Following Brexit, it is even more important that the European Union focus on further integration. It can do this by completing the Digital Single Market and the Capital Markets Union, concluding the Transatlantic Trade and Investment Partnership (TTIP), pursuing a larger European budget, and introducing Eurobonds. Although it is highly uncertain which direction a European Union without the United Kingdom will take, we will lay out two possible scenarios. The first scenario will leverage European citizens’ fears that free movement...

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Action to stop massacres in Syria, implement migration policies and border controls, and ensure a balanced approach to trade deals while defending EU industry are the key challenges that EU heads of state or government should tackle at their 20-21 October meeting in Brussels, said Parliament’s political group leaders in a debate with the Slovak Council Presidency and EU Commission President Jean-Claude Juncker on Wednesday. Click on the speakers’ names to view their statements Ivan Korčok, Slovak Secretary of State, outlined...

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During the global financial crisis and subsequent euro-debt crisis, the fiscal resources of some countries appeared to be insufficient to support their banking systems. These countries needed outside support to stabilise their banking systems and thereby their wider economies. This Policy Contribution assesses the potential fiscal costs of recapitalising large banks. Based on past financial crises, we estimate that the cost to recapitalise an individual bank amounts to 4.5 percent of its total assets. During a severe crisis, a country...

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The European Parliament will vote on Tuesday to give its consent to the ratification of the Paris climate agreement by the European Union, after Council gave its green light on Friday. For Environment Committee chair Giovanni La Via (EPP, IT) the decision allows the EU to remain a leader in climate action ahead of the next round of talks to take place in Marrakech in November. “I welcome the decision by environment ministers to allow for a timely EU ratification....

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EU ministers today approved the ratification of the Paris Agreement by the European Union bringing it very close to entering into force. EU ministers today approved the ratification of the Paris Agreement by the European Union at an extraordinary meeting of the Environment Council in Brussels. President Jean-Claude Juncker said: " (…) I am happy to see that today the Member States decided to make history together and bring closer the entry into force of the first ever universally binding climate...

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Ladies and gentlemen Our world has never been better off. Freer trade has brought competition to markets that used to be closed. It has made us more productive, and helped people and ideas to circulate, creating innovations that have changed our lives. But despite this, many people are unhappy. They see the executives and shareholders of big companies getting richer, and they ask – is this economy for everyone, or only for a lucky few? That’s a fair question. And a crucial...

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Opening remarks by Yves Mersch, Member of the Executive Board of the ECB, at the Eurosystem community session at Sibos, Geneva, 26 September 2016 Introduction One year ago, the Eurosystem shared some initial reflections on the strategy for the future development of its market infrastructure. The rationale behind these strategic reflections was the need to keep pace with technological developments in line with the mandate of our Treaty to promote the smooth operation of payment systems. Digitalisation of financial services The digitalisation of financial services...

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