The European Commission launched today, at an online event, the European Innovation Council (EIC) with a budget of over €10 billion (in current prices) for 2021-2027 to develop and expand breakthrough innovations. Building on a successful pilot programme under Horizon 2020, the new EIC is not only a novelty of Horizon Europe, but it is also unique in the world: it combines research on emerging technologies with an accelerator programme and a dedicated equity fund, the European Innovation Council Fund, to scale up innovative...

Speech by Luis de Guindos, Vice-President of the ECB, at the High-level conference on “Strengthening the EU’s bank crisis management and deposit insurance framework: for a more resilient and efficient banking union” organised by the European Commission | Setting up the banking union was a crucial step in ensuring the stability of the euro area financial system and strengthening Economic and Monetary Union (EMU). The global financial crisis and sovereign debt crisis highlighted the need to make faster progress towards...

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes its first Trends, Risks and Vulnerabilities (TRV) Report of 2021. The Report analyses the impact of COVID-19 on financial markets during the second half of 2020 and highlights the increasing credit risks linked to significant corporate and public debt overhang, as well as the risks linked with investments in non-regulated crypto-assets. Continued high risk across financial markets Globally, risks in markets under ESMA’s remit remain very high. The...

The European Commission has disbursed today €9 billion to seven EU Member States in the fifth installment of financial support to Member States under the SURE instrument. This is the second disbursement in 2021. As part of today's operations, Czechia has received €1 billion, Spain €2.87 billion, Croatia €510 million, Italy €3.87 billion, Lithuania €302 million, Malta €123 million and Slovakia €330 million. This is the first time that Czechia has received funding under the instrument. The other six...

Today, the European Commission adopted the first strategic plan for Horizon Europe, the new EU research and innovation programme worth €95.5 billion in current prices. The strategic plan is a novelty in Horizon Europe and sets the strategic orientations for the targeting of investments in the programme's first four years. It ensures that EU research and innovation actions contribute to EU priorities, including a climate-neutral and green Europe, a Europe fit for the digital age, and an economy that works for...

The crisis has hit small and medium enterprises especially hard, causing massive job losses and other economic scars. Among these—less noticeable, but also serious—is rising market power among dominant firms as they emerge even stronger while smaller rivals fall away. We know from experience and IMF research that excessive market power in the hands of a few firms can be a drag on medium-term growth, stifling innovation and holding back investment. Such an outcome could undermine the recovery from the COVID-19 crisis,...