Today, Commissioner Pierre Moscovici has presented the 2015 Autumn Economic Forecast of the European Commission. The economic recovery in the euro area and the European Union as a whole is now in its third year. It should continue at a modest pace next year despite more challenging conditions in the global economy. Against a backdrop of declining oil prices and a relatively weak external value of the euro, the economic recovery this year has been resilient and widespread across Member States. It has, however,...

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European Commission President Jean-Claude Juncker and European Council President Donald Tusk, who are representing the European Union at the G20 summit in Antalya (Turkey) from 15 to 16 November 2015, have set out the EU's agenda in a joint letter sent to EU Heads of State or Government. Commissioner Pierre Moscovici, responsible for Economic and Financial Affairs, Taxation and Customs will accompany the two Presidents to the G20. High Representative for Foreign Affairs and Security Policy/Vice-President Federica Mogherini will also be present in...

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The European Investment Bank (EIB) signed today EUR 285 million of loans to support various energy projects in Greece, improving the electricity transmission and interconnection network across the country, while at the same time bolstering environmental-friendly energy security and efficiency. In the presence of EIB President Werner Hoyer, four finance agreements were signed today in Athens in a public ceremony by the EIB Vice-President responsible for Greece,Jonathan Taylor, Chairman and Chief Executive Officer of the Public Power Corporation S.A. Emmanuel Panagiotakis, Chief Executive Officer of the GreekIndependent Power Transmission...

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Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ESRB workshop on CCP interoperability arrangements,  2 November 2015 Ladies and gentlemen, I would like to thank the European Systemic Risk Board for inviting me to speak on such an important topic. Central counterparty (CCP) interoperability is a relatively new development in the European clearing landscape – the first interoperability arrangements between two European CCPs were only established in the early 2000s, covering transactions on government bonds and...

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The European Investment Bank (EIB) signed today a EUR 100 million loan for supporting key infrastructure investments in Cyprus, as well as an additional EUR 15 million loan for supporting local SMEs and MidCaps, helping to boost economic recovery and create new jobs. “The EIB remains firmly committed to supporting the Cypriot economy and we have clearly shown this by our actions during the crisis and again today,” said EIB President Werner Hoyer. “The EU Bank has been a reliable...

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On October 29th, Dr. Dombret, Executive Board member of the Deutsche Bundesbank, delivered a speech at the Financial Markets Group Research Centre of the London School of Economics and Political Science in London. Some of the items discussed include the reconstruction of the financial infrastructure after the banking crisis, lessons learned, plans forward and the various challenges regarding the baking system, finalizing the recovery and resolution framework and learning to live with different market structures. In my speech tonight I will outline the...

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The euro area (EA19) seasonally-adjusted unemployment rate was 10.8% in September 2015, down from 10.9% in August 2015, and from 11.5% in September 2014. This is the lowest rate recorded in the euro area since January 2012. The EU28 unemployment rate was 9.3% in September 2015, down from 9.4% in August 2015, and from 10.1% in September 2014. This is the lowest rate recorded in the EU28 since September 2009. These figures are published by Eurostat, the statistical office of...

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