Category: Economy

Posted on

It is time for a more prosperity-oriented form of economic governance

In its opinion on the Euro area’s economic policy for 2021, the European Economic and Social Committee welcomes the Commission’s recommendations, but calls for a shift in fiscal rules towards a more prosperity-oriented form of economic governance, including a golden rule for public investment.

At its first plenary assembly of the year, the EESC adopted an opinion on the European Commission’s recommendation for the economic policy of the euro area. The consultative body welcomes the Commission’s recommendations on the economic policy of the euro area, strongly supports the Next Generation EU package and urges that the necessary agreements be concluded as soon as possible. However, the recovery from the COVID-19 crisis will only be successful if accompanied by a restructuring of our economy and society, and rebuilding confidence is key to stabilising demand. This can be achieved by: Continue reading “It is time for a more prosperity-oriented form of economic governance”

Posted on

EU and China reach agreement in principle on investment

The EU and China have concluded in principle the negotiations for a Comprehensive Agreement on Investment (CAI).  This deal follows a call between Chinese President Xi Jinping and European Commission President von der Leyen, European Council President Charles Michel and German Chancellor Angela Merkel on behalf of the Presidency of the EU Council, as well as French President Emmanuel Macron. China has committed to a greater level of market access for EU investors than ever before, including some new important market openings. China is also making commitments to ensure fair treatment for EU companies so they can compete on a better level playing field in China, including in terms of disciplines for state owned enterprises, transparency of subsidies and rules against the forced transfer of technologies. For the first time, China has also agreed to ambitious provisions on sustainable development, including commitments on forced labour and the ratification of the relevant ILO fundamental Conventions.

The Agreement will create a better balance in the EU-China trade relationship. The EU has traditionally been much more open than China to foreign investment. This is true as regards foreign investment in general. China now commits to open up to the EU in a number of key sectors.

President of the European Commission, Ursula von der Leyen said: “Today‘s agreement is an important landmark in our relationship with China and for our values-based trade agenda. It will provide unprecedented access to the Chinese market for European investors, enabling our businesses to grow and create jobs. It will also commit China to ambitious principles on sustainability, transparency and non-discrimination. The agreement will rebalance our economic relationship with China”. Continue reading “EU and China reach agreement in principle on investment”

Posted on

EU-UK Trade and Cooperation Agreement

After intensive negotiations, the European Commission has reached an agreement with the United Kingdom on the terms of its future cooperation with the European Union (PDF 1259p) .

President of the European Commission, Ursula von der Leyen said: “It was worth fighting for this deal because we now have a fair and balanced agreement with the UK, which will protect our European interests, ensure fair competition, and provide much needed predictability for our fishing communities. Finally, we can leave Brexit behind us and look to the future. Europe is now moving on.”

The European Commission’s Chief Negotiator, Michel Barnier, said: “We have now come to the end of a very intensive four-year period, particularly over the past nine months, during which we negotiated the UK’s orderly withdrawal from the EU and a brand new partnership, which we have finally agreed today. The protection of our interests has been front and centre throughout these negotiations and I am pleased that we have managed to do so. It is now for the European Parliament and the Council to have their say on this agreement.” Continue reading “EU-UK Trade and Cooperation Agreement”