Jorge Valero
2021: Build back to the future
The EU will double down on its efforts to use the Covid-19 crisis to accelerate the ‘Green’ and digital transitions, fuelled by its €1.95 trillion stimulus, an intense policy agenda and new trade opportunities to improve its global standing.
Pandemic cuts bank profitability to record lows
European banks face major losses from bad loans and other costs caused by the COVID-19 pandemic, and their profitability is at record low levels, the European Banking Authority warned in a report published on Friday (11 December).
Commission prepares ground for ‘ambitious’ sustainable finance strategy
The European Commission will present in early 2021 an “ambitious” sustainable finance strategy to mobilise the private investment needed to meet the EU’s climate targets.
EU leaders unlock historic €1.8 trillion budget deal
EU leaders accepted on Thursday (10 December) the compromise reached between Germany and Hungary and Poland to unblock the EU budget package totalling €1.8 trillion, after the European Commission clarified that the Rule of Law mechanism will be valid from 1 January.
One in ten European workers at risk of poverty, study says
In-work poverty increased over the last decade in most European countries, with around 12% of workers at risk of poverty, according to the latest report by the European Trade Union Confederation (ETUC).
EU leaders to decide on compromise to unblock EU budget package
EU leaders will discuss on Thursday (10 December) whether to approve the compromise negotiated by the German presidency to drop Hungary and Poland’s vetoes to the EU budget deal, postponing of the Rule of Law mechanism until EU judges validate it.
Commission eyes new proposal to unblock deposit insurance scheme
The European Commission is considering tabling a new proposal on the European Deposit Insurance Scheme (EDIS) in a bid to break the long-running deadlock and complete the banking union, a Commission official has said.
Can EU economies grow enough to repay the increasing debt?
The COVID pandemic is putting pressure on the sustainability of some European economies, prompting some to argue that economic growth and monetary support from the European Central Bank will not be sufficient and that public debt should be renegotiated.
Commission considers options for recovery fund without Hungary and Poland
The European Commission is assessing options to circumvent Hungary and Poland’s veto to the EU budget and the recovery fund, and could come up with a proposal early next year if their blockade remains, a senior EU official confirmed on Wednesday (2 December).
Portuguese presidency wants to strengthen trust in EU social model
Portugal will place Europe’s social model at the heart of its semester at the EU helm next year, giving a fresh push to the social agenda at a summit to take place in Porto in May, according to an official document seen by EURACTIV.
Dombrovskis: Deep and comprehensive trade deal with the US ‘not feasible’
European Commission executive vice-president, Valdis Dombrovskis, believes that Joe Biden's victory will bring a fresh start to the EU-US relations. But there are limits, as he considers that it would not be feasible to try again to negotiate a deep and comprehensive trade deal like the TTIP, he told EURACTIV in an interview on Wednesday.
Lagarde vows to act ‘with determination’ against second wave
European Central Bank President Christine Lagarde said on Thursday (19 November) that the institution will act "with determination” against the second wave of the pandemic, ahead of the new monetary stimulus she is expected to announce in December.
Commission green-lights extra spending to avoid double-dip recession
The European Commission has given its blessing to the draft budgetary plans submitted by the 19 eurozone countries, containing the extra spending to combat the risk of a new recession, but warned about the growing imbalances in many EU economies.
Hungary and Poland veto stimulus against pandemic
Hungary and Poland blocked the approval of the EU’s seven-year budget and the recovery fund totalling €1.81 trillion, as both countries continued to oppose the rule of law mechanism attached to the EU funds.
European recovery slows downs amid high uncertainty
The European Commission revised downwards its expectations about the European recovery as the impact of the second wave of COVID-19, and the uncertainty about how it will evolve further, will weigh on the fragile economies.
Commission expects recession to worsen in hard-hit Spain
The Spanish economy’s woes will worsen as GDP is expected to fall by 12.4% this year, according to the European Commission’s latest forecast to be published on Thursday, EU officials told EURACTIV.
Eurogroup excludes additional EU stimulus against second virus wave
Eurozone finance ministers said late on Tuesday (3 November) that Europe “is now better equipped” to address the COVID-19 crisis and ruled out new joint measures to tackle the second wave of the virus.
Parliament pushes for easing recovery fund conditionality
The European Parliament will fight to loosen the conditionality required from national governments in order to receive money from the EU recovery fund, according to the negotiating position MEPs will adopt this week.
Unions warn: Unemployment will double unless extraordinary measures extended
EU jobless figure could double to reach 30 million people unless governments prolong their support measures to respond to the COVID-19 pandemic, unions warned EU governments in a letter seen by EURACTIV.
Commission readies implementation of sustainable finance
The European Commission will detail in the coming weeks what could be considered a ‘green’ activity, a technical definition that would help to unlock the massive investment needed to achieve the EU's climate objectives.
Parliament and Council near agreement on rule of law conditionality
The European Parliament and the Council were close to reaching an agreement on Thursday (29 October) on the Rule of Law conditionality attached to EU funds, but they continued to disagree on how to trigger the mechanism.
Commission makes it clear: Same minimum wage for all EU countries is impossible
Commissioner Nicolas Schmit said on Wednesday (28 October) that if Bulgaria, the country with the lowest wages in the EU, were to introduce the same wages as his native Luxembourg, the very next day there would be “no Bulgarian economy”.
Economic support will last ‘as long as necessary’, says Gentiloni
Given the increasing number of covid-19 cases and the risk of a double-dip recession, the support to the European economy will be maintained “as much as is needed, for as long as is needed”, said on Tuesday (27 October) commissioner for Economy, Paolo Gentiloni.