![European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources](https://eaccny.com/wp-content/uploads/2020/06/eaccny-logo.png){kind=logo}
Transatlantic News
Transatlantic News
14
Aug
Today, the European Commission has reached a first agreement with the pharmaceutical company AstraZeneca to purchase a potential vaccine against COVID-19 as well as to donate to lower and middle income countries or re-direct to other European countries. This is following the positive steps regarding the conclusion of exploratory talks with Sanofi-GSK announced on 31 July and with Johnson & Johnson on 13 August. Once the vaccine has proven to be safe and effective against COVID-19, the Commission now has agreed the basis...
12
Aug
Following its stress tests earlier this year, the Federal Reserve Board on Monday announced individual large bank capital requirements, which will be effective on October 1.
Under its framework for large banks—those with more than $100 billion in total assets—capital requirements are in part determined by stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The below table shows the total common equity tier 1, or CET1, capital requirements for each large bank, which is comprised...
12
Aug
The Federal Reserve Board on Tuesday announced revised pricing for its Municipal Liquidity Facility (MLF). The revised pricing reduces the interest rate spread on tax-exempt notes for each credit rating category by 50 basis points and reduces the amount by which the interest rate for taxable notes is adjusted relative to tax-exempt notes.
Today's changes will ensure the MLF continues to provide an effective backstop to assist U.S. states and local governments as they weather the pandemic.
The MLF was established...
11
Aug
The Commission will support 23 new research projects with €128 million in response to the continuing coronavirus pandemic. The funding under Horizon 2020, the EU's research and innovation programme, is part of the Commission's €1.4 billion pledge to the Coronavirus Global Response initiative, launched by President Ursula von der Leyen in May 2020.
The 23 projects shortlisted for funding involve 347 research teams from 40 countries, including 34 participants from 16 countries outside of the EU. The funding will enable researchers to...
10
Aug
The Brexit transition ends December 31, 2020. In 5 months, the UK leaves Single Market and Customs Union. Changes are inevitable, with or without agreement on the new partnership. Companies and citizens must get ready.
Even if the European Union and the United Kingdom conclude a highly ambitious partnership covering all areas agreed in the Political Declaration by the end of 2020, the United Kingdom’s withdrawal from the EU acquis, the internal market and the Customs Union, at the...
07
Aug
Following a review under the recommendation on the gradual lifting of the temporary restrictions on non-essential travel into the EU, the Council updated the list of countries for which travel restrictions should be lifted. As stipulated in the Council recommendation, this list will continue to be reviewed regularly and, as the case may be, updated.
Based on the criteria and conditions set out in the recommendation, as from 8 August member states should gradually lift the travel restrictions at the external...
06
Aug
The economic impact of the COVID-19 pandemic on emerging market economies far exceeded that of the global financial crisis. Unlike previous crises, the response has been decisive just like in advanced economies. Yet, conventional policies are reaching their limit and unorthodox policies are not without risks.
A pandemic still unfolding
COVID-19 is still to play out fully in the emerging market universe (see chart for country list), posing risks to both people and economies. While countries such as China, Uruguay, and Vietnam...
05
Aug
In the wake of the Covid-19 crisis, the US authorities adopted an unprecedented set of fiscal measures, targeting households in particular. These measures aim at preserving the purchasing power of US households, but less than half of this additional income should be spent.
Chart 1. Compared fiscal policy responses 2020/2008, Source: Congressional Budget Office (CBO). Image courtesy of La Banque de France.
The Covid-19 crisis has led to a sharp deterioration in the US labour market
The coronavirus crisis has sent an...
Other Chapter News
