Month: January 2020

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Commission and Consumer Protection authorities urge online shops to bring information policy in line with EU law

E Shop

Today, the European Commission is publishing the results of an EU-wide screening (“sweep”) of nearly 500 e-shops selling clothing and footwear, furniture and household items, and electric appliances. This sweep was carried out by consumer protection authorities of 27 countries under the coordination of the Commission. The findings reveal that two-thirds of the screened websites do not comply with basic EU consumer rights.

Didier Reynders, Commissioner for Justice, said: “It is not acceptable that European consumers are not being properly informed of their rights relating to online deliveries in 2 out of 3 web shops. The EU rights, such as the right to return goods within 14 days, boost consumers’ online trust. They should not be buried in small print.”

EU Consumer Rights Directive ensures that while making an online purchase every consumer has the right to receive clear, correct and comprehensible information about delivery arrangements, withdrawal rights and the legal guarantee in case the product is faulty. Continue reading “Commission and Consumer Protection authorities urge online shops to bring information policy in line with EU law”

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ECB launches review of its monetary policy strategy

Euro

The Governing Council of the European Central Bank (ECB) launched a review of its monetary policy strategy. The monetary policy strategy was adopted in 1998 and some of its elements were clarified in 2003.

Since 2003 the euro area and the world economy have been undergoing profound structural changes. Declining trend growth, on the back of slowing productivity and an ageing population, as well as the legacy of the financial crisis, have driven interest rates down, reducing the scope for the ECB and other central banks to ease monetary policy by conventional instruments in the face of adverse cyclical developments. In addition, addressing low inflation is different from the historical challenge of addressing high inflation. The threat to environmental sustainability, rapid digitalisation, globalisation and evolving financial structures have further transformed the environment in which monetary policy operates, including the dynamics of inflation.

In the light of these challenges, the Governing Council has decided to launch a review of its monetary policy strategy, in full respect of the ECB’s price stability mandate as enshrined in the Treaty. Continue reading “ECB launches review of its monetary policy strategy”

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European Commission and International Monetary Fund strengthen cooperation to support sustainable development

Sustainable

European Commission President, Ursula von der Leyen, on behalf of the European Union, and International Monetary Fund’s Managing Director Kristalina Georgieva concluded a new Financial Framework Partnership Agreement that will boost their cooperation to tackle key challenges including climate change, and help countries achieve the Sustainable Development Goals. The European Union is the IMF’s main partner in capacity development since 2016.

To mark the signature of the new Agreement, President von der Leyen said: “The European Union and IMF are strong partners. We jointly want to find solutions to global issues, notably in Africa. Today’s new Agreement will allow us to focus better on climate change and digital challenges. I am particularly grateful to Kristalina Georgieva for her leadership. Together we are going to further strengthen our cooperation and partnership.”

IMF Managing Director, Kristalina Georgieva, added: “We appreciate the EU’s leadership on sustainable development for all. We have a history of working together in building strong economic institutions to improve economic performance and the livelihoods of people in our partner countries. This Agreement will deepen our collaboration and help us do more together, especially where it matters the most — in low-income countries and fragile states.” Continue reading “European Commission and International Monetary Fund strengthen cooperation to support sustainable development”