Complacency in fighting climate change and preserving biodiversity is endangering our economic survival. The longer we wait, the higher the costs will be. Christine Lagarde, President of the European Central Bank, warns of the growing gap between the commitments made and the investment needed. We’ve all heard it time and again: either we tackle climate change and safeguard nature, or we face the steep price of our inaction. And that price is rising by the day. Just consider the recent...

Read more

The first seven proposals for artificial intelligence (AI) Factories have now been submitted under the EuroHPC Joint Undertaking (JU), which manages the call announced in September 2024. These AI Factories will create a thriving European ecosystem for training advanced AI models and developing AI solutions. They will be built around the EU's world-class network of  European High-Performance Computing (HPC) supercomputers and will be bringing together the key ingredients for success in AI: computing power, data and talent. The AI Factories will substantially increase the...

Read more

Today, the Council formally adopted the amended regulation on European environmental economic accounts, the EU’s common statistical system which brings together economic and environmental information. The new rules extend the scope of the European environmental economic accounts, introducing forest accounts, ecosystem accounts, and environmental subsidies accounts. The amended regulation aims to provide better information for the European Green Deal, in order to support monitoring and evaluation of the EU’s progress in meeting its environmental objectives.   New account modules  The current regulation on European environmental economic...

Read more

Speech by Christine Lagarde, President of the ECB, at an event to mark the 15th anniversary of the Autorité de la concurrence Paris, 5 November 2024   It is truly a pleasure to be back here today to celebrate the 15th anniversary of the Autorité de la concurrence. Competition policy in Europe has always played an important role in ensuring the functioning of our Economic and Monetary Union. The main objective of competition policy has been to preserve competition within Member States and...

Read more

In 2023, the European Union and its 27 member states contributed €28.6 billion in climate finance from public sources and mobilised an additional amount of €7.2 billion of private finance to support developing countries to reduce their greenhouse gas emissions and adapt to the impacts of climate change. The Council published the figures today, in preparation for the United Nations Climate Change Conference of the Parties (COP29), which will take place from 11 to 22 November in Baku, Azerbaijan. The...

Read more

EU greenhouse gas emissions fell by 8.3% in 2023, compared to 2022, reveals the latest climate action progress report by the European Commission. The report states that net greenhouse gas emissions are now 37% below 1990 levels. Over the same period, EU Gross Domestic Product (GDP) grew by 68%. This points to the fact that reducing emissions and economic growth are compatible. It also confirms that the EU remains on track to reach its goal of reducing emissions by at least 55% by 2030.  Among the report’s findings are: ...

Read more

Today the Eurogroup in inclusive format adopted a statement on the competitiveness of the European economy. Significant shifts in the geopolitical landscape, fragmentation in global trade flows, rapid technological advancements, climate change and the energy crisis are converging to create a highly complex and dynamic global environment. The fallout from Russia’s unprovoked war of aggression against Ukraine has created further challenges. The European economy has been particularly hit by the resulting shockwaves that have dampened growth, increased inflation, tightened financial...

Read more

The Commission welcomes today's general approach announced by the Council on  the Commission's proposals on VAT in the Digital Age. By embracing and promoting digitalisation, this package makes the EU's VAT system more business-friendly and more resilient to fraud. The new rules also mark the first step to address the challenges raised by the development of the platform economy and helps level the playing field between online and traditional short-term accommodation and transport services. This package introduces 3 measures: The new...

Read more

The U.S. Commerce Department’s Bureau of Economic Analysis (BEA) reported last week that real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024. Growth was in large part due to Americans making and spending more. Consumer spending increased 3.7%, the most since early 2023, thanks to rising incomes. The economy has grown 12.6% under the Biden-Harris Administration, with the lowest average unemployment of any Administration in 50 years, and 16 million jobs created. This demonstrates...

Read more

Today, the Council approved conclusions on a European Court of Auditors’ (ECA) report aiming to strengthen EU’s AI ambitions, notably by enhancing governance and ensuring an increased, more focused investment when moving forward in this field. The Council agrees with the Court’s conclusion that the EU must scale up investments in AI and facilitate access to digital infrastructure to be a globally competitive actor with a global impact, assume leadership in the development and deployment of AI, foster talent and create an ecosystem of excellence and...

Read more