EU Ministers responsible for the internal market and industry met in Brussels to hold three policy debates: on the future of EU competitiveness, the future of the state aid framework and SMEs reaping the benefits of the single market.
The EU Commission has published the 2024 Convergence Report in which it provides its assessment of the progress non-euro area Member States have made towards adopting the euro. The report covers the six non-euro area Member States that are legally committed to adopting the euro: Bulgaria, Czechia, Hungary, Poland, Romania, and Sweden.
Proceeds from EU-Bonds will finance disbursements under the NextGenerationEU and other policy programmes such as the Ukraine Facility, the Reform and Growth Facility for the Western Balkans and Macro Financial Assistance programmes.
“A key consideration in evaluating reform efforts is whether the benefits of a change outweigh the costs, both for the financial institutions subject to these reforms and for the broader economy. The benefits of reform, like Basel III, are clear—on a basic level, higher capital can make the banking system safer. At a minimum, this increased safety comes at a cost; in its more extreme forms, it can actually increase
Swiss growth is expected to recover gradually to 1.3 percent in 2024 (1 percent adjusted for sports events) and 1.4 percent in 2025, but uncertainties remain. Inflation is projected to remain within the price stability range, at 1.5 percent on average in 2024. Medium-term growth hovers around 1.5 percent but faces headwinds from adverse demographics trends, skills gaps, and lower trading partners growth.
The EU Commission’s DG FISMA is launching a call for tender for a study to identify barriers and solutions to support the scaling up and consolidation of investment funds, stock exchanges and post-trading infrastructure, enhancing the knowledge base, developing scale, creating deeper pools of liquidity and helping to lower the cost of financing for high-growth companies.
The EU Council discussed the economic and financial impact of Russia’s aggression against Ukraine. Ministers approved a report to the European Council on tax issues as well as conclusions on the progress achieved by the Code of Conduct Group during the Belgian presidency. They also exchanged views on the value added tax (VAT) in the digital age package.
Hungary is emerging from a period of shocks. The pandemic, Russia’s war in Ukraine, and crisis-related stimulus widened fiscal and external imbalances and triggered double-digit inflation in 2022. Thanks to an effective monetary policy response aided by falling commodity prices and a tighter fiscal stance in 2023, inflation has declined rapidly, while the labor market and financial sector have remained resilient.
Estonia’s economy is caught in a prolonged recession. Against expectations of a rebound in the second half of last year, contraction in Estonia’s economic activity has extended further, along with weak external performance. Soft demand from key trading partners and loss of competitiveness have depressed exports, forcing firms to cut back on investment.
The euro continues to be the second most important international currency behind the dollar. Nonetheless, we are all aware of challenges created by the current geopolitical and economic context. Sound economic policies in the euro area and a deeper Economic and Monetary Union are at the top of the list” – Paschal Donohoe, President of the Eurogroup.
The European Banking Authority (EBA) today published its Q1 2024 quarterly Risk Dashboard (RDB). It discloses aggregated statistical information for the largest EU/EEA institutions together with the Risk Assessment Questionnaire (RAQ) a bi-annual qualitative survey with banks’ expectations for future trends and developments.
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