01 Apr
Chapter News

ESMA | EU Financial Regulators War of an Expected Deterioration of Asset Quality

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) issued today their first joint risk assessment report of 2021. The report highlights how the COVID-19 pandemic continues to weigh heavily on short-term recovery prospects. It also highlights a number of vulnerabilities in the financial markets and warns of possible further market corrections. Macroeconomic conditions improved in the second half of 2020, supported by ongoing fiscal and monetary policy efforts, but the resurgence of the COVID-19 pandemic since the last...

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01 Apr
Chapter News

ECB | Inflation dynamics during a pandemic

Blog post by Philip R. Lane, Member of the Executive Board of the ECB | In this blog post, I will provide an overview of the inflation outlook, based on the latest ECB staff macroeconomic projections for the euro area. To set the scene, I first review the current economic situation before turning to the analysis of inflation dynamics during the pandemic. Previewing the main messages, my assessment is that the volatility of inflation during 2020-2021 can be largely attributed to...

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01 Apr
Member News

RSM | OECD Guidance on Transfer Pricing implications for taxpayers

In late 2020, the OECD released guidance on the transfer pricing implications caused the pandemic. The advice came at an opportune time, providing much needed clarification for taxpayers as they sought to evaluate the application of transfer pricing rules during the pandemic and avoid triggering risks that could lead to audits and adjustments. This article explores the key points featured within the guidance, categorising them under four specific areas. Comparability analysis The OECD recognises that due to the significant impact of...

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01 Apr
Member News

aicep | The future is Lisbon

Lisbon has been voted as one of the 21 places of the future worldwide, standing out thanks to the quality of universities, infrastructures and security. According to a study by the American company Cognizant: “Lisbon was chosen from more than 150 cities around the world, as one of the 21 places of the future”, positioning itself as one of the three European cities that make up the final list.The evaluation concluded that Lisbon is a “sophisticated city”, which stands out for...

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01 Apr
Member News

BBGFX | April 2021 FX Outlook

Economic Calendar April 6 - Reserve Bank of Australia meeting April 7 - Reserve Bank of India meeting April 13 - Reserve Bank of New Zealand meeting, US March CPI April 15 - Turkey Central Bank meeting, China’s Q1 GDP April 21 - Bank of Canada meeting April 22 - ECB meeting April 23 - Russia central bank meeting April 27 - Bank of Japan meeting April 28 - Federal Reserve meeting April 29 - US Q1 GDP Four major forces shaped the investment climate in the first quarter: the...

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31 Mar
Member News

Orrick | No more ‘flying under the radar’: capturing transactions below the jurisdictional thresholds of national and EU merger control regimes

The European Commission (“Commission”) is expanding its jurisdiction over transactions by encouraging national competition authorities (“NCAs”) of the EU Member States to ‘refer’ certain transactions to it that fall below the thresholds for mandatory notification at the EU and the national level. On 26 March 2021, the Commission published guidance (“Guidance”) setting out referrals that are ‘encouraged’ and how and when it will accept such referrals. This development has not required legislative changes (which would have taken some time...

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31 Mar
Member News

Elvinger Hoss | Sustainable finance: latest developments

From 10 March 2021, credit institutions and investments firms providing portfolio management services or investment advice, terms defined by MIFID II, must comply with Level 1 transparency obligations regarding the impact of ESG factors on their activities and products, as set out in the Disclosure Regulation (EU) 2019/2088 ("SFDR "). The insurance and pension sector is also affected, depending on activities and products offered. Level 2 obligations will become binding only in 2022. Additional legislative work at EU level is underway...

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31 Mar
Brexit News, Member News

Humanizing Brexit is Critical and Urgent

Previously published on Medium.com | “Can the peoples of Europe rise to the heights of the soul and of the instinct and spirit of man”? - Winston Churchill, September 19, 1946. University of Zurich Politicians Must Exit the Scene They have done enough damage and created division. The first three months of the application of the Brexit Trade Agreement have been a repetition of the conflictual narrative of the past four years, where politicians have taken an aggressive course and dominated the Brexit...

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31 Mar
Chapter News

Introductory remarks by President Charles Michel at the videoconference of EU leaders with US President Biden

Charles Michel, President of the European Council | Good afternoon, President Biden. Thank you for accepting our invitation. We are delighted to welcome you today. It's not common practice for the European Council to host foreign guests at our regular meetings. The last time was 11 years ago.  It was your good friend, Barack Obama. In Washington, it might not be clear what the European Council does. As you know, the European Council is the gathering of the 27 EU Heads of...

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31 Mar
Chapter News

EU Commission disburses further €13 billion under SURE to six Member States

The European Commission has disbursed €13 billion to six EU Member States in the sixth instalment of financial support under the SURE instrument. This is the third disbursement in 2021. As part of today's operations, Czechia has received €1 billion, Belgium €2.2 billion, Spain €4.06 billion, Ireland €2.47 billion, Italy €1.87 billion and Poland €1.4 billion. This is the first time that Ireland has received funding under the instrument. The other five EU countries have already benefitted from loans...

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