The Eurogroup concludes that the necessary elements are now in place for Member States to launch the relevant national procedures required for the approval of the next EFSF disbursement, which amounts to EUR 43.7 bn. EUR 10.6 bn for budgetary financing and EUR 23.8 bn in EFSF bonds earmarked for bank recapitalisation will be paid out in December. The disbursement of the remaining amount will be made in three sub-tranches during the first quarter of 2013, linked to the implementation...

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The European Commission has launched the second cycle of the Macroeconomic Imbalance Procedure (MIP) with the publication of the Alert Mechanism Report (AMR). The MIP aims to correct and prevent damaging macroeconomic imbalances. Based on the AMR, which is the first step of the new round of the MIP, the Commission suggests more in-depth analysis of developments related to the accumulation and unwinding of macroeconomic imbalances in 14 EU Member States. The countries concerned are: Belgium, Bulgaria, Denmark, Spain, France,...

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Anecdotal reports have been surfacing of imported merchandise that has been damaged or destroyed during Hurricane Sandy, either while still in Customs’ custody or after release while stored in warehouses. Opportunities exist under the Customs laws to potentially recover import duties paid on such merchandise.  For example, the Customs laws provide for an allowance in duties upon proof of actual injury or destruction of any merchandise by casualty while in bonded warehouse or the public stores, while in transportation under...

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Restoring confidence in the financial system - A speech by Dr Andreas Dombret Member of the Executive Board of the DEUTSCHE BUNDESBANK at the Generation Forum Euro Finance Week Frankfurt on Wednesday, 21 November 2012. Ladies and gentlemen, The financial system is more resistant today than it was a few years ago. The G20 have launched a wide range of reforms – from financial institutions to financial markets to financial instruments. Banks have substantially improved their resilience by increasing both their capital...

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Speaking in Dublin, Ireland, today, EU Trade Commissioner Karel De Gucht stressed the need to reinvigorate EU-U.S. trade relations. Commissioner De Gucht said there is considerable economic uncertainty on both sides of the Atlantic "which is holding back companies from taking risks, laying out plans and invest in new products, new services and create jobs." Comprehensive trade liberalization across the Atlantic, said Commissioner De Gucht, would help the economic recovery and drive down the cost of transatlantic business. "There is now,...

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Europe should not feel neglected by the United States, as relations with Washington have improved over the past two years. The culture of engagement established by Hillary Clinton and Catherine Ashton also has trickled down the whole system and will continue in the second Obama mandate, said the EU ambassador to the US, João Vale de Almeida in an interview with EurActiv. You have witnessed the US electoral campaign for the past 18 months. What are the lessons from this...

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Making a List & Checking It Twice! Planning to do some holiday shopping on Black Friday? Did you know that toys manufactured in the EU are required to comply with high safety standards, and that the U.S. is one of Europe's most important trading partners for toys? For more information click here. For further readings click on fallowing links: European Commission: Toys European Toy Safety Campaign

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The Federal Reserve Board (Board) and the Consumer Financial Protection Bureau (CFPB) today announced increases in the dollar thresholds in Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing) for exempt consumer credit and lease transactions. These increases are consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amendments to the Truth in Lending Act and the Consumer Leasing Act to adjust these thresholds annually by the annual percentage increase in the Consumer Price...

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On November 13, the Financial Stability Oversight Council (FSOC) voted unanimously to advance its report entitled "Proposed Recommendations Regarding Money Market Mutual Fund Reform." FSOC was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to identify risks to the financial stability of the United States, to promote market discipline, and to respond to emerging risks to the stability of the United States' financial system. To read more click here. For further resources on the Dodd-Frank Act,...

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