In June 2016, the ECB launched its corporate sector purchase programme, through which it purchased corporate bonds in an effort to improve the financing conditions of euro area firms. In this article, I argue that the programme was successful. In particular, by increasing prices and reducing yields in the targeted bond market segment, the programme encouraged investors to shift their investments towards similar but somewhat riskier bonds. This reduced borrowing costs for many firms, including those whose bonds were...

The Governing Council of the European Central Bank (ECB) today launched a review of its monetary policy strategy. The monetary policy strategy was adopted in 1998 and some of its elements were clarified in 2003. Since 2003 the euro area and the world economy have been undergoing profound structural changes. Declining trend growth, on the back of slowing productivity and an ageing population, as well as the legacy of the financial crisis, have driven interest rates down, reducing the scope...

The Presidents of the three main EU institutions will meet on Thursday in Bazoches to debate the future of the EU as well as current geopolitical challenges. European Parliament President David Sassoli, European Council President Charles Michel and European Commission President Ursula von der Leyen will meet in Bazoches-sur-Guyonne (France) at the Jean Monnet House, a symbolic place for the history of European integration. They will discuss the future of the EU, including the upcoming Conference on the Future of Europe,...

Ahead of 1 February 2020, the day on which the UK will leave the EU in accordance with the Withdrawal Agreement  concluded between the EU and the UK (read the latest news here), the EUIPO has updated the Brexit section on its website. The Withdrawal Agreement stipulates that during a transition period that will last until 31 December 2020, EU law remains applicable to and in the UK. This extends to the EUTM and RCD Regulations and their implementing instruments. This continued application of the EUTM...

The Constitutional Affairs Committee agreed on Thursday to recommend that the EP plenary should approve the UK withdrawal terms. After parliamentary ratification in the UK was concluded earlier today, with Royal Assent granted for the European Union (Withdrawal Agreement) Bill, Constitutional Affairs Committee MEPs voted in favour of a positive recommendation regarding the EU-UK Withdrawal Agreement, with 23 votes for, three against and no abstentions. The vote took place after a statement by Committee Chair Antonio Tajani (EPP, IT) and a discussion between the Parliament’s...

Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB, Frankfurt am Main, 23 January 2020 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council. Based on our regular economic and monetary analyses, we decided to keep the key ECB interest rates unchanged. We expect them to remain at their present or lower levels until we have seen the inflation...

Today, the European Commission set out its ideas for shaping the Conference on the Future of Europe, which should be launched on Europe Day, 9 May 2020 and run for two years. The Communication adopted is the Commission's contribution to the already lively debate around the Conference on the Future of Europe – a project announced by President Ursula von der Leyen in her Political Guidelines, to give Europeans a greater say on what the European Union does and how it works for them....