The Commission has today adopted a proposal for a Council Recommendation to ensure that any measures taken by Member States that restrict free movement due to the coronavirus pandemic are coordinated and clearly communicated at the EU level. The Commission's proposal sets out four key areas where Member States should work closer together: Common criteria and thresholds for Member States when deciding whether to introduce travel restrictions; Mapping of common criteria using an agreed colour code; A common framework for measures applied to travellers...

Today, the Commission presents an Action Plan on Critical Raw Materials, the 2020 List of Critical Raw Materials and a foresight study on critical raw materials for strategic technologies and sectors from the 2030 and 2050 perspectives. The Action Plan looks at the current and future challenges and proposes actions to reduce Europe's dependency on third countries, diversifying supply from both primary and secondary sources and improving resource efficiency and circularity while promoting responsible sourcing worldwide. The actions will foster our transition towards a...

The COVID-19 pandemic has greatly lengthened the list of developing and emerging market economies in debt distress. For some, a crisis is imminent. For many more, only exceptionally low global interest rates may be delaying a reckoning. Default rates are rising, and the need for debt restructuring is growing. Yet new challenges may hamper debt workouts unless governments and multilateral lenders provide better tools to navigate a wave of restructuring. The IMF, the World Bank, and other multilaterals acted quickly...

The American economist Frank Knight theorized about the difference between risk and uncertainty in his classic book Risk, Uncertainty and Profit. Risk is “a quantity susceptible of measurement.” A precise outcome may not be known, but the probability of a few that are most likely can be calculated. Uncertainty means there is not enough information to even narrow down the possibilities. When a situation is “not susceptible to measurement” economists call it Knightian uncertainty. If this sounds familiar, it is because we...

Tomorrow, the EU Regulation on the approval and market surveillance of motor vehicles will start to apply. Adopted in May 2018, the new Regulation significantly overhauls and tightens the previous type approval and market surveillance system. It improves the quality and independence of vehicle type-approval and testing, increases checks of cars already on the EU market and strengthens the overall system with greater European oversight. Thierry Breton, Commissioner for Internal Market said: “Europeans rightly expect to drive the cleanest and safest cars. That presupposes...

Statement by EU Commissioner President Ursula von der Leyen | Good morning, Last night Phil Hogan submitted his resignation from the post as Trade Commissioner. I respect this. I am very grateful to Phil Hogan for his tireless and successful work as a Commissioner and as a member of the College. I thank him warmly for his valuable contribution to the work of the Commission, not only in this mandate, but also in the previous mandate, when he was Commissioner in...