On 16 July 2013, the European Union (Alternative Investment Fund Managers) Regulations 2013 (No. 257 of 2013) (the “Regulations”) were signed into Irish law, giving effect to the Alternative Investment Fund Managers Directive (the “AIFMD”) in Ireland. The transposition of the AIFMD into Irish law follows the announcement by the Central Bank of Ireland (the “Central Bank”) on 15 May 2013, that it was accepting applications under the AIFMD. In conjunction with this, the Central Bank published revised Application Forms,...

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Euro area annual inflation stable at 1.6% - EU stable at 1.7% Euro area1 annual inflation was 1.6% in July 20132, stable compared with June. A year earlier the rate was 2.4%. Monthly inflation was -0.5% in July 2013. European Union3 annual inflation was 1.7% in July 2013, stable compared with June. A year earlier the rate was 2.5%. Monthly inflation was -0.4% in July 2013. These figures come from Eurostat, the statistical office of the European Union. In July 2013, the lowest...

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Euro area international trade in goods surplus 17.3 bn euro - 9.9 bn euro surplus for EU27 The first estimate for the euro area/1 (EA17) trade in goods balance with the rest of the world in June 2013 gave a 17.3 billion euro surplus, compared with +12.8 bn in June 2012. The May 2013/2 balance was +14.5 bn, compared with +6.2 bn in May 2012. In June 2013 compared with May 2013, seasonally adjusted exports rose by 3.0% and imports...

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The GDP flash estimates for the second quarter of 2013 for the euro area and the EU27 have just been released by Eurostat (STAT/13/122). Euro area and EU27 GDP are both up by 0.3% this quarter. In light of these and other recent indicators, Vice-President Rehn has made the following comments: "Today's figures, when combined with other recent positive survey data are encouraging and suggest the European economy is gradually gaining momentum. They support the European Commission’s 2013 spring forecast and its projections for a subdued, mild recovery in the second half of...

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On August 11, 1952, the United States became the first non-member country to provide international recognition to the European Coal and Steel Community (ECSC), the precursor to today’s European Union.    Then-US Secretary of State Dean Acheson sent a diplomatic dispatch on behalf of President Truman to Jean Monnet, serving as the first President of the Community’s High Authority, the forerunner of the European Commission, which stated: “As appropriate under the Treaty, the United States will now deal with the Community on coal...

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This Report presents recent budgetary developments, describes advances in budgetary surveillance and proposes a new indicator of fiscal effort based on a narrative approach. It also shows the developments of health expenditures and the possibility of introducing cost-containing reforms that preserve high quality standards in the provision of health services. Download the complete 2013 Report on Public finances in EMU Content - 2013 Report on public finance in the EMU Part I. Current developments and prospects Part II. Evolving budgetary surveillance Part...

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Together, the EU and the U.S. are working to reduce or eliminate differences in technical regulations, standards, and certifications that cost business and consumers both time and money. In July, the transatlantic partners took two important steps forward toward enhancing transatlantic compatibility in the regulatory area. On July 17, the U.S. National Institute of Standards and Technology and the EU’s Joint Research Center (JRC) agreed to expand their current scientific cooperation in 10 areas, including energy, environment, food safety, healthcare,...

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Markets remain wary of economic data surprises as global growth improves Euro-area seen posting improving data U.S. growth poised to continue Global inflation remains subdued Low interest environment to remain

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The Alternative Investment Fund Managers Directive (“AIFMD”) is now effective .  In conjunction with the AIFMD, the following directly applicable regulations are also now in force, effectively creating 2 new regimes for funds wishing to invest in European Small and Medium Enterprises (“SMEs”): Regulation (EU) No. 345/2013 on European venture capital funds (“EuVECA”); and Regulation (EU) No. 346/2013 on European social entrepreneurship funds (“EuSEF”). EuVECA The main purpose of EuVECA is to provide a common framework for European venture capital funds in order...

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Over the next years, 90% of world demand will be generated outside the EU. That is why it is a key priority for the EU to open up more market opportunities for European business by negotiating new Free Trade Agreements with key countries. If we were to complete all our current free trade talks tomorrow, we would add 2.2% to the EU’s GDP or €275 billion. This is equivalent of adding a country as big as Austria or Denmark...

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