Category: EU
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European Economy Shows Resilience with Improved Growth Outlook Amid Challenges in Spring 2023 Forecast
The latest economic forecast for Spring 2023 indicates an improved outlook for the European economy amid persistent challenges. Despite the ongoing energy crisis, the EU has shown resilience in a challenging global context, and GDP grew by 0.3% in the first quarter of the year. The growth outlook for the EU economy has been lifted…
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EU approves €837 million Spanish State aid scheme for electric vehicle battery production to support net-zero transition.
The European Commission has approved a €837 million Spanish scheme to support the production of batteries for electric and connected vehicles in line with the Green Deal Industrial Plan. The aid will be partially funded through the Recovery and Resilience Facility (RRF) and will take the form of direct grants and loans. The measure will…
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Europeans welcome EU support to reforms in the Member States
According to a recent flash Eurobarometer survey conducted in April 2023, Europeans appreciate the EU’s support in providing expertise and technical assistance to Member States in implementing reforms across various policy areas. The survey results confirm the importance and need for support offered by the Commission’s Technical Support Instrument (TSI), which assists Member States in…
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ECB raises interest rates in response to high inflation pressures
The European Central Bank (ECB) has raised its key interest rates by 25 basis points due to ongoing high inflation pressures. The move is aimed at achieving a timely return of inflation to its 2% medium-term target. The ECB will also continue to reduce the Eurosystem’s asset purchase programme portfolio and discontinue reinvestments under the…
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EU Commission Recommends Measures to Combat Online Piracy of Sports and Live Events
The European Commission has issued a recommendation to combat the online piracy of sports and other live events, including concerts and theatre performances. The recommendation encourages EU Member States, national authorities, holders of rights and providers of intermediary services to take effective, balanced, and appropriate measures to fight unauthorised retransmissions of live streaming. The recommendation…
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EU Cohesion Policy to Create 1.3 Million Jobs and Boost GDP by 0.5% in 2021-2027 Programs
The EU Cohesion Policy programmes for 2021-2027 are expected to create 1.3 million jobs in the EU and increase the GDP by 0.5% on average by the end of the decade. With a total investment of €545 billion, it will promote socio-economic convergence, territorial cohesion, a social and inclusive Europe, and a green and digital…
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European Commission proposes simplified and digital rules for detergents in the Single Market
The European Commission has proposed a revised Regulation on detergents aimed at simplifying and clarifying existing rules, whilst ensuring the better functioning of the Single Market. The new rules introduce a digital labelling and a product passport for detergents and surfactants, and covers new innovative products such as detergents containing micro-organisms and sustainable new practices…
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EU agrees to new law promoting sustainable aviation fuels to cut emissions by 2/3 by 2050
The European Parliament and Council have agreed on the ReFuelEU Aviation proposal as part of the Fit for 55 package, which requires fuel suppliers to blend sustainable aviation fuels (SAF) with kerosene in increasing amounts from 2025. This is expected to reduce aircraft CO2 emissions by around two-thirds by 2050 compared to a ‘no action’…
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EU Commission proposes reforms to strengthen economic governance framework
The European Commission has proposed legislative changes to the economic governance framework of the European Union (EU) to strengthen debt sustainability and promote sustainable and inclusive growth through reforms and investment. The changes aim to simplify the framework, enhance national ownership, and strengthen enforcement. The proposal includes replacing the current regulations on budgetary positions and…
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EU proposes ambitious reform of pharmaceutical legislation to improve patient access, promote innovation, and tackle environmental and antimicrobial challenges.
The EU is proposing a major revision of its pharmaceutical legislation with several objectives. These include creating a single market for medicines to provide timely and equitable access to safe, effective, and affordable medicines across the EU, enhancing availability and ensuring medicines can be supplied to patients regardless of where they live, reducing the administrative…
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Nine North Sea Countries Aim to Generate 300 GW of Offshore Wind Power by 2050
Nine North Sea countries, including Germany, Belgium, Denmark, France, the Netherlands, and Norway, have set a target to generate 120 GW of electricity by offshore wind turbines by 2030 and at least 300 GW by 2050. The second North Sea summit held in Ostend, Belgium, aimed to develop the North Sea as Europe’s green power…
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EU and Norway conclude “Green Alliance” for privileged cooperation on climate action and clean energy
The President of the European Commission, Ursula von der Leyen, and Norwegian Prime Minister, Jonas Støre, have concluded a Green Alliance between the European Union and Norway, which aims to provide privileged cooperation on climate action, clean energy, industrial transformation, and environmental protection. The alliance also focuses on renewables, particularly offshore wind, and critical raw…
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European Union leads in reducing greenhouse gas emissions and doubling renewable energy deployment in 2022, says President von der Leyen at Leaders’ Summit on offshore wind in the North Sea.
President von der Leyen praised the progress made towards reducing greenhouse gas emissions in the European Union and the significant boost to renewable energy production during the recent energy crisis triggered by the Russian war. She welcomed the Ostend Declaration, which doubles down on offshore wind production targets, and highlighted the European Commission’s initiatives to…
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EU approves Spanish and Portuguese measures to lower electricity prices amid energy crisis
The European Commission has approved an amended measure put forward by Spain and Portugal that aims to lower wholesale electricity prices in the Iberian market by reducing input costs of fossil fuel-fired power stations. The measure has been approved under Article 107(3)(b) of the Treaty on the Functioning of the European Union until December 31,…
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Philip R. Lane, ECB Board Member, discusses European economic growth, inflation, and interest rates in interview with Le Monde.
Philip R. Lane, a member of the Executive Board of the European Central Bank (ECB), stated in an interview with Le Monde that the European economy has been growing in the first few months of 2023, avoiding a recession that seemed inevitable at the beginning of the year. He explained that the fall in energy…
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EU Launches Joint Gas Purchasing Mechanism to Boost Energy Security: AggregateEU
The AggregateEU mechanism is a new EU system for joint gas purchasing and demand aggregation at the European level. It was created following the adoption of Council Regulation (EU) 2022/2576, which was proposed by the Commission in October 2022 and agreed upon by Energy Ministers in November 2022. The regulation mandates Member States to aggregate…
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Interpreting Euro Area Inflation Figures: Year-on-Year vs Alternative Measures
The data released on April 19 showed that year-on-year inflation in the euro area dropped from 8.5% in February to 6.9% in March, which seems like a large fall. However, this drop mainly reflects price changes from a year ago, and alternative measures of inflation show that current price pressures remain elevated. The ECB’s main…
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ECB and EIOPA push for increased uptake of climate catastrophe insurance in the EU to address growing risks
The European Central Bank (ECB) and the European Insurance and Occupational Pensions Authority (EIOPA) have released a joint discussion paper calling for increased uptake of climate catastrophe insurance in the European Union (EU). Currently, only around one-quarter of all climate-related catastrophe losses in the EU are insured, which poses risks to the economy and financial…
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Decisions taken by the ECB Governing Council in April 2023
The Governing Council of the ECB made several decisions in April 2023, including implementing changes in the remuneration of non-monetary policy deposits, providing advice on legislation, making recommendations on the external auditors of the Nationale Bank van België/Banque Nationale de Belgique, expanding the reporting population of euro money market statistics, approving the 2022 Quality Report…
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European Commission proposes revised marketing standards for agri-food products to promote healthier diet and prevent food waste
The European Commission has proposed revisions to the existing marketing standards for various agri-food products, such as fruit and vegetables, fruit juices and jams, honey, poultry, and eggs. These proposed revisions aim to help consumers make more informed choices for a healthier diet and contribute to preventing food waste. Some of the proposals include clearer…