Unpacking the EU leadership debate 2024 With less than two weeks until the first Europeans head to the poll, on Tuesday (21 May), Brussels think tank Bruegel and the Financial Times hosted the ‘Economic choices for Europe: EU leadership debate 2024’ to debate the economic policy positions of the main EU parties and their lead candidates. Those in attendance were as follows: Sandro Gozi (lead candidate for the centrist Renew Europe), Ursula von der Leyen (President of the European Commission and lead candidate for...

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Article by Marie-Pierre Pasdelou, Lise Byelyayeva, Susanna Malmström, Sylvie Pucheu, Marie Peytavy, Hugo Laullier, Donald B. Hodges, Abraham R. Tzafriri, Gaëlle Naert | Hearing loss constitutes a major global health concern impacting approximately 1.5 billion people worldwide. Its incidence is undergoing a substantial surge with some projecting that by 2050, a quarter of the global population will experience varying degrees of hearing deficiency. Environmental factors such as aging, exposure to loud noise, and the intake of ototoxic medications are implicated...

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Overview:  The dollar was aided yesterday by the hawkish FOMC minutes and the backing up of US rates. The greenback has stabilized today and is softer against all the G10 currencies. The stronger eurozone PMI masks divergence between Germany and France but keeps the recovery narrative intact. The dollar's broad gains pressured the yuan, and the PBOC's dollar reference rate was set at its highest since January. Favorable guidance by Nvidia is helping lift US index futures today, especially the NASDAQ....

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Due to increased travel to France for the eightieth anniversary of D-Day and the 2024 Summer Olympic Games, the U.S. Department of State expects significant delays in visa processing in France in 2024. Individuals seeking to obtain a U.S. visa in Europe this year may want to begin the visa application process as soon as possible. Quick Hits • With the upcoming Summer Olympics and D-Day celebrations, individuals planning to obtain a visa in Paris should anticipate scheduling delays and plan...

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On May 21, 2024, the Council of the European Union (the Council) formally signed off on the latest draft of the European Union’s (EU) Artificial Intelligence Act (AI Act) (see the press release here). This marks the final seal of approval from the EU legislators. The text will officially become law once it is signed by Presidents of the European Parliament and of the Council and published in the Official Journal of the EU. This could take place within the...

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The OECD’s Pillar Two is here - many jurisdictions have locally enacted legislation that became effective on January 1, 2024. Pillar Two generally applies to multinational companies (MNCs) with revenue of at least EUR €750M, and while the global legislative process and further OECD guidance will continue to evolve, it requires MNCs to evaluate their potential global minimum tax expense under Pillar Two through a data intensive calculation process. This presents a significant operational challenge that may result in...

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Market participants continue to focus on the latest developments with inflation as one of the key determinants for central banks’ monetary policy decisions. Last week, the European Commission shared the latest series of inflation forecasts for the Eurozone: they came in lower than previously expected with inflation being projected at 2.5% for 2024 and 2.1% for 2025, as reported by the Financial Times. This improvement is attributed to lower costs of imported goods This has further supported investors’ belief about a...

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A proposal for the taxation of cross-border branches known as “the head office tax” or “HOT” system is currently making its way through the EU legislative process. The HOT proposal is aimed at simplifying corporate tax rules for micro, small and medium enterprises (SMEs) during their early stages of expansion. It appears to be generally supported by the European Parliament and is seen by the EU as complementary to the more controversial BEFIT proposal aimed at large companies. Both proposals...

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Von der Leyen pledges action on foreign disinformation if re-elected European Commission President Ursula von der Leyen has vowed to take firm action against foreign disinformation by proposing a new law if she secures a second term. Less than a month before the election, President von der Leyen called for more action in countering foreign meddling during a speech she made in Denmark on Tuesday. Ahead of the election, cybersecurity officials, experts and politicians are anticipating a surge of disinformation which Europe are...

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On 14 May 2024, the European Securities and Markets Authority (ESMA) released its final report on the guidelines on funds’ names using ESG or sustainability-related terms (the “Guidelines”), which also include a minimum investment threshold and qualifying criteria for different categories of ESG- and sustainability-related terms. The purpose of these Guidelines is to ensure that fund names using ESG- or sustainability-related terms are fair, clear and straightforward. Background  As part of its efforts to combat greenwashing, in November 2022, the...

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