EACC & Member News

Loyens & Loeff: The Netherlands implements Amount B of Pillar One in respect of Covered Jurisdiction

On 4 December 2024, the Dutch State Secretary of Finance published a decree (the Amount B Decree) that outlines the Dutch implementation of Amount B of Pillar One. The Amount B Decree states that Amount B will be accepted by the Dutch tax authorities for Dutch taxpayers that are involved in intercompany transactions covering wholesale distribution activities in ‘Covered Jurisdictions’ that meet the relevant criteria. Amount B will not apply to wholesale distribution activities in the Netherlands. It will be effective as of 1 January 2025.

 

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EACC

European Commission | New Eurobarometer survey shows record high trust in the EU in recent years

The latest Eurobarometer released today reveals the highest level of trust in the European Union since 2007 and the highest-ever support for the euro. The survey also shows that Europeans have a more optimistic view about the future. They would like to see a stronger and more independent EU, especially in the face of the current global challenges.
Trust in the EU is at its highest level in 17 years
51% of Europeans tend to trust the EU, the highest result since 2007. Trust in the EU is highest among the young people aged 15-24 (59%). In another 17 year-record, 51% of Europeans said they trust the European Commission.
Almost three quarters of respondents (74%) say they feel citizens of the EU, the highest level in more than two decades. In addition, more than six in ten EU citizens (61%) are also optimistic about the future of the EU.
At the same time, 44% of EU citizens continue to have a positive image of the EU, while 38% have a neutral image and 17% have a negative image of the EU.
Positive trends also registered in most of the enlargement countries surveyed. The majority of citizens tend to trust the EU*, in Albania (81%), Montenegro (75%), Kosovo (70%), Georgia (58%), North Macedonia and Bosnia and Herzegovina (56% each), and Moldova (52%). In Türkiye 42% (four percentage points more compared to the previous survey) tend to trust the EU and in Serbia 38% (+2 percentage points). 38% of United Kingdom respondents (+6 percentage points) also share this view.
Europeans want a stronger, more independent and sustainable EU
Nearly seven in ten respondents (69%) agree that the EU has sufficient power and tools to defend the economic interests of Europe in the global economy. Similarly, 69% agree that the European Union is a place of stability in a troubled world.
According to Europeans, security and defence (33%) should be the main priority area for the EU action in the medium term, followed by migration (29%), the economy (28%), climate and the environment (28%), and health (27%). At the same time, 44% of European citizens think that ensuring peace and stability will have the highest positive impact on their life in the short term, followed by securing food, health, and industry supplies in the EU and managing migration (both 27%). When it comes to specific areas for EU action in the clean sector, Europeans believe the EU should prioritise renewable energy (38%) first, followed by investments in sustainable agriculture (31%), energy infrastructure (28%) and clean technology investments (28%).
Historic high support for the euro and growing optimism about the economy
The Eurobarometer survey registered the highest support ever for the common currency, both in the EU as a whole (74%) and in the euro area (81%). When it comes to the perception of the situation of the European economy, 48% of Europeans (up one point since spring 2024) find it good while 43% (up two points) find it bad. The perception of the situation of the European economy has steadily improved since autumn 2019. A plurality of citizens (49%) think the European economic situation will remain stable in the next 12 months.
Continued support for EU’s response to the war in Ukraine
In the face of the Russian war of aggression against Ukraine, nearly nine Europeans in ten (87%) agree with providing humanitarian support to the people affected by the war. 71% of EU citizens support economic sanctions on the Russian government, companies, and individuals and 68% agree with providing financial support to Ukraine. Six in ten approve of the EU granting candidate status to Ukraine and 58% agree with the EU financing the purchase and supply of military equipment to Ukraine.
The war in Ukraine continues to be considered as the most important issue at EU level (31%) out of 15 items (followed by immigration at 28% and the international situation at 22%), while 76% of European respondents agree that Russia’s invasion of Ukraine is a threat to the security of the EU.
Background
The Standard Eurobarometer 102 (Autumn 2024) was conducted between 10 October and 5 November 2024 across the 27 Member States. Overall, 26,525 EU citizens were interviewed face-to-face. Interviews were also conducted in nine candidate and potential candidate countries (all except Ukraine) and the United Kingdom.
 
Compliments of the European CommissionThe post European Commission | New Eurobarometer survey shows record high trust in the EU in recent years first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

EACC

Council of the EU | Global Gateway: Council endorses flagship project list for 2025

The Council of the EU has endorsed 46 Global Gateway flagship projects for 2025.
The projects identified as flagships by EU member states’ ambassadors are prominent examples of Global Gateway deliverables in the areas of digital, climate and energy, transport, health, education and research.
This selection of key initiatives helps to showcase the comprehensive support the EU and its member states offer to partners across the globe in terms of the sectors of activities, as well as the countries and regions concerned. The flagship projects contribute to strengthening our strategic partnerships and the promotion of our joint interests. Each project is scheduled to achieve a tangible deliverable and milestone during 2025.
Flagship projects are identified on a yearly basis and integrated in a Global Gateway flagships list which includes 218 initiatives from previous years, in this case 2023 and 2024. The flagship list is not exhaustive in relation to all projects and activities under Global Gateway, but aims to serve as a tool for the EU and its member states for strategic communication and visibility during the year 2025 in the EU’s engagement with its partners. Flagship projects showcase concrete transformative projects and emphasise their tangible impact and benefits to local communities. The inclusion of projects from member states in the list does not guarantee EU financing for those projects.

The selection is carried out in line with the Global Gateway governance and taking into account the input from the Commission, the EEAS and the member states. Once a project is included in the list, it remains a flagship project until its completion. To support the continued accuracy and relevance of the list, a review procedure has been introduced to allow for streamlining projects identified as flagships in 2023 and 2024.
Background
The EU’s Global Gateway strategy encourages public and private investment in infrastructure, green energy, education and research for sustainable development and aims to mobilise up to €300 billion of investments worldwide between 2021 and 2027. Through the Global Gateway, the EU and its member states develop and invest in sustainable and quality investment projects around the world, in close cooperation with EU’s partners around the world.

 
Compliments of the Council of the EUThe post Council of the EU | Global Gateway: Council endorses flagship project list for 2025 first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

EACC

ECB publishes second progress report on the digital euro preparation phase

ECB updates digital euro rulebook following joint review with consumers, retailers and payment service providers
ECB concludes call for applications to select potential external providers and publishes invitation to tender
ECB launches new research to incorporate users’ digital euro design preferences
Stakeholder engagement across euro area remains key priority to support ongoing legislative deliberations

The European Central Bank (ECB) has published its second progress report on the preparation phase of a digital euro, which was launched on 1 November 2023 and is laying the foundations for the potential issuance of a digital euro.
Since the publication of the first progress report, the ECB has updated its digital euro scheme rulebook, aimed at harmonising digital euro payments across the euro area. This followed an interim review carried out by members of the Rulebook Development Group, representing the views of consumers, retailers and payment service providers. The updated draft also includes input from seven new workstreams, launched in May 2024 to further develop key sections of the rulebook, including minimum user experience standards and risk management.
In parallel, the ECB has concluded a call for applications, launched in January, for selecting potential providers of digital euro components and related services. The ECB has invited selected bidders to tender. The outcome of this procedure will be published on the ECB’s website when it has been finalised in 2025.
At the same time, new user research and experimentation activities are now underway to gather insights into users’ preferences and to inform decision-making for a possible digital euro. Both quantitative and qualitative engagements are foreseen in the coming months, including online surveys and interviews. These will focus on special target groups, such as small merchants and vulnerable consumers. The findings will be published in mid-2025.
Following a call launched in November, the ECB will join with key stakeholders, including merchants, payment service providers, fintech companies and universities, to form innovation partnerships to test conditional payments (i.e. payments that are made automatically when predefined conditions are met) and explore other innovative use cases for a digital euro. An outcome report is expected to be published in July 2025.
In parallel, the ECB is working with experts from the national central banks of the Eurosystem and national competent authorities to develop a methodology for setting digital euro holding limits, balancing user experience with monetary policy and financial stability implications. This work will allow the ECB to determine the factors to be considered in the calibration, and to propose a methodology to calibrate the digital euro holding limits. It includes consultation with market participants through the European Retail Payments Board and also relies on granular bank data specifically collected for this purpose. The proposed method will be tested in a first analysis in the course of 2025.
The digital euro project is a European initiative being developed for the benefit of millions of citizens across the euro area. Engagement with external stakeholders, ranging from policymakers and market participants to the general public, is a key priority. The ECB is committed to continue working closely with all stakeholders involved and to regularly communicate project developments to the wider public, engaging with all euro area citizens.
The ECB’s Governing Council will decide on the possible issuance of a digital euro only once the relevant legislation has been adopted.
 
Compliments of the European Central BankThe post ECB publishes second progress report on the digital euro preparation phase first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

EACC

OECD | Generative AI set to exacerbate regional divide in OECD countries, says first regional analysis on its impact on local job markets

Generative Artificial Intelligence (AI) will impact regional local job markets differently across OECD countries, exacerbating existing urban-rural income and productivity gaps as well as the digital divides between regions, according to a new OECD report.
Job Creation and Local Economic Development 2024 finds that, following a decade of employment growth, over half of OECD regions had reached employment rates above 70% by 2023, with more women joining the workforce, narrowing the gender gap in labour force participation in 84% of OECD regions.
The employment boom has also led to regional labour shortages and gaps, particularly in densely populated urban regions such as Lombardy (Italy) and Hamburg (Germany), as well as in regions struggling with population decline and ageing.
Against this backdrop, Generative AI has the potential to help tackle labour shortages and boost productivity. However, the report highlights significant regional disparities in the extent to which jobs are affected by Generative AI, with the share of workers with jobs exposed to AI ranging from 45% in urban regions such as Stockholm (Sweden) and Prague (Czechia), to 13% in rural regions such as Cauca (Colombia).
Urban workers are more likely to be affected, with an average of 32% already exposed to Generative AI, compared to just 21% of rural workers. This trend could risk worsening existing urban-rural income and productivity gaps, as well as digital divides between regions.
Regions previously considered to be at comparatively low risk of automation are now among the most exposed to Generative AI, according to the report. While technology-led automation has historically affected non-metropolitan and manufacturing regions, now metropolitan areas, high-skilled workers and women face greater exposure as Generative AI excels in performing cognitive and non-routine tasks.
“The rapid adoption of Generative AI is reshaping local job markets, offering solutions to labour shortages and boosting productivity,” OECD Secretary-General Mathias Cormann said. “But it also risks widening the digital divide between urban and rural areas. To harness its potential for all, policymakers must prioritise digital infrastructure, boost digital literacy, and support SMEs to ensure AI’s benefits reach everyone and help tackle local skills bottlenecks.”

The full report Job Creation and Local Economic Development 2024: The Geography of Generative AI along with detailed findings, country notes and graphs is available here.
More information about the OECD’s work on local employment and economic development can be found here.
Journalists can request advance access to the electronic version of the report under embargo, one day before its release. To request the report, please email embargo@oecd.org, ensuring compliance with OECD’s embargo procedures.
For further information or to arrange interviews, journalists should contact Kim Chardon in the OECD Media Office (+33 1 45 24 97 00).

 
Compliments of the Organization for Economic Cooperation and DevelopmentThe post OECD | Generative AI set to exacerbate regional divide in OECD countries, says first regional analysis on its impact on local job markets first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

EACC & Member News

Houthoff: The tricky business of carving out a gem: key considerations for carve-out transactions

In a carve-out transaction, part of a business is transferred to a new owner. These transactions tend to be complex and involve the transfer of assets, agreements, liabilities, and employees. It is important to understand that carve-outs are different from other M&A transactions because of the specific challenges and opportunities they present.

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EACC & Member News

Taylor Wessing: Analysis of the global impacts of the US election outcome

President-elect Trump’s recent US election victory is anticipated to cause a range of economic, geopolitical and social impacts. In the first instance, a decisive result has at least been a positive outcome in that it gives little cause for controversy, ensures a peaceful transfer of power, and provides a degree of stability for markets. No one can predict the impacts of the election result on the US and the rest of the world at this point, however, in this note we briefly discuss which of these are most likely to influence transatlantic investment.

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EACC & Member News

Expat Management Group: The Importance of Language and Cultural Awareness in the Work Environment

Diversity and inclusion are vital for any business, fostering participation and bringing together varied identities, backgrounds, and experiences. With global labor shortages, many companies are hiring refugees, but creating an inclusive workplace requires more than standard practices. Read our best practices to learn how to create a truly inclusive environment.

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