On 23 March 2016 the Council confirmed an informal agreement reached with the European Parliament on the revision of the directive concerning technical requirements for inland waterway vessels. The draft directive sets out a procedure for the application of uniform standards for inland navigation across Europe. The standards will be developed by the European Committee for drawing up standards in the field of inland navigation (CESNI), which was set up under the auspices of the Central Commission for Navigation of...

Monetary developments in the euro area: February 2016 • The annual growth rate of the broad monetary aggregate M3 stood at 5.0% in February 2016, unchanged from the previous period. • The annual growth rate of the narrower aggregate M1, which includes currency in circulation and overnight deposits, decreased to 10.3% in February, from 10.5% in January. • The annual growth rate of loans to households stood at 1.6% in February, after 1.4% in January. • The annual growth rate of loans to...

An export-led economic recovery in 2014-15 raised employment and private consumption and strengthened Slovenia’s external position. Financial stability has improved. However, decisive policy action is required to address significant constraints to growth and mitigate important vulnerabilities. In particular, further measures to repair balance sheets of small and medium enterprises (SME) would help stimulate private investment. A comprehensive fiscal adjustment package is needed to reduce public debt, create room to absorb potential adverse shocks, and prepare for coming demographic challenges....

The International Monetary Fund (IMF) today published the paper “The Adequacy of the Global Financial Safety Net,” which the IMF’s Executive Board discussed during an informal session as part of the Fund’s ongoing review of the international monetary system. The paper assesses the strengths, weaknesses and challenges of the Global Financial Safety Net (GFSN) –comprised of international reserves, central bank swap arrangements, regional financing arrangements, Fund resources (complemented by other multilateral and bilateral development partners), and market-based instruments. The paper...

Brussels, 22 March 2016 I would like to express my deepest sympathy to the people of Brussels, to the many wounded, to the families and loved ones of those cruelly hit by the explosions this morning at Zaventem airport and Maelbeek Metro Station. I would also like to express my full support for and solidarity with the Belgian authorities. I commend the security forces, emergency services and all those who have helped victims and are still doing so now. I would like...

March 2016 Monetary policy Non-standard monetary policy measures On 10 March 2016 the Governing Council decided on a number of measures in the pursuit of its price stability objective. This set of measures encompasses, inter alia, the launch of a corporate sector purchase programme as an additional component of the asset purchase programme (APP), an increase in the combined monthly purchases under the APP to €80 billion, starting in April 2016 and the launch of a new series of four targeted longer-term...