The Portuguese IP office (INPI) is organising a virtual high-level conference on Intellectual Property and Digital Transition, on 11 February 2021.
Under the theme of ‘The Intellectual Property metamorphosis in the Age of Digital Transition – Remember the past, Act in the Present, and Reflect on the challenges of the Future’, the conference will focus on two central themes: digital transition and intellectual property. The event has been organised within the framework of activities of Portugal’s presidency of the Council of the European Union.
The EUIPO’s Executive Director, Christian Archambeau, will give an opening speech at the conference.
On 1 January 2021, Portugal was entrusted with the rotating presidency of the Council of the EU. With the official motto of ‘Time to deliver: a fair, green and digital recovery’, the presidency believes that it is essential to reflect on the importance of intellectual property in the European context.
All information related to the conference can be found on the dedicated website of the event.
Compliments of the European Union Intellectual Property Office.
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To relaunch and strengthen the strategic partnership between the European Union and its Southern Neighbourhood partners, the European Commission and the High Representative today adopted a joint communication proposing an ambitious and innovative new Agenda for the Mediterranean.
The new Agenda is based on the conviction that by working together and in a spirit of partnership, common challenges can be turned into opportunities, in the mutual interest of the EU and its Southern neighbours. It includes a dedicated Economic and Investment Plan to spur the long-term socio-economic recovery in the Southern Neighbourhood. Under the new EU’s Neighbourhood, Development and International Cooperation Instrument (NDICI), up to €7 billion for the period 2021-2027 would be allocated to its implementation, which could mobilise up to €30 billion in private and public investment in the region in the next decade.
High Representative/Vice-President Josep Borrell said: “This Communication sends a crucial message about the importance we attach to our Southern Neighbourhood. A strengthened Mediterranean partnership remains a strategic imperative for the European Union. 25 years after the Barcelona Declaration and 10 years after the Arab Spring, challenges in the Mediterranean – many of which resulting from global trends – remain daunting. To address these challenges, we need to renew our mutual efforts and act closely together as partners, in the interest of all of us. This is what this new Agenda is all about. We are determined to work together with our Southern Partners on a new Agenda that will focus on people, especially women and youth, and help them meet their hopes for the future, enjoy their rights and build a peaceful, secure, more democratic, greener, prosperous and inclusive Southern Neighbourhood.”
Commissioner for Neighbourhood and Enlargement Olivér Várhelyi added: “With the Renewed Partnership with the Southern Neighbourhood we are presenting a new beginning in our relations with our Southern partners. Based on common interests and common challenges; developed together with our neighbours. It shows that Europe wants to contribute directly to a long-term vision of prosperity and stability of the region, especially in the social and economic recovery from the COVID-19 crisis. In close dialogue with our partners, we have identified a number of priority sectors, from creating growth and jobs, investing in human capital or good governance. We consider migration to be a common challenge, where we are ready to work together to fight irregular migration and smugglers together with our partners as it is a risk for all of us. We will work together to bring real change on the ground for the benefit of both our neighbours and Europe!”
The new agenda draws on the full EU toolbox and proposes to join forces in fighting climate change and speeding up the twin green and digital transition and harness their potential, to renew our commitment to shared values, to jointly address forced displacement and migration, and to strengthen the unity and resolve of the EU, its Member States and Southern neighbourhood partners in promoting peace and security in the Mediterranean region. It focuses on five policy areas:

Human development, good governance and the rule of law: Renew the shared commitment to democracy, the rule of law, human rights and accountable governance;

Resilience, prosperity and digital transition: Support resilient, inclusive, sustainable and connected economies that create opportunities for all, especially women and youth;

Peace and security: Provide support to countries to address security challenges and find solutions to ongoing conflicts,

Migration and mobility: Jointly address the challenges of forced displacement and irregular migration and facilitate safe and legal pathways for migration and mobility,

Green transition: climate resilience, energy, and environment: Taking advantage of the potential of a low-carbon future, protect the region’s natural resources and generate green growth.

A dedicated Economic Investment Plan for the Southern Neighbours aims at ensuring that the quality of life for people in the region improves and the economic recovery, including following the COVID-19 pandemic, leaves no one behind. The plan includes preliminary flagship initiatives to strengthen resilience, build prosperity and increase trade and investment to support competitiveness and inclusive growth. Respect for human rights and the rule of law are an integral part of our partnership and essential to ensure citizens’ trust in the institutions.
Background
In 1995, the Barcelona Declaration launched the Euro-Mediterranean Partnership with the objective to create an area of peace, shared prosperity, and human and cultural exchanges. The last European Neighbourhood Policy review took place in 2015.
25 years on, the Mediterranean region is facing a number of governance, socio-economic climate, environmental and security challenges, exacerbated by the COVID-19 pandemic. The European Council in December 2020 highlighted the need to develop a new Agenda for the Southern neighbourhood and looked forward to the Joint Communication.
The new Agenda for the Mediterranean will guide the EU’s policy towards the region and the multi-annual programming under the EU’s new Neighbourhood, Development and International Cooperation Instrument (NDICI) at the regional and bilateral levels. The EU will carry out a mid-term review of the Joint Communication by 2024.
For More Information
Joint Communication on the renewed partnership with the Southern Neighbourhood
Economic and Investment Plan for the Southern Neighbours 
Compliments of the European Commission.
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Interview with Le Journal du Dimanche |

There’s been a glut of bad news throughout Europe recently. How can we hold to the economic projections?
Uncertainties are indeed multiplying. As far as the economists at the ECB can remember, there have never been as many. Our projections are published every three months. One way of preserving a degree of optimism despite the current circumstances is simply to think back to the ECB’s projections released in September 2020 and the multiple uncertainties they took into account. What were the salient facts back then? The terms of the final Brexit deal were not yet known. The risks of a no-deal exit were still present, as much for the European Union as for the United Kingdom. On the pandemic front, no vaccines had been found and it was impossible to predict when they might become available. The US elections, of crucial importance for the whole world, had not yet been held. All of these major uncertainties have now been resolved, notably the most important one of all – the availability of reliable vaccines – because several have since been authorised by the competent international health authorities. That’s a new situation and it’s certainly a reason to be optimistic.
But is it enough to hope that 2021 will be a better year than the one before?
At the ECB we remain convinced that 2021 will be a recovery year. The economic recovery has been delayed, but not derailed. People are obviously waiting impatiently for it. We expect the upswing to gather pace around the middle of the year, even if the uncertainties persist. We are not immune to unknown risks surfacing. Let’s be clear: we will not see a return to pre-pandemic levels of economic activity before mid-2022.
What rate of growth do you expect for the euro area this year?
Around 4%. Maybe a little lower. This would already be a sharp increase relative to the contraction of 6.8% registered in the euro area in 2020. Everything will depend on the vaccination policies and the rollout of the campaigns. And on the economic measures taken by governments in response to health requirements.
On 21 July 2020, the European Heads of State and Government agreed on an exceptional recovery plan worth €750 billion. Are you concerned about the plan’s implementation?
There is no doubt that the current crisis has strengthened the European Union. The decision taken by the Member States to borrow jointly for the first time marks a moment of exceptional cohesion in the history of the European project. But the momentum must absolutely be kept up. The pandemic has an accelerating impact on everything: so we, too, need to speed up. You fight fire with fire. It’s better to act quickly, even if you might then have to backtrack to correct things that may have gone wrong.
The plan needs to be ratified in time for the European Commission to borrow as planned next June, and to then distribute the funds among the Member States of the European Union. In order for it to do so, all of the national recovery plans, comprising measures to promote green and digital transitions, will have to be submitted to the Commission very soon.
How will the ECB continue to act?
For its part, the ECB has been supporting households, firms and the Member States’ economies since the outset of the crisis. It acted extremely quickly, unveiling an initial €750 billion programme on 18 March 2020, followed by two other expansions amounting today to a total envelope of €1.85 trillion. Faced with the spread of the virus, it was important to prevent a fragmentation of financing conditions across euro area countries. We committed ourselves to remaining active in the markets until at least March 2022 in order to support and preserve financing conditions in Europe. Our preferred tool is the pandemic emergency purchase programme (PEPP), which differs from the ECB’s other asset purchase programmes, for two reasons: it is an emergency programme targeted to this crisis, and it gives us the option of deviating from the usual limits if they stand in the way of the support we need to provide to euro area economies. It’s an exceptional and temporary tool. As I have been saying since March 2020, our commitment to the euro has no limits. We will act for as long as the pandemic is causing a crisis situation in the euro area. We think that the time horizon of March 2022 is reasonable and that the PEPP envelope is appropriate. But if the ECB’s Governing Council thinks there is a need to do more, over a longer period, we will do more. However, if the whole envelope does not need to be used, we will not use it in full. That’s the principle of flexibility.
Doesn’t this accommodative monetary policy stance create risks?
We don’t see anything that gives us cause for concern. We do not yet see property bubbles at the euro area level, but we see signs of overvaluations in some of the euro area’s major cities in France, Germany, Luxembourg and Belgium, for example.
That said, it is vital that we continue to support lending across the entire economic system. Banks provide assets as collateral to the ECB and in return they receive funds at very low rates. They then use these funds to lend to firms. The priority is to ensure businesses have access to the funding they need. There is no alternative: when the economy is protected in this way, the ECB’s role is not to give one business priority over another. Collectively, we must give priority to growth, competition and innovation. At that point, the natural selection of companies will set in.
How should we react once the crisis is over?
Once the pandemic is over and the immediate economic crisis is behind us, we will have a tricky situation on our hands. We will have to be well organised. And not repeat past mistakes, like closing all the taps at once, cutting off both fiscal and monetary stimulus. Instead, we need to offer flexible support to our economies, and then reduce this support gradually as and when the pandemic subsides, and the recovery takes hold. Economies will then have to learn how to function again without the help of any of the exceptional measures that had to be introduced as a result of the crisis. I am not worried about this, because the capacity for recovery is strong. Our economies are resilient. To convince ourselves of this, we only have to look at the remarkable improvement recorded by the French economy in the third quarter of 2020, when quarterly growth rebounded by 18.5%.
Don’t the gaps between euro area Member States make it difficult to come up with a common monetary policy?
Above all else, the coronavirus (COVID-19) crisis has exacerbated any pre-existing gaps. That is why the Next Generation EU recovery plan is even more crucial, particularly the support it will provide through the grants given to each Member State, tailored precisely to their specific national situations. For example, Italy will receive around €200 billion in grants and loans. It is therefore vital that this exceptional solution is not wasted and that it is rolled out as soon as possible.
Concerns are surfacing about the very high debt levels of Member States. Is there any basis for these concerns?
There is no denying that our monetary policy would be more effective if there was a greater convergence of Member States’ economic policies. All euro area countries will emerge from this crisis with high levels of debt. There is no doubt that they will manage to repay this debt. Debt is managed over the long term. Investments made in sectors that are vital for the future will bring stronger growth. The recovery will create jobs and will therefore have a unifying effect. We are transitioning to a different economy, one that is more digital, greener, more committed to combatting climate change and to protecting biodiversity. It will also be driven by new values – which young people are already expressing through their job and career demands – which will meet a new set of parameters. Healthcare in particular is one of their main areas of focus.
A letter signed by 100 economists is calling for cancellation of the public debt owned by the ECB. How would you respond to them?
Cancelling this debt is inconceivable. It would be in violation of the EU Treaty which strictly prohibits monetary financing. This rule is a fundamental pillar of the common framework underpinning the euro. The EU Treaty has been agreed and ratified freely and voluntarily by EU Member States. Rather than expending so much energy asking for debt to be cancelled, it would be much more worthwhile to focus instead on how this debt should be used, on how public funds will be allocated, on which sectors we should invest in for the future. Those are the things we should currently be talking about.
Your predecessor Mario Draghi has been asked to form a new government in Italy. What is your view of his nomination?
Italy and Europe are fortunate that Mario Draghi has accepted the challenge of helping to end Italy’s economic and social crisis at a time when it is the euro area country hardest hit by the pandemic.
I have full confidence in Mario Draghi’s ability to rise to this challenge. He has all the requisite qualities: he has the knowledge, courage and humility needed to complete his new task, i.e. to restart the Italian economy with help from Europe.
Janet Yellen, the former chair of the US Federal Reserve, has become US treasury secretary. Is it good news?
Having a woman hold this position for the first time is wonderful news! What’s more, Janet Yellen has the ideal profile given the circumstances: she is an economist and a labour market specialist. Employment will play a crucial role in restarting the economy. She is also very warm and pleasant. She is as humble as she is brilliant. Her appointment will also help promote smooth economic relations between Europe and the United States. We will once again see a cooperative approach being taken in key areas, such as international trade and how to deal with the challenges of climate change.
You have called for the “greening” of monetary policy. Is this really part of a central bank’s mandate?
Absolutely. We all have a role to play in combatting climate change. The ECB is acting in accordance with its price stability mandate; climate change poses a risk to price stability, since it has an impact on growth, price levels and the economy in general. There is a legitimate legal basis for our stance. Public opinion is in favour of taking environmental, social and good governance criteria into account.
Compliments of the European Central Bank.

The post Interview with Christine Lagarde, President of the ECB, conducted by Marie-Pierre Gröndahl and Hervé Gattegno first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Decision follows successful completion of pilot phase
First round of survey results to be published on 18 June 2021
Survey runs eight times a year, ahead of each Governing Council monetary policy meeting

The European Central Bank (ECB) announces today that it will begin publishing aggregate results of its Survey of Monetary Analysts (SMA) in June 2021. The survey, an ECB staff-level exercise, collects information on market participants’ expectations about the future evolution of key monetary policy parameters, financial market variables and the economy. The survey runs eight times a year and is aligned with the six-week schedule of the monetary policy meetings of the Governing Council.
Following the successful completion of a pilot phase, which ran from April 2019, the ECB will start publishing the survey results in aggregate form for each round on the Friday the week after the Governing Council. The first survey results to be published on 18 June 2021 will be those of the June 2021 SMA.
The ECB selects survey respondents through selection criteria that include market relevance, geographical representativeness, commitment to participating regularly in subsequent rounds of the survey, and whether the institution is actively involved in the areas of activity covered by the survey. The list of survey respondents is published on the ECB’s website.
Contact:

Silvia Margiocco, e.: silvia.margiocco@ecb.europa.eu | tel.: +49 69 1344 6619

Compliments of the European Central Bank.
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Today, the Commission opened infringement procedures against 24 Member States for failing to enact new EU telecom rules. The European Electronic Communications Code modernises the European regulatory framework for electronic communications, to enhance consumers’ choices and rights, for example by ensuring clearer contracts, quality of services, and competitive markets. The Code also ensures higher standards of communication services, including more efficient and accessible emergency communications. Furthermore, it allows operators to benefit from rules incentivising investments in very-high capacity networks, as well as from enhanced regulatory predictability, leading to more innovative digital services and infrastructures.
The deadline for transposing the Code into national legislation was 21 December 2020. So far only Greece, Hungary and Finland have notified to the Commission that they adopted all necessary measures for transposing the Directive, thus declaring their transposition complete.
Therefore, the Commission sent letters of formal notice to Belgium, Bulgaria, Czechia, Denmark, Germany, Estonia, Ireland, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, and Sweden, requesting them to adopt and notify the relevant measures. The Member States have two months to reply.
Background
The European Electronic Communications Code that brings the regulatory framework governing the European telecom sector up to date with the new challenges came into force in December 2018, and Member States have had two years to implement its rules. It is a central piece of legislation to achieve Europe’s Gigabit society and ensure full participation of all EU citizens in the digital economy and society.
To support Member States in transposing the Directive into national law, the Commission has been monitoring the transposition process and has been providing them with extensive guidance and assistance. Furthermore, the Body of European Regulators of Electronic Communications (BEREC) has developed and published guidelines to work towards the successful implementation of the new rules.
In line with the Code, in December 2020, the Commission adopted the following legislation to reinforce competition, regulatory harmonisation and a level playing field for all market players, as well as protect consumers and allow fair rates and varied offers for internet and telephone services.

A new Delegated Regulation setting single maximum Union-wide voice termination rates that operators are allowed to charge each other for delivering fixed and mobile calls between their networks.
An updated Recommendation on Relevant Markets, updating the list of predefined markets which European National Regulatory Authorities are required to regularly review.

Compliments of the European Commission.
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The Commission presented today its SAMIRA Action Plan – the Strategic Agenda for Medical Ionising Radiation Applications. The Plan will improve EU coordination, ensure that radiological and nuclear technologies continue to benefit the health of EU citizens, and contribute to the fight against cancer and other diseases. This Action Plan is the first follow-up to Europe’s Beating Cancer Plan, adopted by the Commission on 3 February.
Commissioner for Energy, Kadri Simson, said: “The current pandemic has reminded us all of the importance of health and the need to do everything we can to increase the wellbeing of our citizens. Safe medical use of radiological and nuclear technology is a highly useful tool in our arsenal and is already benefitting hundreds of millions of patients across Europe. This action plan will ensure that the EU continues to be the global leader in supplying medical radioisotopes and developing radiological diagnostics and treatments, while applying the highest quality and safety standards.” 
Commissioner for Health and Food safety, Stella Kyriakides, said: “With Europe’s Beating Cancer Plan, we will take action to ensure that we screen more, and that we screen better. And to do so, we need to have radiation technology that is safe and of high quality. Radiological imaging is indispensable for early cancer detection and diagnosis, and more than half of cancer patients will undergo radiotherapy. It is an ever-present element in the life of a cancer patient. The SAMIRA Action Plan is our first deliverable under Europe’s Beating Cancer Plan, and it is an excellent example of collaboration between the energy, health and research communities.” 
The SAMIRA Action Plan ensures that EU citizens have access to high-quality radiological and nuclear technologies in medicine with the highest safety standards. The Plan defines actions and measures in three key areas: (i) securing the supply of medical radioisotopes, (ii) improving radiation quality and safety in medicine, and (iii) facilitating innovation and the technological development of medical ionising radiation applications. Actions include:

The Commission will establish a European Radioisotope Valley Initiative (ERVI) to maintain Europe’s global leadership in the supply of medical radioisotopes and help accelerate the development and introduction of new radioisotopes and production methods.
The Commission will launch a European Initiative on Quality and Safety of medical applications of ionising radiation, to ensure that diagnostic and therapeutic uses of ionising radiation in Member States operate in line with the highest standards.
The Commission will create synergies between the Euratom Research and Training Programme and the ‘Health’ cluster of the EU research programme Horizon Europe through the development and implementation of a Research Roadmap for medical applications of nuclear and radiation technology.

Background
A variety of nuclear and radiation technologies play a key role in the fight against cancer. Mammography, computed tomography and other forms of radiological imaging are indispensable technologies for all stages of cancer management. Radiotherapy is among the most effective, efficient and widely-used cancer treatments available to patients and physicians. Nuclear medicine is routinely used for cancer diagnosis and follow-up, and increasingly available for cancer treatment.
With its unique supply network, innovative technology developments and strong clinical research commitment, Europe plays a central role in the nuclear medicine domain. The EU is the leading supplier of medical radioisotopes in the world, with a market share of more than 60% for some of the most widely used radioisotopes. Some of the most important recent pharmaceutical and clinical developments in nuclear medicine cancer treatment originated in the EU.
The SAMIRA actions and initiatives are based on the existing legislative framework. The Action Plan will be implemented through instruments and programmes in the areas of Energy, Health and Research and Innovation.
Compliments of the European Commission.
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This article is part of a series in which OECD experts and thought leaders — from around the world and all parts of society — address the COVID-19 crisis, discussing and developing solutions now and for the future. |
Originally delivered as a speech by Angel Gurría, Secretary-General of the OECD, to open the 11th Meeting of the Inclusive Framework on BEPS, which took place on 27-28 January 2021. |
Looking back at the past 15 years, the OECD’s efforts to transform the international landscape stand out as one of my proudest achievements. When I took the helm in 2006, tax avoidance and evasion were running rampant. Urgent action was needed. The aftermath of the Global Financial Crisis (GFC) offered an opportunity to crack down on these nefarious practices, backed by the then newly-established G20.
At the April 2009 G20 Summit in London, leaders declared an end to bank secrecy. A few months later, the Global Forum on Transparency and Exchange of Information for Taxation Purposes met for the first time to discuss proposals for a new governance structure and working methods.
The changes catalysed by the Global Forum have been remarkable, ending bank secrecy for tax purposes and levelling the global playing field. A little over ten years after the GFC, EUR 107 billion of additional revenues (tax, interest, penalties) have been identified; bank deposits in international financial centres have fallen by USD 410 billion over the past decade; and 36,000 exchanges of tax rulings have been shared between jurisdictions. Furthermore, information on 84 million financial accounts were exchanged in 2019 with a total value of around EUR 10 trillion.
Just as public tolerance for bank secrecy plummeted during the crisis, public anger with aggressive tax planning by corporations also began to boil over. Headlines repeatedly showed that highly profitable multinational enterprises were gaming the system—legally—to pay little to no tax on their massive profits. The statistics reinforced the headlines, showing that USD 100-240 billion in revenue was being lost annually to Base Erosion and Profit Shifting (BEPS) practices by multinationals.
Responding to this challenge, in 2013 the OECD launched the BEPS Action Plan. It identified 15 specific measures to equip governments with the domestic and international instruments needed to prevent corporations from paying little or no taxes. This was a turning point in the history of international tax co-operation and the regulation of globalisation.
Many doubted whether this OECD-led project could meet the Action Plan’s extraordinarily ambitious two-year timetable. But these doubts were put to rest when G20 Finance Ministers endorsed the BEPS Package in Lima in 2015. It was the most prominent step towards modernisation of our countries’ tax policies in a hundred years.
As I noted in Lima, in a globalised world, tax co-operation is the only way to protect tax sovereignty. This was true then, and it is true now. Without such co-operation, the effectiveness of our domestic tax policies is at risk.
Since its formal establishment in 2016, the BEPS Inclusive Framework has driven a sea‑change in international tax policy, particularly with respect to the four BEPS minimum standards that countries and jurisdictions are implementing on an equal footing.
These minimum standards have established coherence, realigned substance with taxation and increased transparency. The widespread harmful tax practices that were prevalent have, essentially, been eliminated. The facts speak for themselves:

Since 2016, over 285 regimes have been reviewed to ensure there is substance associated with the activities they are intended to attract, and virtually all harmful preferential regimes have been amended or abolished.
The Multilateral Instrument—which the Inclusive Framework developed to tackle a range of BEPS challenges embedded in bilateral tax treaty networks—now covers 95 jurisdictions. Sixty-one jurisdictions have already ratified the Instrument, which impacts over 1,700 tax treaties.
More than 2,500 bilateral exchange relationships have been established to exchange Country-by-Country Reporting. These relationships have provided tax administrations with aggregate data on the global allocation of income, profit, taxes paid and other valuable data of global multinational enterprises.

The fact that not just a handful, but 138 countries and jurisdictions have committed to implementing these minimum standards is testament to the breadth and reach of our efforts!
Today, 67 members of the Inclusive Framework are developing countries. And their efforts over and above the BEPS minimum standards have yielded impressive, tangible benefits. For example, the OECD-UNDP Tax Inspectors Without Borders programme, which brings in experts to work with developing country tax authorities on real-time audits, has helped raised USD 775 million in additional tax revenues as of 2020. Such domestic resource mobilisation efforts will be absolutely critical to confront the current crisis, but also, in the longer term, to meet the Sustainable Development Goals by 2030.
So, what’s next? The Inclusive Framework is now grappling with an increasingly pressing task: delivering a multilateral, consensus-based solution to the tax challenges arising from the digitalisation of the economy based on two pillars:

Pillar One would provide a new taxing right to allocate a percentage of residual profits of multinational companies to market jurisdictions.

Pillar Two would provide for a global minimum tax to ensure multinational profits incur a minimum level of taxation, no matter how much tax planning is deployed.

G20 Leaders have repeatedly recognised the importance of this issue, and have mandated the Inclusive Framework to deliver a solution by mid-2021. The importance of reaching an agreement is increasing by the day. And the COVID-19 pandemic has exacerbated many of the issues the Inclusive Framework has already been trying to resolve.
Left unchecked, the digitalisation of the economy will entrench longstanding imbalances and unilateral action could aggravate current tax-related trade tensions.
If we do not deliver a solution by mid-2021, over 40 countries are considering, or will move ahead with, a Digital Services Tax (DST). While such measures may reflect pressure from citizens to take action, most governments agree that a multilateral, consensus-based solution would be preferable and have indicated that DSTs would be removed once an agreement is brokered by the Inclusive Framework.
But we cannot wait forever. And that’s why our technical work continues to simplify the Blueprint proposals for both Pillars that were released in October for public input. Interest in this work was enormous, with around 3,500 pages of comments received from over 200 commentators.
The Inclusive Framework has carefully reviewed these invaluable inputs and is refining the Pillar One and Pillar Two proposals as we await a negotiator to be appointed by the new United States administration. I was encouraged to hear the US Secretary of the Treasury, Janet Yellen, state—as part of her confirmation hearings—that the United States is, “Committed to the co‑operative multilateral effort to address base erosion and profit shifting through the OECD/G20 process, and to working to resolve the digital taxation disputes in that context”.
The Inclusive Framework is also forging ahead to tackle other pressing tax challenges. On carbon pricing, for example, 70% of energy-related CO2 emissions from advanced and emerging economies today are entirely untaxed. Some of the most polluting fuels remain among the least taxed. We can do better! Putting a big, fat price on carbon is one of the most effective ways to tackle climate change by creating incentives to reduce emissions.
Rising inequality is another pressing issue. More must be done to provide policymakers with the most effective tools to mitigate dangerously high levels of inequality. Tax policy in a post-COVID era offers a multitude of opportunities to enact tax and fiscal policies aimed at strengthening—rather than weakening—the social fabric of our societies.
In the midst of the largest pandemic in recent history, our countries, our governments, our people, are craving for a fairer, more transparent and more efficient international tax system. I am confident that once all the pieces are in place, the sprint to the mid-2021 finish line will result in a historic agreement. As we forge ahead to that target, the OECD will continue to support citizens and policymakers toward this objective.
Speaker:

Angel Gurría, Secretary-General of the OECD

Compliments of the OECD.
The post OECD | A Turning Point for Tax: International co-operation for better regulation of globalisation first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

In September 2000, 189 countries signed the ‘Millennium Declaration,’ shaping the principles of international cooperation for a new era of progress towards common goals. Emerging from the Cold War, we were confident about our capacity to build a multilateral order capable of tackling the big challenges of the time: hunger and extreme poverty, environmental degradation, diseases, economic shocks and the prevention of conflicts. In September 2015 again, all countries committed to an ambitious agenda on how to tackle global challenges together, the UN 2030 Agenda for Sustainable Development.
Our world has experienced diverging trends, leading to increased prosperity across the globe while inequalities remain or increase. Democracies have expanded at the same time that nationalism and protectionism have seen a resurgence. Over the past decades, two major crises have disrupted our societies and weakened our common policy frameworks, casting doubt on our capacity to overcome shocks, address their root causes and secure a better future for generations to come. They have also reminded us of how interdependent we are.
The most serious crises call for the most ambitious decisions to shape the future. We believe that this one can be an opportunity to rebuild consensus for an international order based on multilateralism and the rule of law through efficient cooperation, solidarity and coordination. In this spirit, we are determined to work together, with and within the United Nations, regional organizations, international fora such as the G7 and G20 and ad hoc coalitions to tackle the global challenges we face now and in the future.
Health is the first emergency. The Covid-19 crisis is the greatest test of global solidarity in generations. It has reminded us of an obvious fact: in the face of a pandemic, our health safety chain is only as strong as the weakest health system. Covid-19 anywhere is a threat to people and economies everywhere.
The pandemic calls for a strong coordinated international response that rapidly expands access to tests and treatments and vaccines, recognizing extensive immunization as a global public good, available and affordable for all.  In this regard, we fully support the unique global platform ACT-Accelerator launched by WHO and G20 partners in April.
To deliver on its mission, it urgently needs wider political and financial support. We also promote the free flow of data between partners and the voluntary licensing of intellectual property. In the longer term, we also need an independent and comprehensive evaluation of our response to draw all the lessons of this pandemic and better prepare for the next one. The World Health Organization has a central role to play in this process.
The emergency is also environmental. Ahead of COP26 in Glasgow, we must enhance our efforts to tackle climate change and make our economies more sustainable. By early 2021, countries representing more than 65 per cent of global emissions are very likely to have made ambitious commitments to carbon neutrality. All government, businesses, cities and financial institutions should now join the global coalition for reducing carbon emissions to net zero according to the Paris Agreement — and start acting with very concrete plans and policies.
The pandemic caused the worst economic crisis in the world since World War II. Recovery of a strong and stable world economy is a fundamental priority. The current crisis, indeed, is threatening to undo the progress we have made over two decades in fighting poverty and gender inequality. Inequalities are threatening our democracies by undermining social cohesion.
No doubt, globalisation and international cooperation helped billions of people escape poverty, but nearly half the world’s population still struggles to meet basic needs. And within many countries, the gap between rich and poor has become unsustainable, women still do not enjoy equal opportunity and many people need to be reassured about the benefits of globalization.
As we help our economies overcome the worst recession since 1945, it remains our core priority to ensure rules-based free trade as an important engine of inclusive, sustainable growth, strengthening the World Trade Organization and fully using the potential of international trade for our economic recovery. The protection of the environment and health as well as social standards must be placed at the heart of our economic models while allowing for the necessary innovation.
We need to ensure that the global recovery reaches everybody. In that regard, it is important to step up our support to developing countries, particularly in Africa, building on and going beyond existing partnerships such as the G20’s Compact with Africa and its joint effort with the Paris Club within the Debt Service Suspension Initiative. It is crucial to further support those countries in reducing their debt burden and ensure sustainable financing for their economies, using the full scope of international financial instruments such as special drawing rights at the International Monetary Fund.
The rise of new technologies has been a great asset for progress and inclusion, contributing to the openness and resilience of individuals and societies, economies and states, while proving lifesaving during the pandemic. Yet, almost half the world’s population – and more than half the world’s women and girls – remain offline and unable to access their benefits.
Moreover, the considerable power of new technologies can be misused to limit the rights and freedoms of citizens, to spread hatred, or to commit serious crimes. We need to build on existing initiatives and involve the relevant stakeholders towards effectively regulating the Internet in order to create a safe, free and open digital environment, where the flow of data in a trusted environment is guaranteed and benefits accrue especially for the most disadvantaged among us including by addressing the tax challenges of the digitalization of the economy and combating harmful tax competition
Finally, the health crisis interrupted the education of millions of children and students. We must keep the promise to provide education for all and to instil the next generation with understanding for basic skills and science, but also different cultures, tolerance and acceptance of pluralism and respect for freedom of conscience. Children and youth are our future, and their education is key.
To meet these challenges, multilateralism is not just another diplomatic technique. It shapes a world order, a very specific way of organising international relations: based on cooperation, on the rule of law, on collective action and common principles. Rather than pitting civilisations and values against each other, we must build a more inclusive multilateralism, respecting our differences as much as our common values enshrined in the Universal Declaration of Human rights.
The world after Covid will not be the same again. Let us make use of different fora and opportunities such as the Paris Peace Forum to work towards tackling these challenges with a clear vision. We invite political, economic, religious and thought leaders to contribute to this global conversation.
Signatories: Charles Michel, President of the European Council; Ursula von der Leyen, President of the European Commission; Emmanuel Macron, President of France; Angela Merkel, Chancellor of Germany; Macky Sall, President of Senegal; António Guterres, UN Secretary-General.
Article for Project Syndicate published in several newspapers.
Contact:

Barend Leyts, Spokesperson for the European Council President, press.president@consilium.europa.eu

Compliments of the Council of the European Union.
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Eurosystem agrees on common stance for climate change-related sustainable and responsible investment principles for euro-denominated non-monetary policy portfolios
Common stance promotes disclosures and understanding of climate-related risks
Eurosystem aims to start climate-related disclosures for these types of portfolios within two years

The Eurosystem central banks – the 19 national central banks of the euro area countries and the European Central Bank (ECB) – have defined a common stance for applying sustainable and responsible investment principles in the euro-denominated non-monetary policy portfolios that they each manage under their own responsibility. The common agreement follows extensive preparatory work within the Eurosystem and has also benefited from the analysis of the Network for Greening the Financial System (NGFS) and is aligned with its recommendations. Several Eurosystem members – including the ECB – already apply sustainable and responsible investment practices in the management of their non-monetary policy portfolios.
The common stance will help all Eurosystem members to contribute to the transition to a low-carbon economy and to EU climate goals. It will increase the awareness and understanding of climate risks while promoting climate-related disclosures.
The common stance prepares the ground for the measurement of greenhouse gas emissions and other sustainable and responsible investment-related metrics of these portfolios. The Eurosystem aims to start making annual climate-related disclosures for these types of portfolios within the next two years, using the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) as the initial framework and reporting, as a minimum, in the category of metrics and targets. Several Eurosystem central banks already make climate-related disclosures for some of their non-monetary policy portfolios.
The Eurosystem members are solely responsible for their non-monetary policy portfolios. They have agreed to continue to work jointly on the common stance and its implementation to harmonise approaches.
Contact:

For media queries, please contact Eva Taylor, e.: eva.taylor@ecb.europa.eu | tel.: +49 69 1344 7162.

Notes

Euro-denominated non-monetary policy portfolios contain the assets held by Eurosystem central banks that are not related to monetary policy operations. They include euro-denominated investment portfolios and staff pension funds.
The Network for Greening the Financial System is the international network of central banks, supervisors and international organisations promoting environmental responsibility in the financial sector.

Compliments of the European Central Bank.
The post Eurosystem agrees on common stance for climate change-related sustainable investments in non-monetary policy portfolios first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Find out about the EU’s circular economy action plan and what additional measures MEPs want to reduce waste and make products more sustainable.

If we keep on exploiting resources as we do now, by 2050 we would need the resources of three Earths. Finite resources and climate issues require moving from a ‘take-make-dispose’ society to a carbon-neutral, environmentally sustainable, toxic-free and fully circular economy by 2050.
The current crisis highlighted weaknesses in resource and value chains, hitting SMEs and industry. A circular economy will cut CO2-emissions, whilst stimulating economic growth and creating job opportunities.
Read more about the definition and benefits of the circular economy
The EU circular economy action plan
In line with EU’s 2050 climate neutrality goal under the Green Deal, the European Commission proposed a new Circular Economy Action Plan in March 2020, focusing on waste prevention and management and aimed at boosting growth, competitiveness and EU global leadership in the field.
On 27 January, Parliament’s environment committee backed the plan and called for binding 2030 targets for materials use and consumption. MEPs will vote on the report during the February plenary session.
Moving to sustainable products
To achieve an EU market of sustainable, climate-neutral and resource-efficient products, the Commission proposes extending the Ecodesign Directive to non-energy-related products. MEPs want the new rules to be in place in 2021.
MEPs also back initiatives to fight planned obsolescence, improve the durability and reparability of products and to strengthen consumer rights with the right to repair. They insist consumers have the right to be properly informed about the environmental impact of the products and services they buy and asked the Commission to make proposals to fight so-called greenwashing, when companies present themselves as being more environmentally-friendly than they really are.

Making crucial sectors circular
Circularity and sustainability must be incorporated in all stages of a value chain to achieve a fully circular economy: from design to production and all the way to the consumer. The Commission action plan sets down seven key areas essential to achieving a circular economy: plastics; textiles; e-waste; food, water and nutrients; packaging; batteries and vehicles; buildings and construction.
Plastics
MEPs back the European Strategy for Plastics in a Circular Economy, which would phase out the use of microplastics.
Read more about the EU strategy to reduce plastic waste.
Textiles
Textiles use a lot of raw materials and water, with less than 1% recycled. MEPs want new measures against microfiber loss and stricter standards on water use.
Discover how the textile production and waste affects the environment.
Electronics and ICT
Electronic and electrical waste, or e-waste, is the fastest growing waste stream in the EU and less than 40% is recycled. MEPs want the EU to promote longer product life through reusability and reparability.
Learn some E-waste facts and figures.
Food, water and nutrients
An estimated 20% of food is lost or wasted in the EU. MEPs urge the halving of food waste by 2030 under the Farm to Fork Strategy.
Packaging
Packaging waste in Europe reached a record high in 2017. New rules aim to ensure that all packaging on the EU market is economically reusable or recyclable by 2030.
Batteries and vehicles
MEPs are looking at proposals requiring the production and materials of all batteries on the EU market to have a low carbon footprint and respect human rights, social and ecological standards.
Construction and buildings
Construction accounts for more than 35% of total EU waste. MEPs want to increase the lifespan of buildings, set reduction targets for the carbon footprint of materials and establish minimum requirements on resource and energy efficiency.
Waste management and shipment
The EU generates more than 2.5 billion tonnes of waste a year, mainly from households. MEPs urge EU countries to increase high-quality recycling, move away from landfilling and minimise incineration.
Compliments of the European Parliament.

The post How the EU wants to achieve a circular economy by 2050 first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.