The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Meggitt by Parker. The approval is conditional on full compliance with commitments offered by Parker. Executive Vice-President Margarethe Vestager, in charge of competition policy, said: “Manufacturers of civil and military aircraft depend on competitive supply chains for all aerospace components. Parker and Meggitt are leading global suppliers of wheels and brakes for a range of aircraft types, including military helicopters and drones. The remedy package offered...

In order to secure the EU's energy supply at affordable prices in the current geopolitical context and to phase out dependency on Russian gas, the European Commission has established with the Member States an EU Platform for the common purchase of gas, LNG and hydrogen. A first virtual meeting, chaired by Director General for Energy, Ditte Juul Jørgensen, was held yesterday, with representatives of the 27 Member States. As agreed by the Heads of State and Government in the European Council...

Speech by Verena Ross, ESMA Chair | Thank you for inviting me to the launch of the EU Digital Finance Platform. Before we draw this very productive and interesting event to a close, I’d like to share a few reflections with you. Today we have launched an important joint initiative between the EC, ESAs and national competent authorities. As proposed by the EU Digital Finance Strategy, the Digital Finance Platform will support financial innovation and embrace digital technologies, for the good...

Today, the Commission is presenting proposals to update and modernise the Industrial Emissions Directive, key legislation to help prevent and control pollution. Updated rules will help guide industrial investments necessary for Europe's transformation towards a zero-pollution, competitive, climate-neutral economy by 2050. They aim to spur innovation, reward frontrunners, and help level the playing field on the EU market. The revision will help provide long-term investment certainty, with first new obligations on industry expected in the second half of the...

As part of the ongoing work of the OECD/G20 Inclusive Framework on BEPS to implement the Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy, the OECD is seeking public comments on the Draft Model Rules for Domestic Legislation on Scope under Amount A of Pillar One. The purpose of the scope rules is to determine whether a Group will be in scope of Amount A. The rules are designed to ensure Amount A only applies to large and...

Joint statement by Austria, Germany, Denmark, Spain, Finland, Ireland, Luxembourg, Latvia, the Netherlands, Sweden, Slovenia | In the wake of the Russian invasion of Ukraine, the world faces a new geopolitical reality. EU has shown historic unity and taken decisive action in response to Russia’s aggressive behavior. We must maintain the same unity and determination in order to become independent of Russian fossil fuels as soon as possible through accelerating the green transition towards climate neutrality in the EU by 2050...

Following years of preparation, the end of 2021 marked a major milestone in the transition away from LIBOR. The FSB welcomes the smooth transition to robust alternative rates across global markets, primarily overnight risk-free or nearly risk-free rates (RFRs). The absence of any significant market disruptions is a testament to the magnitude of market participants’ efforts and the level of attention from the regulators and industry bodies to support the transition to RFRs. The statement notes that all GBP, EUR, CHF,...

Keynote speech by Luis de Guindos, Vice-President of the ECB, at the Joint conference of the ECB and the European Commission on European financial integration | Frankfurt am Main, 6 April 2022 | Introduction It is my great pleasure to open today’s conference. I would like to use this opportunity to reflect on some important developments in financial integration that have taken place over the last two years, and assess them from the perspective of an EU financial system for the...