After five years of negotiations, 82 members of the World Trade Organization (WTO) reached an agreement on the first-ever global rules on electronic commerce. The plurilateral talks were led by the co‑conveners Australia, Japan, and Singapore, under a WTO joint statement initiative (JSI) that had attracted 91 participants, accounting for more than 90 % of global trade.
The EU Council and the Parliament have reached a provisional agreement on the listing act, a package that will make EU public capital markets more attractive for EU companies and make it easier for companies of all sizes, including SMEs, to list on European stock exchanges.
“Last year’s fiscal package was a step in the right direction and creates additional revenue. Nonetheless, we project fiscal deficits above 6 percent of GDP in the next few years, given the fiscal costs of the new pension law. New measures will be needed to reduce the deficit to sustainable levels. Inflation is decelerating but remains well above the target. Monetary policy should remain tight until there is firmer evidence
The Council and the European Parliament today reached a provisional agreement on the directive on multiple-vote share structures for companies seeking admission to trading of their shares on an SME growth market. The directive aims at encouraging company owners, especially owners of SMEs, to list the shares of their company for the first time on an SME growth market using multiple-vote share structures, so that they can retain sufficient control
Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert related to the financing of Israeli extremist settler violence against Palestinians in the West Bank. The alert provides select red flags to assist U.S. financial institutions in identifying and reporting suspicious activity that finances such violence.
The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published a Report setting out the results of a stocktake of BigTech direct financial services provision in the EU. The Report identifies the types of financial services currently carried out by BigTechs in the EU pursuant to EU licences and highlights inherent opportunities, risks, regulatory and supervisory challenges.
The U.S. Federal Open Market Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee judges that the risks to achieving its employment and inflation goals are moving into better balance. The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks.
Slovenia’s economy recovered well from the pandemic, only to be hit by spillovers from the war in Ukraine. After a strong recovery in 2021, growth slowed in 2022 because of adverse energy price spillovers from the war in Ukraine and supply chain disruptions. Growth is estimated to have fallen further last year to less than 1½ percent, reflecting subdued consumption, the unwinding of inventories, and weaker growth in trading partners.
Existing liquidity mismatches in AIFs are particularly heightened by the high share of open-ended RE funds, some of which offer daily liquidity. This vulnerability could be systemically relevant in jurisdictions where RE funds own a large share of the RE market.
Malta has experienced an impressive recovery from the pandemic and demonstrated resilience to shocks resulting from Russia’s invasion of Ukraine. With weaker growth in Europe and waning post-pandemic pent-up demand, staff expect growth to decelerate somewhat but continue to expand by 6¼ percent in 2023 and 5 percent in 2024, among the highest in Europe.
The Economic and Monetary Affairs Committee adopted new rules to streamline reporting obligations and reduce the administrative burden for the European Union’s financial sector.
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