Dear Charles, dear Alexander, I want to start by thanking you, dear Alexander, for an exceptionally successful Presidency of the Council. You have managed to reach political agreement on over 45 files spanning all of our major political priorities. It goes from the European Green Deal to digitalisation, from industry and the economy to enlargement. I think two proposals were exemplary, that is the Net-Zero Industry Act and the new Economic Governance Framework. But you also steered the first ever agreement on...

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The Council today decided to impose restrictive measures against two individuals and four entities responsible for actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. The Council is listing Dmitry Beloglazov, and his company LLC Titul. Dimitry Beloglazov is responsible for setting up a complex circumvention scheme together with Oleg Deripaska, who is already subject to EU restrictive measures. His company LLC Titul created a subsidiary called Joint Stock Company Iliadis to acquire Oleg Deripaska’s share in the International LLC Rasperia...

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The Commission is setting up a new Climate City Capital Hub, an international finance resource to further support cities participating in the EU Mission on Climate-Neutral and Smart Cities. Thanks to the new hub, cities that have already received the EU Cities Mission Label will be able to: Access financial advice in cooperation with advisory services of the European Investment Bank (EIB); Structure their financial needs so they understand various ways of funding projects, including pooling of projects; and Introduce projects to a range...

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Biennial report assesses progress towards euro adoption in Bulgaria, Czech Republic, Hungary, Poland, Romania and Sweden Inflation above reference value seen as key economic obstacle in central and eastern European countries under review Legislation in five of six countries under review not fully compatible with legal requirements for euro adoption Economic activity expected to strengthen in 2024, but outlook clouded by geopolitical uncertainty Limited progress has been made by non-euro area Member States of the European Union (EU) on...

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By Giovanni Melina | Artificial intelligence can increase productivity, boost economic growth, and lift incomes. However, it could also wipe out millions of jobs and widen inequality. Our research has already shown how AI is poised to reshape the global economy. It could endanger 33 percent of jobs in advanced economies, 24 percent in emerging economies, and 18 percent in low-income countries. But, on the brighter side, it also brings enormous potential to enhance the productivity of existing jobs for which AI...

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Blog post by Piero Cipollone | Freedom lies at the heart of the European Union’s principles. Every EU citizen is free to live, work, study and do business in any EU Member State. The euro plays a key role in making this possible. We can use it to buy or sell goods and services anywhere in the euro area. In providing euro banknotes, the European Central Bank (ECB) plays a crucial role in upholding these freedoms. Most Europeans want to have...

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Remarks by Kristalina Georgieva, IMF Managing Director, to the Eurogroup on a Strategy for European Competitiveness, Luxembourg As prepared for delivery Thank you, Paschal, for your kind invitation to address ministers today on industrial policy, as part of your broader deliberations on competitiveness. Last year, when I spoke here about the European capital market union, I started by saying it was a topic close to my heart, one we at the IMF deeply cared about. This year, a different tone: industrial policy...

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The Commission is today providing policy guidance to Member States under the 2024 European Semester Spring Package to build a robust and future-proof economy that secures competitiveness, resilience and long-term prosperity for all, while maintaining sound public finances, in the face of a challenging geopolitical environment. The EU is determined to take further steps to enhance its long-term competitiveness, prosperity and leadership on the global stage and to strengthen its open strategic autonomy. While the EU and its Member States have strong assets...

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The Commission has today proposed an annual EU budget of €199.7 billion for 2025. The budget will be complemented by an estimated €72 billion of disbursements under NextGenerationEU. This substantial financial envelope will support the EU in meeting its political priorities while integrating the changes agreed in the mid-term revision of the Multiannual Financial Framework (MFF) in February 2024. The draft budget 2025 directs funds to where they can make the greatest difference, in cooperation and in line with the needs of...

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