Member News

Vulcan View: The latest EU developments 17 February – 21 February

EU faces defence spending dilemma as US support wavers  European leaders are confronting a pressing dilemma: how to fund a significant surge in defence spending amid rising security threats and waning U.S. military support. With the U.S. signalling potential cuts to aid for Ukraine and President Trump urging European nations to allocate 5% of their GDP to defence, the EU must find ways to mobilise an estimated €500 billion in additional defence investments over the next decade. Policymakers are now exploring options such...

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Chapter News

ECB | Striking the right balance: the ECB’s balance sheet and its implications for monetary policy

Speech by Piero Cipollone, Member of the Executive Board of the ECB, at an MNI Connect webcast Today I would like to discuss the ECB’s balance sheet and its implications for our monetary policy. In recent years, the monetary policy debate has mainly focused on our interest rate decisions. This is for good reason. In response to the biggest inflation shock in a generation, we embarked on the fastest tightening of monetary policy in the ECB’s history through rate hikes. During this...

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Chapter News

IMF | Rising Rates May Trigger Financial Instability, Complicating Fight Against Inflation

Banking systems are largely insulated from inflation, but vulnerabilities at some banks could lead to tradeoffs between containing inflation and protecting financial stability Before the pandemic, investors worried about how persistently low inflation and interest rates would crimp bank profits. Paradoxically, they also worried about bank profitability when post-COVID reopening sent inflation and central bank interest rates soaring. The failure of Silicon Valley Bank and other US lenders in early 2023 appeared to validate these fears. Our new research on the relationship...

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Chapter News

EIB Investment Survey 2024 – Insights into how companies across the EU are navigating key challenges

Each year, the EIB Investment Survey provides a snapshot of the issues facing EU firms and their ability to invest and grow their business. While the survey looks at trends across the European Union, it also hones in on individual countries and provides detailed information on how companies are weathering challenges such as tighter financial conditions, the demands of climate change, and the need to innovate and improve digitalisation amidst growing uncertainty. Highlights of the results for individual countries include: Digitalisation...

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Member News, Trade & TTIP Related

GDLSK | Administration Issues List of Steel and Aluminum “Derivative” Products Subject to 25% Additional Tariff, Impacting Numerous Downstream Products

By Erik Smithweiss and Sarah Raymond On February 14, 2025, the Trump administration released the list of “derivative” products that will be subject to the 25% steel and aluminum tariffs under Section 232. The notices are scheduled to be published in the Federal Register notice on Tuesday, February 18, 2025. The specific HTS subheadings are available here (steel) and here (aluminum). The steel and aluminum derivative tariffs will impact a broad range of downstream products, including the following: – Nearly all of...

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Member News, Trade & TTIP Related

Jaguar Freight | The Weekly Roar: The Trouble with Tarriffs

In this week’s Roar: Expediting imports, declining freight rates, the off-again on-again de minimis exemption, Mexico’s tariffs plans, and the costs of changing trade policies. Heightened concerns over increased US-China trade tensions (even compared to just a few weeks ago) are prompting shippers to further frontload their imports. They’re hoping to mitigate some of the impact of anticipated tariffs. This could mean that the usual seasonal lull in container volumes after the Lunar New Year are diminished and that Trans-Pacific...

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Member News

Vulcan Consulting | The First Work Programme of the von der Leyen II Commission: a Rocky Start?

On Wednesday (12 February), the European Commission unveiled its long-awaited 2025 Work Programme, setting its political and legislative priorities for the year ahead. The programme places simplification at its core, aiming to make EU rules more effective, reduce bureaucracy, and boost competitiveness—key in a context of economic, industrial, and geopolitical challenges. The 2025 Work Programme follows an implementation and simplification agenda, which aims to reduce administrative burdens -including the different Omnibus packages. It places a strong focus on industrial decarbonisation and simplifying regulations for...

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Member News

Troutman Pepper Locke | Copyright Office Advises on Copyrightability of Generative AI Works

On January 29, the U.S. Copyright Office published the second part of a planned three-part report on copyright and artificial intelligence (AI), this time focused on the question of copyrightability for AI-generated creative works. The first part, published in July 2024, explored the legality of so-called digital replicas of individuals’ likenesses, or “deepfakes.” The report is the product of a sweeping new initiative on AI launched by the Copyright Office in 2023 in response to the first crop of copyright registrations for...

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Member News, Trade & TTIP Related

Transatlantic Trade Monitor: Facts You Need Now | The Impact of Trump’s Tariffs: A Comprehensive Analysis

On February 1, President Trump announced new tariffs on imports from Canada, Mexico, and China, which sparked intense negotiations with the affected countries. On February 10, President Trump reportedly announced 25% tariffs on all steel and aluminum imports — and there is the possibility of further tariff announcements on the horizon. As we continue to monitor the situation, this comprehensive analysis delves into the potential far-reaching consequences of the first round of proposed tariffs and what they could mean...

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Member News, Trade & TTIP Related

GDLSK Alert | Major Changes In Steel And Aluminum Tariffs

Authors: Erik Smithweiss and Sarah Raymond The Trump Administration issued Presidential Proclamations on February 10, 2025, under Section 232 of the Trade Expansion Act of 1962, making major changes to U.S. tariff policy on steel and aluminum imports. Effective March 12, 2025, all steel and aluminum imports covered by the prior Section 232 actions — regardless of origin — will be subject to an additional 25% tariff. Countries that once benefitted from alternative tariff agreements — Australia, Canada, Mexico, South Korea,...

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