On 23 February 2022, the Commission proposes new rules on who can use and access data generated in the EU across all economic sectors. The Data Act will ensure fairness in the digital environment, stimulate a competitive data market, open opportunities for data-driven innovation and make data more accessible for all. It will lead to new, innovative services and more competitive prices for aftermarket services and repairs of connected objects. This last horizontal building block of the Commission's data...

Why is the Commission presenting this initiative? The transformation to a sustainable economy is a key political priority of the EU. It is essential for the wellbeing of our society and our planet. Companies play a key role in creating a sustainable and fair economy and society but they need support in the form of a clear framework. EU-level legislation on corporate sustainability due diligence will advance the green transition, and protect human rights in Europe and beyond. In addition to...

Today, the European Commission has adopted a proposal for a Directive on corporate sustainability due diligence. The proposal aims to foster sustainable and responsible corporate behaviour throughout global value chains. Companies play a key role in building a sustainable economy and society. They will be required to identify and, where necessary, prevent, end or mitigate adverse impacts of their activities on human rights, such as child labour and exploitation of workers, and on the environment, for example pollution and...

'In exceptional times, monetary finance may provide helpful policy support but there are risks.' The severe economic challenges posed by the global financial crisis, and more recently the pandemic, sparked a debate on whether central banks should expand their unconventional monetary policy toolkit to include monetary finance—the financing of government via money creation. Monetary finance is often associated with Milton Friedman’s metaphor of a helicopter dropping money from the sky. Reflecting on the role of monetary policy during the Great...

"Check against delivery" Good morning. It is a pleasure for me to take part in this joint ECFIN-EESC conference on the way forward for the EU's economic governance framework. This event forms part of our effort to engage in a wide-ranging and inclusive debate on the economic governance review with all stakeholders. We have taken good note of the very useful European Parliament resolution of July 2021 that Ms Marques coordinated. We have also paid close attention to the own-initiative opinion of the...

European security situation The Foreign Affairs Council discussed on the European security situation. The Council condemned the Russian military build-up around Ukraine, increased ceasefire violations and provocations from the Russia-backed separatists in eastern Ukraine. It also condemned actions, staged events and information manipulations aimed at creating a pretext for military escalation against Ukraine. Furthermore, it commended Ukraine’s restraint in the face of intimidation and violations of the Minsk agreements and international law. During their discussion, ministers had the opportunity to informally exchange views...

The world is producing twice as much plastic waste as two decades ago, with the bulk of it ending up in landfill, incinerated or leaking into the environment, and only 9% successfully recycled, according to a new OECD report. Ahead of UN talks on international action to reduce plastic waste, the OECD’s first Global Plastics Outlook shows that as rising populations and incomes drive a relentless increase in the amount of plastic being used and thrown away, policies to curb...

Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Industry outreach on the thematic review on climate-related and environmental risks| Frankfurt am Main, 18 February 2022 | Welcome to this industry outreach event organised by ECB Banking Supervision on the management and supervision of climate-related and environmental risks, or C&E risks for short. Our focus today is the current state of C&E risk management practices in the...