Blog post by EU High Representative Josep Borrell | Last Monday I opened the Summer University of the Universidad Internacional Menendez Palacio in Santander (Spain). We mostly discussed the consequences of the current crisis for Europe and the world. At this stage, the risk seems serious that it destabilises many developing countries and strengthens a trend towards authoritarian regimes. In this context, Europe has a key responsibility to defend effective multilateralism and help developing countries in need. "The actual crisis risks...

Most widespread tightening of credit terms over three-month review period since SESFOD launched in 2013 Less-favourable price terms for non-financial corporations and less-favourable non-price terms for hedge funds Liquidity and trading deteriorated materially for all types of OTC derivatives, while initial margin requirements increased for almost all types Some insurance companies, hedge funds and investment funds faced strained liquidity situations linked to variation margins Survey respondents reported the most widespread tightening of credit terms and conditions over a three-month...

ECB and other major central banks to reduce frequency of 7-day US dollar operations from three times per week to once per week, while 84-day operations continue to be offered weekly New frequency effective as of 1 September 2020, to remain in place for as long as appropriate to support smooth functioning of US dollar funding markets ECB and other major central banks standing ready to re-adjust provision of US dollar liquidity as warranted by market conditions In view of continuing...

Today, the European Commission decided to register a European Citizens' Initiative (ECI) entitled ‘Right to Cure'. The organisers of the ECI call on the Union ‘to put public health before private profit make anti-pandemic vaccines and treatments a global public good, freely accessible to everyone'. The ECI lists the following objectives: Ensure that intellectual property rights, including patents, do not hamper the accessibility or availability of any future COVID-19 vaccine or treatment; Ensure that EU legislation on data and market...

In the midst of the current COVID-19 pandemic, policymakers around the world are undertaking fiscal stimulus—a combination of spending increases and tax reductions—to support their economies. Even before the present crisis, the importance of fiscal policy has been increasing, with monetary policy constrained by near-zero interest rates. Our new staff research finds that age also matters when considering fiscal stimulus. Specifically, we find that fiscal policy isn’t as effective in boosting growth in economies with older populations, compared to economies with younger...

This questionnaire provides common template for gathering information about continuity of access to financial market infrastructures (FMIs) for firms in resolution. The template takes the form of a questionnaire that all FMIs are encouraged to complete. The responses to the questionnaire should be published or made available in other ways to firms that use the FMI services and their resolution authorities to inform their resolution planning. The use of a common questionnaire should reduce the “many to one” nature...