The European Central Bank scooped up all of Italy's new debt in April and May but merely managed to keep borrowing costs for the indebted, virus-stricken country from rising. The data also showed the ECB hoovered up much more Italian debt than the country's quota would dictate while under-buying Germany. (https://uk.finance.yahoo.com/news/ecb-scoops-italys-debt-just-141335562.html?guccounter=1)
On March 4 the Commission proposed the European Climate Law, a proposal to enshrine in legislation the EU's political commitment to be climate neutral by 2050, and launched a public consultation on the future European Climate Pact. It remains to be seen how the interaction between the European Climate initiatives and the COVID-19 recovery plan will play out. (https://ec.europa.eu/commission/presscorner/detail/en/ip_20_335 & https://cor.europa.eu/en/news/Pages/green-revolution.aspx)
The euro’s international role remained overall stable in 2019. This was one of the principal findings in the latest annual report on The international role of the euro, published by the European Central Bank (ECB). Overall, the euro remains unchallenged as the second most used currency globally after the US dollar. (https://www.ecb.europa.eu/pub/ire/html/ecb.ire202006~81495c263a.en.html#toc1)
Commissioner for Home Affairs Ylva Johansson and Europol Executive Director Catherine De Bolle opened the Europol Financial and Economic Crime Centre on June 5. The Centre will enhance the operational support provided to the EU Member States and EU bodies in the fields of financial and economic crime and promote the systematic use of financial investigations.(https://www.europol.europa.eu/newsroom/news/europol-launches-european-financial-and-economic-crime-centre)
On 27th May the European Commission unveiled its proposal for the ‘Next Generation EU’ recovery plan', an emergency package of €750 billion financed by long-term EU borrowing to jump-start Europe's recovery over the period 2021-2024, in particular in the countries heavily hit by the COVID pandemics. With the emergency support programme of the European Central Bank (ECB), aimed at keeping cheap credit flowing to businesses, this is the most significant response by the EU to the economic fallout of COVID-19. (https://ec.europa.eu/commission/presscorner/detail/en/ip_20_940)
The Commission launches the second-stage consultation of European trade unions and employers' organisations on how to ensure fair minimum wages for all workers in the European Union. This follows the first-stage consultation which was open from 14 January to 25 February 2020, to which the Commission received replies from 23 EU-wide social partners. (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=PI_COM:C(2020)3570)
The Commission proposed on June 3 modifications to its budget for 2020 to make €11.5 billion for crisis repair and recovery available already in 2020. Once available, the funds will go to help the regions most in need, support businesses and those in need outside EU borders. (https://ec.europa.eu/commission/presscorner/detail/en/IP_20_997)
The Commission proposed on June 2 to give the European Union the tools to react more quickly when a serious cross-border emergency such as the coronavirus strikes and affects EU countries at the same time. To do so, rescEU - part of the European Union Civil Protection Mechanism - will be significantly reinforced with €2 billion over 2021-2027 to create reserves of strategic equipment to cover health emergencies, forest fire outbreaks, chemical, biological, radiological, or nuclear incidents or other major emergencies. (https://ec.europa.eu/echo/files/aid/countries/factsheets/thematic/2020_rescEU_MFF_en.pdf)
The European Commission published on June 2 an inception impact assessment as well as an open public consultation inviting comments on exploring the need for a possible new competition tool that would allow addressing structural competition problems in a timely and effective manner. Stakeholders can submit their views on the inception impact assessment until 30 June 2020 and respond to the open public consultation until 8 September 2020. (https://ec.europa.eu/commission/presscorner/detail/en/ip_20_977)
