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...

The Council today adopted five laws that will enable the EU to cut greenhouse gas emissions within the main sectors of the economy, while making sure that the most vulnerable citizens and micro-enterprises, as well as the sectors exposed to carbon leakage, are effectively supported in the climate transition. The laws are part of the 'Fit for 55' package, which sets the EU’s policies in line with its commitment to reduce its net greenhouse gas emissions by at least 55%...

President Biden, Special Envoy Kerry, Thank you for convening us today and for your continued leadership on climate action. We are the policy makers who can keep global warming below 1.5 degrees Celsius. And we have the tools! With innovation, science, technology and industrial capacity to achieve this goal. Last year, we Europeans produced more electricity from sun and wind than from gas and any other source. And the world's electricity system is now cleaner than ever before. We are on...

For many people, buying a franchise has proven to be a good choice, but like any other financial decision, there is no one-size-fits-all answer to the question “Is a franchise right for me?” Buying a franchise involves a major financial outlay and owning one often requires an “all in” lifestyle commitment. If you’re thinking about whether your future could be in a franchise, follow the FTC Business Blog for a series we’re calling Franchise Fundamentals. We’ll explore some of...

The Commission propose regulation to tackle cyber threats and incidents. On the 18 April 2023, the Commission has adopted a proposal for the EU Cyber Solidarity Act to strengthen cybersecurity capacities in the EU. It will support detection and awareness of cybersecurity threats and incidents, bolster preparedness of critical entities, as well as reinforce solidarity, concerted crisis management and response capabilities across Member States. The Cyber Solidarity Act establishes EU capabilities to make Europe more resilient and reactive in front of...

Today, the Commission adopted two proposals for a Council Recommendation in the context of the European Year of Skills, with the aim to support Member States and the education and training sector in providing high-quality, inclusive and accessible digital education and training to develop the digital skills of European citizens. The proposals address the two main common challenges jointly identified by the Commission and EU Member States: 1) the lack of a whole-of-government approach to digital education and training, and...

The European Commission has today adopted a proposal to adjust and further strengthen the EU's existing bank crisis management and deposit insurance (CMDI) framework, with a focus on medium-sized and smaller banks. The EU's banking sector, which includes a strong crisis management framework, has become much more resilient in recent years. Financial institutions in the EU are well capitalised, highly liquid and closely supervised. However, experience has shown that many failing medium-sized and smaller banks have been managed with solutions outside...