Speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, State of the Union conference organised by the European University Institute | Florence, 5 May 2023 | Many thanks for inviting me to address this conference along with so many esteemed speakers. As the cradle of the Renaissance, Florence has a long history of attracting people from different disciplines across Europe. The most gifted individuals in the fields of...

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The EDPS has issued five Opinions on the European Commission’s Recommendations to open negotiations for International Agreements on the exchange of personal data between Europol, the EU Agency for Law Enforcement, and the competent authorities of five Latin American countries: Ecuador, Brazil, Peru, Bolivia, and Mexico to fight serious crime and terrorism. The EDPS Opinions aim to provide advice on further developing data protection safeguards in these future International Agreements so that individuals’ personal data is protected according to EU...

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4 May 2023 | The inflation outlook continues to be too high for too long. In light of the ongoing high inflation pressures, the Governing Council today decided to raise the three key ECB interest rates by 25 basis points. Overall, the incoming information broadly supports the assessment of the medium-term inflation outlook that the Governing Council formed at its previous meeting. Headline inflation has declined over recent months, but underlying price pressures remain strong. At the same time, the...

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Brussels, 26 April 2023 | Today, the European Defence Agency (EDA) and the Department of Defense of the United States of America (DoD) have formalised a framework for cooperation through the signing of an Administrative Arrangement (AA). The EDA-DoD AA provides for stronger transatlantic cooperation in defence in specific areas, including in the exchange of information. The conclusion of this AA is a strong political signal, delivering on the tasking of EU and U.S. leaders in the June 2021 EU-US Summit...

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Today, the Commission adopted the first designation decisions under the Digital Services Act (DSA), designating 17 Very Large Online Platforms (VLOPs) and 2 Very Large Online Search Engines (VLOSEs) that reach at least 45 million monthly active users. These are: Very Large Online Platforms: Alibaba AliExpress Amazon Store Apple AppStore Booking.com Facebook Google Play Google Maps Google Shopping Instagram LinkedIn Pinterest Snapchat TikTok Twitter Wikipedia YouTube Zalando Very Large Online Search Engines: Bing Google Search The platforms have been designated based on...

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Textile products must last longer and be easier to reuse, repair and recycle The destruction of unsold or returned textiles should be banned Human, social and labour rights must be respected during production Need for binding targets and measures addressing the entire lifecycle of textiles Environment Committee MEPs adopted their recommendations today for EU measures to ensure that textiles are produced in a circular, sustainable and socially just way. MEPs say textile products sold in the EU should be more...

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Success will require tighter macroeconomic policies tailored to changing financial conditions, strong financial supervision and regulation, and bold supply-side reforms Following a strong exit from the pandemic, Europe was hit hard by the economic impact of Russia’s invasion of Ukraine. Growth slowed drastically, inflation shot up, and episodes of financial stress materialized. But as a result of decisive policy action, most economies narrowly avoided a recession this winter. Europe now faces the difficult task of sustaining the recovery, defeating inflation,...

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The president vows to make the European Economic and Social Committee a true civil society gateway and open its doors to the EU accession countries. In the run-up to the 2024 European elections, the Committee will take on a more active role to stand up for democracy and strive for a more resilient, prosperous and inclusive Europe. The European Economic and Social Committee (EESC) has elected Austria's Oliver Röpke as the 34th president in its 65-year history. Former head of the Brussels...

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The EU has a problem with climate catastrophe insurance: only a quarter of the losses from climate-related disasters are covered. Greater coverage could reduce the economic damage that results from them. This joint ECB-EIOPA post for The ECB Blog looks at ways to make this happen. Drought affected two-thirds of the European Union in 2022, likely the worst episode in 500 years. Agricultural production withered, river transport was disrupted and hydroelectric power generation fell, which exacerbated the energy crisis. Just...

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