Benjamin Franklin, who helped negotiate the original trade treaties between America and Europe more than two centuries ago, gave the following advice: “To succeed, jump as quickly at opportunities as you do at conclusions.” Franklin was our first Ambassador, becoming U.S. Minister to France in 1776, long before our nation won its independence from Britain.  He saw an opportunity to build a strong relationship with a powerful ally.  Thanks to his work, the U.S. and France signed treaties in 1778...

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In October the Economic Sentiment Indicator (ESI) increased by 0.9 points in the euro area (to 97.8) and by 1.1 points in the EU (to 101.8). While the upward trend observed since May has been continued, the magnitude and sectoral scope of the improvement in confidence has moderated compared to recent months.   The Directorate General for Economic and Financial Affairs (DG ECFIN) conducts regular harmonised surveys for different sectors of the economies in the European Union (EU) and in the...

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EUROPEAN  COUNCIL  | Brussels, 25 October 2013 Signs of economic recovery are visible but the EU needs to pursue its efforts to increase growth potential, enhance job creation and boost European competitiveness. Today the European Council focused on the digital economy, innovation and services. These areas have a particular potential for growth and jobs which must be rapidly mobilized. The European Council provided concrete guidance so as to take full advantage of the existing potential. The European Council also looked...

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Vice-President Viviane Reding delivered a speech at an event on “Towards a more dynamic Transatlantic area of growth and investment” organized by the Peterson Institute for International Economics, the Johns Hopkins University’s School for Advanced International Studies (SAIS), and the Union’s diplomatic mission in Washington D.C.. Here are some key extracts: 1/ On the recent US-spying revelations: Friends and partners do not spy on each other. For ambitious and complex negotiations to succeed there needs to be trust among the negotiating partners....

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With Croatia’s accession to the European Union, the EU welcomed its 28th Member State. On October 16, the EU reaffirmed its commitment to a “Europe whole and free” with the release of the European Commission’s 2014 enlargement strategy and its annual report on countries that are either candidates or potential candidates to join the European Union. The European Commission, the EU’s executive arm, recommended granting formal EU candidate status to Albania and repeated its call to open accession negotiations with...

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On 21–24 October, during a plenary session of the EP in Strasbourg, Vytautas Leškevičius, Vice-Minister of Foreign Affairs of the Republic of Lithuania, will present the Lithuanian Presidency's midterm results to the EP Conference of Committee Chairs. On Tuesday and Wednesday, Algimantas Rimkūnas, Vice-Minister of Finance, will participate in the plenary session's debates and voting on the EP changes to the EU Council’s position regarding the draft general budget for the financial year 2014. Vice-Minister Leškevičius will also speak during...

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Commission President José Manuel Barroso and Canadian Prime Minister Stephen Harper have today reached a political agreement on the key elements of a Comprehensive Economic and Trade Agreement (CETA) after months of intense negotiations between EU Trade Commissioner De Gucht and Canadian trade Minister Ed Fast. It will be the first free trade agreement between the European Union and a G8 country. Boosting our trade relations with Canada will generate new opportunities for growth and the creation of jobs in...

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The SSM, one of the components of the banking union, will supervise credit institutions in the euro area and in those non-eurozone countries that choose to participate. The single supervisory mechanism The SSM is designed to strengthen supervision of the financial services sector. It will detect weaknesses early on and make sure action is taken to strengthen ailing financial institutions. It is also designed to help break the connection between the member states' budgets and some of their banks. A functioning SSM...

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European Commission - MEMO/13/899  Brussels 15/10/2013 President Barroso said: “It is good news that the Council has given the final sign-off to the Single Supervisory Mechanism, the first leg of our Banking Union. The Commission is ready to help in any way with the European Central Bank's intensive preparations to ensure the SSM begins its work next year. Now it is urgent to put the second leg in place by agreeing the single resolution mechanism and fund and the single rule...

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EU finance ministers have on October 15 in Luxembourg approved legislation setting up the Single Supervisory Mechanism and exchanged views on backstop arrangements for bank resolution funds, including in the context of upcoming asset quality review and stress test exercises to be undertaken next year. “The decision on the Single Supervisory Mechanism is particularly important. It will set up one of the pillars of the Banking Union and will certainly add to the credibility of the European financial system,” said...

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