The European Commission and the High Representative today published a Joint Communication on a European Economic Security Strategy. This Joint Communication focuses on minimising risks arising from certain economic flows in the context of increased geopolitical tensions and accelerated technological shifts, while preserving maximum levels of economic openness and dynamism. The proposed strategy sets out a common framework for achieving economic security by promoting the EU's economic base and competitiveness; protecting against risks; and partnering with the broadest possible range...

Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at the Euro50 Group conference on “New challenges for the Economic and Monetary Union in the post-crisis environment” | Luxembourg, 19 June 2023 | The ECB has taken forceful action in response to the unprecedented surge in euro area inflation. We have embarked on the fastest tightening cycle in our history, raising our key policy rate – the deposit facility rate – from -0.5% to 3.5%, and started...

The European Commission has today proposed new rules to make withholding tax procedures in the EU more efficient and secure for investors, financial intermediaries (e.g. banks) and Member State tax administrations. This initiative – a key element of the Communication on Business Taxation for the 21st Century, and the Commission's 2020 Action Plan on the Capital Markets Union – will promote fairer taxation, fight tax fraud, and support cross-border investment throughout the EU. The term “withholding tax” refers, for example, to...

Some secrets are so secret that no one knows about them. Until recently that described the secrets locked within our DNA. But a key to consumer confidence in the burgeoning genetic testing marketplace is the extent to which people can depend on a company’s promise that “Your secret’s safe with us.” In its first case focused on the privacy and security of genetic information, the FTC alleges that San Francisco-based Vitagene, Inc. – now known as 1Health.io – failed...

Frankfurt am Main, 15 June 2023 | Good afternoon, the Vice-President and I welcome you to our press conference. Inflation has been coming down but is projected to remain too high for too long. We are determined to ensure that inflation returns to our two per cent medium-term target in a timely manner. The Governing Council therefore today decided to raise the three key ECB interest rates by 25 basis points. The rate increase today reflects our updated assessment of the inflation...

Inflation has been coming down but is projected to remain too high for too long. The Governing Council is determined to ensure that inflation returns to its 2% medium-term target in a timely manner. It therefore today decided to raise the three key ECB interest rates by 25 basis points. The rate increase today reflects the Governing Council’s updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission. According to the June...

The European Commission has informed Google of its preliminary view that the company breached EU antitrust rules by distorting competition in the advertising technology industry (‘adtech'). The Commission takes issue with Google favouring its own online display advertising technology services to the detriment of competing providers of advertising technology services, advertisers and online publishers. Google is a US multinational technology company. Google's flagship service is its search engine Google Search. Google also operates other popular services, such as the video...

EU health ministers have set out the Council’s position on a regulation to modernise and simplify the structure of the fees payable to the European Medicines Agency (EMA) to better reflect the evolving demands and challenges it faces. The general approach approved today will enable the Council to start negotiations with the European Parliament. The European Medicines Agency and national competent authorities play vital roles in protecting and promoting public and animal health. Today EU health ministers endorsed an approach...