Today, the Dispute Settlement Body of World Trade Organization (WTO) formally authorised the EU to take countermeasures against the United States. The EU can now increase its duties on U.S. exports worth up to $4 billion. Today's decision follows the WTO panel announcement confirming EU retaliation rights in reaction to illegal subsidies granted to the U.S. aircraft maker, Boeing. Executive Vice-President for an Economy that Works for People and Commissioner for Trade, Valdis Dombrovskis, said: “Today's formal approval by the Dispute Settlement...

At the 21st International Conference of Banking Supervisors, senior banking supervisors and central bankers discussed issues related to the future of banking supervision in a changing world. Discussions covered the digitalisation of finance and the evolution of banking models, operational resilience, climate-related financial risks and remote working arrangements. This was the first time the Basel Committee has worked with a host country to offer a completely virtual conference. The 21st International Conference of Banking Supervisors (ICBS), hosted virtually by...

Released on October 09, 2020 | Seven central banks and the BIS release a report assessing the feasibility of publicly available Central Bank Digital Currencies (CBDCs) in helping central banks deliver their public policy objectives. Report outlines foundational principles and core features of a CBDC, but does not give an opinion on whether to issue. Central banks to continue investigating CBDC feasibility without committing to issuance. A group of seven central banks together with the Bank for International Settlements (BIS)...

Enhanced rules and new internal tool to enable staff to speak up in confidence Secure online platform allows for anonymous reporting Dedicated rules and processes protect whistleblowers from retaliation The European Central Bank (ECB) has today announced an enhanced internal whistleblowing framework to protect the integrity of the institution. It encompasses a new internal tool for simple and secure reporting of potential breaches of professional duties, inappropriate behaviour or other irregularities, and the possibility for whistleblowers and witnesses to...

Under BEPS Action 14, jurisdictions have committed to implement a minimum standard to improve the resolution of tax-related disputes between jurisdictions. Despite the significant disruption caused by the COVID-19 pandemic and the necessity to hold all meetings virtually, work has continued with the release today of the stage 2 peer review monitoring reports for Czech Republic, Denmark, Finland, Korea, Norway, Poland, Singapore and Spain. These reports evaluate the progress made by these eight jurisdictions in batch 3, in implementing any recommendations resulting from jurisdictions' stage 1 peer review reports....

The European Commission announces a €150m financial contribution to the Venture Centre of Excellence (VCOE) programme, at the HTID® event in Paris The contribution from the European Commission is an anchor investment in the VCoE with additional contributions expected from private investors predominately in the Pharma and Med-tech industry, Co-developed by EIT Health and the European Investment Fund, the VCoE is expected to catalyse over €2bn into the European Life Sciences industry. The VCOE programme will start operations...

The pandemic is exacting a heavy toll on Europe. More than 240,000 people have lost their lives. Millions have suffered the illness themselves, the loss of loved ones, or major disruption in their work, their businesses, and their daily lives. The economic impact of the pandemic has been enormous. Our latest Regional Economic Outlook for Europe forecasts a 7 percent decline in Europe’s GDP in 2020. The recovery from this crisis will be uneven and partial. While real GDP is projected to...

Today, the Council reached an agreement on next year's fishing opportunities in the Baltic Sea, focusing on fish stock recovery. Ministers agreed to continue decreasing the fishing opportunities for several fish stocks in the Baltic Sea to help them recover. Ministers decided to continue the closure of the Eastern Baltic cod fishery and to provide only a by-catch quota, which was again significantly reduced compared to last year's. The biggest cuts in the total allowable catches (TACs) were for the herring of the Western and...