and foster risk-sharing via retail credit markets Overall financial integration in the euro area stalled last year, the European Central Bank’s (ECB) annual report on Financial Integration in Europe shows. The report was published today at a joint conference with the European Commission in Brussels. After some...

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From a debate on Brexit negotiations to refugee relocation and the situation in Hungary: read our overview of this week's plenary session. Brexit During Wednesday's debate on the European Council of 29 April dedicated to Brexit, MEPs welcomed the unity shown by EU countries ahead of negotiations with the UK, but also insisted on a reform of the EU taking place at the same time. Hungary MEPs criticised the “serious deterioration" of the rules of law and democracy in Hungary on Wednesday and adopted a...

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Speech by Yves Mersch, Member of the Executive Board of the ECB, at the Deutsche Bundesbank’s payment and securities settlement symposium 2017, Frankfurt am Main, 18 May 2017 Fintech has created the potential for the design and implementation of innovative financial services that can better serve users’ needs in terms of speed and convenience. Innovative developments that lead to better services can support commerce, in particular e-commerce, as well as productivity and income growth. To fulfil its mandate under the Treaty,...

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By Christine Lagarde Finance ministers and central bank governors from the G7 countries met in Bari, Italy, this weekend to consider global economic issues, including steps to maintain economic stability and improving gender equality as important agenda items. Women’s economic empowerment has long been an international priority, of course. The G6—as it was then—was first created in 1975, a year named “International Women’s Year” by the United Nations to help more women worldwide realize their full potential. Mountain climber Junko Tabei masterfully demonstrated...

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