Europe faces many challenges and policymakers need to take a new approach to tackle the economic slowdown and ensure that Europe can be more than a mere spectator on the world stage, European Commissioner-designate, Paolo Gentiloni, said at the ECFIN Annual Research Conference.
The European Investment Fund (EIF) has made a cornerstone investment of €30 million in the creditshelf Loan Fund, a diversified loan fund providing senior financing to SMEs and small mid-caps in Germany originated via the German online lending platform creditshelf.
Parliamentary committees have now given their green light to each of the Commissioners-designate of the next College of Commissioners of Ursula von der Leyen, bringing the hearing process to successful conclusion.
On 15 November, DG ECFIN held its high-level Annual Research Conference, with around 100 participants from research and policy-making circles discussing the theme: "Economic challenges of the 2020s".
At an ECOFIN Council meeting on 8 November, EU finance ministers adopted conclusions on climate finance ahead of COP25, the UN climate change conference, which will take place in Madrid from 2-13 December 2019.
At a meeting of the Eurogroup on 7 November, euro area finance ministers gave unanimous support to the candidacy of Isabel Schnabel to become a member of the European Central Bank's executive board, replacing Sabine Lautenschläger.
The Commission has adopted the fourth report for Greece under the Enhanced Surveillance framework that was activated following the conclusion of the European Stability Mechanism stability support programme in August 2018.
“For the past five years, this Commission has carefully assessed the Draft Budgetary Plans of euro area Member States. With this year's opinions, we confirm our commitment to a flexible, intelligent application of our common rules, guided by an awareness of the economic reality in each country and in the euro area as a whole. In that sense, the Commission invites countries with high debt to pursue prudent fiscal policies, while encouraging those with fiscal space to invest further. This differentiated approach will strengthen the euro area.”
On 20 November, the European Commission presented its Opinions on euro area Member States' 2020 Draft Budgetary Plans, took steps under the Stability and Growth Pact and adopted the fourth Enhanced Surveillance Report for Greece.
“So far, the European economy has shown resilience amid a less supportive external environment: economic growth has continued, job creation has been robust, and domestic demand strong. However, we could be facing troubled waters ahead…I urge all EU countries with high levels of public debt to pursue prudent fiscal policies and put their debt levels on a downward path. On the other hand, those Member States that have fiscal space should use it now.”
The European economy is now in its seventh consecutive year of growth and is forecast to continue expanding in 2020 and 2021, according to the Autumn 2019 Economic Forecast released on 7 November.
In October 2019, the Economic Sentiment Indicator (ESI) decreased in both the euro area (by 0.9 points to 100.8) and the EU (by 0.9 points to 99.0).
The European Council has adopted a decision to extend the period under Article 50.3 (of the Treaty on the European Union), in the context of the United Kingdom's intention to withdraw from the EU.
The European Investment Bank (EIB) announced on 28 October that it has signed a financing agreement with Prophesee, a French company based in Paris, specializing in the design of revolutionary neuromorphic vision sensors and artificial intelligence algorithms.
The European Commission has received 609 requests for support under the Structural Reform Support Programme (SRSP) for next year.
The European Commission, on behalf of the EU, has approved the disbursement of a €150 million loan to Tunisia.
The euro area annual inflation rate was 0.8% in September 2019, down from 1.0% in August. A year earlier the rate was 2.1%.
The European Labour Authority started its activities on 15 October with an inaugural ceremony and the first meeting of its Management Board.
VIVAWEST and the European Investment Bank (EIB) concluded a loan contract for €300 million on 14 October.
European leaders met on 17-18 October to discuss a number of important issues including the EU's long-term budget, Brexit (endorsing the withdrawal agreement and political declaration), EU enlargement, Turkey, climate change and priorities for the next five years.
