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Transatlantic News
Transatlantic News
15
Jan
Published as part of the ECB Economic Bulletin, Issue 8/2025.
Trade policy uncertainty has risen significantly in the face of higher tariffs and tariff threats, adding a new layer of complexity to assessing the global economic outlook. Shifts in tariff and trade policy, unpredictable communication and the move away from rules-based multilateralism towards bilateral leverage have heightened uncertainty for firms and investors. This has influenced sourcing, production and investment decisions, and may weigh on trade dynamics, investment and overall macroeconomic performance. Moreover,...
14
Jan
Speech by Luis de Guindos, Vice-President of the ECB, at the 16th edition of Spain Investors Day
Madrid, 14 January 2026
The global economy is facing a period of profound transformation and heightened uncertainty. The past year has brought major shifts in the international economic environment, driven by significant changes in US policy and the erosion of the multilateral, rules-based system which has long supported global trade and international relations. The introduction of substantial tariffs on US imports has disrupted trade...
09
Jan
The Council today adopted two decisions authorising the signature of the EU-Mercosur Partnership Agreement (EMPA) and of the Interim Trade Agreement (iTA) between the EU and Mercosur.
Together, these agreements mark an important milestone in the EU’s long-standing relationship with Mercosur partners – Argentina, Brazil, Paraguay and Uruguay. Once in force, they will establish a framework for political dialogue, cooperation and trade relations within a modernised and comprehensive partnership.
The agreements will require the consent of the European Parliament before they can be formally concluded by...
09
Jan
Keynote Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Danish Economic Society Conference
Kolding, 9 January 2026
I am grateful to the Danish Economic Society for the invitation to participate in this conference. In line with the overall theme of the event, I will speak today about the implications of a changing world for the euro-denominated monetary system.
In our 2025 assessment exercise that reviewed the monetary policy strategy of the ECB, the Governing Council...
08
Jan
1 January 2026
Euro banknotes and coins start circulating in Bulgaria
Bulgarian National Bank joins Eurosystem
Bulgaria becomes 21st euro area member
Bulgarian National Bank now also full member of Single Supervisory Mechanism following period of close cooperation
The euro officially entered into circulation in Bulgaria today, bringing the number of European Union (EU) Member States using the single European currency to 21. This follows on from the formal decision made in July, which also announced the official conversion rate of 1.95583...
08
Jan
The 147 countries and jurisdictions working together within the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) have agreed on key elements of a package that charts a course forward for the co-ordinated operation of global minimum tax arrangements in the context of a digitalised and globalised economy.
Following months of intense negotiations, the comprehensive package for a “side by side” arrangement announced today represents a significant political and technical agreement which will set the foundation for stability and certainty...
18
Dec
The European Banking Authority (EBA), the European Central Bank (ECB), national central banks and national supervisory authorities across the European Economic Area have signed a Memorandum of Understanding (MoU) to strengthen cooperation and information sharing in support of non-bank payment service providers’ (PSPs) access to central bank-operated payment systems.
This multilateral agreement sets out clear principles for collaboration and harmonises the processes and procedures for the exchange of information between national supervisory authorities and national central banks in relation to non-bank PSPs’ participation in payment systems operated by central...
17
Dec
Tariffs and trade disruptions dominated headlines in 2025. European firms rely heavily on global trade – it represents about half of EU output. Despite that, European businesses are not radically overhauling their globalised approach. Instead, they are investing to make their supply chains more efficient and resilient.
US firms are a different story. While they rely less on global trade (it represents roughly one-quarter of output), new tariffs caused them to reduce imports and diversify the countries they import from....
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