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Commission adopts banking package to facilitate lending to households and businesses in the EU

The Commission has adopted this week a banking package to help facilitate bank lending to households and businesses throughout the European Union. The aim of this package is to ensure that banks can continue to lend money to support the economy and help mitigate the significant economic impact of the Coronavirus. It includes an Interpretative Communication on the EU’s accounting and prudential frameworks, as well as targeted “quick fix” amendments to EU banking rules.

The rules put in place following the financial crisis have ensured that banks in the EU are now more resilient and better prepared to deal with shocks to the economy. Today’s Communication recalls that EU rules allow banks and their supervisors to act in a flexible, but responsible, manner during economic crises to support citizens and firms, particularly small and medium-sized companies. Today’s Regulation also implements some targeted changes to maximise the capacity of credit institutions to lend and to absorb losses related to the Coronavirus pandemic, while still ensuring their continued resilience.

Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People said: “We are supporting households and businesses as much as we can to deal with the economic fallout of the Coronavirus. The banking sector can do a lot to help here. We are using the full flexibility of the EU’s banking rules and proposing targeted legislative changes to enable banks to keep the liquidity taps turned on, so that households and companies can get the financing they need. I will soon also be launching roundtable discussions bringing together consumer and business groups with the financial sector so that we can address the most urgent needs of our citizens and companies.” Continue reading “Commission adopts banking package to facilitate lending to households and businesses in the EU”

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EU and Mexico conclude negotiations for new trade agreement

The European Union and Mexico concluded today the last outstanding element of the negotiation of their new trade agreement. Trade Commissioner Phil Hogan and Mexican Minister of Economy Graciela Márquez Colín – in a phone call today – agreed on the exact scope of the reciprocal opening of public procurement markets and a high level of predictability and transparency in public procurement processes. With this, the EU and Mexico can advance to the signature and ratification of this agreement in line with their respective rules and procedures.

Commissioner for Trade Phil Hogan said: “While most of our efforts have been focused lately on tackling the coronavirus crisis, we have also been working to advance our open and fair trade agenda, which continues to be very important. Openness, partnerships and cooperation will be even more essential as we rebuild our economies after this pandemic. I am very pleased, therefore, that together with our Mexican partners, we share similar views and that our continued work could now come to fruition. Today’s agreement is clear evidence of our shared commitment to advance our agenda of partnership and cooperation. This agreement – once in force – will help both the EU and Mexico to support our respective economies and boost employment.” Continue reading “EU and Mexico conclude negotiations for new trade agreement”

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EU launches new €50 million pilot to develop skills and education across Europe

The European Investment Fund (EIF) and European Commission are launching a new pilot guarantee facility to improve access to finance for individuals and organisations looking to invest in skills and education. The EUR 50 million pilot scheme will support financing for students and learners, enterprises investing in the upskilling of their employees, and organisations supplying education and training.

The Skills & Education Guarantee Pilot (S&E Pilot) is a new debt financing initiative dedicated to stimulating investments in education, training and skills – as part of the solution to get more people into jobs and to respond to the European economy’s changing needs. This initiative is particularly relevant in the difficult economic situation European citizens and enterprises are facing currently due to the coronavirus pandemic. It will support companies and students during, and after, the crisis, to ensure that Europe can develop and stay at the helm of global technological developments, drive its knowledge economy forward and accelerate its economic recovery.

European Commission Vice-President for Promoting our European Way of Life, Margaritis Schinas,said: “With the potential to mobilise €200 million in investments in developing education and skills, the Skills and Education Guarantee Pilot is a stepping stone to more resilient and inclusive societies and economies while the EU recovers from the coronavirus pandemic. It can provide the necessary support to the development of learning opportunities and skills for some of the most critical sectors, such as health, education, security, the digital and the green economy. Opening the financing to learners, businesses and educational organisations will allow as many people and businesses as possible to reap the benefits.” Continue reading “EU launches new €50 million pilot to develop skills and education across Europe”