Category: Economy

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

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”

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Capital Markets Union and Fintech : political agreement to boost crowdfunding in the EU

The European Commission welcomes the provisional political agreement reached yesterday evening between the European Parliament and the Council on its proposal to boost Crowdfunding in the EU.

The proposal, a key building block of the Capital Markets Union, aims to harness the opportunities presented by emerging technology-enabled innovations in the financial sector, known as FinTech. With this agreement, 12 out of 13 Capital Markets Union legislative proposals have been adopted or agreed at EU level.

Valdis Dombrovskis, Executive Vice-President for an Economy that Works for People said: “I welcome the agreement reached on our crowdfunding proposal. This is an important source of alternative financing for many innovative European entrepreneurs and start-ups, which may struggle to access traditional financing channels. An EU crowdfunding licence would help crowdfunding platforms scale up in Europe. This will allow investors to match up with companies from all over the EU, bringing more opportunities for firms and entrepreneurs to pitch their ideas to a wider base of investors.” Continue reading “Capital Markets Union and Fintech : political agreement to boost crowdfunding in the EU”

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Commission and OECD present recommendations to help EU countries and regions achieve industrial transition

Today the Commission and the Organisation for Economic Co-operation and Development (OECD) present a report on an initiative launched in 2017 to help 12 EU regions and Member States achieve industrial transition and hold their own in a globalised economy.

Teams of OECD and Commission experts worked with the regions and the two Member States to identify what was holding back job creation and growth in these areas. The goal was to reinforce their long-term development strategies based on areas of competitive strength – their ‘smart specialisation‘ assets. These strategies encompass social fairness, economic modernisation and climate ambitions.

Based on this experience, the report presents a toolkit for national and regional authorities, providing concrete solutions to address obstacles to industrial transition in five main priorities.

Commissioner for Neighbourhood Policy, Enlargement Negotiations and Regional Policy, Johannes Hahn said: “Prosperity and well-being at EU level start in our regions. For two years, teams of Commission and OECD experts have worked hand in hand with national and local actors to help them embrace innovation, decarbonisation, digitalisation and develop the skills needed for the jobs of tomorrow. These are the four cardinal points of a transition that gives a fair chance to everyone.” Continue reading “Commission and OECD present recommendations to help EU countries and regions achieve industrial transition”