Transatlantic News

Transatlantic News

Member News

European Semester Autumn Package: rebounding stronger from the crisis and making Europe greener and more digital

Today, the European Commission has launched the 2022 European Semester cycle of economic policy coordination. The European Semester Autumn Package includes the Annual Sustainable Growth Survey, Opinions on euro area Draft Budgetary Plans (DBPs) for 2022, policy recommendations for the euro area and the Commission’s proposal for a Joint Employment Report.

The package draws upon the Autumn 2021 Economic Forecast which noted that the European economy is moving from recovery to expansion but is now ...

Key Findings | Quarterly EU Economic Update: A Rocky Road to Recovery

On November 17, 2021, the European Union Delegation to the United States partnered with the European American Chamber of Commerce – New York (EACCNY) to convene a webinar to discuss how Europe’s Recovery and Resilience Facility – its largest investment package ever – will put Europe’s economic rebound on a solid footing by promoting green and digital transitions while supporting structural reforms that should boost long-term growth and productivity.

The discussion explored the momen...

U.S. FED | Agencies issue joint statement on crypto-asset policy initiative and next steps

Federal bank regulatory agencies today issued a statement summarizing their interagency “policy sprints” focused on crypto-assets and providing a roadmap of future work related to crypto-assets.

In particular, the statement describes the focus of the preliminary work conducted through the sprints undertaken by the agencies. It summarizes the agencies’ plan to provide greater clarity throughout 2022 on whether certain crypto-related activities conducted by banking organizations are legally permis...

ECB | Eurosystem publishes new framework for overseeing electronic payments

  • Framework assesses security and efficiency of electronic payments, including electronic wallets and crypto-asset-related services
  • ECB calls for swift progress on overseeing global digital payment solutions and stablecoins
  • Overseen companies to adhere to new principles within one year

The ECB’s Governing Council has approved a new oversight framework for electronic payments following a public consultation. The framework is designed to make the current and future payments ecosystem safer and more ...

ECB | The case for central bank digital currencies

To continue playing its role as the anchor of the monetary system, central bank money will need to respond to evolving needs, says Executive Board member Fabio Panetta. This means that we must intensify the work on central bank digital currencies.

Just as the postage stamp became less relevant with the arrival of the internet and email, so too could cash lose relevance in a digital economy.

The use of cash in payments is declining as people increasingly prefer to pay digitally and shop online. ...

FTC analysis shows COVID fraud thriving on social media platforms

With more than a century of consumer protection experience under our belt, we at the FTC know that hard times for American families can be boom times for scammers. Today’s COVID-19 pandemic is the latest crisis creating fertile ground for fraud – and scammers today have a new and powerful weapon: social media platforms. These platforms generally earn their revenue by targeting users with advertising. The more time we spend on platforms consuming content and revealing valuable personal informatio...

Competition: Commission outlines contribution of competition policy and its review to green and digital transition, and to a resilient Single Market

The European Commission has adopted a Communication on a competition policy fit for new challenges, which frames the important role of competition policy for Europe’s path towards recovery, the green and digital transitions, and for a resilient Single Market. The Communication highlights the in-built ability of competition policy to adapt to new market circumstances, policy priorities and customer needs: for example, today, the Commission has adopted the sixth amendment of the State aid Temporar...

IMF | Sharing the Gains of Automation: The Role of Fiscal Policy

Careful calibration of spending and tax policies can reduce inequality caused by automation.

For many observers, automation has been responsible for both strong economic growth and rising inequality in many countries in recent decades. Automation raises productivity, but it can exacerbate inequality. This is because it replaces low-skilled workers and helps owners of capital earn bigger monopoly rents. And with the advent of next-level automation in the form of robots, the challenge is more pres...

ECB Speech | A digital euro for tomorrow’s payments

Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the ECON Committee of the European Parliament |

Madam Chair, honourable members of the Committee on Economic and Monetary Affairs,

Thank you for inviting me to report on the investigation phase of the digital euro project, which we started in October. I am happy to finally meet at least some of you in person, once again. Our interactions started a year ago when we published the Eurosystem report on a digital euro...

Speech by John Bruton | Why is Brexit so hard to Finalize?

Speech by John Bruton, former Taoiseach at the Henley School in the Renaissance Hotel Brussels on Tuesday 16th November at 10am |

ARTICLE 16 IS NO SILVER BULLET FOR THE UK

One of the puzzles in the stand off over the Northern Ireland  Protocol is that of discerning what the UK really wants.

The stakes are high, and the effects of failure immediate.

The UK talks about invoking Article 16 of the Protocol. That article allows for a temporary suspension of the application of some provisions of the P...