The EU-U.S. Task Force on Energy Security met virtually on 6 July 2023 to discuss the implementation of the 25 March 2022 Joint Statement by Presidents Biden and von der Leyen, as well as their commitment of 10 March 2023 to continue to work together to advance energy security and sustainability in Europe. The meeting was co-chaired by Ditte Juul Jørgensen, Director-General for Energy at the European Commission, and Sarah Ladislaw, Special Assistant to the President and Senior Director...

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On 10 July 2023, the European Commission adopted its adequacy decision for the EU-U.S. Data Privacy Framework. The decision concludes that the United States ensures an adequate level of protection – comparable to that of the European Union – for personal data transferred from the EU to US companies under the new framework. On the basis of the new adequacy decision, personal data can flow safely from the EU to US companies participating in the Framework, without having to...

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The latest Standard Eurobarometer survey conducted in June 2023 and published today shows that EU citizens continue to back overwhelmingly the energy transition and to expect massive investment in renewables. They continue to widely approve measures taken by the EU to support Ukraine and the Ukrainian people. They also support stronger EU defence cooperation and increased defence spending. While inflation remains a major concern, perceptions of the economic situation and economic expectations are improving. A majority of Europeans believe that NextGenerationEU,...

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The Council today adopted a new regulation that strengthens sustainability rules for batteries and waste batteries. The regulation will regulate the entire life cycle of batteries – from production to reuse and recycling – and ensure that they are safe, sustainable and competitive. Batteries are key to the decarbonisation process and the EU's shift towards zero-emission modes of transport. At the same time end-of-life batteries contain many valuable resources and we must be able to reuse those critical raw materials...

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Europeans invited to express preferences on shortlisted themes in public survey open until 31 August 2023 ECB’s Governing Council expected to choose future theme by 2024, and final designs in 2026 The European Central Bank (ECB) is asking European citizens about their views on the proposed themes for the next series of euro banknotes. From 10 July until 31 August 2023 everybody in the euro area can respond to a survey on the ECB’s website. In addition, to ensure opinions...

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How would you rank the Rencontres économiques d`Aix-en-Provence on the international stage − as the Provence version of Davos? I would describe it as an important meeting place for stimulating discussions on economic issues, similar to the forum on central banking hosted by the European Central Bank in Sintra, Portugal, every year for the last ten years, or its US equivalent in Jackson Hole. You mentioned Davos, but I think Davos is less exclusively focused on economic topics, which...

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A key structural vulnerability from asset management activities is a potential mismatch between the liquidity of fund investments and the redemption frequency of fund units in open-ended funds. In 2017, the FSB published policy recommendations to address structural vulnerabilities in asset management activities. The recommendations relating to liquidity mismatch (“FSB Recommendations”) aimed to: strengthen regulatory reporting and public disclosure to facilitate assessment of liquidity risk in OEFs; promote liquidity management both at the fund design phase and on an ongoing...

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Today, the Commission is proposing rules to make producers responsible for the full lifecycle of textile products and to support the sustainable management of textile waste across the EU. This initiative will accelerate the development of the separate collection, sorting, reuse and recycling sector for textiles in the EU, in line with the EU Strategy for Sustainable and Circular Textiles. Increasing the availability of used textiles is expected to create local jobs and save money for consumers in the...

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Today marks the conclusion of Sweden’s Presidency of the Council of the European Union. One of the top priorities in the domain of justice has been to contribute to international efforts to ensure accountability for the crimes committed in Ukraine. Eurojust and the Swedish authorities have worked closely together over the past six months and taken important steps towards this common goal. Intensifying efforts to work against impunity for core international crimes was also the theme of this year’s EU...

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Chair Jerome H. Powell at the Banco de Espana Fourth Conference on Financial Stability, Madrid, Spain | 29 June 2023 | Today I will briefly discuss the current economic situation and the stresses that emerged in the U.S. banking system earlier this year. I will then turn to the evolution of the financial system since the Great Recession and conclude with a few general observations. I will highlight how global efforts to boost resilience in the financial sector over the...

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