Global economy The global economic recovery is gaining momentum, commodity prices have firmed up, and deflation risks are receding. While the outlook is improving, growth is still modest and subject to heightened political and policy uncertainties. Crisis legacies, high debt levels, weak productivity growth, and demographic trends remain challenging headwinds in advanced economies; while domestic imbalances, sharper-than-expected financial tightening, and negative spillovers from global uncertainty pose challenges for some emerging market and developing countries. Trade, financial integration, and technological innovation have...

In 2016, the government deficit and debt of both the euro area (EA19) and the EU28 decreased in relative terms compared with 2015. In the euro area the government deficit to GDP ratio fell from 2.1% in 2015 to 1.5% in 2016, and in the EU28 from 2.4% to 1.7%. In the euro area the government debt to GDP ratio declined from 90.3% at the end of 2015 to 89.2% at the end of 2016, and in the EU28 from...

Less favourable non-price terms for secured funding and for non-cleared OTC derivatives Worsened market liquidity for underlying collateral Less favourable credit terms than one year ago for most counterparty types Survey respondents reported that credit terms offered to counterparties, both in the provision of finance collateralised by euro-denominated securities and in OTC derivatives markets, tightened for all counterparty types when comparing the three-month reference period from December 2016 to February 2017 with the previous three months. By and large,...

The fuel efficiency of new cars sold in the European Union (EU) continued to improve last year but at a slower rate. In fact, the 1.4 grammes (g) of carbon dioxide (CO2) per kilometre (km) reduction compared to 2015 constitutes the smallest annual improvement recorded over the last decade, according to provisional data published today by the European Environment Agency (EEA).  Image © Ben McLeod Average CO2 emissions of a new car sold in 2016 were 118.1 g CO2/km. This represents...

Today the European Commission launches a new initiative for the sustainable development of the blue economy in the Western Mediterranean region. The region covers economic hubs like Barcelona, Marseille, Naples and Tunis. It also includes tourist destinations like the Balearic Islands, Sicily and Corsica. The sea's biodiversity is under severe pressure with a recent report by scientists from the Joint Research Centre indicating that 50% has been lost in the last 50 years. In addition to this are recent security and...

A new system of electronic certification to better monitor imports of organic products becomes applicable tomorrow. The EU becomes a global leader in traceability and in the collection of reliable data on trade of organic products The new electronic certification system will contribute to enhancing food safety provisions and reducing potential fraud. It will also reduce the administrative burden for operators and authorities, and provide much more comprehensive statistical data on organic imports. Both paper and e-certification will be used during a...