U.S. Commerce Department unveils first-of-its kind diagnostic supply chain risk assessment tool as Secretary Raimondo and Deputy Secretary Graves highlight how the Commerce Department is working to make America’s supply chains more resilient.
Luxembourg’s legislative and institutional reforms are weakened by structural resource issues affecting the entire criminal justice system. In spite of having secured the first foreign bribery convictions of natural persons since the Convention came into force in the Grand Duchy, the very weak enforcement of the foreign bribery offence remains a matter of concern.
MEPs have made sure that the revision of the EU’s Financial Regulation results in better budgetary scrutiny, respect for EU values and more transparency. In a plenary vote on Thursday, MEPs have adopted the agreement with the Council of the EU on modernising EU financial rules with 437 votes against 45 and 72 abstentions.
Growth is forecast to increase to 2.1 and 2.6 percent in 2024 and 2025, while inflation is projected to continue moderating and return to target by end-2026. Consumption is projected to rebound as a pick-up in real wage growth boosts disposable income, while exports will continue recovering as supply conditions improve, offsetting the impact of a deceleration in EU-funded public investment.
“Clearly, productivity is a strong driver of competitiveness and we note that average productivity growth has stagnated in the EU over the last decade. Social investments and reforms are a crucial means to relaunch our productivity. Therefore, we urgently need to focus more on innovation, research and development, good education, upskilling, reskilling, and active labour market policies in the EU” – Vincent Van Peteghem, Belgian Deputy Prime Minister and Minister
Equally important, the much-needed fiscal adjustment should not lead to investment cuts. This is a really difficult balance to find. We must not repeat the mistakes of a decade ago. In this context, it is key to note that financing from the RRF will continue to support investment and other growth-enhancing spending. Expenditure financed by RRF grants and other EU funds is set to provide fiscal support by around half
After a strong post-pandemic rebound, the Swedish economy has slowed appreciably. GDP is estimated to have declined by 0.3 percent in 2023, driven by declining private consumption and residential investment, amid a significant tightening of financial conditions and eroding real incomes. Activity is expected to remain subdued during 2024 and pick up gradually thereafter.
The Eurogroup adopted a statement on the fiscal policy orientation for 2025: “We agreed today that a slightly contractionary fiscal stance is appropriate at the current juncture. In view of the revised fiscal framework entering into force, we will continue to pursue ambitious structural reforms and preserve the level of investment, including in areas of common EU priorities.”
“A new macroeconomic landscape of higher inflation and more restrictive monetary policies is transforming bond markets globally at a pace not seen in decades. This has profound implications for government spending and financial stability at a time of renewed financing needs” – OECD Secretary-General Mathias Cormann.
The European Banking Authority (EBA) today launched a consultation on the Guidelines for the plans to orderly redeem asset-referenced or e-money tokens in the event that the issuer fails to fulfil its obligations under the Markets in Crypto assets Regulation (MiCAR).
The ECB Governing Council today decided to keep the three key ECB interest rates unchanged. Since the last Governing Council meeting in January, inflation has declined further, and in the latest ECB staff projections, inflation has been revised down, in particular for 2024 which mainly reflects a lower contribution from energy prices. But domestic price pressures remain high, in part owing to strong growth in wages.
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