The European Commission has completed its assessment of the Draft Budgetary Plans (DBPs) for 2016 that euro area Member States submitted by 15 October. With these Opinions, the Commission assesses the compliance of the Draft Budgetary Plans for the following year with the provision of the Stability and Growth Pact (SGP). No DBP for 2016 has been found in particularly serious non-compliance. In several cases, however, the Commission finds that the planned fiscal adjustments fall short, or risk doing so, of what is required...

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A regulation that will improve the transparency of securities lending and repurchase transactions was adopted by the Council on 16 November 2015.  The regulation is intended to counter the risk of trading activities developing outside the regulated banking system, or otherwise without proper oversight. By introducing binding and reporting requirements, it sets out to discourage banks and other financial intermediaries from shifting transactions to the less-regulatedshadow banking sector. It will ensure that information on securities financing transactions is efficiently reported to trade repositories and...

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A directive aimed at further developing an EU-wide market for electronic payments was adopted by the Council on 16 November 2015.  The directive incorporates and repeals directive 2007/64/EC, which provided the legal basis for the creation of an EU-wide single market for payment services. The revised directive adapts the rules to cater for emerging and innovative payment services, including internet and mobile payments. It sets out to ensure a more secure environment for payments, in particular for those using remote channels. Changes in e-commerce Since adoption of the original payment...

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The European American Chamber of Commerce has a special bond with the City of Lights as we grew out of the French American Chamber of Commerce in Paris. After the terrible attacks on the city of our origin, we have the people of Paris and France in our hearts and send our heartfelt condolences to those who lost loved one's. The EACC Team here in New York

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The first estimate for euro area (EA19) exports of goods to the rest of the world in September 2015 was €173.4 billion, an increase of 1% compared with September 2014 (€171.8 bn). Imports from the rest of the world stood at €152.8 bn, a fall of 1% compared with September 2014 (€154.4 bn). As a result, the euro area recorded a €20.5 bn surplus in trade in goods with the rest of the world in September 2015, compared with +€17.4 bn in September 2014. Intra-euro...

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Speech by Yves Mersch, Member of the Executive Board of the ECB, at the European Financial Forum dinner, 2015 Cumberland Lodge Financial Services Summit, Cumberland Lodge, 12 November 2015 Thank you very much for inviting me to speak to you this evening. I have been asked to give a “central bankers’ view” on the various issues being discussed at this conference, so let me lay out upfront the perspective I will be coming from. While I am indifferent to how structural changes...

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The EU economy is showing resilience in the face of external circumstances, but the European Central Bank’s March inflation forecast was too positive, ECB President Mario Draghi admitted to MEPs on Thursday. This regular “monetary dialogue” meeting with the Economic and Monetary Affairs Committee focused on the Eurozone economic outlook and the ECB's role in macro-economic adjustment programmes. Ready to do more The Bank is ready to go the extra mile if the inflation outlook weakens, reiterated Mr Draghi. "If we...

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Getting the green light for placing novel foods on the EU market will become faster and cheaper while the high level of protection of human health will be preserved. That's the main purpose of a draft regulation that the Council's Permanent Representatives Committee approved on 11 November 2015. The draft regulation was voted by the Parliament on 28 October 2015. Novel foods are foods not consumed in the EU to a significant degree before May 1997. They include for instance...

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