Reports from Russian media and businesses also indicate that several Chinese banks have ceased their cooperation with Russia due to concerns over US secondary sanctions.
The EU Ecofin Council discussed the implementation of the Recovery and Resilience Facility and approved Germany’s modified recovery and resilience plan including a new REPowerEU chapter. The Council took forward work on the European Semester. It discussed the existence of excessive deficits in several member states, and the economic and financial impact of Russia’s war against Ukraine.
Today, the Council agreed its country-specific recommendations on the economic, social, employment, structural and budgetary policies of each member state. This step is part of the 2024 European Semester process, which enables member states to coordinate their economic, employment and fiscal policies. Get the details for all EU Member States.
An International Monetary Fund (IMF) team led by Ms. Anke Weber conducted a staff visit to Albania during July 9-12, 2024, to discuss recent macroeconomic developments, the economic outlook, and policy priorities.
Following its assessment, the Commission has preliminarily concluded that the Netherlands has satisfactorily completed the 25 milestones and 5 targets set out in the EU Council Implementing Decision for the first instalment, including the first milestone of the Netherlands’ REPowerEU chapter.
The Eurogroup agreed on a statement on the economic and budgetary situation in the euro area as well as the fiscal policy stance for 2025. President Donohoe presented the Eurogroup work programme until March 2025. The Eurogroup heard Enrico Letta’s perspective, followed by an exchange of views about the funding gap for investments to enhance competitiveness.
Following an impressive recovery from shocks in recent years, tight monetary and fiscal policies have slowed domestic demand growth, strengthened the current account, and started to lower inflationary pressures.
Shorter settlement cycles, or T+1 as experts commonly refer to it, is a topic that has kept growing in importance over the months. This is certainly the case since ESMA published the results of the call for evidence back in March this year, and even more so now that the US and other countries have moved to T+1 at the end of May.
These are the headlines of our weekly Insight EU Finance Monitoring, published Friday.
A strong and timely policy response helped cushion the impact of the COVID19 pandemic and the energy crisis resulting from Russia’s war in Ukraine. Despite a recovery slowdown in 2023, the French economy has remained relatively resilient in the face of financial tightening and weaker euro area external demand.
The three European Supervisory Authorities (EBA, EIOPA and ESMA) published a consultation paper on Guidelines under Markets in Crypto-assets Regulation (MiCAR), establishing templates for explanations and legal opinions regarding the classification of crypto-assets along with a standardised test to foster a common approach to classification.
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