Category: Economy

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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”

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Deal on an EU-wide classification system for sustainable investments

Sustainable

The European Commission has welcomed the political agreement between the European Parliament and the Council on the creation of the world’s first-ever “green list” – a classification system for sustainable economic activities, or taxonomy.

This will create a common language that investors can use everywhere when investing in projects and economic activities that have a substantial positive impact on the climate and the environment. It will help scale up private and public investments to finance the transition to a climate-neutral and green economy, redirecting capital to economic activities and projects that are truly sustainable. This political agreement underlines the EU’s commitment to implementing the Paris Agreement and  reach climate-neutrality by 2050.

Commission Executive Vice-President Valdis Dombrovskis for an Economy that Works for People,said: “This piece of legislation will be a game-changer in terms of tackling climate change, because it will enable billions in green investments to flow. Thanks to this green list, or taxonomy, investors and industry will for the first time have a definition of what is ‘green’, which will give a real boost to sustainable investments. That will be crucial for the European Green Deal to become a reality. My thanks to the European Parliament, Member States, the Finnish Presidency and to the rapporteurs for their steadfast negotiations, which have led to this compromise.” Continue reading “Deal on an EU-wide classification system for sustainable investments”

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Questions and Answers on the United Kingdom’s withdrawal from the European Union on 31 January 2020

Brexit

The United Kingdom is set to leave the European Union on 31 January 2020 at midnight (Brussels time). It will no longer be a Member State of the European Union. This is a decision that the EU regrets but respects.

The EU and the United Kingdom have conducted intensive negotiations to agree on the terms of the UK’s withdrawal and create legal certainty once EU law ceases to apply to the UK. Throughout these negotiations, the European Commission has ensured an inclusive process, with regular meetings of the 27 EU Member States, as well as with the European Parliament and national parliaments. Additional input from EU consultative bodies and stakeholders has helped the European Commission gather evidence in the process. Unprecedented transparency was ensured throughout, as the European Commission published negotiating documents, and all other relevant documents on its website.

The result of the negotiations is the Agreement on the Withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community. It was today formally signed by the President of the European Council, Charles Michel, and the President of the European Commission, Ursula von der Leyen. Prime Minister Boris Johnson will sign the Agreement today in the United Kingdom.

This is one of the last steps in the ratification process of the Withdrawal Agreement, which will be concluded by the Council on 30 January, after the European Parliament’s consent on 29 January.

What happens on 1 February 2020?

When the United Kingdom leaves the European Union on 31 January 2020, after full ratification of the Withdrawal Agreement, we will enter into the transition period. This time-limited period was agreed as part of the Withdrawal Agreement and will last until at least 31 December 2020. Until then, it will be business as usual for citizens, consumers, businesses, investors, students and researchers in both the EU and the United Kingdom. The United Kingdom will no longer be represented in the EU institutions, agencies, bodies and offices but EU law will still apply in the United Kingdom until the end of the transition period. Continue reading “Questions and Answers on the United Kingdom’s withdrawal from the European Union on 31 January 2020”