Volume 19 | February 2022
Where Europeans & Americans Connect to do Business
February 2022 NEWSLETTER
Greetings from the EACC Global Network and its Executive Directors !
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EACC is a Connector
We open doors for our members across our chapter network on both sides of the Atlantic and we keep you informed on the relevant issues affecting your business.

Members of the EACC network enjoy:
 ♦ Access to our network of high-level business executives & our unique referral service
 ♦ Invitations to exclusive seminars & a direct exchange with transatlantic experts
 ♦ Visibility for your organization & opportunities to showcase your thought-leadership
 ♦ The ability to make a difference & actively engage in the Trans-Atlantic business dialogue

EACC Florida & SACC Florida present
Drivers of Innovation in Europe and the US Transatlantic Business Outlook for 2022 and Beyond
February 15, 2022 I 12:00 PM - 1:00 PM I Online
European countries continue to lead in competitiveness and innovation as shown by a number of global rankings. The top four spots of the IMD World Competitiveness Ranking 2021 are occupied by Switzerland, Sweden, Denmark, and the Netherlands, while IMD ranks the United States as 10th in the world. In WIPO’s 2021 Innovation Index, Switzerland took the top spot as the world’s most innovative economy for the 10th consecutive year, followed (in order) by Sweden, the United States, the United Kingdom and the Republic of Korea.

What accounts for the consistent role of European countries at the top of jurisdictions driving innovation?

Join us for a discussion on what innovation means in Switzerland, across Europe and in the United States, what the indicators of innovation policy are, and how they relate to economic and social development and competitiveness. The round-table will also deep dive into Florida and its innovation eco-system, as well as its ties, similarities and differences to the European environment.


TOPICS FOR DISCUSSION

  • What is the Innovation Index and how does it relate to competitiveness?
  • Which indicators are used to calculate innovation?
  • Why is Switzerland doing so well and what role does internationalization play in Switzerland’s success?
  • Does the EU have a role with regard to innovation in Europe and the US and if so, what does it consist of?
  • What is the state of innovation in Florida?
  • What and who are the drivers?
SPEAKERS

  • Jaret Davis, Co-Managing Shareholder - Greenberg Traurig LLP [Moderator]

  • Soumitra Dutta, Co-Founder, Co-Chair of the Board and President Portulans Institute

  • Martin Naville, CEO - Swiss American Chamber of Commerce

  • Christian Schweizer, Head of Marketing Intelligence - Kaufman Rossin


This program is jointly organized by
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TRANSATLANTIC NEWS
EU - Taxonomy - Commission Considers Including Nuclear and Gas Activities. The EU Taxonomy guides and mobilises private investment in activities that are needed to achieve climate neutrality in the next 30 years. The existing energy mix in Europe today varies from one Member State to another. Some parts of Europe are still heavily based on high carbon-emitting coal. The Taxonomy provides for energy activities that enable Member States to move towards climate neutrality from such different positions. Read more.

EU I Taxation: Commission proposes to end the misuse of shell entities for tax purposes within the EU. The European Commission presented a key initiative to fight against the misuse of shell entities for improper tax purposes. The proposal should ensure that entities in the European Union that have no or minimal economic activity are unable to benefit from any tax advantages and do not place any financial burden on taxpayers. If adopted, the proposal will come into force in January 2024. Read more.

EU I Commission Proposes New Tool against Economic Coercion. A new tool was proposed to counter the use of economic coercion by third countries. This legal instrument is in response to the EU and its Member States becoming the target of deliberate economic pressure in recent years. It strengthens the EU’s toolbox and will allow the EU to better defend itself on the global stage. Read more.

EU I 26.3 billion for Global Cooperation. The Commission adopted the Multiannual Indicative Programmes (MIPs) of Global Europe for 2021-2027. It sets out priority areas for cooperation with partner countries and regions around the world with a total allocation of almost €26.3 billion. Read more.

EU - Commission proposes Declaration on Digital Rights. The draft Declaration of rights and principles will guide the digital transformation in the EU. Once endorsed by the European Parliament and European Council, the Declaration will define the approach to the digital transformation which the EU will promote throughout the world. Read more.

EU - A common approach to COVID-19 travel measures in the EU. EU countries have agreed on a coordinated approach to COVID-19 travel measures within the EU which applies as of February 1st, 2022. Read more.
EU - LATAM Cooperation. With a budget of EUR 1.3 billion, the regional Multi-Annual Indicative Programme (MIP) for the Americas and the Caribbean for 2021-2027 will focus on
moving forward the EU’s policy objectives and strategic interests vis-à-vis the Americas and the Caribbean, and on building partnerships on areas of shared interest with regional groups and countries throughout the hemisphere. In particular it will support the EU’s Global Gateway broader connectivity strategy. Read more.

US - Pros and Cons of a Potential U.S. Central Bank Digital Currency (CBDC) Considered. The Federal Reserve Board released a discussion paper that examines the pros and cons of a potential U.S. central bank digital currency, or CBDC. It invites comment from the public and is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system. The paper does not favor any policy outcome. Read more.

France I French Presidency of the European Union. France will hold the rotating EU Presidency from 1/1 to 6/30/2022. Read more.

OECD - Latest Edition of the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations Released. The OECD Transfer Pricing Guidelines provide guidance on the application of the “arm’s length principle”, which is the international consensus on the valuation of cross-border transactions between associated enterprises. This edition includes the revised guidance on the application of the transactional profit method and the guidance for tax administrations on the application of the approach to hard-to-value intangibles agreed in 2018, as well as the new transfer pricing guidance on financial transactions approved in 2020. Read more.

IMF - Latin America’s Strong Recovery is Losing Momentum. For 2022, growth is expected to slow to 2.4 and a slowdown is inevitable as economies return to their pre-pandemic GDP levels. But the downgrade reflects other challenges, including slower growth in China and the United States, continued supply disruptions, tighter monetary and financing conditions, and the emergence of the Omicron variant. Read more.

EACC Florida
MEMBER and PARTNER INSIGHTS
Five Tips To Keep Your Business Off Regulators’ Radars During Supply Chain and Other Economic Disruptions. Businesses must educate themselves about the federal and state regulations that are implicated by supply chain disruptions, and stay attuned to regulators’ signals regarding what these laws require — economic phenomena with global impact do not excuse non-compliance with state or federal regulations. Read more.

Compliments Cozen O'Connor

Data Privacy Dish - Cross-border Transfer Master Class: Does a U.S. controller need to use the SCCs when it onward transfers data received from a European to a non-EEA processor? Companies are allowed to transfer personal data outside the European Economic Area (EEA) if they are (1) transferring data to an entity that is within a country that has been recognized by the European Commission as ensuring an adequate level of protection or (2) they have put in place a European Commission-approved mechanism (a “safeguard”) that imposes many of the substantive provisions found within the GDPR. Read more.

Compliments Greenberg Traurig

The Real Economy: January 2022. The $1.2 trillion Infrastructure Investment and Jobs Act will increase productivity, reduce business costs, cut carbon emissions, improve living standards and have the potential to lift economic growth above the current long-run rate of 1.8%. In this month’s The Real Economy, we take an industry-by-industry look at the significant impact that The Infrastructure Investment and Jobs Act will have on productivity and growth in the American economy. We also look at the prodigious savings that American households built up during the pandemic. They are starting to spend that down now, an encouraging sign for the economy. Read more.

Compliments RSMUS
YOUNG VOICES FROM THE FUTURE
Each month, the EACC Florida Newsletter features a young person - a student, an artist, an entrepreneur - whose identity, vision, project or dreams illustrates the vibrancy of Florida's transatlantic community. If you would like to suggest someone, please contact us HERE. And if you missed one of our Young Voices from the Future, you can find them HERE.
Julien Clement – Franco-American Teen

“If you really want to do something, you will work hard for it". (Edmund Hillary)
Julien was born in Paris in August 2002. His mother is French, from Paris, and his father is American, raised in Madagascar. When he was still a child, Julien’s parents moved to the US – to Tennessee and then to Miami – where he grew up. He has a 17-year-old sister, is fluent in English and French, and regularly returns to Paris to visit his grand-parents and family.

Julien is from the Class of 2020. He graduated virtually during Lockdown from the International Studies Preparatory Academy (ISPA) in Coral Gables. He would like to become a pilot. He received an American Dream Scholarship and is studying toward an A.A Degree in Aviation Administration at Miami Dade College. He is still considering whether to get a bachelor’s degree in Environmental Science at Florida International University and then go on to Flight School, or to start working first as an Air Traffic Controller and put some money aside.

Julien loves life. He loves to travel. He likes driving and being in control and doesn’t see himself in a job with a daily routine. Julien also loves the outdoors and the wilderness. He loves cycling, diving from bridges and camping in the Everglades. He’ll be turning 20 in August and although he would love to hit the clubs, he has another year to wait. For now, his immediate plans are to go camping and hiking for a whole week in the Grand Canyon with his father and sister over the summer.
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Together with its sister chapters, EACC Florida is part of a growing and highly dynamic transatlantic network reaching over 10,000 executives in the US and across Europe. With over 750 members, the EACC is a valuable resource for any size business. If you would like to get involved, let us know.