Today, the Strategic Technologies for Europe Platform (STEP) celebrates its first year in action for the development and manufacturing of critical technologies in Europe. Over the past year, STEP has pooled the investment firepower of 11 EU programmes, mobilising over €15 billion to support Europe’s competitiveness in three strategic sectors: digital technologies and deep-tech innovation, clean and resource-efficient technologies, and biotechnologies.
So far, €9.1 billion of EU funds have been mobilised towards STEP across five programmes managed by the Commission directly, namely the Digital Europe programme, the European Defence Fund, the EU4Health programme, Horizon Europe, and the Innovation Fund. Additional €6.1 billion of EU funds are being mobilised towards STEP thanks to reprogramming of cohesion policy funds by 11 pioneer EU Member States.
The Commission’s STEP Taskforce works, hand in hand, with the 27 EU Member States. The STEP Taskforce regularly engages with project promoters, managing authorities and relevant associations to improve the set-up and understand their investment needs. Extensive outreach and a dedicated survey answered by some 500 research and industry organisations confirmed the strong demand for simplification of access to EU funding.
Building on the success of STEP, President von der Leyen suggested, in her letter to EU Leaders ahead of the special European Council on 6 March, that STEP could be further leveraged by enlarging its scope to all technologies relevant for the defence sector.
Improved and streamlined access to funding opportunities
The STEP Portal provides a one-stop, user-centric platform for project promoters to access all STEP funding opportunities across EU programmes and Member States. About 60 calls for proposals at EU and national levels have been published so far and about 40 of them remain open for submission.
Promoting high-potential EU projects for better access to funding
The STEP Portal currently showcases the first 142 high potential projects that have been awarded the STEP Seal by the Commission. The project promoters are informed about funding opportunities as well as advisory services while their projects are made visible to private and public investors, including implementing partners like the European Investment Bank (EIB) Group or National Promotional Banks.
Some prominent examples of STEP Seals awarded by the Commission in 23 Member States by the Commission include:

Digital tech: OpenEuroLLM will bring together EU startups, research labs and supercomputing hosting entities from all over the EU to train the first-ever family of open-source Large Language Models for artificial intelligence covering all official and future EU languages.

Clean tech: Energy Observer 2 in France and the Netherlands will be the world’s first hydrogen-powered cargo ship, featuring advanced cryogenic tanks for the storage of hydrogen and fuel cell technology to cut maritime freight emissions by 98%.

Bio tech: PHARMSD 3.0 of Portugal aims at setting a new standard for continuous pharmaceutical manufacturing with the optimisation of spray drying, a method that turns liquid drug formulations into stable powders.

STEP seeks to leverage and de-risk private investment for EU high-potential projects. The STEP Taskforce is reaching out to private investors to promote STEP Seals projects, increasing their visibility and identifying investments paths.
Next steps in 2025
STEP’s positive momentum is expected to strengthen in 2025 with the support of Member States for the success of innovative projects and the reduction of dependencies in strategic technologies. Member States are encouraged to leverage STEP opportunities under NextGenerationEU/ Recovery and Resilience Fund. They can reallocate resources to STEP-labeled projects and transfer up to 6% of their RRF envelope to their national compartment in InvestEU to fund these projects.
Background
STEP was established by the EU Regulation in March 2024, as part of the mid-term review of the MFF. 
As part of the work on the interim evaluation of STEP, the Commission will gather evidence and feedback through a call for evidence that will be launched on Have your Say in the coming days and will stay open for contributions for four weeks.
STEP will be promoted at several events in the coming months. To stay updated, you can subscribe to the STEP Newsletter and check the press and media section of the STEP Portal.
 
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Smart policies that help people realize their potential can be game-changing for entire societies
Every great leap in human progress—from the printing press to the steam engine to the semiconductor—has been driven by ideas. But ideas do not emerge in a vacuum; they come from people. And among them, it is often the most talented minds that push the boundaries of what is possible.
This makes talent one of the world’s most valuable resources that can drive innovation and growth. Countries that develop the best minds gain a competitive edge. Those that fail to do so don’t just slow their own progress—the world loses, too. Every untapped genius is a discovery that never happens, a technology that never emerges, a field that never takes off. The next transformative idea—a cure for a disease, a revolutionary technology—could come from anywhere. But only if the right minds are given an opportunity to reach their full potential. The newest issue of Finance & Development explores the economics of talent.
Societies have a strong interest in expanding opportunities for people to become scientists, inventors, and entrepreneurs. Ruchir Agarwal and Patrick Gaule examine what they call the missing equation: how best to identify, nurture, and empower young geniuses, particularly in science, technology, engineering, and math. Overlooking even one talented individual can mean sacrificing insights that could transform entire fields. Too often, developing economies fail to spot their top talent early, allowing potential to go untapped.
Consider Tabata Amaral, a child prodigy from Brazil whose rise—from a modest background to become a leading voice in policy—was made possible by public school math Olympiads. “If I’m here,” she says, “it’s because of those competitions.” Her case is all too rare. Across the world, latent talent often remains undiscovered—not for lack of ability but for lack of opportunity.
The data illustrate this reality. Research by Xavier Jaravel of the London School of Economics and his colleagues shows that access to education, family income, and social networks shape who becomes an inventor. Many children have the ability but lack the circumstances to realize their potential. The economic cost of this untapped talent is staggering. If gifted youth worldwide had equal access to the resources needed to develop their potential, global scientific output could rise dramatically, benefiting everyone.
Artificial intelligence adds a new dimension to this challenge. As IMF economist Marina Tavares notes, AI could either amplify human potential or shrink the space for innovation. If used wisely, it could empower talent at an unprecedented scale. If mismanaged, it could concentrate power in fewer hands and limit creative breakthroughs.
Meanwhile, Harvard University’s William Kerr argues that countries adept at attracting and retaining top performers will be better positioned to counter demographic pressures such as aging populations and slowing productivity growth. The global race for talent is not just about finding the brightest minds—it is about securing the economic future.
Identifying standout individuals—especially in disadvantaged communities—is crucial. But so is expanding access to education. Strengthening secondary and postsecondary education, equipping youth with vocational skills, and fostering environments that nurture creativity and problem-solving can also help reduce inequality of opportunity.
The economics of talent is an emerging field, but one thing is clear: Smart policies that help people realize their potential can change the game for entire societies. We hope the articles in this issue will spark new thinking among policymakers and leaders. By shining a light on talent, we aim to inspire real progress where it matters most: expanding human ingenuity to solve the defining challenges of our time.
To read the full issue, click here (PDF).
 
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Contribution to Bancaria by Piero Cipollone, Member of the Executive Board of the ECB, based on remarks at the Crypto Asset Lab Conference on 17 January 2025

Being a key player in digital payments and digital finance should be a priority for Europe.
As Mario Draghi pointed out in his recent report, the productivity gap between the United States and the European Union is mostly explained by technology and finance.[1] If we take the information and communications technology (ICT) and financial sectors out, the gap disappears.
If we want to close the productivity gap with the United States, we need to focus on these areas. Digital payments and digital finance stand at the intersection of these two sectors. And they are developing fast, driven by changes in habits and technology. This is both an opportunity and a risk for Europe. It is an opportunity to close the gap by developing innovative and competitive European solutions. But if we do not seize that opportunity, we run the risk of weakening our competitiveness, resilience and strategic autonomy.
At the European Central Bank (ECB), as guardians of our single currency, the euro, we consider this a matter of crucial importance. Ultimately, it is about the future of our currency. Today, the euro is the second most important currency in the international monetary system. Its share across a range of indicators stands at around 20%, and the euro area accounts for around 12% of global GDP.[2] If we want to prevent the euro from losing importance on the global stage, transacting and investing in euro needs to be seen as safe, easy and efficient, even as digitalisation transforms payments and finance.[3]
Central bank money – the central pillar of the payments and financial system – has a key role to play in connecting the different parts of the financial system in a safe and risk-free way. This is particularly relevant in Europe, where payments and finance often remain fragmented along national lines, preventing us from fully reaping the benefits of the single European market. This is true for both retail and wholesale transactions.
For retail transactions – payments made on a daily basis by consumers and businesses – our reliance on non-European solutions weakens our strategic autonomy and is a drag on productivity growth. We should ask, for example, why we don’t have a European VISA or Mastercard. A digital euro – that is, central bank money in digital form for retail transactions – would give us the chance to increase efficiency, competition, innovation and resilience while allowing European private payment solutions to scale up and protect our monetary sovereignty.[4]
For wholesale transactions – transactions between financial institutions – we need to avoid repeating the mistake we made in the retail sector and ensure that we provide the conditions for European actors to stay ahead of their competitors. New technologies offer us the opportunity to create an integrated European market for digital assets from the outset, in other words a European capital markets union.[5]
A digital euro for everyday payments
For firms and households, central bank money is currently only available in the form of cash; there is currently no equivalent in digital form, which is becoming increasingly problematic because the use and acceptance of cash are declining. In the euro area, cash transactions have fallen below card transactions in value.[6] The share of companies reporting that they do not accept cash has tripled over the last three years to 12%.[7] The European Commission has put forward a legislative proposal to ensure the acceptance of cash[8], and the ECB is committed to ensuring that cash remains as widely available and accessible as possible[9]. Still, the trend towards cash being used less for daily transactions is likely to continue owing to the digitalisation of the economy in line with what has been observed in many advanced economies.

Day-to-day payments in the euro area by payment instrument, in value terms

(percentage of the value of all non-recurring day-to-day payments)

Source: ECB (2024), Study on the payment attitudes of consumers in the euro area (SPACE).
Note: The “Other” category includes bank cheques, credit transfers, direct debit, instant payments, loyalty points, vouchers and gift cards, crypto-assets, buy-now-pay-later services and other payment instruments.

Current European digital payment solutions, such as cards issued by European payment schemes, mainly cater to national markets and specific use cases. To pay across European countries, consumers have to rely on a few non-European providers. More than two-thirds of card transactions in the euro area were settled through international payment schemes in the second half of 2023.[10] And 13 out of 20 euro area countries rely entirely on non-European solutions in the absence of their own domestic payment scheme. But even those international payment solutions are not accepted everywhere and do not cover all key use cases.

National card schemes in the euro area

Source: ECB.

As a result, one of the key objectives of central bank money – to offer the public a means of payment backed by the sovereign authority that can be used for retail transactions across the entire currency area – is not being fulfilled in the digital space.
In addition, European payments have become a prime example of the situation that Enrico Letta and Mario Draghi described in their recent reports.[11] The fragmentation of the market along national lines, the lack of European payment solutions available on a European scale and the difficulty faced by European payment service providers in keeping pace with technological advances mean that Europe is not competitive within its own market, let alone on a global scale.
Moreover, in an unstable geopolitical environment, we are being left to rely on companies based in other countries. In future, this dependency could extend beyond traditional payment service providers. Platforms like Ant Group’s Alipay have shown they know how to bridge geographical gaps: during major events like UEFA EURO 2024 they were able to boost their payment app usage among customers in Europe.
Merchants – and consumers, who bear the costs – are left to deal with the consequences of the international card schemes’ market dominance. To give just one example, the average net merchant service charges in the EU almost doubled between 2018 and 2022.[12] This increase occurred despite regulatory efforts to contain it. And the cost falls disproportionately on smaller retailers, who face charges that are three to four times higher than those paid by their larger counterparts.[13]
We must move swiftly to counter the risks stemming from Europe’s current inability to secure the integration and autonomy of its retail payment system. This is one of the key reasons behind the digital euro project: to bring central bank money into the digital age. Doing so would provide firms and households with a digital equivalent to banknotes and would strengthen our monetary sovereignty.
Benefits for consumers and merchants
Complementing banknotes, the digital euro would give all European citizens and firms the freedom to make and receive digital payments seamlessly.[14]
The digital euro would provide a single, easy, secure and universally accepted public solution for digital payments in stores, online and from person to person. It would be available both online and offline, and would be free for basic use.
For merchants, the digital euro would provide seamless access to all European consumers. Moreover, it would offer an alternative that would increase competition, thereby lowering transaction costs in a more direct way than is possible through regulations and competition authorities.[15]
Fostering competition and innovation in an integrated payments ecosystem
The digital euro would strengthen the euro area economy by fostering competition and innovation.
European payment service providers are finding it increasingly difficult to compete with international card schemes and mobile payment solutions. As the latter grow in popularity, banks risk falling behind not only in terms of interchange fees, but also in terms of client relationships and user data.
By contrast, the digital euro would ensure that payment service providers would continue to play a central role, thus enabling them to maintain customer relationships and be compensated for their services, as is currently the case.[16] It would also offer an alternative to co-badging with international card schemes for cross-border payments in – and potentially beyond – the euro area, thus promoting competition.
The digital euro would also expand the opportunities available to payment service providers while reducing the cost of offering their own services on a European scale. In addition, it would foster an environment conducive to the widespread adoption of payment innovations throughout the euro area.
Currently, several innovations aimed at simplifying payments are emerging within specific national markets or across a few countries, driven by European payment service providers. Although these innovations are highly commendable and would enhance people’s lives, existing structural barriers are hampering their efforts to achieve pan-European scale.
These solutions are struggling to achieve the scale needed to provide a service to everyone in the euro area. This limits their ability to compete effectively with the large international players who can fully leverage economies of scale, even on a global level.
The European Commission’s legislative proposal[17] foresees that the digital euro would have legal tender status; this implies that it would be accepted by all merchants who currently accept electronic payments. In reality this would equate to the creation of a pan-European network which could also be used by private solutions, thus overcoming the obstacles limiting their growth.
This would foster a more integrated European payments market. As private providers expand their geographical reach and diversify their product portfolios, they will benefit from cost efficiencies and be better positioned to compete internationally.
In essence, the network effects generated by a digital euro would function as a public good, benefiting both public and private initiatives. This approach would be akin to creating a unified European railway network or European energy grid, where various companies could competitively operate their own services and deliver added value to customers.
Instead of requiring significant investment to expand existing services across the euro area, the open digital euro standards would facilitate cost-effective standardisation, making it possible for private retail payment solution providers to launch new products and functionalities on a broader scale.
Ultimately, whether through the digital euro or private solutions, this framework would unlock innovation, create new business opportunities and improve consumer access to a diverse range of goods and services.
Making this vision a shared reality
The design of the digital euro, as well as the key provision in the regulation proposed by the European Commission, contains all the key elements required to make this vision a reality.
Over the past years, we have extensively engaged with a multitude of market stakeholders to establish the digital euro’s features. We have collected and discussed the input of representatives of consumers, merchants, banks and payment service providers. Furthermore, we are now looking at how the digital euro could be used to provide services currently not available on the market. To this end, we launched a call for expressions of interest, asking for collaboration from stakeholders, and we received a very strong response. Through this inclusive approach, we want to take everyone’s needs and perspectives into consideration to produce a robust payments solution.
The role of central bank money in developing a European market for digital assets
Currently, the ECB and the national central banks of those EU Member States whose currency is the euro (which we collectively refer to as the Eurosystem) offer central bank money in digital form to financial institutions through our TARGET Services: T2 settles more than 90% of the value of large payments between financial institutions, and T2S settles securities transactions. These services have been crucial in increasing the efficiency and integration of post-trade platforms in Europe.
We are committed to continuing to provide state-of-the-art settlement services in central bank money, even as new technologies emerge.
The potential of new technologies
In this respect, we recognise the potential of new technologies, such as distributed ledger technology (DLT), to transform and improve wholesale financial markets by enabling assets to be issued or represented in digital token form.
DLT allows market participants to handle trading, settlement and custody on the same platform, reducing credit risk, transaction failures and reconciliation needs. It can enhance efficiency by operating on a 24/7, 365 days a year basis and settling transactions instantly, which could potentially reduce annual infrastructure operational costs. A shared DLT platform could lower market entry barriers, enable small and medium-sized enterprises and new players to access capital markets and facilitate the efficient trading of financial instruments currently not covered on regulated markets.
We have an opportunity to create an integrated European capital market for digital assets from the outset – in other words, a digital capital markets union.[18]
In fact, we have recently seen an upsurge in DLT initiatives in Europe. Over 60% of EU banks are exploring or using DLT, with 22% already implementing DLT applications. Furthermore, on the securities side, there has been an increasing number of issuances on DLT.
The role of central bank money and the Eurosystem’s exploratory work
The ECB is aware that it has a role to play in this work from the very beginning.
The availability of central bank money to settle transactions using these new technologies is important for two reasons. First, if we don’t use central bank money, other settlement assets – such as stablecoins or tokenised deposits – will be used, which would reintroduce credit risks and fragmentation in the financial system. And second, the possibility to settle in central bank money is seen by the market as a key factor in the adoption of new technologies.
The Eurosystem has already worked with the market to test settling wholesale transactions in central bank money using DLT. In exploratory work we carried out in 2024, for example, we offered three different solutions to link our TARGET services to market DLT platforms. This allowed industry participants to either settle real transactions in central bank money or conduct experiments with mock transactions.[19]
This exploratory work stands out at the global level in terms of its scale and scope. Overall, 60 industry participants took part, including incumbents and new entrants. More than 40 experiments and trials covered a wide range of securities and payments use cases, including the first issuance of an EU sovereign bond using DLT. A total value of €1.6 billion was settled via trials over a six-month period, exceeding values settled in comparable initiatives in other jurisdictions.
Next steps
In the short term, the Eurosystem will aim to make it possible to settle DLT transactions in central bank money, with a view to enabling the further development of DLT on the market.[20] The technological solution will be based on interoperability between market DLTs and the Eurosystem, but also – and this is crucial – between market platforms, based on strong and enforceable standards.
Looking further ahead, we will investigate how DLT can be used to create a more integrated financial market. With new technology, there is the opportunity to create a new ecosystem from scratch in a more integrated and harmonised manner. One way to achieve this integrated ecosystem in the longer term would be to move towards a European shared ledger. This would bring together token versions of central bank money, commercial bank money and other digital assets on a shared, programmable platform, on which market participants could provide their services. Another option could be the coordinated development of an ecosystem of fully interoperable technical solutions, which might better serve specific use cases and enable legacy and new solutions to coexist.
The trade-offs between the benefits of such flexibility and those of bringing everyone together on one platform need further analysis. We will reflect on these trade-offs and refine this long-term vision together with private and public sector stakeholders.
Conclusion
In the current fast-moving environment, Europe cannot stand still. If we do not bring central bank money into the digital age, we will hamper Europe’s competitiveness, resilience and strategic autonomy. And we will miss out on the opportunities that digital payments and digital finance offer. Others would reap the benefits instead.
By ensuring that central bank money keeps pace with digitalisation and new technologies, we would safeguard our monetary sovereignty. We would overcome fragmentation by offering money that can be used for any digital transactions in the euro area. We would foster competition and innovation. And we would strengthen our autonomy and resilience.

See Draghi, M. (2024), The future of European competitiveness, September, in particular the box entitled “A closer look at the role of the ICT sector in the EU-US labour productivity gap” on page 27.
See ECB (2024), The international role of the euro, June.
See Cipollone, P. (2024), “Why Europe must safeguard its global currency status”, Financial Times, 11 June.
See also Cipollone, P. (2024), “Monetary sovereignty in the digital age: the case for a digital euro”, keynote speech at the Economics of Payments XIII Conference organised by the Oesterreichische Nationalbank, 27 September.
See also Cipollone, P. (2024), “Towards a digital capital markets union”, keynote speech at the Bundesbank Symposium on the Future of Payments, 7 October.
See ECB (2024), Study on the payment attitudes of consumers in the euro area (SPACE).
The share of companies not accepting cash has increased from 4% in 2021 to 12% in 2024 in the euro area. See ECB (2024), Use of cash by companies in the euro area in 2024, 18 September.
In June 2023 the European Commission tabled a legislative proposal on the legal tender of euro cash to safeguard the role of cash and ensure it is widely accepted as a means of payment and remains easily accessible for people and businesses across the euro area. See European Commission (2023), “Single Currency Package: new proposals to support the use of cash and to propose a framework for a digital euro”, press release, 28 June.
The Eurosystem cash strategy aims to ensure that euro cash remains widely available, accessible and accepted as both a means of payment and a store of value.
The share of international card schemes in total electronically initiated card payments with cards issued in the euro area was about 68% in value and 72% in volume for the second half of 2023, based on data collected under Regulation (EU) No 1409/2013 of the European Central Bank on payments statistics (ECB/2013/43).
Letta, E. (2024), Much more than a market, April; Draghi, M. (2024), The future of European competitiveness, September.
See European Commission (2024), Study on new developments in card-based payment markets, including as regards relevant aspects of the application of the Interchange Fee Regulation – Final Report, February.
EHI, Zahlungssysteme im Einzelhandel 2023; European Commission (2024), op. cit.
See also Cipollone, P. (2024), “The digital euro: what’s in it for you?”, The ECB Blog, 1 November, and Cipollone, P. (2024), “Maintaining the freedom to choose how we pay”, The ECB Blog, 25 June.
See also Cipollone, P. (2024), “From dependency to autonomy: the role of a digital euro in the European payment landscape”, Introductory statement at the Committee on Economic and Monetary Affairs of the European Parliament, 23 September.
The draft legislation envisages a compensation model with fair economic incentives for all involved (e.g. consumers, merchants and banks) in line with the following principles: (i) as a public good, a digital euro would be free of charge for basic use; (ii) payment service providers would charge merchants fees for providing digital euro-related services to offset the operational costs of distributing a digital euro, as is the case today for other digital means of payment; payment service providers would also be able to develop additional digital euro services for their customers, on top of those required for basic use; (iii) the fees that merchants pay payment service providers for digital euro services would be subject to a cap to provide adequate safeguards against excessive charges, as outlined by the European Commission in its legislative proposal on a digital euro; (iv) like for the production of banknotes, the Eurosystem would bear the issuance costs.
See European Commission (2023), “Single Currency Package: new proposals to support the use of cash and to propose a framework for a digital euro”, press release, 28 June.
Cipollone, P. (2024), “Towards a digital capital markets union”, keynote speech at the Bundesbank Symposium on the Future of Payments, 7 October.
See ECB (2024), “Exploratory work on new technologies for wholesale central bank money settlement”.
ECB (2025), “Eurosystem expands initiative to settle DLT-based transactions in central bank money”, 20 February.

 
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The European Commission has adopted a new package of proposals to simplify EU rules, boost competitiveness, and unlock additional investment capacity. This is a major step forward in creating a more favourable business environment to help EU companies grow, innovate, and create quality jobs.
By bringing our competitiveness and climate goals together, we are creating the conditions for EU businesses to thrive, attract investment, achieve our shared goals – such as the European Green Deal objectives – and unlock our full economic potential.
The Commission has a clear target to deliver an unprecedented simplification effort, by achieving at least 25% reduction in administrative burdens, and at least 35% for SMEs until the end of this mandate. These first ‘Omnibus’ packages, bringing together proposals in a number of related legislative fields, cover a far-reaching simplification in the fields of sustainable finance reporting, sustainability due diligence, EU Taxonomy, carbon border adjustment mechanism, and European investment programmes.
These proposals will reduce complexity of EU requirements for all businesses, notably SMEs and small mid-caps, focus our regulatory framework on the largest companies which are likely to have a bigger impact on the climate and the environment, while still enabling companies to access sustainable finance for their clean transition.
If adopted and implemented as set out today, the proposals are conservatively estimated to bring total savings in annual administrative costs of around €6.3 billion and to mobilise additional public and private investment capacity of €50 billion to support policy priorities.
President Ursula von der Leyen said: “Simplification promised, simplification delivered! We are presenting our first proposal for far-reaching simplification. EU companies will benefit from streamlined rules on sustainable finance reporting, sustainability due diligence and taxonomy. This will make life easier for our businesses while ensuring we stay firmly on course toward our decarbonisation goals. And more simplification is on the way”.
 
Making sustainability reporting more accessible and efficient
Specifically, the main changes in the area of sustainability reporting (CSRD and EU Taxonomy) will:

Remove around 80% of companies from the scope of CSRD, focusing the sustainability reporting obligations on the largest companies which are more likely to have the biggest impacts on people and the environment;
Ensure that sustainability reporting requirements on large companies do not burden smaller companies in their value chains;
Postpone by two years (until 2028) the reporting requirements for companies currently in the scope of CSRD and which are required to report as of 2026 or 2027.
Reduce the burden of the EU Taxonomy reporting obligations and limit it to the largest companies (corresponding to the scope of the CSDDD),  while keeping the possibility to report voluntarily for the other large companies within the future scope of the CSRD. This is expected to deliver significant cost savings for smaller companies, while allowing businesses that wish to access sustainable finance to continue that reporting.
Introduce the option of reporting on activities that are partially aligned with the EU Taxonomy, fostering a gradual environmental transition of activities over time, in line with the aim to scale up transition finance to help companies on their path towards sustainability.
Introduce a financial materiality threshold for the Taxonomy reporting and reduce the reporting templates by around 70%.
Introduce simplifications to the most complex “Do no Significant harm” (DNSH) criteria for pollution prevention and control related to the use and presence of chemicals that apply horizontally to all economic sectors under the EU Taxonomy – as a first step in revising and simplifying all such DNSH criteria.
Adjust, among others, the main Taxonomy-based key performance indicator for banks, the Green Asset Ratio (GAR). Banks will be able to exclude from the denominator of the GAR exposures that relate to undertakings which are outside the future scope of the CSRD (i.e. companies with less than 1000 employees and €50m turnover).

 
Simplifying due diligence to support responsible business practices
The main changes in the area of sustainability due diligence will:

Simplify sustainability due diligence requirements so that companies in scope avoid unnecessary complexities and costs, e.g. by focusing systematic due diligence requirements on direct business partners; and by reducing the frequency of periodic assessments and monitoring of their partners from annual to 5 years, with ad hoc assessments where necessary.
Reduce burdens and trickle-down effects for SMEs and  and small mid-caps by limiting the amount of information that may be requested as part of the value chain mapping by large companies;
Further increase the harmonisation of due diligence requirements to ensure a level playing field across the EU;
Remove the EU civil liability conditions while preserving victims’ right to full compensation for damage caused by non-compliance, and protecting companies against over-compensation, under the civil liability regimes of Member States; and
Give companies more time to prepare to comply with the new requirements by postponing the application of the sustainability due diligence requirements for the largest companies by one year (to 26 July 2028), while advancing the adoption of the guidelines by one year (to July 2026).

 
Simplifying the carbon border adjustment mechanism (CBAM) for a fairer trade
The main changes on CBAM will:

Exempt small importers from CBAM obligations, mostly SMEs and individuals. These are importers who import small quantities of CBAM goods, representing very small quantities of embedded emissions entering the Union from third countries. This works by introducing a new CBAM cumulative annual threshold of 50 tonnes per importer, thus eliminating CBAM obligations for approximately 182,000 or 90% of importers, mostly SMEs, while still covering over 99% emissions in scope.

Simplify the rules for companies that remain in CBAM scope: on authorisation of CBAM declarants, as well as the rules related to CBAM obligations, including the calculation of embedded emissions and reporting requirements.

Make CBAM more effective in the long term, by strengthening the rules to avoid circumvention and abuse.
This simplification precedes a future extension of CBAM to other ETS sectors, downstream goods, followed by new legislative proposal on the scope extension of CBAM in early 2026.

 
Unlocking investment opportunities
The Commission is also proposing a series of amendments to simplify and optimise the use of several investment programs including InvestEU, EFSI, and legacy financial instruments.
InvestEU, the EU’s largest risk-sharing instrument to support priority investments within the Union, plays a key role in addressing financial barriers and driving the investments needed for competitiveness, research and innovation, decarbonisation, environmental sustainability and skills. Currently, close to 45 % of its operations are supporting climate objectives.
The proposed changes:

Increase the EU’s investment capacity through the use of returns from past investments, as well as optimised use of funds still available under the legacy instruments, thus allowing for more funding to be made available to businesses. This is expected to mobilise around €50 billion in additional public and private investments. The increased InvestEU capacity will be mainly used to finance more innovative activities in support of priority policies, such as the Competitiveness Compass and the Clean Industrial Deal.

Make it easier for Member States to contribute to the programme and support their own businesses and mobilise private  investments.

Simplify administrative requirements for our implementing partners, financial intermediaries and final recipients, notably SMEs. The simplification measures proposed are expected to generate €350 million in cost savings.

 
Next steps
The legislative proposals will now be submitted to the European Parliament and the Council for their consideration and adoption. The changes on the CSRD, CSDDD, and CBAM will enter into force once the co-legislators have reached an agreement on the proposals and after publication in the EU Official Journal. In line with the Communication on simplification and implementation published on 11 January 2024, the Commission invites the co-legislators to treat this omnibus package with priority, in particular the proposal postponing certain disclosure requirements under the CSRD and the transposition deadline under CSDDD, as they aim to address key concerns identified by stakeholders.
The draft Delegated Act amending the current delegated acts under the Taxonomy Regulation will be adopted after public feedback and will apply at the end of the scrutiny period by the European Parliament and the Council.
 
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Today, the Commission presents the Clean Industrial Deal, a bold business plan to support the competitiveness and resilience of our industry. The Deal will accelerate decarbonisation, while securing the future of manufacturing in Europe.
Faced with high energy costs and fierce and often unfair global competition, our industries need urgent support. This Deal positions decarbonisation as a powerful driver of growth for European industries. This framework can drive competitiveness as it gives certainty and predictability to companies and investors that Europe remains committed to become a decarbonised economy by 2050.
President Ursula von der Leyen said: “Europe is not only a continent of industrial innovation, but also a continent of industrial production. However, the demand for clean products has slowed down, and some investments have moved to other regions. We know that too many obstacles still stand in the way of our European companies from high energy prices to excessive regulatory burden. The Clean Industrial Deal is to cut the ties that still hold our companies back and make a clear business case for Europe.”
The Commission is also taking actions to make our regulatory environment more efficient while reducing bureaucratic hurdles for businesses. Today’s measures are the results  of the active engagement with industry leaders, social partners and civil society in the context of the Antwerp Declaration for a European Industrial Deal and the European Commission’s Clean Transition Dialogues.
A business plan to decarbonise, reindustrialise and innovate
The Deal focuses mainly on two closely linked sectors: energy-intensive industries and clean tech.
i) Energy-intensive industries as they require urgent support to decarbonise and electrify. The sector faces high energy costs, unfair global competition and complex regulations, harming its competitiveness. ii) Clean Tech is at the heart of future competitiveness and growth as well as crucial for industrial transformation. Circularity is also a central element of the Deal, as we need to maximise EU’s limited resources and reduce overdependencies on third country suppliers for raw materials.
The Deal presents measures strengthening the entire value chain. It serves as a framework to tailor action in specific sectors. The Commission will present an Action Plan for the automotive industry in March and an Action Plan on steel and metals in Spring. Other tailored actions are planned for the chemical and clean tech industry.
Today’s Communication identifies business drivers for industry to succeed in the EU:

Lower energy costs

Affordable energy is the foundation of competitiveness. The Commission therefore adopted today an Action Plan on Affordable Energy to lower energy bills for industries, businesses and households. The Act will speed up the roll-out of clean energy, accelerate electrification, complete our internal energy market with physical interconnections, and use energy more efficiently and cut dependence on imported fossil fuels.

Boosting demand for clean products

The Industrial Decarbonisation Accelerator Act will increase demand for EU-made clean products, by introducing sustainability, resilience, and made in Europe criteria in public and private procurements. With the review of the Public Procurement Framework in 2026, the Commission will introduce sustainability, resilience and European preference criteria in public procurement for strategic sectors.
The Industrial Decarbonisation Accelerator Act will also launch a voluntary carbon intensity label for industrial products, starting with steel in 2025, followed by cement. The Commission will simplify and harmonise carbon accounting methodologies. These labels will inform consumers and allow manufacturers to reap a premium on their decarbonisation efforts.

Financing the Clean Transition

In the short-term, the Clean Industrial Deal will mobilise over €100 billion to support EU-made clean manufacturing. This amount includes an additional €1 billion guarantees under the current Multiannual Financial Framework.
The Commission will:

Adopt a new Clean Industrial Deal State Aid Framework. It will allow for simplified and quicker approval of State aid measures for the roll-out of renewable energy, deploy industrial decarbonisation and ensure sufficient manufacturing capacity of clean tech.
Strengthen the Innovation Fund and propose an Industrial Decarbonisation Bank, aiming for €100 billion in funding, based on available funds in the Innovation Fund, additional revenues resulting from parts of the ETS as well as the revision of InvestEU.
Amend the InvestEU Regulation to increase InvestEU’s risk bearing capacity. This will mobilise up to €50 billion in additional private and public investment, including in clean tech, clean mobility and waste reduction.

The European Investment Bank (EIB) Group will also launch a series of concrete new financing instruments to support the Clean Industrial Deal. The EIB will launch: i) a ‘Grids manufacturing package’ to provide counter-guarantees and other de-risking support to manufacturers of grid components; ii) a joint European Commission-EIB pilot programme of counter-guarantees for Power Purchase Agreements (PPAs) undertaken by SMEs and energy intensive industries; and iii) launch a CleanTech guarantee Facility under the Tech EU programme powered by InvestEU.

Circularity and access to materials

Critical raw materials are key for our industry. The EU therefore has to secure access to such materials and reduce exposure to unreliable suppliers. At the same time, placing circularity at the core of our decarbonisation strategy helps maximising the EU’s limited resources. The Commission will therefore:

Set up a mechanism enabling European companies to come together and aggregate their demand for critical raw materials.
Create an EU Critical Raw Material Centre to jointly purchase raw materials on behalf of interested companies. Joint purchases create economies of scale and offer more leverage to negotiate better prices and conditions.
Adopt a Circular Economy Act in 2026 to accelerate the circular transition and ensure that scarce materials are used and reused efficiently, reduce our global dependencies and create high quality jobs. The aim is to have 24% of materials circular by 2030.

Acting on a global scale

The EU needs reliable global partners more than ever. In addition to ongoing and new trade agreements, the Commission will soon launch the first Clean Trade and Investment Partnerships, which will diversify supply chains and forge mutually beneficial deals. At the same time, the Commission will act even more decisively to protect our industries from unfair global competition and overcapacities through a range of Trade Defence and other instruments. The Commission will also simplify and strengthen the Carbon Border Adjustment Mechanism (CBAM).

Ensuring access to a skilled workforce

The transformation of our industry requires skilled people and top talents. The Commission will establish a Union of Skills that invests in workers, develops skills and creates quality jobs. With Up to €90 million from Erasmus+, the Deal will help reinforce sectoral skills for strategic industries linked to the Clean Industrial Deal. The Deal also supports quality jobs, promote social conditionalities and provide further support to workers in transitions.
Background
In her political guidelines (2024-2029), President von der Leyen announced to deliver the Clean Industrial Deal within the first 100 days of the Commission’s mandate as a priority to ensure competitiveness and prosperity in the EU.
The Clean Industrial Deal builds further on the active engagement from industry leaders, social partners and civil society in the context of the Antwerp Declaration for a European Industrial Deal and the Clean Transition Dialogues.
 
Compliments of the European CommissionThe post European Commission | A Clean Industrial Deal for competitiveness and decarbonisation in the EU first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

“Check against delivery”

Thank you for your warm welcome and for hosting this timely discussion.
It has been almost exactly a year since I last visited Washington, D.C. In fact, I realised that I have been here every February since 2022 – when Russia invaded Ukraine –each time marking a significant moment in our relationship.
This year is no different, as I am here to address a critical issue: the U.S. administration’s proposal to impose tariffs on EU exports.
This has sparked concerns about the state of our transatlantic partnership, prompting some to wonder whether it is temporarily under the weather.
Last year, I quoted the American industrial pioneer, Henry Ford, who said: “Coming together is a beginning, keeping together is progress, working together is success.” These words resonate even more strongly today.
The European Union is built on free trade among its members, and our commitment to opening up world trade is deeply embedded in our DNA. It should therefore come as no surprise that the EU is the world’s largest trading bloc.
We have free trade agreements with 76 countries and are the leading trading partner for 72 nations, accounting for 38% of global GDP.
So, we know a thing or two about trade.
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The EU is also the United States’ most important trading partner. Over the past decade, EU-U.S. bilateral trade in goods and services has doubled, surpassing $1.7 trillion in 2023.
Put simply, the EU-U.S. economic relationship is the largest in the world. Together, we represent nearly 30% of global trade, with daily exchanges worth over $4.5 billion.
This unique bond benefits both sides of the Atlantic. It is the very definition of a win-win partnership, and there is nothing unfair about it.
Let me give you a few examples:

Boeing and Airbus build civil aircraft in the U.S. with cutting-edge electronics, power systems and fuselages from European companies.
U.S. battle tanks and armoured fighting vehicles rely on EU technology, such as drivetrains and cannons.
U.S. semiconductor production depends on EU-made lithography machines.
Even the U.S. Mint uses EU-made high-tech printing machines to print U.S. dollars and prevent counterfeiting.

The EU too is a massive market for American products.
For example, 50% of our LNG imports come from the U.S., and in return, Europe is your largest LNG export market, accounting for over 60% of U.S. LNG exports—double the U.S. flows to Asia.
In 2019, I had the privilege of joining President Trump at the opening of an LNG export terminal in Hackberry, Louisiana. I also worked closely with U.S. LNG producers to spearhead our pioneering joint gas purchases, designed to replace Russian gas supplies.
It is true that the EU enjoys a relatively small trade surplus, but let me put this into perspective:

The surplus represents only 3% of our total bilateral trade—$50 billion out of $1.7 trillion. This is a small fraction – a drop in the ocean, if you will – of our overall economic exchanges.
The U.S. enjoys a large trade surplus in services, from financial services to streaming platforms and social media. Even a Tesla car is full of services. The EU imports twice as many digital services from the U.S. as from all of the Asia-Pacific region.

Thus, the deficits in goods and services nearly balance out. This reflects the natural structure of our economies, driven by the preferences of European and American consumers.
It is simply a market-driven allocation of resources, and this is what well-functioning international trade is all about—benefiting both parties. Neither side is losing out. We are both gaining.
When it comes to investment, the numbers are just as impressive.
EU foreign direct investment in the U.S. totals $2.8 trillion, a figure ten times greater than EU investment in India and China combined.
European companies are the largest foreign investors in the U.S., contributing capital, jobs, and technology. They employ 3.5 million people on American soil and pay taxes into the U.S. budget.
So, while the late Madeleine Albright called the U.S. the “indispensable nation,” one could argue that, given our mutual interdependencies, the EU and the U.S. share an indispensable partnership.
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Now, let’s address the pressing issue—tariffs.
I am reminded of the words of President Ronald Reagan, who said: “We’re in the same boat with our trading partners. If one partner shoots a hole in the boat, does it make sense for the other one to shoot another hole in the boat? […] We should be working together to plug them up.”
He advocated for free markets and fair trade, emphasising their importance for both economic prosperity and political stability.
We often hear claims that the EU imposes higher tariffs on imports than the U.S. But the data tells a different story.
The EU is one of the most open economies in the world, with over 70% of imports entering at zero tariff.
With regard to our EU-US trade relations, the overall picture is very balanced, providing a robust level playing field for businesses on both sides of the pond.

The average EU duty on U.S. goods is 0.9%, whereas EU exports to the U.S. face an average tariff of 1.5%.
For certain products, the level of duties varies, but tariff peaks exist on both sides. For example, the EU has a peak tariff on cars, while the U.S. has a peak on trucks.
In some sectors, U.S. tariffs are higher. For example, U.S. agri-food products face a 3.5% tariff when entering the EU, while EU agricultural products are subject to a 5.7% tariff in the U.S.

Given these facts, the EU sees no justification for sudden, unilateral tariff increases by the U.S.
Our businesses rely on economic stability, predictability and certainty on both sides of the Atlantic. If the U.S. imposes tariffs on EU products, it would create unnecessary barriers to European exports, harming businesses and workers on both sides.
Therefore, to protect European interests, we will have no choice but to respond firmly and swiftly. But we do hope to avoid that scenario – meaning the unnecessary pain of measures and counter measures – and remain committed to constructive dialogue.
That is why I am here this week.
Once more, paraphrasing Ronald Reagan: “Commerce is not warfare; it is an economic alliance, benefiting both countries […] and peaceful trading partners are allies, not enemies.”
So, the EU remains convinced that free and fair trade is worth fighting for. And in this context, we will continue to shape our own destiny. With a clear plan, and a clear sense of urgency, the EU is focused on unleashing the potential of our economy.
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First, competitiveness is front and centre in these efforts.
We plan to increase production within the EU – and this goes for both energy-intensive industries and clean-tech sectors.
There are no electric cars without steel and without batteries, while there are no batteries without chemicals or processed critical minerals. It is simple as that.
Second, trade remains at the core of our alliances.
We are actively expanding our network of trade agreements, most recently updating our relationship with Switzerland, finalising the EU-Mercosur partnership, modernising the EU-Mexico trade agreement and relaunching negotiations with Malaysia.
We are also pursuing negotiations with India, Indonesia, Thailand, and the Philippines, while exploring opportunities with Gulf countries.
Overall, we see clear momentum. In uncertain times, many countries seek continuity, stability, and predictability in their trade partners—and they turn to us.
Third, our openness does not mean we will not protect our interests and our European market when necessary.
Make no mistake: as we expand our trade network, we also invest considerable thought, time, and effort into strengthening our trade defence instruments and enhancing our toolbox for economic security.
For instance, we have the Anti-Coercion Instrument to protect the EU from economic coercion by third countries. The range of countermeasures is broad and can be deployed swiftly, including import and export restrictions, limitations on access to the EU market, and more.
We are also revising our Foreign Direct Investment screening regulation to help us address risks to the EU’s security and public order.
We are taking steps to prevent EU outbound investments—such as in semiconductors, artificial intelligence, and quantum technologies—from negatively impacting the economic security of the EU by ensuring that key technologies and expertise do not fall into the wrong hands.
With all these steps, we are sending a clear signal to our industries: the EU is an excellent place to do business, and we want you to thrive.
And by the way, this signal is not only for EU businesses. Europe is open for American trade and investment, and we believe we have a very attractive offering to help your fantastic companies expand, creating American jobs and American wealth.
I will be making this point to my American counterparts when I meet them later today. The EU is interested in making deals – deals that foster fairness, burden-sharing and mutual benefits.
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To conclude, it is worth reiterating that the transatlantic bond is the most natural for us. I firmly believe that it makes sense for both the EU and the U.S. to work together to strengthen this relationship and expand it into new areas.
So, let’s continue to make our trade and investment relationship— one-of-a-kind, truly unique on the global stage—great. As you say here in America, if it ain’t broke, don’t fix it.
Thank you.

 
Compliments of the European CommissionThe post European Commission | Speech by Commissioner Šefčovič at the American Enterprise Institute event on ‘EU-US Cooperation on Trade and Economic Security’ first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

“Check against delivery”
Bundespräsident Steinmeier,
Ministerpräsident Söder,
Excellencies,
Ladies and Gentlemen,
Like so many of you, I have been coming here for many years. From the times when it was an exclusively transatlantic audience to today, when we see political, business and thought leaders from right across the world. This is a testament not only to the great success of the Munich Security Conference. But it also reflects on how the rest of the world impacts our security and our transatlantic relationship.
Our task here in Munich is not just to describe this new geopolitical landscape, but to shape it. And shape it in a way that ensures that our transatlantic values endure, and our interests are defended. Because there is a clear attempt by some to build spheres of influence. Competing visions of the world order are leading to a more transactional approach to global affairs. And Europe has to change to thrive in this new reality. We have to be smart and clear-eyed about what is ahead of us. From a rogue Russia on our borders to challenges to our sovereignty and our security. And we should not underestimate the disruptive potential of intense competition – or even a bipolar conflict between China and the US. This may be uncomfortable to hear. But this is a time for plain speaking.
The good news is that, as we approach this new year of change, Europe is already reforming. The pandemic, the war in Ukraine and the full-scale energy crisis have been brutal times for all of us. But in Europe they showed us also that when we adopt an urgency mentality, we are a force that can move mountains. From vaccines to the unwavering support of Ukraine or energy security, Europe has shown that it can master the moment. We must adopt this urgency mentality more permanently.
This is why what you have seen in the first 100 days of the new Commission is the tone and speed I intend to set for the whole mandate. We are strengthening our competitiveness. We are stepping up on defence. We are enabling innovation for AI. Action is what really matters in this new reality. And we know a stronger Europe is better for all of us. A stronger Europe works with the United States to deter the threats we have in common as partners. And this is why we believe that trade wars and punitive tariffs make no sense. Tariffs act like a tax. They drive inflation. The hardest hit are inevitably workers, companies and the middle classes. On both sides of the Atlantic. And we know how quickly tariffs can affect essential transatlantic supply chains. We do not believe this is good business. And we want to avoid a global race to the bottom. But as we have already made clear, unjustified tariffs on the EU will not go unanswered. Let me speak plainly. We are one of the world’s largest markets. We will use our tools to safeguard our economic security and interests. And we will protect our workers, businesses and consumers at every turn. Of course, we are ready to find agreements that work for all – to work together to make each other more prosperous and more secure.
Ladies and Gentlemen,
At the heart of this is, of course: defence and the security of Ukraine, our Continent and the wider world. In this room we all feel what is at stake – that this is a moment in history. More great challenges loom. There has been a lot of talk in the last few days. But it is always instructive to look beyond the words. And to recognise that we are just at the beginning of this process.
Let us take stock of the starting positions: Contrast the approach taken by President Zelenskyy to that of President Putin. In the most difficult of circumstances, President Zelenskyy is prepared to work towards a peace that honours the sacrifice of his country and his fallen compatriots. As Volodymyr Zelenskyy said from the start, Ukraine wants peace more than anyone else. One that is just and lasting so that the horrors of the last years are not revisited ever again. On the other hand, President Putin says he is willing to meet, but on what terms? It is up to him to demonstrate that his interest is not to prolong this war. It is up to him to show that he has given up his ambition to destroy Ukraine. And let me be very clear. A failed Ukraine would weaken Europe, but it would also weaken the United States. It would intensify the challenges in the Indo-Pacific and threaten our shared interests. Because what we have seen is – the Authoritarians of this world are carefully watching whether there is any impunity if you invade your neighbour and violate international borders. Or whether there are real deterrents. They are watching us, what actions we choose to take. This is why it is so important that we get this right.
Ukraine needs peace through strength. Europe wants peace through strength. And as President Trump has made clear: the United States is firmly committed to peace through strength. So I believe that by working together, we can deliver that just and lasting peace. There is a lot that Europe already has brought to the table. Historic amounts, actually. Financially and militarily the overall support amounts to EUR 134 billion. That is more than anybody else has contributed. This includes USD 52 billion of military assistance – on par with the US. And we have put in place hard hitting sanctions, substantially weakening Russia’s economy. We have broken one taboo after another and smashed our reliance on Russian gas, making us more resilient – permanently. And we are about to do more. We are working with Ukraine on their EU accession. Because Ukraine is part of our European family. And this is where their future lies.
Ladies and Gentlemen,
This leads me to the discussions we have had in Europe over the course of the last few weeks. Many in the security circles in Europe were confused – some even worried – by the comments made by senior US officials earlier this week. But we need to be honest here. And we need to avoid outrage and outcry. Because if we listen to the substance of the remarks, we do not only understand where they are coming from but recognise there are some remarks we can agree on. Because yes, both the EU and the US want an end to the bloodshed. We want a just and lasting peace, one that leads to a sovereign and prosperous Ukraine. And Ukraine should be given solid security guarantees. But perhaps what resonates with me the most is the need for Europe not only to speak frankly but also to act accordingly. So let there be no room for any doubt. I believe that when it comes to European security, Europe has to do more. Europe must bring more to the table. And to achieve this, we need a surge in European defence spending. Currently the EU27 are spending around 2% of GDP on defence. And yes, our defence spending went up from just over EUR 200 billion before the war to over EUR 320 billion last year. But we will need to increase that number considerably once again. Because from just below 2% to above 3% will mean hundreds of billions of more investment every year. So, we need a bold approach.
Let us take one step back. In previous extraordinary crises, look at what we did. We empowered Member States with extra fiscal room by activating the escape clause. In simple terms, we empowered Member States to substantially increase public investments linked to the crisis. I believe we are now in another period of crisis which warrants a similar approach. This is why I can announce that I will propose to activate the escape clause for defence investments. This will allow Member States to substantially increase their defence expenditure. Of course, we will do this in a controlled and conditional way. And we will also propose a wider package of tailor-made tools to address the specific situation of each of our Member States. From their current level of defence spending to their fiscal situation. Second, for a massive defence package we also need a European approach in setting our investment priorities. This will allow the investments in much needed defence projects of common European interest. Thirdly, we will step up our work to accelerate the accession process of Ukraine to the European Union. We have made significant progress already, but now is the time again to move mountains. My message is: you see Europe adapting, Europe stepping up, Europe making a difference – immediately.
Ladies and Gentlemen,
What is being discussed here today is ultimately about us. Our prosperity, our economy, our security, our borders, our ability to make good on Europe’s enduring promise of peace. Our values do not change – they are universal. But because the world is changing, we have to adapt the way we act. We need a Europe that is more pragmatic, more focused, more determined. One that will counter its threats, one that will leverage its enormous strengths and power, one that is standing by Ukraine and its partners. There is a lot that this Europe can do – and it will rise to the moment.
Long live Europe.
 
Compliments of the European CommissionThe post European Commission | Speech by President von der Leyen at the Munich Security Conference 2025 first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The outlook for the global economy is characterised by shifting financial conditions and geopolitical uncertainty. Against this backdrop, it is important that we remain attentive to global financial stability.
This letter was submitted to G20 Finance Ministers and Central Bank Governors (FMCBG) ahead of the G20’s meeting on 26-27 February.
Under the G20’s leadership, and working through its members, the FSB has developed extensive reforms in recent years to enhance resilience by addressing key financial system vulnerabilities.
With key reforms developed or nearing completion, the letter sets out the prominent role that the promotion and monitoring of implementation will play in the FSB’s work this year. The letter also sets out the other work underway at the FSB in 2025 and its relevance to global financial stability.
Read full letter here.
 
Compliments of the Financial Stability Board – a global economic advisory boardThe post Financial Stability Board | FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: February 2025 first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.