From today until Wednesday, EU Commissioner for International Partnerships, Jutta Urpilainen, will be in Tonga, representing the EU at the Pacific Islands Forum Leaders Meeting to discuss the way forward of the Pacific Protocol of the Samoa Agreement, which provides a framework for the EU’s partnership with 79 countries of the Organisation of African, Caribbean, and Pacific States.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to maintain the target range for the federal funds rate at 5-1/4 to 5-1/2 percent. The Committee will continue to assess additional information and its implications for monetary policy.
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today issued their Autumn 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines the continued high economic uncertainty. The ESAs warn national supervisors of the financial stability risks stemming from the heightened uncertainty, and call for vigilance from all financial market participants.
Like most advanced economies, the euro area emerges from a series of historical shocks with larger public debts, a sizeable increase in the already large balance sheets of the Eurosystem central banks, and intensified links between fiscal and monetary policies. The governments and the ECB must now undo what they did.
Today the Council agreed to the Commission’s proposal to provide a total of €454.8 million in disaster relief aid to Romania and Italy, to repair damage inflicted by natural disasters in 2022, and to Türkiye, in relation to the earthquakes in February 2023. The assistance will come from the EU’s 2023 budget.
In Santiago de Compostela, the EU’s economic and finance ministers (Ecofin) have committed themselves to strengthening the EU’s economic security and strategic autonomy, and to maintain the coordination of fiscal and monetary policy in order to face present and future challenges.
The Eurogroup discussed macroeconomic developments and policy coordination. The European Commission presented its summer (interim) economic forecast, and the European Central Bank (ECB) updated ministers on monetary policy. Irene Tinagli, chair of the European Parliament’s committee on economic and monetary affairs, was invited to participate in the exchange.
While inflation has been trending lower, it continues to persist at elevated levels. The ECB’s primary aim is to bring it back to the 2% target. To achieve this, the decision was made to increase three key ECB interest rates by 25 basis points.
The European Commission has today launched a targeted consultation and a public consultation to seek feedback on the Sustainable Finance Disclosure Regulation (SFDR). The SFDR, which has been in application since March 2021, sets out how financial intermediaries, such as asset managers, have to communicate sustainability information to investors. It is designed to bring more transparency to the market and enable investors to make informed choices.
The Capital Markets Union agenda is a cornerstone initiative in our collective efforts to promote the EU’s strategic autonomy in an open economy, global competitiveness and capital-market based financing of our economy. The adoption of the 2020 CMU agenda has been a milestone in this journey. Nevertheless, EU capital markets still have significant room to grow.
The European Banking Authority (EBA) today published an Opinion following notification by the Ministry of Finance of Poland of its intention to extend a measure originally introduced in March 2022. The measure aims to limit risks associated with foreign currency housing loans by encouraging banks to enter in settlements with borrowers. Based on the evidence submitted, the EBA does not object to the temporary extension of the measure until the
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