Virtual currencies (VCs) and especially their underlying technologies are a potentially important advance for the financial sector that could increase efficiency and financial inclusion, but can also serve as vehicles for money laundering, terrorism financing, and tax evasion. Achieving a balanced regulatory framework that guards against risks without suffocating innovation is a challenge that will require extensive international cooperation, says a new staff paper, “Virtual Currencies and Beyond: Initial Considerations,” released today by the International Monetary Fund (IMF) during the...

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Geo-blocking consumers’ online access to goods and services on the basis of their IP address, postal address or the country of issue of credit cards is unjustified and it must stop, says Parliament in a resolution voted on Tuesday. MEPs want Europe to seize the opportunities opened up by new technologies, such as Big Data, cloud computing, the Internet of Things or 3D-printing, and to have an innovation-friendly policy towards online platforms. The 16 digital single market initiatives announced...

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How can we achieve greater economic growth and reduce the risk of shocks in the European Union? This was the central question examined by the meeting of European finance and economic affairs ministers – the Ecofin Council – on Friday 15 January in Brussels. Dutch finance minister Jeroen Dijsselbloem chaired the meeting for the first time, following the start of the Netherlands EU Presidency. Valdis Dombrovskis (left), Vice-President of the European Commission, and Jeroen Dijsselbloem, Minister of Finance of the...

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Growth prospects and macroeconomic imbalances The Council discussed growth prospects and macroeconomic imbalances under the "European Semester", the EU's annual policy coordination process. It adopted conclusions, and approved a draft recommendation on the economic policies of the euro area. The policy priorities for 2016 are investment, structural reforms and responsible fiscal policies. Regarding macroeconomic imbalances, the Commission is due to publish in-depth reviews in February of the situation in 18 member states. The Council broadly agreed with the analysis and priorities set by the Commission in its...

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On January 11, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Slovak Republic. Slovakia remains among Europe’s stronger economies, with growth continuing to pick up in 2015, driven by strong domestic demand. A push to spend expiring EU funds has underpinned rising investment while job creation and real wage growth have supported private consumption. Unemployment has fallen significantly since 2013, but is still around 11 percent overall, and is much higher for...

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The priorities of the incoming Dutch presidency of the EU Council are being outlined to parliamentary committees by Dutch ministers at a series of meetings this week. Foreign Affairs: Turkish accession, reforms in Ukraine and stability in Syria Putting Ukraine and Russia at the top of the EU foreign affairs agenda, driving forward the enlargement process and exporting stability, particularly in Syria, were the Dutch presidency's priorities, Bert Koenders, Dutch foreign minister, told the foreign affairs committee on Thursday morning. Several MEPs...

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This is a Unique opportunity to work in a highly dynamic environment focused on transatlantic business activities This position a great opportunity for someone with broad knowledge of the EU & US relationship, related economic issues and the transatlantic business environment, to get hands-on experience in international affairs & trans-Atlantic business activities and to hone your skills on an international parquet. The position has great growth opportunities. Responsibilites: The objective of the position is to ensure that the EACC-NY lives up to...

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The EU and Ukraine signed a landmark Association Agreement (AA) on June 27, 2014 that includes the establishment of a Deep and Comprehensive Free Trade Area (DCFTA). General provisions and parts of the political and cooperation chapters of the AA have applied provisionally since November 2014, with the trade related aspects entering into force on 1st January 2016. The trade provisions of the EU-Ukraine Association Agreement constitute a milestone in the partners’ bilateral relationship and offer new economic benefits to...

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Data breaches can cause substantial damage to consumers, businesses and even governments, as the cyber attacks against Sony in 2014 and against Estonia in 2007 showed. To boost defences against such attacks against its essential services, such as electricity supply and air traffic control, the EU has agreed on a common set of basic cyber security rules. We talked to Andreas Schwab, a German member of the EPP group, who is responsible for steering them through Parliament. Why do we...

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