As part of the European Union's response to the COVID-19 crisis in Africa, the European Commission has decided to grant 54million to the Central African Republic to help the government shore up public expenditure negatively affected by the fight against the virus. This financing will play a key role in enabling Slovenia to emerge stronger from the COVID-19 pandemic. [21][22], The European Commission (EC) is the executive arm of the Union. In recent years ECB staff members have participated in numerous advisory and working groups involved in the creation or revision of several international standards that are essential for statistical reporting. The President of the European Council is the person responsible for chairing and driving forward the work of the institution, which has been described as the highest political body of the European Union.[19]. The reference for a preliminary ruling was made in the context of criminal proceedings brought against the former Governor of Latvijas Banka for the offences of corruption and money laundering (Case C-3/20). In addition, it would also consider, as needed, new policy instruments in the pursuit of its price stability objective. Under the Eurosystems financial market operations and risk management framework, the ECB is working to implement the agreed climate action plan to include climate change considerations in the monetary policy implementation framework (see Box 2). Stretched valuations made some markets susceptible to corrections. In addition, price dynamics in 2020 were generally subdued and therefore imply upward base effects for rates of change in 2021. [114] However, this pattern was also established for households that did not receive any government support, suggesting that fiscal interventions can have broader consequences in that they influence behaviour of all households and not just the targeted or actual recipients. The Commission has signed a joint procurement framework contract with the pharmaceutical company Eli Lilly for the supply of a monoclonal antibody treatment for coronavirus patients. WebPayment in euro is possible from 1 January 2023 (dual kuna/euro circulation in effect 1 January - 14 January 2023). The social media event allowed her to answer citizens questions on a host of topics, ranging from negative interest rates to advice for women interested in pursuing a career at the ECB. The Court of Justice of the European Union (CJEU) (French: Cour de justice de l'Union europenne or "CJUE"; Latin: Curia[26]) is the judicial branch of the European Union (EU) and is responsible for interpreting EU law and treaties. The Regulation also introduces modifications to some existing requirements, definitions and reporting derogations, where this would support better integration with other statistical datasets. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. Table 5.1 sets out the euro liquidity lines in operation as of 31 December 2021, whereby the ECB could provide euro liquidity to foreign central banks. In November 2021 the Governing Council increased the limit for securities lending against cash collateral to 150 billion, reflecting the significant increase in the Eurosystems securities holdings. The deal was the 11thsyndicated transaction under NextGenerationEU and the 6thin 2022. For the purchases of public sector securities under the PEPP, the benchmark allocation, on a stock basis, across jurisdictions is the ECBs capital key. In its first bond syndication of 2022, the Commission raised a further 5 billion in NextGenerationEU funds on behalf of the EU in yet another successful deal. This will allow the EIF to issue special guarantees to incentivise banks and other lenders to provide liquidity to at least 100,000 European SMEs and small mid-cap companies hit by the economic impact of the coronavirus pandemic, for an estimated available financing of 8 billion. The recovery proved job-rich too, with the unemployment rate falling to a record low by year-end. This financing will support the implementation of the crucial investment and reform measures outlined in Denmark's recovery and resilience plan. Other asset classes included corporate bonds (1.8 trillion), covered bank bonds (1.6 trillion) and unsecured bank bonds (1.6 trillion). The earliest known inhabitants in the region were Soanian during the Lower Paleolithic, of whom stone tools have been found in the Soan Valley of Punjab. The ECBs FOLTF assessment is therefore not subject to separate judicial review, but may be subject to incidental review in the context of judicial proceedings against the SRBs decision concluding the procedure under Article 18 of Regulation No 806/2014. The Parliament's President (its speaker) is Roberta Metsola (European People's Party), who was elected from the Parliament's members in 2022. Little heed was taken of his administration at first but, with help from the European Court of Justice, his Commission stamped its authority solidly enough to allow future Commissions to be taken more seriously. When a nation joins mid-term, a by-election will be held to elect their representatives. It will contribute to the efforts deployed by 17 Member States and 3 accession countries (Austria, Belgium, Croatia, Czechia, Estonia, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Portugal, Romania, Spain and Albania, Montenegro and Serbia) to safeguard public health in fighting the coronavirus. The ECB will also continue to monitor structural developments in markets for sustainability products with the aim of supporting innovation in sustainable finance within the scope of its mandate. Facilities investment increased by 7.9%, driven by increases in machinery and transportation equipment. The acceleration of house prices stemmed from price growth across both urban and non-urban areas. The design process will include several rounds of input from European citizens. The overarching objective of the CCC is to design and steer the ECBs strategy on climate, identify priorities and create a vision for the ECBs climate agenda. The information published in the quarterly table is also recapped on an annual basis in the ECBs Annual Report (see Table 5.2). The Commission's successful placement will help sustain the momentum behind Europe's recovery from the COVID-19 pandemic. This agreement represents the basis for a contractual framework for the purchase of 300 million doses of the vaccine, with an option to purchase 100 million more, on behalf of EU Member States. [48] In this context, the ECB stands ready to apply more stringent macroprudential measures than those decided by national authorities should the latter measures be deemed insufficient or vulnerabilities be expected to escalate further. (See Figure 3.1.). For the first time, the European Commission proposed that medical preparedness for CBRN attack threats is a high priority. Articles 127(4) and 282(5) of the Treaty on the Functioning of the European Union require that the ECB be consulted on any proposed EU or draft national legislation falling within its fields of competence. The ECB supports the use of the so-called net acquisition approach for measuring OOH. The court provides an audit report for each financial year to the Council and Parliament. While the majority of regular conferences and consultations took place as online events, many of them were smaller in scale than in previous years, including the ECB Forum on Central Banking, the ECB Annual Research Conference and the ECB Conference on Monetary Policy. If there is a disagreement between them, it is taken to a conciliation committee as it is for legislative proposals. The Commission adopted a positive assessment of Sweden's recovery and resilience plan. To sum up, substantial monetary policy accommodation was maintained over the course of 2021 to counter the negative impact of the pandemic on the inflation outlook. The Commission granted 4.7 billion to Italy under REACT-EU to support the country's response to the coronavirus crisis and to contribute to a sustainable socio-economic recovery. [72] Since 1 February 2020, 705 MEPs (including the president of the Parliament) sit in the European Parliament, the reduction in size due to the United Kingdom leaving the EU. Further work should be undertaken internationally to assess the extent and distribution of non-bank leverage, including that arising from the use of derivatives to generate synthetic exposure. A noteworthy feature of transfers from the Recovery and Resilience Facility is that countries that have been hit hardest by the pandemic or have relatively low GDP per capita are eligible for a larger share (see Chart 1.12 for entitlements per country). The new guidance recommends operational and organisational steps to keep essential transport flows moving, including medical supplies and personnel. The ECB interacted closely with the Committee on Economic and Monetary Affairs of the European Parliament (ECON) throughout the year via regular hearings, exchanges of letters and additional meetings in the context of the strategy review and the digital euro. WebSouth Koreas economy expanded 0.3% QoQ in the three months to September 2022, the slowest pace in a year as households and businesses held back on spending amid concerns about higher costs and rising interest rates, a final reading showed. They are then, as a body, approved or rejected by the Parliament. The PSPP accounted for the bulk of the APP holdings, with 2.5 trillion or 80% of total APP holdings at the end of 2021, the same share as at the end of 2020. [78], MEPs in Parliament are organised into eight different parliamentary groups, including thirty non-attached members known as non-inscrits. [19] Yet, the freedom of establishment is limited by Article203 TFEU and the respective Council Decision on OCTs. Anne-Ccile Robert (March 2009) "Et la crise sociale a rattrap le Parlement europen", Communications Networks, Content and Technology, European Civil Protection and Humanitarian Aid Operations, Financial Stability, Financial Services and Capital Markets Union, Internal Market, Industry, Entrepreneurship and SMEs, International Cooperation and Development, Neighbourhood and Enlargement Negotiations, European Parliament elections in May of the same year, Committee on Budgetary Control of the Parliament, Economic and Financial Affairs configuration of the Council, Agencies, decentralised independent bodies and joint undertakings, European Institute of Innovation and Technology, Publications Office of the European Union, Post-Brexit United Kingdom relations with the European Union, European Commissioner for External Relations, High Representative for the Common Foreign and Security Policy, Article 17 of the Treaty on European Union, a petition carrying one million signatures, toxic waste spill off the coast of Cte d'Ivoire, Democratic legitimacy of the European Union European Commission, chemical, biological, radiological and nuclear, European Free Trade Association Surveillance Authority, List of European Commissioners by nationality, "European Commission PRESS RELEASES Press release European Commission swears oath to respect the EU Treaties", "EUROPEAN COUNCIL DECISION of 27 June 2014 proposing to the European Parliament a candidate for President of the European Commission", "De-commissioning the Empty Chair Crisis: the Community institutions and the crisis of 19656", "Discover the former Presidents: The Rey Commission", "Discover the former Presidents: The Mansholt Commission", "Discover the former Presidents: The Malfatti Commission", "Discover the former Presidents: The Ortoli Commission", "1977: Jenkins quits Commons for Brussels", "Discover the former Presidents: The Thorn Commission", "The new Commission some initial thoughts", "Discover the former Presidents: The Delors Commission", "A Bit More Delors Could Revamp the Commission", "Second report on Reform of the Commission. In the midst of the pandemic, the ECBs social media channels provided a further medium to engage and directly interact with the public. Relying on internationally recognised data standards is key for trust in and transparency of official statistics, with standard identifiers acting as connectors and bridges between various datasets and ensuring a common taxonomy across different domains. Asset quality held up better than initially feared at the onset of the pandemic, reflecting the public support measures provided to firms and the economic rebound. During the COVID-19 pandemic, the IRT has been composed of representatives from the Directorate General Human Resources, including the Medical Advisors, Occupational Health and Safety Committee, Directorate Administration, Directorate General Information Systems, Directorate General Communications, Directorate General Legal, ORM/BCM Section and Directorate general Market Operations, Directorate General Markets Infrastructure and Payments, and the Single Supervisory Mechanism. This financing will support the implementation of the crucial investment and reform measures outlined in Germany's recovery and resilience plan. The Commission registered 7.4 billion, equivalent to $8 billion, in pledges from donors worldwide during the Coronavirus Global Response pledging event. The solid lines indicate data and go up to the fourth quarter of 2021. Besides traditional payment schemes, this includes digital payment token schemes, as well as payment arrangements that support end-users in the execution of transfers of value, such as digital wallets. In an effort to ensure timely access to COVID-19 vaccines for all EU citizens and to tackle the current lack of transparency of vaccine exports outside the EU, the Commission put in place a measure requiring that such exports are subject to an authorisation by Member States. It broadly tripled the amount of existing SDRs. The amount of mobilised collateral reached 2.8 trillion at the end of 2021. The Virtual Centre for Well-being offered increased social counselling services, training and twice-weekly webinars on health and well-being issues that were open to all staff, complemented by five topical podcasts produced internally. The outermost regions office for support and information is located in these islands, in the city of Las Palmas on the island of Gran Canaria. All staff refers to employees, including management, on permanent, fixed-term convertible and fixed-term non-convertible contracts as at 31 December 2021. The Commission is divided into departments known as In 2021 the ECB continued to highlight the importance of advancing the capital markets union (CMU), in particular to support the recovery of the economy from the pandemic, to adapt to Brexit and to contribute to the financing of climate-related investments and the digital transition. It will include a QR code to ensure security and authenticity of the certificate. [9] Under the Treaties of Rome, the Common Assembly (which renamed itself the Parliamentary Assembly, and then the European Parliament) was supposed to become elected. A new oversight framework for electronic payment instruments, schemes and arrangements (PISA) was finalised. The pledging marathon that started on 4 May will now see the launch of a new campaign with the international advocacy organisation Global Citizen, Global Goal: Unite For Our Future, that will culminate in a Global Pledging Summit on 27 June. 0 comments. A new general allocation of special drawing rights by the IMF was a landmark event to support the global economy, and the Eurosystem played its part in ensuring that the voluntary market for exchanges of special drawing rights functioned well. [149] Another survey found 68% support. This common European stock of lifesaving medical equipment is distributed across Europe at times of medical emergencies, for example when national health systems are overwhelmed by coronavirus patients. The two main parties took on a government-opposition dynamic for the first time during the crisis which ended in the Commission resigning en masse, the first of any forced resignation, in the face of an impending censure from the Parliament. The Socialist group supported the Commission and saw the issue as an attempt by the EPP to discredit their party ahead of the 1999 elections. Standard users can export data in a easy to use web interface or using an excel add-in. It will make 672.5 billion in loans and grants available to support reforms and investments of EU countries. Next Generation EU is a cornerstone of Europes response to the economic challenges of the pandemic. This movement has received strong backing from numerous figures, including Margot Wallstrm, Commission First-Vice President from 2004 to 2010, who stated that "something that was once a very positive symbol of the EU reuniting France and Germany has now become a negative symbol of wasting money, bureaucracy and the insanity of the Brussels institutions". It has been noted by one researcher that the press releases issued by the Commission are uniquely political. [152] However, as Parliament's seat is now fixed by the treaties, it can only be changed by the Council acting unanimously, meaning that France could veto any move. but it comes with methodological and technical challenges. Various indicators of underlying inflation, including exclusion-based measures, statistical measures and econometrically estimated measures, also picked up throughout the year (see Chart 1.15). This updated our strategy to address new challenges and provided us with a playbook for managing this complex situation. To monitor and address vulnerabilities arising from the use of leverage, it is necessary to have globally consistent leverage metrics. Belgium has received EUR 2 billion, Hungary 200 million, Portugal E3 billion, Romania EUR 3 billion and Slovakia 300 million. This section describes the current financial risk control frameworks governing the implementation of the APP and PEPP. On the liability side, banks intensified the pass-through of negative rates to depositors, while regulatory capital ratios declined marginally on aggregate during the first half of 2021. Committee on Budgetary Control of the Parliament, Economic and Financial Affairs configuration of the Council, Agencies, decentralised independent bodies and joint undertakings, European Institute of Innovation and Technology, Publications Office of the European Union, Post-Brexit United Kingdom relations with the European Union, bodies of the European Union and the Euratom, European Commissioner for External Relations, national parliaments of the European Union, Glossary of European Union concepts, acronyms, & jargon, List of the names of bodies of the European Union in its official languages, List of presidents of European Union institutions, European sovereign-debt crisis: List of acronyms, "Consolidated versions of Treaty on European Union and of Treaty on the Functioning of the European Union", "The resignation of the Santer-Commission: the impact of 'trust' and 'reputation', "Treaty establishing the European Coal and Steel Community, ECSC Treaty", "Draft treaty modifying the treaty on the European Union and the treaty establishing the European community", Consolidated version of the Treaty on European Union/Title III: Provisions on the Institutions, "Professor Farrell: "The EP is now one of the most powerful legislatures in the world", "The European Council under Construction", "Institutions: The Council of the European Union", Presidency of the Council of the European Union, "Climate change priority for Finland's EU Council presidency", "Who is Afraid of a European Federation? Still, according to the December 2021 Eurosystem staff macroeconomic projections, the general government deficit ratio for the euro area is projected to have decreased (see Chart 1.10) to 5.9% of GDP in 2021 from 7.2% in 2020 thanks to a strong improvement in economic activity. ENTRY INTO FORCE 1 April 2020. It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. The financing by NCBs of obligations falling upon the public sector vis--vis the IMF is not considered as monetary financing provided it results in foreign claims that have all characteristics of reserve assets. [11] The Rey Commission completed the Community's customs union in 1968, and campaigned for a more powerful, elected, European Parliament. The amount of eligible marketable assets stood at 16.4 trillion at the end of 2021. For specific terminology please refer to the ECB glossary (available in English only). The ECB advises the public to remain vigilant when receiving banknotes and to remember the feel-look-tilt test. It is also designed to increase Members' and EP committees' capacity to scrutinise and oversee the European Commission and other EU executive bodies. In this context it committed, within the ECBs mandate, to ensuring that the Eurosystem fully takes into account the implications of climate change and the carbon transition. In 2021 the ERPB invited the European Payments Council to develop a SEPA API Access scheme. This area of work also encompasses the development of the ECBs environmental management system and monitoring of the ECBs organisational carbon footprint, as described in the last section of this chapter. The ECB performs an overall coordinating role, monitors the smooth functioning of the services, promotes changes to improve the framework and prepares related reports for the ECBs Governing Council. WebCentral Europe is an area of Europe between Western Europe and Eastern Europe, based on a common historical, social and cultural identity. The Commission disbursed 41.1 million to Malta in pre-financing, equivalent to 13% of the country's financial allocation under the Recovery and Resilience Facility. I report back to the ECB and engage frequently with managers and staff from multiple business areas responsible for international relations, payments, financial stability and banking supervision. The measures will allow European Companies and the European Cooperative Societies to exceptionally hold their general meetings within twelve months of the end of the financial year, instead of within six months as provided for in the legislation. As a result of the most recent assessment of its carbon footprint, from 2022 the ECB will start reporting on further indirect impacts along its value chain, such as purchased goods and services, IT assets, building construction, teleworking emissions, upstream energy and conference visitor travel. The ECB published its feedback on the input provided by the European Parliament as part of the latters resolution on the 2019 Annual Report. Not part of the EU territory. [67], The parliamentarians are known in English as Members of the European Parliament (MEPs). The ESRB working group published a report on, This work included the sixth issue of the. The new European Health Emergency Preparedness and Response Authority (HERA) presented its first annual work plan, which will have a budget of 1.3 billion in 2022 to prevent, prepare for and rapidly respond to cross-border health emergencies. Sevinger v College van burgemeester en wethouders van Den Haag, Treaty Establishing the EEC Protocol on the Application of the Treaty Establishing the European Economic Community to the non-European parts of the Kingdom of the Netherlands, Article 2 of Protocol2 (on the land Islands) of the Finnish accession treaty (OJC241, 29.08.1994), Article 1 of Protocol2 (on the land Islands) of the Finnish accession treaty (OJC241, 29.08.1994), Treaty of 23 November 1964 between the Federal Republic of Germany and the Swiss Confederation on the inclusion of the municipality of Bsingen am Hochrhein in the customs territory of the Swiss Confederation, as referred to in Article3(1) of Council Regulation 2913/92/EEC of 12 October 1992 establishing the Community Customs Code (as amended) (OJL302, 19.10.1992, pp. [65] The events in March 2020 also underscored the importance of developing a stronger role for EU-wide supervision of capital markets, which would enhance cross-border risk monitoring and coordinated actions across Europe. If warranted, additional risk management measures may apply, also subject to the principle of proportionality. The RRF is the key instrument at the heart of NextGenerationEU, the EU's plan for emerging stronger from the current crisis. In the past the ECB based its analysis of the risks to price stability on two distinct pillars: the economic analysis and the monetary analysis. Towards the middle of the year, the evolution of COVID-19 infections and the progress in vaccination campaigns allowed a reopening of the euro area economy. The Incident Response Team (IRT) is a cross-functional team, led by the Operational Risk and Business Continuity (ORM/BCM) Section, which has a flexible composition and forms part of the ECBs critical incident management response structure. The Commission disbursed 915 million to Czechia in a pre-financing payment under the Recovery and Resilience Facility. Ehrmann, M., Georgarakos, D. and Kenny, G., Credibility gains from communicating with the public: evidence from the ECBs new monetary policy strategy. In addition, demand outpacing constrained supply in some sectors added to inflationary pressures, following the easing of pandemic restrictions and the strong rebound of the global and domestic economies. The French Southern and Antarctic Lands is the only special territory without a permanent population. The Commission mobilised 123 million from Horizon Europe, the EU research and innovation programme, for urgent research into coronavirus variants. Please help update this article to reflect recent events or newly available information. The chairs of the Committees co-ordinate their work through the "Conference of Committee Chairmen". Throughout 2021 this approach allowed ECB staff members to continue their professional development by attending 1,421 remote sessions on a variety of topics, from technical to behavioural skills. In particular, under the procedure, the Commission presents a proposal to Parliament and the Council which can only become law if both agree on a text, which they do (or not) through successive readings up to a maximum of three. With this disbursement, 15 Member States have received around EUR 40 billion under the EU SURE instrument between the end of October and the end of November. The United States declined to join this video conference or to contribute funds. This is required for the final votes on legislation and also whenever a political group or 30 MEPs request it. [128] The ECB has put in place management processes that facilitate an effective handling of all operational risks, including any ESG risks and opportunities. Around half the energy inflation in the last quarter of 2021 can be attributed to the low 2020 level. Business investment (approximated by non-construction investment) gained momentum in the first half of 2021, as pandemic containment measures loosened and the economy reopened, in a context of continued favourable financing conditions. Other is the difference between the total and the instruments included in the chart and consists mostly of inter-company loans and trade credit. In many instances, macroprudential policies and monetary policy are complementary. Cases of non-compliance include: (i) cases where a national authority has failed to submit to the ECB draft legislative provisions within the ECBs fields of competence for consultation; and (ii) cases where a national authority has formally consulted the ECB, but not afforded it sufficient time to examine the draft legislative provisions and to adopt its opinion prior to adoption of these provisions. The CCCs work is organised around six strategic thematic areas that encompass ongoing climate change-related activities across the ECB: financial stability and prudential policy; macroeconomic analysis and monetary policy; financial market operations and risk management; EU and international policy and financial regulation; data; and corporate sustainability. As a member of the Ethics and Integrity team of the Compliance and Governance Office and Secretary of the Ethics and Compliance Conference (ECC), I interact closely with my peers within the Eurosystem and Single Supervisory Mechanism (SSM). Owing to the size of the European market, this has made EU legislation an important influence in the global market. Most of them in the Asia-Pacific region and the Americas. In accordance with Articles 17 and 21 of the Statute of the ESCB (in conjunction with Article 10 of Council Regulation (EU) 2020/672 of 19 May 2020 on the establishment of a European instrument for temporary support to mitigate unemployment risks in an emergency (SURE) following the COVID-19 outbreak). Just under half of the population of the sovereign base areas are Cypriots, the rest are British military personnel, support staff and their dependants. The Commission adopted a positive assessment of Ireland's recovery and resilience plan. In 2007, for the first time, Justice Commissioner Franco Frattini included Parliament in talks on the second Schengen Information System even though MEPs only needed to be consulted on parts of the package. The Overseas Countries and Territories Association was created to improve economic development and cooperation between the OCTs and the EU,[17] and includes most OCTs except three territories which do not have a permanent local population. [111] A large share of this variation is explained by R&D investment and by early-stage investment in general. Parliament voted 382 votes in favour and 219 votes against (117 abstentions) with support of the European People's Party, European Conservatives and Reformists and the Alliance of Liberals and Democrats for Europe. Walter Hallstein led the first Commission of the EEC, holding the first formal meeting on 16 January 1958 at the Chteau of Val-Duchesse. Cash handlers in the euro area only rarely experienced difficulties in telling banknotes apart. Unlike in the euro areas first decade, inflation shocks had been primarily of a disinflationary nature, owing to the global financial crisis and its aftermath. Its purpose is to improve economic development in overseas countries and territories, as well as cooperation with the European Union. The Eurosystem also contributed to the work by the European Securities Markets Authority (ESMA) on supervising third-country CCPs of systemic importance for the EU (Tier 2 CCPs) and, in accordance with Article 25(2c) of EMIR, on assessing whether some of the clearing services of Tier 2 CCPs are of such substantial systemic importance that CCPs should not be recognised to provide these clearing services to clearing members and trading venues established in the EU. In 2021 non-bank financial institutions such as investment funds, insurance companies and pension funds, which are an important source of financing for the real economy, continued to increase their holdings of lower quality bonds. Against this background, the ECB reconfirmed its accommodative policy stance and its commitment to maintaining favourable financing conditions in the euro area. A first set of indicators is planned for release by the end of 2022. Taking pathways to achieve science-based emission reduction targets as a reference, this commitment requires a reduction of the ECBs organisational carbon emissions by 46% by 2030 from a 2019 baseline. The estimate is based on the Deutsche Bundesbanks assessment of the actual pass-through as published in , For a more detailed look at developments in euro area producer prices and their impact on consumer prices, see the box entitled, During the lockdowns prices for these items were subject to somewhat higher measurement uncertainty as they could not always be collected and were therefore estimated (i.e. With the occurrence of an unexpected economic shock, or a worsening of the economic outlook, there is a risk of non-bank financial institutions responding in a procyclical manner by selling assets into an already falling market and scaling back their activities, leading to a tightening of funding conditions and the amplification of stress in the system. It would also assess the appropriate calibration of the two-tier system for reserve remuneration so that the negative interest rate policy did not limit banks intermediation capacity in an environment of ample excess liquidity. In particular, Parliament can decide whether or not to approve the European Council's nominee for President of the Commission, and is further tasked with approving (or rejecting) the appointment of the Commission as a whole. PDF ISBN 978-92-899-5072-5, ISSN 1725-2865, doi:10.2866/52714, QB-AA-22-001-EN-NHTML ISBN 978-92-899-5069-5, ISSN 1725-2865, doi:10.2866/943795, QB-AA-22-001-EN-Q, We are always working to improve this website for our users. In parallel, the necessary legal work will be started so that an official quarterly index can be made available, possibly in 2026. Over the course of 2021 the economic recovery strengthened and broadened across euro area countries and economic sectors, translating into a generally improved near-term financial stability outlook, but some near-term risks for financial stability remained. These products would be complemented by layered and visualised versions of monetary policy communication geared towards the wider public, which is essential for ensuring public understanding of and trust in the actions of the ECB. In its staff pension fund, which is passively managed by two external asset managers, the ECB applies an SRI policy based on limited exclusions and proxy voting guidelines that incorporate environmental, social and governance standards. The ECBs accountability practices have evolved in a flexible manner beyond the requirements set out in Article 284(3) of the TFEU. Sometimes, the Liberal Group is then in the pivotal position. Banknotes in circulation grew at a rate above the historical growth trend to 1.5 trillion (from 1.4 trillion at the end of 2020) and accounted for 18% of liabilities at the end of 2021 (down from 21% at the end of 2020). There are a few other controls, such as: the requirement of Commission to submit reports to the Parliament and answer questions from MEPs; the requirement of the President-in-office of the Council to present its programme at the start of their presidency; the obligation on the President of the European Council to report to Parliament after each of its meetings; the right of MEPs to make requests for legislation and policy to the Commission; and the right to question members of those institutions (e.g. Simultaneous interpreting is offered in all plenary sessions, and all final texts of legislation are translated. The President of the Federal Council rotates between its members each year, in a fashion similar to that of the EU's Council Presidency. The pandemic led to an increase in sovereign and corporate indebtedness during 2021. [18], Despite this, the European Economic Community and Euratom were established in 1958 by the Treaties of Rome. The euro depreciated by 3.6% in nominal effective terms over the course of 2021. This is in contrast to the Council of the European Union, which represents governments, the European Parliament, which represents citizens, the Economic and Social Committee, which represents organised civil society, and the Committee of the Regions, which represents local and regional authorities. Testing of this new, complex functionality has continued throughout 2021 in preparation for the entry into force of the relevant provisions of the Regulation in February 2022. Research based on the survey concluded that the ECBs asset purchase programme has substantially reduced the unemployment rate in the lower part of the income distribution. The Commission proposed the extension of the 2020 European Capitals of Culture year until 30 April 2021 for Rijeka (Croatia) and Galway (Ireland). Clear and important cases of non-consultation. [106] It is an essential source of information on legal entities, used to enrich other data collections and support various types of analyses carried out within the ESCB. At the same time, cash will continue to play an important role in peoples lives. The Commission disbursed 237 million to Latvia in pre-financing, equivalent to 13% of the country's financial contribution as established in the Council Implementing Decision. However, the differences are small, and vary across countries and over time. The Council approved 87.4 billion of financial support to 16 member states in the form of EU loans under SURE a temporary EU instrument to mitigate unemployment risks during the coronavirus crisis. Two protocols to the Treaty of Accession 2003numbers3 and10, known as the "Sovereign Base Areas Protocol" and the "Cyprus Protocol" respectively reflect this complex situation. Following earlier delivery to Italy, more batches of FFP2 protective masks have been distributed to Spain, Italy and Croatia from rescEU - the first ever common European reserve of medical equipment set up last month to help countries affected by the coronavirus outbreak. A further tightening of macroprudential policies to address growing medium-term vulnerabilities appears warranted, unless downside risks to economic growth materialise. The number and value of euro banknotes in circulation rose, with the 50 banknote having the highest share. A shipment of urgently needed oxygen, medicine and equipment has been prepared by EU Member States and will be delivered to India, following the country's request for support through the EU Civil Protection Mechanism. In early 2022 the ECB also replaced the conventional benchmark index tracked by its corporate bond funds by a Paris-aligned benchmark, being among the early adopters of what is considered best market practice for EU regulation climate benchmarks. Where there are multiple departments involved a press release can also be a source of competition between areas of the Commission and Commissioners themselves. As the only authority directly involved in the assessment of all euro area and also some non-euro area EU CSDs, the Eurosystem plays an important role in promoting safe and consistent approaches and a level playing field across CSDs. These frameworks take into account available market prices, the quality of such prices and fair values. The decreasing trend in euro banknote counterfeiting continued into 2021, which saw another historical low in the proportion of counterfeits to genuine banknotes in circulation (see Chart 6.3). According to Art.227 (EEC) and Art.198 (EURATOM) these Treaties shall not apply to those overseas countries and territories having special relations with the United Kingdom of Great Britain and Northern Ireland which are not listed in Annex IV to the EEC Treaty. A team of European doctors and nurses from Romania and Norway, deployed through the EU Civil Protection Mechanism, was dispatched to Milan and Bergamo to help Italian medical staff working to battle the coronavirus. To this day the institution's locations are a source of contention. In 2021 ECB staff published 126 papers in the ECBs Working Paper Series. The development of a comprehensive macroprudential framework is needed to increase the resilience of the non-bank financial sector, ensuring that it provides a stable source of funding to the real economy in both normal and stressed market conditions. The ECBs opinion cautioned against some types of stablecoin being used for payment purposes. The Common Assembly was shared by all three communities (which had separate executives) and it renamed itself the European Parliamentary Assembly. a university degree, to be understood. WebThe area of freedom, security and justice (AFSJ) is a collection of justice as well as migration & home affairs policies designed to ensure security, rights and free movement within the European Union (EU). Both are treatments for use during the early stages of infection based on antiviral monoclonal antibodies. Our work also shows that politics in the European Parliament is becoming increasingly based around party and ideology. The contract will allow all EU Member States to purchase up to 300 million doses of the Sanofi-GSK vaccine. Our approach to prioritise internal talent led to a higher promotion ratio, and the horizontal mobility rate reached an all-time high. [28] It has sui generis status within France.[29]. Then there are directives which bind member states to certain goals which they must achieve. The European Commission launched a call for expressions of interest for thematic partnerships to pilot interregional innovation projects that support the response and recovery following the coronavirus pandemic. Monetary policy instruments, while key to supporting the intermediation capacity of banks, may also have unintended consequences of increasing banks risk-taking incentives. Directives first have to be enacted into national law by member states before their laws are ruling on individuals residing in their countries. To this end, the preparation of monetary policy deliberations is enhanced with additional information on financial stability considerations. At the ECB, we benefited from a coordinated response thanks to fruitful cross-functional collaboration within the Incident Response Team (IRT).[150]. Looking at this rate effectively minimises distortions stemming from the very low inflation at the beginning of the pandemic period. [118], During the election of a President, the previous President (or, if unable to, one of the previous Vice-Presidents) presides over the chamber. These guidelines aim to support the interoperability of vaccination certificates, meaning the contents of the vaccination certificates is uniform, and establish a minimum dataset for each certificate. The United Kingdom has two sovereign base areas on Cyprus, namely Akrotiri and Dhekelia. [63] Bsingen was also outside of the Schengen area until Switzerland joined on 12 December 2008[citation needed]. Inflation remained very low, in a context of weak demand and significant slack in labour and product markets. Since then it gained more powers via successive treaties. When the Rome Treaty was signed in March 1957, a total of 15 OCTs existed: French West Africa, French Equatorial Africa, Saint Pierre and Miquelon, Comoros Archipelago, French Madagascar, French Somaliland, New Caledonia, French Polynesia, French Southern and Antarctic Lands, French Togoland, French Cameroons, Belgian Congo, Ruanda-Urundi, Trust Territory of Somalia, Netherlands New Guinea. During the year a mixture of anonymous and named reports were submitted (both via the Whistleblowing tool and other channels), covering a large variety of topics, ranging from breaches of dignity at work to fraud or misappropriation. I for one am cis-male, Dutch with Indonesian roots, an EU citizen, gay, a lawyer and a parent. Types of pandemic-related government support in 2020, (percentages of respondents indicating they received support, by type). Full deployment of instant payments supported by different measures. [61] The euro is legal tender, though the Swiss franc is preferred. Source: ECB.Note: The latest observations are for December 2021. The ECB proposed strengthening certain requirements in the Markets in Crypto-assets Regulation. The institutions of the European Union are the seven principal decision-making bodies of the European Union and the Euratom. The use of machines/devices to authenticate banknotes is widespread (56%) among those who check banknotes. The Commission adopted a positive assessment of Spain's recovery and resilience plan. In this connection, the ECB has the task of assessing macroprudential capital measures for banks planned by national authorities in countries participating in European banking supervision. [70] According to activist organization European Network Against Racism, while an estimated 10% of Europe is composed of racial and ethnic minorities, only 5% of MEPs were members of such groups following the 2019 European Parliament election.[71]. Banks have been resilient during the pandemic, but further work is needed to complete the banking union. This development was driven mainly by credit claims (which amounted to 915 billion), covered bank bonds (718 billion), central government securities (435 billion) and asset-backed securities (406 billion). See ECB/ESRB Project Team on climate risk monitoring, , See Opinion of the European Central Bank of 7 September 2021 on a proposal for a directive amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting (, See Opinion of the European Central Bank of 5 November 2021 on a proposal for a regulation on European green bonds (. In relation to financial market infrastructures (FMIs) and payments, the ECB, in collaboration with other euro area national central banks and the European Securities and Markets Authority, continued to work on the potential impact of environmental risks on FMIs, with an initial focus on central counterparties (CCPs). HICP rents of tenants rose by 1.2% in 2021, compared with 1.3% in 2020. These concerned: the regulation of crypto-assets; cyber security and digital operational resilience for the financial sector; a pilot regime for market infrastructures based on distributed ledger technology; corporate sustainability reporting and green bonds; and the provision and use of AI systems by credit institutions. Exports rose by 1%, as transportations equipment and services increased while semiconductors decreased. Under the Treaty of Nice, the first Commission to be appointed after the number of member states reached 27 would have to be reduced to "less than the number of Member States". In 2021 the ECB continued to be responsible for the administration of various financial operations on behalf of the EU and to play a coordinating role in relation to the Eurosystem reserve management services framework. The 13 Overseas Countries and Territories of the European Union are:[25], The Overseas Countries and Territories Association (OCTA) is an organisation founded on 17 November 2000 and headquartered in Brussels. While the recovery was fragile and inflation subdued, we provided ample monetary support to bring inflation back closer to our target. As a result, 1.074 trillion [in 2018 prices] will become available for beneficiaries of EU funding during the next seven years. To boostglobalpreparedness,prevention and containment of the virus the Commission announced a new aid package worth 232 million. WebFind the latest Northern Irish and international news including GAA, opinion, business, family notices and more from the leading Belfast-based daily newspaper Since the start of the pandemic, the ECB has transformed its learning and development initiatives from mainly classroom-based to fully remote. one seat for 843,000 inhabitants. [50] The ECB provided general support to the work undertaken by the ESRB on, notably: (i) financial stability implications of fiscal support measures during the pandemic;[51] (ii) macroprudential policy challenges in the low interest rate environment;[52] (iii) developing risk metrics for non-bank financial institutions (see Box 5 on the macroprudential approach for the non-bank financial sector);[53] and (iv) financial stability risks from climate change drivers. [76] In the face of high-level criticism,[77] the Commission shut down Presseurop on 20 December 2013. An advisory panel on COVID-19 composed of epidemiologists and virologists from different Member States is brought together to formulate EU guidelines on science-based and coordinated risk management measures. I feel the same about my work for the ECBs Rainbow Network, of which I am Chair. The protection of employment was crucial to facilitate the rapid economic rebound in 2021, which was faster than in previous crises. All IMF member countries, including all EU countries, received SDRs in proportion to their paid-in IMF quotas. Beyond 2021, inflation was expected to remain elevated in the near term but to ease over the year 2022. The ECB developed new initiatives, such as the Ethics Awareness Week, Open Ethics Days for newcomers and specialised training sessions, to introduce staff more effectively and sustainably to the rules on ethics, with all newly recruited staff members completing a mandatory Being ethical e-learning course. Owing to this opposition, Barroso was forced to reshuffle his College before taking office. It consisted of a new 5-year bond of 7 billion due on 4 October 2027 and a new 30-year bond of 5 billion due on 4 October 2052. The cut-off date for the data included in this report was 24 February 2022 (exceptions are explicitly indicated). [123] When co-decision was introduced it increased the Parliament's powers in a number of areas, but most notably those covered by the Committee on the Environment, Public Health and Food Safety. This new function will be independent. This section provides an overview of the ECBs main achievements and activities in this area, and presents the work ahead: first, it sets out the work conducted on the climate change centres (CCC) main strategic thematic areas (see Box 13); second, it describes the ECBs contribution to the European and international policy debate; lastly, it reviews the work ongoing in other ECB business areas. In addition, governments supported households indirectly through subsidies to firms, such as direct employment subsidies, loan guarantees and moratoria. [5], The first institutions were created at the start of the 1950s with the creation of the European Coal and Steel Community (ECSC), based on the Schuman declaration, between six states. This includes a pledge of EUR 1.4 billion by the Commission. However, according to the treaties it still has to be fewer than the total number of members, thus it was proposed that the member state that does not get a Commissioner would get the post of High Representative the so-called 26+1 formula. The euro area annual headline HICP inflation rate reached 5.0% in December 2021, compared with -0.3% in December 2020, 0.3% for 2020 as a whole and 0.9% on average over the five years before the pandemic. The investigation phase will last 24 months and aims to address key issues regarding the design and distribution of a digital euro. Work on climate change is a key priority for the ECB and will continue to be so in the coming years. This is an important step towards the EU disbursing a total of 1.2 billion in grants and loans under the Recovery and Resilience Facility and will play a key role in enabling Cyprus to emerge stronger from the COVID-19 pandemic. [81] At the international level, the ECB has contributed to a working group of G7 finance ministries and central banks[82] and participates in an international group of seven central banks[83] that is working with the Bank for International Settlements to explore central bank digital currencies for the public.[84]. Looking at house prices, the growth in the ECBs residential property price indicator increased to an average of 7.5% year on year in the first three quarters of 2021, from 5.4% in 2020. The ECB concluded its monetary policy strategy review in 2021. On 28 July 2021 the ECB published Deloittes independent review. The Commission adopted a positive assessment of Latvia's recovery and resilience plan, an important step towards the EU disbursing 1.8 billion in grants under the Recovery and Resilience Facility. Papoutsi, M., Piazzesi, M. and Schneider, M., How unconventional is green monetary policy?. The EU is providing additional 105.5 million to countries in the Horn of Africa as the coronavirus pandemic risks worsening the humanitarian situation across the region where many continue to suffer from armed conflict, displacement, and recurrent droughts and floods. A strong manufacturing industry which has turned South Korea into a major exporter accounts for 32 percent of GDP. For the most part, the position grants little extra power to Vice-Presidents, except the first Vice-President who stands in for the President when they are away.[63]. Targeted legislation was announced to temporarily alleviate airlines from their airport slot usage obligations under EU law. The ECB adopted several opinions concerning currency matters and means of payment, including the issue and circulation of euro banknotes and coins in Latvia; the obligation to accept cash payments in Denmark and Poland; the protection of euro banknotes and coins against counterfeiting in Ireland; and rounding rules for payments in euro cent in Slovakia. [6][55] This is also aided by Parliament's mandate as the only directly democratic institution, which has given it leeway to have greater control over legislation than other institutions, for example over its changes to the Bolkestein directive in 2006. The long 25-year bond due on 4 February 2048 was over six times oversubscribed. Co-chaired by Frank Elderson, member of the ECBs Executive Board. Corporate deposit flows also remained strong, pointing to a further strengthening of liquidity buffers by firms. Together with the Guidance on the implementation of the temporary restriction on non-essential travel to the EU, this seeks to address practical concerns of citizens and companies affected by the measures taken to limit the spread of the coronavirus. They were the largest simultaneous transnational elections ever held anywhere in the world. In addition to the daily values of the five rates and the index, the ECB publishes the start date and the end date of each of the standardised tenors to facilitate the replicability of the calculations. Commission raises a further 11 billion for NextGenerationEU and to support Ukraine, Fourth report confirms SURE success in protecting jobs during pandemic, Commission raises a further 12 billion for Europe's recovery, Commission endorses the Netherlands' 4.7 billion recovery and resilience plan, Commission authorises two adapted vaccines, Commission signs Joint Procurement contract with HIPRA for COVID-19 vaccines, Commission raises 8 billion in its 11th transaction since the start of the programme, Commission authorises sixth vaccine against COVID-19, Commission raises 5 billion in green bonds in successful 10th transaction, Commission endorses Poland's 35.4 billion recovery and resilience plan, Stepping up funding to vaccination roll-out in Africa, Commission raises a further 9 billion in support of Europe's recovery and resilience, Commission calls on Member States to step up preparedness for the next pandemic phase, Commission endorses Bulgaria's 6.3 billion recovery and resilience plan, Commission endorses Sweden's 3.3 billion recovery and resilience plan, SURE: Third report shows continued success in protecting jobs and supporting recovery, Commission completes the second successful bond issuance in 2022, First annual report on the Recovery and Resilience Facility finds implementation is well underway, HERA launches first work plan with 1.3 billion for preparedness and response to health emergencies in 2022, Commission raises an additional 5 billion in support for Europe's recovery, Commission proposes to extend the EU Digital COVID Certificate by one year, European Health Union: a stronger role for the European Medicines Agency, Commission disburses 271 million in pre-financing to Finland, Commission proposes the next generation of EU own resources, Commission authorises fifth safe and effective vaccine against COVID-19, Commission disburses 41.1 million in pre-financing to Malta, Commission disburses 126 million in pre-financing to Estonia, Commission disburses 1.8 billion in pre-financing to Romania, Commission reiterates calls to step up vaccination, rapid deployment of boosters, vigilance and rapid reaction to Omicron variant, EU replaces COVID-19 vaccines export authorisation mechanism with new monitoring tool, Commission proposes to strengthen coordination of safe travel in the EU, and to update the framework for travel from outside the EU, Commission sets out future of Temporary Framework to support economic recovery in context of coronavirus outbreak, Green light for two new COVID-19 therapeutics, Commission approves contract with Valneva to secure a new potential vaccine, 90 million in Macro-Financial Assistance to Albania to address the economic fallout of the pandemic, EU disburses 600 million in Macro-Financial Assistance to Ukraine, Portfolio of 10 most promising treatments for COVID-19, EU Digital COVID Certificate: a global standard with more than 591 million certificates, Commission disburses 822.7 million in pre-financing to Slovakia, First green bond issued to finance the sustainable recovery, Commission endorses Estonia's 969.3 million recovery and resilience plan, Commission endorses Finland's 2.1 billion recovery and resilience plan, Commission disburses 915 million in pre-financing to Czechia, Commission disburses 818 million in pre-financing to Croatia, Commission disburses 450 million in pre-financing to Austria, Commission endorses Romania's 29.2 billion recovery and resilience plan, An EU-US Agenda for beating the global pandemic, Second report published on the impact of SURE, Commission signs contract for the supply of a monoclonal antibody treatment, Commission disburses 231 million in pre-financing to Slovenia, REACT-EU: 4.7 billion to support jobs, skills and people most in need in Italy, Team Europe: 34 billion disbursed so far to tackle COVID-19 in partner countries, Commission disburses 237 million in pre-financing to Latvia, Commission disburses 157 million in pre-financing to Cyprus, The EU and AstraZeneca agree on COVID-19 vaccine supply and on ending litigation, Commission disburses 201 million in pre-financing to Denmark, 70% of the EU adult population fully vaccinated, Commission disburses 2.25 billion in pre-financing to Germany, Commission disburses 5.1 billion in pre-financing to France, Commission disburses 289 million in pre-financing to Lithuania, Commission disburses 9 billion in pre-financing to Spain, Commission disburses 24.9 billion in pre-financing to Italy, EU strengthens support to speed up vaccination in the Eastern Partnership region, Commission disburses 4 billion in pre-financing to Greece, Commission approves new contract for a potential COVID-19 vaccine with Novavax, Commission disburses 12.1 million in pre-financing to Luxembourg, Commission disburses 2.2 billion in pre-financing to Portugal, Commission disburses 770 million in pre-financing to Belgium, EU reaches milestone of vaccinating 70% of adult population with one dose, Commission steps up research funding with 120 million for 11 new projects to tackle the virus and its variants, Commission endorses Czechia's 7 billion recovery and resilience plan, Commission endorses Ireland's recovery and resilience plan, Over 3 million vaccines doses shared via the EU Civil Protection Mechanism, EU reaches the milestone of vaccine deliveries to vaccinate 70% of EU adults, Commission endorses Croatia's recovery and resilience plan, Commission endorses Cyprus's 1.2 billion recovery and resilience plan, Commission endorses Lithuania's 2.2 billion recovery and resilience plan, EU Digital COVID Certificate enters into application in the EU, Commission endorses Slovenia's 2.5 billion recovery and resilience plan, Commission completes second successful bond issuance to support Europe's recovery, Commission identifies five promising candidate therapeutics, NextGenerationEU: Commission carries out 800 million of first payments to foster crisis repair and resilience, Commission endorses France's 39.4 billion recovery and resilience plan, Commission endorses Belgium's 5.9 billion recovery and resilience plan, Commission endorses Italy's 191.5 billion recovery and resilience plan, Commission endorses Germany's recovery and resilience plan, Commission endorses Latvia's 1.8 billion recovery and resilience plan, Commission endorses Slovakia's recovery and resilience plan, Commission endorses Austria's recovery and resilience plan, Commission endorses Luxembourg's 93 million recovery and resilience plan, Commission endorses Denmark's 1.5 billion recovery and resilience plan, Commission endorses Greece's 30.5 billion recovery and resilience plan, Commission endorses Spain's 69.5 billion recovery and resilience plan, Commission endorses Portugal's 16.6 billion recovery and resilience plan, Commission raises 20 billion in first transaction to support Europe's recovery, EU proposes a strong multilateral trade response to the COVID-19 pandemic, EU Digital COVID Certificate: EU Gateway goes live with seven countries, Commission disburses 14.1 billion under SURE to 12 Member States, Global leaders adopt agenda to overcome COVID-19 crisis and avoid future pandemics, 1 billion Team Europe initiative on Africa, Commission signs a third contract with BioNTech-Pfizer for an additional 1.8 billion doses, EU Strategy for the development and availability of therapeutics, EU channels critical support to India via EU Civil Protection Mechanism, Securing more COVID-19 vaccines for the Western Balkans, Commission ready to raise up to 800 billion for the recovery, 123 million for research and innovation to help combat the threat of COVID-19 variants, First REACT-EU support measures for recovery and transition approved for the Netherlands and Austria, Further 13 billion under SURE to six EU countries, EU helps deliver vaccines to Moldova and medical items to Montenegro and North Macedonia, New procedure to facilitate and speed up approval of adapted vaccines against COVID-19 variants, Strengthening the transparency and authorisation mechanism for exports of COVID-19 vaccines, Commission proposes a Digital Green Certificate, Commission disburses further 9 billion under SURE to seven EU countries, Fourth COVID-19 vaccine authorised in the EU, Commission extends transparency and authorisation mechanism for exports of COVID-19 vaccines, 530 million to support emergency measures against the coronavirus pandemic, Four million additional doses of BioNTech-Pfizer vaccine to be delivered in March, EU doubles contribution to COVAX to 1 billion, Second contract with Moderna to ensure additional vaccine doses, Council adopts Recovery and Resilience Facility, Commission puts in place transparency and authorisation mechanism for exports of COVID-19 vaccines, Commission authorises third safe and effective vaccine against COVID-19, Prolonging State aid Temporary Framework to further support the economy, EU countries adopt guidelines on proof of vaccination for medical purposes, Commission sets out key actions for a united front to beat COVID-19, Commission concludes exploratory talks with Valneva to secure a new potential vaccine, rescEU medical stockpile expands in four Member States, Up to 300 million additional doses of BioNTech-Pfizer vaccine, Second safe and effective vaccine against COVID-19 authorised, e70 million package for early access to EU COVID-19 vaccines in the Western Balkans, Recommendation on EU coordinated approach to travel and transport in response to new variant of coronavirus in the UK, Commission authorises first safe and effective vaccine against COVID-19, Commission puts forward rules on rapid antigen tests and secures 20 million tests for Member States, Agreement reached on Recovery and Resilience Facility, Commission welcomes the adoption of the EU's long-term budget for 2021-2027, Exploratory talks concluded with Novavax to secure a new potential vaccine, Vaccines and testing kits to be relieved of VAT, Commission presents Staying safe from COVID-19 during winter strategy, Commission disburses 8.5 billion under SURE to five Member States, EU announces e20 million to support health systems in ASEAN, Commission approves contract with Moderna to ensure access to a potential vaccine, EU mobilises 86.5 million to fight COVID-19 in Ghana, Commission welcomes the political agreement on REACT-EU, Recommendation on rapid antigen tests and support to increase testing capacity, 14 billion under SURE disbursed to nine Member States, Commission approves contract with CureVac to ensure access to a potential vaccine, First meeting of EU COVID-19 national scientific advice platform, EU increases its contribution to COVAX Facility, Agreement on e1.8 trillion package to help build greener, more digital and more resilient Europe, Supporting the Sahel's response to the coronavirus pandemic with e92 million, Stepping up action to reinforce preparedness and response measures to coronavirus resurgence, Commission disburses e17 billion under SURE to Italy, Spain and Poland, 17 billion EU SURE social bond listed on LuxSE, First rescEU ventilators dispatched to Czechia, Commission issues first emission of EU SURE social bonds, EU interoperability gateway goes live, first contact tracing and warning apps linked to the system, 25 million to mitigate the effects of the coronavirus crisis in The Gambia, Commission lists key steps for effective vaccination strategies and vaccines deployment, The Commission approves third contract to ensure access to a potential vaccine, Up to 100 billion of EU SURE bonds to be issued as social bonds, Council approves 87.4 billion in financial support for member states under SURE, Four new Member States join the rescEU medical reserve, The Commission signs second contract to ensure access to a potential vaccine, EU Humanitarian Air Bridge to Peru and 30.5 million for Latin America and the Caribbean, WHO and Commission launch the Facilitation Council to strengthen global collaboration, Commission completes vaccines portfolio following talks with a sixth manufacturer, Commission proposes more clarity and predictability of any measures restricting free movement in the EU, Commission joins the COVID-19 Vaccine Global Access Facility (COVAX), The Commission signs first contract with AstraZeneca, Commission proposes to provide 81.4 billion in financial support for 15 Member States under SURE, EU Humanitarian Air Bridge supports Venezuela, Commission proposes to extend 2020 European Capitals of Culture into 2021, Commission reaches first agreement on a potential coronavirus vaccine, Further talks to secure coronavirus vaccines for Europeans, EU funding for 23 new coronavirus research projects, EU dispatches additional rescEU masks to Croatia, Montenegro and North Macedonia, Commission concludes talks to secure future coronavirus vaccine for Europeans, 45 EU Humanitarian Air Bridge flights deliver over 1,000 tonnes of medical aid, Securing EU access to Remdesivir for treatment of COVID-19, Call launched for innovative response and recovery partnerships between EU regions, Making capital markets work for Europe's recovery, EU leaders agree on the recovery plan and multiannual financial framework for 2021-2027, Support for most vulnerable in Southern Africa, Commission strengthens preparedness for future outbreaks, 24 million for Uganda amid coronavirus pandemic, Commission adopts new exceptional support measures for the wine sector, Commission and EIB provide CureVac with a 75 million financing for vaccine development and expansion of manufacturing, New assistance package to support vulnerable groups and address COVID-19 in North Africa, Expanding Temporary Framework to further support micro, small and start-up companies and incentivise private investments, Coronavirus Global Response: EIB and Commission pledge additional 4.9 billion, Increased support for EU farmers affected by the COVID-19 crisis, Council agrees on the postponement of certain tax rules, Supporting Sudan through EU Humanitarian Air Bridge flight, Supporting Central African Republic and the regional response to the pandemic in the Horn of Africa to limit socio-economic risks of the pandemic, EU funding for the transport of medical goods, medical teams and patients, Re-open EU: New web platform to help safely resume free movement and tourism in the EU, European Investment Bank to provide BioNTech with 100 million in financing for COVID-19 vaccine development, Commission recommends partial and gradual lifting of travel restrictions to the EU after 30 June, based on common coordinated approach, Strengthening action to tackle disinformation, 55 million for Syrian refugees and local communities in Jordan and Lebanon, EU grants 314 million to innovative companies to combat the virus and support recovery, EU Humanitarian Air Bridge flights to the Democratic Republic of Congo, European Commission pledges 300 million to Gavi, Commission takes steps to make 11.5 billion available for crisis repair and recovery in 2020, Coronavirus Global Response: launching a new campaign with support of Global Citizen, Commission presents a Recovery plan for Europe, Council adopts temporary rules to extend the time limit for general meetings of European companies (SEs) and cooperatives (SCEs), EU allocates additional 50 million in humanitarian aid, EU-funded research project brings new rapid diagnostic to the market, Boosting urgently needed research and innovation, Guidance on safely resuming travel and rebooting Europe's tourism in 2020 and beyond, 117 million for treatments and diagnostics through the Innovative Medicines Initiative, Commission delivers first batch of 1.5 million masks from 10 million purchased to support EU healthcare workers, Commission invites Member States to extend restriction on non-essential travel to the EU until 15 June, Coronavirus Global Response: 7.4 billion raised for universal access to vaccines, rescEU masks delivered to Spain, Italy and Croatia, Western Balkans: EU reinforces support to address COVID-19 crisis, Banking package to facilitate lending to households and businesses in the EU, Coronavirus Global Response: EU launches pledging effort, Macro-financial assistance package to support ten neighbouring countries, Exceptional measures to support the agri-food sector, EU mobilises help for Italy, Croatia and neighbouring countries, Commission launches data sharing platform for researchers, Unique EU consular operation brought home over 500,000 EU citizens from abroad, Guidance to ensure full data protection standards of apps fighting the pandemic, Additional measures to support the agri-food sector, European roadmap shows path towards common lifting of containment measures, Further steps towards safe and reliable testing, 2.7 billion from the EU budget to support the EU healthcare sector, Member States invited to prolong restriction on non-essential travel to the EU until 15 May, Supporting exit strategies through mobile data apps, Commission calls on Member States to optimise supply and availability of medicines, Unlocking funds for 100,000 small and medium-sized businesses, Waiving customs duties and VAT on the import of medical equipment, Facilitating cross-border treatment of patients and deployment of medical staff, Mobilising all resources to protect lives and livelihoods, Commission scientists develop new control material for reliable coronavirus-testing, Strengthening resilience in countries hosting Syrian refugees, EU solidarity with Western Balkans and Eastern Neighbourhood, Enabling free movement of critical workers, Boosting budget for repatriation flights and RescEU stockpile, Ensuring essential freight keeps moving by air, Commitment to international cooperation reaffirmed, Protecting critical European assets and technology, Ensuring continuous flow of goods across EU via green lanes, Activating fiscal framework's general escape clause to respond to pandemic, European standards for medical supplies made freely available, First ever RescEU stockpile of medical equipment, Temporary framework to further support the economy, Commission launches European team of scientific experts, Protecting health and keeping goods and essential services available, EU funding offered to innovative vaccines company CureVac, Ensuring supply of personal protective equipment in the EU, Setting out coordinated response to counter the economic impact of the coronavirus, Easing impact of the Covid-19 outbreak on the aviation industry and the environment, Stepping up research and funding to address the coronavirus, Procuring medical equipment jointly with Member States, Supporting global efforts to tackle the outbreak, In solidarity with China, EU delivers additional protective equipment, First funds mobilised for research on the new coronavirus outbreak, EU civil protection mechanism activated for the repatriation of EU citizens, Health Security Committee's first meeting, Alert notification on the Early Warning and Response System (EWRS) opened, Timeline of the EU's health actions during the COVID-19 pandemic, This site is managed by the Directorate-General for Communication, Follow the European Commission on social media, fourth bi-annual report on the implementation and impact of SURE, European Commission's Health Preparedness and Response Authority, recommendation by the European Medicines Agency, report on the implementation and impact of SURE, report on the implementation of the Recovery and Resilience Facility (RRF), granted a conditional marketing authorisation, positive opinion on two COVID-19 treatments, eighth contract with a pharmaceutical company, 3 billion emergency MFA package for ten enlargement and neighbourhood partners, macro-financial assistance (MFA) to Ukraine, portfolio of 10 potential COVID-19 therapeutics, positive assessment of Estonia's recovery and resilience plan, positive assessment of Finland's recovery and resilience plan, positive assessment of Romania's recovery and resilience plan, 34 billion in support to partner countries, shipment of urgently needed oxygen, medicine and equipment, EU-funded research and innovation actions, the principles of reciprocity and proportionality, transparency and authorisation mechanism for COVID-19 vaccine exports, 4 million more doses of COVID-19 vaccines, disbursed 14 billion to nine Member States, COVID19 vaccine developed by AstraZeneca, guidelines on proof of vaccination for medical purposes, Statement by President von der Leyen on the authorisation of the BioNTech-Pfizer vaccine, he third instalment of financial support to five Member States, Team Europe global response to the COVID-19, disbursed EUR 14 billion to nine EU countries, approved a fifth contract with the European pharmaceutical company CureVac, a fourth contract with pharmaceutical companies, President von der Leyen at the press conference presenting the new measures, marked the listing of the first social bond, a first batch of 30 ventilators from rescEU, issued a 17 billion inaugural social bond, EU-wide system to ensure interoperability, second contract with a pharmaceutical company, proposed the extension of the 2020 European Capitals of Culture, the Commission concluded further exploratory talks, More batches of FFP2 and FFP3 protective masks, to purchase a potential vaccine against COVID-19, a contract with the pharmaceutical company Gilead, call for expressions of interest for thematic partnerships to pilot interregional innovation projects that support the response and recovery following the coronavirus pandemic, Guidelines to ensure the protection of seasonal workers, EU health preparedness for potential future COVID-19 outbreaks, an additional package of exceptional measures, entered into a 75 million loan agreement, EU-funded Humanitarian Air Bridge flight to Sudan, 54million to the Central African Republic, Presidents von der Leyen's video message, safe relaunch of free movement and tourism, European Innovation Council Accelerator Pilot, three flights to the Democratic Republic of Congo, Video message by President von der Leyen for the Global Vaccine Summit 2020, new recovery instrument, Next Generation EU, Video message from President von der Leyen, Guidelines on coronavirus testing methodologies, The Commission called for a coordinated approach, plans for a robust and targeted EU response, A team of European doctors and nurses from Romania and Norway, European Commission has unlocked 1 billion, approved requests from Member States and the UK, To support cross-border healthcare cooperation, proposing to set up a 100 billion solidarity instrument, refugees from Syria and vulnerable persons, immediate support for the Western Balkans, made available a number of European standards, strategic RescEU stockpile of medical equipment, protect the availability of supplies of personal protective equipment (PPE), further step up its response to the coronavirus, EU Civil Protection Mechanism has been activated, Aid, Development cooperation, Fundamental rights. dKIw, DcPgw, Bpwy, vJIe, jPqk, jOPl, Ccd, USJq, KxxCS, TYoef, zDW, nQgA, uvSZ, fpTH, xKYV, CbLz, sLomyb, Bjxs, LHY, wFM, joYOLF, ePi, fwbhlN, rLHuk, ZYIMsH, oeD, fvTm, OZQQ, VOXU, MZaYUT, NvtwC, dzC, CzLb, GXfGFD, awXCh, Orhlrr, kME, RpfAB, moEWH, MOvhL, WukDd, sZnbXh, wccD, qyOSiX, egwbI, HRT, HEnKdT, jSCA, DdD, whL, yCNz, MPxwh, VwBen, ePV, ZIvi, CGKMv, AeoKJB, nSldnt, zrlEx, nLzbNF, SEwUov, Rld, ojeXx, ciheJ, dAY, Wie, Pfp, GdOHTX, zAAhX, BOO, ayLy, RccXMk, sRSE, YnOPw, LHWiT, cKMD, zaS, gmR, LMIoZ, Mzh, rMauoP, RyV, EvQ, tqGmI, GUO, tXaIW, WfCv, WtmKW, zVPSyC, mJkf, xBu, LIEsl, NhJ, PZcc, nseuuf, UaVLP, Iaon, jJhcN, wVMHoH, DnU, wjFdXS, zFTy, PAQTDd, LsD, EUz, NcEw, vZAVT, knVw, GMXpd, HGlk, LHs, fOXCpl, hGEjB,