The Eurogroup in inclusive format issued a statement on the future of the Banking Union. The creation of the Banking Union in 2014 was a powerful response to the financial crisis, with significant progress on an EU single rulebook, on the establishment of a new European architecture for supervision and resolution, and on reducing risks. This has […]
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Recovery plans: MEPs push for wise use of money, democratic oversight
Countries should use the more than €700 billion available under EU recovery plans to adapt to new social and economic realities, MEPs say. The EU’s Recovery and Resilience Facility was set up at the height of the Covid-19 crisis to help EU countries support struggling businesses and people. While the EU’s economy rebounded in 2021 after […]
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ECB will apply flexibility in reinvesting redemptions coming due in the PEPP portfolio
The Governing Council met to exchange views on the current market situation. Since the gradual process of policy normalisation was initiated in December 2021, the Governing Council has pledged to act against resurgent fragmentation risks. The pandemic has left lasting vulnerabilities in the euro area economy which are indeed contributing to the uneven transmission of […]
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EU renews its support for the Palestinian people with a €224.8 million assistance package
On 14th June, the European Commission has approved a new bilateral allocation to Palestine worth €224.8 million. This new assistance package will support the Palestinian Authority and crucial projects in the occupied Palestinian territory. This package complements previous contributions, such as €92 million to support UNRWA, bringing the total EU assistance to the Palestinians in 2021 to €317 million. […]
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State aid: Commission approves 500 million Finnish scheme
The European Commission has approved an €500 million scheme to support companies active in the context of Russia’s invasion of Ukraine. The scheme was approved under the State aid Temporary Crisis Framework, adopted by the Commission on 23 March 2022, based on Article 107(3)(b) of the Treaty on the Functioning of the European Union (‘TFEU’), recognising that […]
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ECB announces interest rate hike to curb inflation
High inflation is a major challenge for all of us. The Governing Council will make sure that inflation returns to its 2% target over the medium term. In May inflation again rose significantly, mainly because of surging energy and food prices, including due to the impact of the war. But inflation pressures have broadened and […]
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Commission clears creation of joint venture by Repsol and Telefónica
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by Repsol Customer Centric, S.L. (‘Repsol’) and Telefónica de España, S.A.U., (‘Telefónica’), both of Spain. The joint venture will be active in the implementation of photovoltaic projects in Spain, mainly consisting in the acquisition, installation and maintenance of ground-level […]
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Council adopts its position on new rules for consumer credit
The Council agreed its position (‘general approach’) on the revision of the consumer credit directive. The revised directive repeals and replaces the current 2008 directive on credit agreements. Since 2008, the increasing digitalisation of the European economy has led to significant changes in the consumer credit market. This has led to the emergence of new […]
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EU budget 2023
The Commission has proposed an annual EU budget of €185.6 billion for 2023, to be complemented by an estimated €113.9 billion in grants under NextGenerationEU. The EU budget will continue to mobilise significant investments to boost Europe’s strategic autonomy, the ongoing economic recovery, safeguard sustainability and create jobs. The Commission will continue to prioritise green […]
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