The coronavirus pandemic represents a very large shock for the global and EU economies, with very severe economic and social consequences. Economic activity in Europe suffered a severe shock in the first half of the year and rebounded strongly in the third quarter as containment measures were gradually lifted. However, the resurgence of the pandemic in recent weeks is resulting in disruptions as national authorities introduce new public health measures to limit its spread. The epidemiological situation means that...

Digitalization has in the past few years enabled developing countries in particular to leapfrog on financial inclusion. Countries like Kenya, Ghana, Rwanda and Tanzania have made great advances in connecting their citizens to financial systems by leveraging on mobile phone technology. "Digitalization must be driven by the needs of the people and work for them." As the world has grappled with the COVID-19 pandemic, with closing of borders, curfews, lockdowns and other movement restrictions, digitalization has come to the rescue. Online...

Anti-money laundering and terrorism financing Ministers discussed the Council conclusions on anti-money laundering and terrorism financing, which aim to provide the Commission with guidance in advance of its legislative proposals in 2021 on a single rule book, EU-level supervision and a coordination and support mechanism for member states' financial intelligence units. During the discussion, ministers expressed broad support for the draft Council conclusions as prepared by Coreper and at expert level. In the draft conclusions, the Council outlines various areas in which the Commission should consider harmonising...

Easing of overall credit terms and conditions represented a partial reversal of the tightening recorded in the previous two survey rounds Increase in pressure, in particular from non-financial corporate counterparties, to obtain more favourable conditions Valuation disputes decreased for both securities financing and derivatives transactions Survey respondents reported an easing of credit terms and conditions over the June 2020 to August 2020 review period representing a partial reversal of the widespread tightening of credit terms and conditions observed in...

The Council today adopted two recast regulations, one on the taking of evidence and a second on the service of documents, to modernise cross-border exchanges between authorities through digitalisation. After reaching a political agreement with the European Parliament in June 2020, the text will now be submitted to the Parliament for its final adoption. The COVID-19 pandemic has highlighted the need for a modern and digital justice system. The regulations adopted today will allow for faster, more efficient cooperation between...