The European Commission has today proposed a Single Resolution Mechanism (SRM) for the Banking Union. The mechanism would complement the Single Supervisory Mechanism (SSM) (IP/12/953) which, once operational in late 2014, will see the European Central Bank (ECB) directly supervise banks in the euro area and in other Member States which decide to join the Banking Union. The Single Resolution Mechanism would ensure that – not withstanding stronger supervision – if a bank subject to the SSM faced serious...

By Karl-Theodor zu Guttenberg and Pierpaolo Barbieri Where are the NAFTA haters now? The North-American Free Trade Agreement (NAFTA) will be 20 years old in 2014 and all those who predicted it would bring about disaster have long gone silent. NAFTA boosted intra-North American trade despite a painful initial adjustment, pushing its members to improve competitiveness and focus on their comparative advantages. Mexico is now a manufacturing powerhouse and a North American energy revolution only furthers the bloc’s global competitiveness. Something similar...

Statement on the occasion of the change of the Head of the Bundesbank’s New York Representative Office on 2 July 2013 by Dr. Andreas Dombret Member of the Executive Board of the Deutsche Bundesbank. Governor Powell, Excellencies, Distinguished guests, Ladies and gentlemen It is a pleasure for me to welcome you to the Bundesbank’s reception in New York. Many thanks for taking the time to attend tonight. Today is a special day for two reasons: First, today is a good day for international...

We wish the United States a happy 237th birthday, as Americans celebrate Independence Day on July 4. From its start, the United States was among the EU's staunchest proponents, and on August 11, 1952, the U.S. became the first non-member country to provide international recognition to the European Coal and Steel Community, the precursor to today's EU. A strong EU-U.S. partnership is crucial to building a more democratic, secure, and prosperous world. The European Union and the United States jointly represent...

Strasbourg, 2 July 2013 -- Speech by President of the European Council Herman Van Rompuy at the European Parliament After the March European Council meeting, I reported to you on the broad agreement among all leaders on our strategy to bring the European Union to recovery: - restoring and maintaining financial stability; - making our economies more resilient and competitive, with structurally sound public finances (using the flexibilities in our common rules) and long-term reforms; - fighting, directly and indirectly, unemployment, and I...

Brussels, 1 July 2013 -- New funding to support businesses in the Eastern Partnership countries The European Commission has adopted today a programme to support Small and Medium Sized enterprises (SMEs) and trade opportunities in the countries of the Eastern Partnership (EaP) region. “Our Eastern neighbours have been hit hard by the economic crisis. Small and medium sized enterprises can play a key role in generating jobs and economic growth because they respond quickly to opportunities created by the market. It...

On Monday 1 July Croatia will become the 28th Member State of the European Union. Croatia's accession marks another milestone in the construction of a united Europe. It also provides fresh evidence of the transformative power of the European Union: torn by conflict only two decades ago, Croatia is now a stable democracy, capable of taking on the obligations of EU membership and of adhering to EU standards. On the eve of Croatia's accession, President Barroso said: "Croatia's accession to...

The European Council today set out its position on a draft directive establishing a framework for the recovery and resolution of credit institutions and investment firms. It called on the presidency to start negotiations with the European Parliament with the aim of adopting the directive at first reading before the end of the year. The proposed directive is aimed at providing national authorities with common powers and instruments to pre-empt bank crises and to resolve any financial institution in an...