Solid growth in most of the region, CIS emerging from recession But sustaining current growth requires further structural reforms Better tax administration, public investment can free up 2-4 percent of GDP in extra resources Economic growth remains solid in much of Central, Eastern, and Southeastern Europe (CESEE), while Russia’s outlook is improving, and other countries of the Commonwealth of Independent States (CIS) are emerging from recession, says the IMF in its latest Regional Economic Issues report on the region. For the region as...

Read more

Today, the EU and Canada signed the Comprehensive Economic and Trade Agreement (CETA) and a new Strategic Partnership Agreement that deepens cooperation in vital areas such as human rights, international peace and security, economic and sustainable development, justice, freedom and security. European Commission President, Jean-Claude Juncker, speaking at his joint press conference with the Canadian Prime Minister, Justin Trudeau, and European Council President, Donald Tusk, said, “Today, the people of Canada and the European Union have opened a new chapter...

Read more

The 16th Summit between the European Union and Canada held today in Brussels marks a historic juncture in our political and economic partnership, in the 40th year of formal cooperation. Jean-Claude Juncker, President of the European Commission, Donald Tusk, President of the European Council, Robert Fico, Prime Minister of Slovakia, and Justin Trudeau, Prime Minister of Canada, signed two landmark agreements: the Comprehensive Economic and Trade Agreement (CETA) and the Strategic Partnership Agreement (SPA). "Today, the people of Canada and the...

Read more

Consolidation in the banking sector continued in 2015 Median CET 1 ratio increased to 14.6% from 14% in 2014 and profitability of the euro area banking sector improved In 2015 the median NPL ratio of banks, although still elevated, declined for the first time since 2008 The banking system increased its reliance on deposit funding and became less dependent on wholesale and central bank funding Insurance companies and pension funds are starting to adjust structurally to the low-yield environment The non-bank financial sector (including...

Read more

Since the EU started its microfinance initiatives, more than 100 agreements have been signed with microfinance providers, to support over 100,000 micro-entrepreneurs in 23 EU member states. This cooperation between the European Investment Fund (EIF), the European Commission, and microfinance providers aims to mobilise over EUR 1 billion of microfinance loans for micro-borrowers across the EU under Progress Microfinance and the EU Programme for Employment and Social Innovation (EaSI). Target borrowers include unemployed micro-entrepreneurs, young self-employed, minority groups, women and...

Read more

Today, the European Commission published the 2016 edition of the "EU Transport Scoreboard", a benchmark which compares how Member States perform in 30 categories covering all aspects of transport. The objective of the Scoreboard is to help Member States identify areas requiring priority investment and action.  It shows how the EU further deepens the internal market in transport and promotes the shift towards low-emission mobility, two priorities of the Juncker Commission. EU Commissioner for Transport Violeta Bulc said "My objective is to have a high...

Read more

Nicolas Verón argues that EU banking union can only be complete if the vast amount of domestic sovereign debt held by many banks is reduced The eurozone’s banking union has moved from vision to reality in a short period of time, with the European Central Bank now an established supervisory authority for the area’s large banks. This has already made a big difference to the many national banking champions that local supervisors had been treating with kid gloves. But the banking...

Read more

Parliament backs the EU Commission case for investing in innovation, growth and job creation, pursuing socially-balanced structural reforms, and encouraging responsible public finances, in a resolution on EU economic priorities for 2017, voted on Wednesday. The text was approved by 423 votes to 210, with 48 abstentions. MEPs decide on the EU’s economic priorities for 2017 against a backdrop of large current account surpluses, low domestic investment, a lower than expected growth forecast, economic uncertainty deriving inter alia from the UK’s...

Read more