The European Commission has adopted a White Paper dealing with the distortive effects caused by foreign subsidies in the Single Market. The Commission now seeks views and input from all stakeholders on the options set out in the White Paper. The public consultation, which will be open until 23 September 2020, will help the Commission to prepare for appropriate legislative proposals in this area. Executive Vice-President Margrethe Vestager, in charge of competition policy and  responsible for the cluster Europe Fit for the Digital Age,...

Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally. We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring Feargal O’Sullivan, CEO, USAM Group a Member of the EACCNY. The questions we asked our members for this series are: 1) What are some challenges you, personally and your organization have faced? 2) What...

Working group recommends voluntary compensation for legacy swaption contracts Market participants advised to contact swaption counterparties to discuss and decide on voluntary compensation No single preferred option for implementing voluntary compensation, but several potential modalities identified. The private sector working group on euro risk-free rates has today endorsed a recommendation that counterparties voluntarily exchange compensation for legacy swaption contracts affected by the transition of central counterparty discounting from the euro overnight index average (EONIA) to the euro short-term rate (€STR), which...

HRVP Josep Borrell and the Commissioner for the Internal Market Thierry Breton publish an article in several European media on the EU’s reaction to the Coronavirus crisis and the lessons learned “For a united, resilient and sovereign Europe”. Beyond the health tragedy, the Coronavirus crisis will have an accelerating effect on the major trends at work on our planet. It invites us to take a fresh look at the world, and at Europe’s place in the world. It forcefully revives...

June 11, 2020 | Today the Commission recommends to Schengen Member States and Schengen Associated States to lift internal border controls by 15 June 2020 and to prolong the temporary restriction on non-essential travel into the EU until 30 June 2020; and sets out an approach to progressively lifting the restriction afterwards. Given that the health situation in certain third countries remains critical, the Commission does not propose a general lifting of the travel restriction at this stage. The restriction should be lifted...

June 15, 2020 | The massive macro-financial shock caused by the pandemic continues to ravage the global economy and has put both banks and borrowers under severe strain. Supervisors find themselves confronted with unprecedented challenges which call for decisive action to ensure that banking systems support the real economy while preserving financial stability. This blog introduces nine joint IMF-World Bank recommendations to help supervisors navigate these uncharted waters and calls for vigilance regarding policy measures taken that are not consistent...