Category: EU
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European Commission approves €401 million Czech scheme for green district heating
The European Commission has approved a €401 million Czech scheme to promote green district heating based on renewable energy and waste heat. The scheme will support the installation of new renewable heat generation units based on biomass and waste with a capacity above 500 kW. The aid will take the form of a green bonus…
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ECB to Expand Reporting Population for Money Market Statistics Reporting and Euro Short-Term Rate Calculation.
The European Central Bank (ECB) will add 24 new banks to the Money Market Statistics Reporting (MMSR) population, starting from 1 July 2024, to increase the representativeness of the MMSR data published by the ECB. One bank will be removed from the current reporting population. The ECB will include the MMSR data from the new…
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President von der Leyen Launches Initiative for Global Targets on Energy Efficiency and Renewable Energy at Major Economies Forum on Energy and Climate.
The President of the European Commission, von der Leyen, praised the leadership of President Biden and Special Envoy Kerry on climate action at the Major Economies Forum on Energy and Climate. She emphasized that policymakers have the tools, including innovation, science, technology, and industrial capacity, to keep global warming below 1.5 degrees Celsius. Von der…
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European Commission Registers 100th Citizens’ Initiative for High-Speed Train Network Connecting European Capitals
The European Commission has registered the 100th European Citizens’ Initiative (ECI) titled ‘Connecting all European capitals and people through a high-speed train network’. The initiative calls on the Commission to propose a legally binding act aimed at connecting all European capitals through high-speed railway lines. ECIs allow one million citizens from at least seven EU…
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ECB maintains restrictive monetary policy to combat above-target inflation and assesses financing conditions facing firms
The European Central Bank (ECB) has released its latest Economic Bulletin, which provides an update on the Eurozone’s economic outlook and monetary policy stance. The bulletin notes that Eurozone GDP growth has remained robust in the first quarter of 2023, despite the ongoing monetary policy tightening phase, which has resulted in higher interest rates. However,…
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EU proposes strengthening crisis management and deposit insurance for medium-sized and smaller banks.
The European Commission has proposed an adjustment and strengthening of the EU’s existing bank crisis management and deposit insurance framework, with a focus on medium-sized and smaller banks. The proposal aims to enable the orderly market exit for a failing bank of any size and business model with a broad range of tools, while preserving…
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Commission proposes Council Recommendations to enhance digital education and training for European citizens
The European Commission has adopted two proposals for a Council Recommendation aimed at improving digital education and training to develop the digital skills of European citizens. The proposals address the lack of a whole-of-government approach to digital education and training, and the difficulty in equipping people with the necessary digital skills. The first proposal calls…
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EU Commission proposes Cyber Solidarity Act to strengthen cybersecurity capabilities
On April 18, 2023, the European Commission proposed the EU Cyber Solidarity Act to strengthen cybersecurity capacities in the EU. The act aims to support the detection and awareness of cybersecurity threats, bolster preparedness of critical entities, and reinforce solidarity and crisis management capabilities across Member States. Additionally, the Commission presented the Cybersecurity Skills Academy,…
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Eurosystem’s Assets and Liabilities Show Increase in Total Assets for the Week Ending 14 April 2023
The above Consolidated financial statement of the Eurosystem provides information on the assets and liabilities of the Eurosystem for the week ending April 14th, 2023. Here are some key observations: In conclusion, the Consolidated financial statement of the Eurosystem for the week ending April 14th, 2023, shows an increase in total assets and liabilities, but…
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Paper proposes model averaging approach to forecast housing investment with practical policy implications
The housing investment sector is crucial to the economy, yet there is no commonly agreed theoretical framework to model and forecast it. This paper proposes a model averaging approach to forecast housing investment, estimating many VECMs using a wide set of short and long-run determinants. The study provides guidance to forecasters and modellers in four…
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ECB President Christine Lagarde Discusses Impacts of Geopolitical Fragmentation on Central Banks at Council on Foreign Relations’ Event in New York
Christine Lagarde, President of the European Central Bank (ECB), gave a speech at the Council on Foreign Relations’ C. Peter McColough Series on International Economics in New York on April 17, 2023. Lagarde discussed how the global economy is undergoing transformative changes due to various factors such as the COVID-19 pandemic, Russia’s war against Ukraine,…
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ESRB Urges Reciprocation of Norwegian Capital Requirements for Banks to Enhance Financial Stability and Level Playing Field
The European Systemic Risk Board (ESRB) has recommended that other European Economic Area (EEA) states reciprocate Norway’s capital requirements for banks. This pertains to the systemic risk buffer requirement and temporary risk weight floors for real estate exposures. Norway had increased its systemic risk buffer requirement from 3.0 to 4.5 percent in December 2019, and…
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EU Approves €1 Billion Ammunition Support for Ukraine to Counter Russian Aggression
The Council of the European Union has approved a €1 billion assistance measure under the European Peace Facility (EPF) to support the Ukrainian Armed Forces. This measure will allow EU member states to be reimbursed for ammunition donated to Ukraine from existing stocks or reprioritized orders between February 9th and May 31st, 2023. This decision…
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Credit Terms Tighten as Liquidity Deteriorates: ECB Survey Reveals Tightening Credit Conditions for All Counterparties in Euro-Denominated Securities Financing and OTC Derivatives Markets
https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230412~e13d776241.en.html
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European Central Bank’s Weekly Financial Statement: Assets and Liabilities Update, Banknotes in Circulation and Monetary Policy Operations
https://www.ecb.europa.eu/press/pr/wfs/2023/html/ecb.fst230412.en.html
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Bankruptcies in Denmark Display Seasonal Trends: Historical Summary Sheds Light on Fluctuations over Time
Historical Summary of Bankruptcies by Seasonal Adjustment and Time: In 2022, the number of bankruptcies, seasonally adjusted, started the year at 587 in January, increased to 783 in March, and then fluctuated over the months, reaching a peak of 821 in May. It then declined in the following months, with a low of 394 in…
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Sanctions and Shifts in Trade: How Russia’s Invasion of Ukraine has Altered International Trade Dynamics
Russia’s invasion of Ukraine has led to significant changes in its international trade, with a shift towards the east and away from Europe. The EU and its partners imposed sanctions on Russia, including bans on certain machinery and transport equipment exports, and many European firms and households scaled down or froze their trade with Russian…
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Belgian Bank’s Comprehensive Report: ECB’s Strategic Commitment in Challenging Times – Reflections on 2022 and Beyond
The Bank of Belgium’s Annual Report for the year 2022 reflects a challenging and eventful year marked by global and national economic uncertainties. The report highlights the impact of the war led by Russia in Ukraine, rampant inflation, and the aftermath of the COVID-19 pandemic as central concerns for the European Central Bank (ECB) throughout…
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European Union Advances Towards a Digital Future with the Launch of the Digital Euro
The European Central Bank (ECB) is considering a central bank digital liability called the “digital euro,” which is intended to complement cash and wholesale central bank deposits rather than replacing them. This would be a retail payment option for businesses and citizens throughout the euro area. The ECB is looking into supervising intermediaries like banks…