The Council today reached a political agreement on a new directive paving the way for the introduction of an electronic tax certificate for VAT exemptions. "As part of the EU’s efforts to update VAT systems, I’m glad that after the VIDA package last month, we are taking another modernising step with this agreement on the electronic VAT exemption certificate, that will put an end to paper certificates to be signed by hand." - Mihály Varga, Hungarian minister for finance The directive will...

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New EU cybersecurity rules take effect today, which will make everything from baby-monitors to smart watches safer. With the entry into force of the Cyber Resilience Act, specific mandatory cybersecurity requirements will now apply to all products connected directly or indirectly to another device or network (except for specified exclusions). These requirements will be imposed on manufacturers and retailers. The Act will guarantee harmonised rules when bringing to market products or software with a digital component a framework of cybersecurity...

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EIB Group offers €3 billion in loans for agriculture and other bioeconomy activities across Europe with focus on young farmers, gender equality and green investments EIB Group also working with European Commission to develop new forms of agricultural insurance and de-risking schemes against extreme weather events New initiatives form part of EIB Group's plan for agriculture and bioeconomy in the context of Strategic Dialogue on the future of EU agriculture European Investment Bank (EIB) Group President Nadia Calviño has...

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The European High Performance Computing Joint Undertaking (EuroHPC)  has selected seven proposals to establish and operate the first AI Factories across Europe. This is a major milestone for Europe in building a thriving ecosystem to train advanced AI models and develop AI solutions. The EU is now one step closer to realising President Ursula von der Leyen's commitment to setting up the first AI Factories. The first AI Factories will represent a €1.5 billion investment, combining national and EU funding. Half of...

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At the initiative of the Hungarian presidency, today the Council approved conclusions on the Commission’s White Paper titled ‘How to master EU’s digital infrastructure needs’.  Extensive transformations, driven by rapid technological progress, have been shaping the electronic communications sector, as well as the whole digital landscape in the past decade. The cross-sectoral nature of the digital transition also signifies that its impact extends well beyond the digital realm, touching upon environmental and societal aspects, as well. "Today’s comprehensive set of conclusions provide a clear...

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Contribution by Christine Lagarde, President of the ECB to The Economist A fragmented financial infrastructure means that Europe gets less bang for its euro Europe is not short of ideas, innovators or savings. Europeans save more of their income than Americans, and their share in global patent applications is close to that of the United States. But Europe often struggles to turn ideas into new technologies that can drive growth. One reason is that it is much less able than the...

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The global economy is projected to remain resilient despite significant challenges, according to the OECD’s latest Economic Outlook. The Outlook projects global GDP growth of 3.3% in 2025, up from 3.2% in 2024, and 3.3% in 2026. Inflation in the OECD is expected to ease further, from 5.4% in 2024 to 3.8% in 2025 and 3.0% in 2026, supported by the still restrictive stance of monetary policy in most countries. Headline inflation has already returned to central bank targets in nearly...

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