As 2016 gets underway, U.S. writers and commentators have been looking into their crystal balls, predicting that this will be year the European Union will buckle under surmounting problems. “Terrorism, Migrants, and Crippling Debt: Is This the End of Europe?” blasts Vanity Fair. The Washington Post hones in on Europe’s crises in 2015 and speculates 2016 will be the year it unravels. Break-up of the European Union is on the table, predicts Fortune. The thinking behind the headlines is clear: a...

Market Operations Annual review of acceptable non-regulated markets and issuers classified as agencies in haircut category II On 18 December 2015 the Governing Council reviewed the list of acceptable non-regulated markets for assets eligible as collateral for Eurosystem monetary policy operations. Accordingly, it decided to accept the Alternext Lisbon and the Alternext Paris as acceptable non-regulated markets. The updated list of acceptable non-regulated markets is available on the ECB’s website. Furthermore, the Governing Council reviewed the list of issuers classified as...

Virtual currencies (VCs) and especially their underlying technologies are a potentially important advance for the financial sector that could increase efficiency and financial inclusion, but can also serve as vehicles for money laundering, terrorism financing, and tax evasion. Achieving a balanced regulatory framework that guards against risks without suffocating innovation is a challenge that will require extensive international cooperation, says a new staff paper, “Virtual Currencies and Beyond: Initial Considerations,” released today by the International Monetary Fund (IMF) during the...

Geo-blocking consumers’ online access to goods and services on the basis of their IP address, postal address or the country of issue of credit cards is unjustified and it must stop, says Parliament in a resolution voted on Tuesday. MEPs want Europe to seize the opportunities opened up by new technologies, such as Big Data, cloud computing, the Internet of Things or 3D-printing, and to have an innovation-friendly policy towards online platforms. The 16 digital single market initiatives announced...

How can we achieve greater economic growth and reduce the risk of shocks in the European Union? This was the central question examined by the meeting of European finance and economic affairs ministers – the Ecofin Council – on Friday 15 January in Brussels. Dutch finance minister Jeroen Dijsselbloem chaired the meeting for the first time, following the start of the Netherlands EU Presidency. Valdis Dombrovskis (left), Vice-President of the European Commission, and Jeroen Dijsselbloem, Minister of Finance of the...

Growth prospects and macroeconomic imbalances The Council discussed growth prospects and macroeconomic imbalances under the "European Semester", the EU's annual policy coordination process. It adopted conclusions, and approved a draft recommendation on the economic policies of the euro area. The policy priorities for 2016 are investment, structural reforms and responsible fiscal policies. Regarding macroeconomic imbalances, the Commission is due to publish in-depth reviews in February of the situation in 18 member states. The Council broadly agreed with the analysis and priorities set by the Commission in its...

On January 11, 2016, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with Slovak Republic. Slovakia remains among Europe’s stronger economies, with growth continuing to pick up in 2015, driven by strong domestic demand. A push to spend expiring EU funds has underpinned rising investment while job creation and real wage growth have supported private consumption. Unemployment has fallen significantly since 2013, but is still around 11 percent overall, and is much higher for...