When it comes to law enforcement action against unlawful conduct in the cryptocurrency marketplace, the temperature is rising, according to a proposed FTC settlement with crypto platform Celsius Network and a pending complaint against its former corporate officers. The make-no-mistake message for others in the industry: Don’t believe that “wild west” talk. Your sector may be novel, but established FTC consumer protection standards apply to you with full force.
New Jersey-based Celsius Network marketed a broad range of cryptocurrency products and services to consumers – interest-bearing accounts, personal loans secured by cryptocurrency deposits, a cryptocurrency exchange, and the like. Celsius’ promotional claims grabbed the attention of consumers, even those who might have had initial qualms about crypto. Not to worry, consumers were assured. Because Celsius earned profits by making secured crypto loans to other exchanges, the company claimed to be “safer than a bank” and posed “less risk” or even “no risk” to consumers.
According to the complaint, the defendants further enticed people with claims that deposits in their “Earn” program could yield “up to 18.63% APY.” Celsius also told consumers they could withdraw their crypto “at any time” because Celsius maintained sufficient reserves – described as “billions of dollars in liquidity” – to meet customer obligations. To reinforce that representation, Celsius claimed to have a belt-and-suspenders $750 million insurance policy to cover consumers’ assets.
That’s what the defendants promised, but as its June 2022 collapse suggests, Celsius’ fast talk generated a lot more heat than light. The FTC lawsuit alleges that Celsius lured consumers in with deceptive promises and flat-out falsehoods. For example, despite those “safer than a bank” promises, Celsius allegedly took title to customers’ deposits and misappropriated them – in effect, treating other people’s accounts as a piggy bank to borrow against, to pay corporate bills, to fund interest payments to other consumers, and to make high-risk investments.
Consider Celsius’ conduct regarding unsecured loans. One corporate officer claimed in a 2020 promotional video that Celsius didn’t make non-collateralized loans “because that would be taking too much risk on your behalf.” But according to the FTC, in July 2020, Celsius had approximately $160 million in unsecured loans. A year later viewers were told, “We only do asset back[ed] lending meaning you have to give us an asset like crypto or things that we accept.” Yet as of August 2021, the FTC says nearly half of Celsius’ institutional lending portfolio – over $700 million – was unsecured. The FTC alleges that while Celsius was engaging in risky lending practices at odds with its promises, the company had just a small capital reserve on hand and nowhere near the cushion they claimed.
Even as the company’s fiscal health headed south, the complaint alleges that top executives continued to reassure prospective depositors with soothing promises of safety. As one corporate officer said in a May 2022 video, “Celsius is stronger than ever, we have billions of dollars in liquidity”– a message the company continued to convey right up until the time it froze customer accounts and filed for bankruptcy after allegedly squandering customers’ deposits. What Celsius didn’t reveal was that corporate officials allegedly protected themselves by withdrawing significant sums of cryptocurrency from Celsius two months before the company filed for bankruptcy.
The complaint charges multiple violations of the FTC Act and the Gramm-Leach-Bliley Act, which makes it illegal to use deceptive statements to get consumers’ financial information. The proposed settlement with corporate defendant Celsius and affiliated outfits includes a permanent ban on marketing, promoting, offering, or distributing any product or service that could be used to deposit, exchange, invest, or withdraw assets. In addition to prohibiting misrepresentations about the benefits of any product or service, the order imposes a $4.7 billion suspended judgment based on the companies’ financial condition.
The lawsuit against former Celsius CEO and co-founder Alexander Mashinsky, co-founder Shlomi Daniel Leon, and co-founder Hanoch “Nuke” Goldstein is pending in a New York federal court. The FTC is seeking injunctive relief and money back from the defendants to provide refunds for consumers.
Even at this early stage, the FTC’s law enforcement action sends a strong message to those in the crypto marketplace.
Crypto companies: Familiarize yourself with the expansive terms of the Federal Trade Commission Act.  Disabuse yourself immediately of an “anything goes” attitude in the marketing of crypto. The FTC Act’s prohibition on unfair or deceptive acts or practices imposes sweeping liability for violations of the law. Like any other business, your claims must be truthful, you must have solid proof for your representations before you convey them to prospective customers, any disclosures necessary to dispel deception must be clear and conspicuous, and you must treat consumers fairly. If there’s any question about how seriously the FTC takes fast-and-loose practices related to consumers’ finances, the permanent ban in the proposed settlement with Celsius should provide an answer.
The scope of the FTC Act’s prohibition on false advertising is similarly broad.  The FTC Act covers misleading statements in traditional TV, radio, print, and online ads, but it doesn’t stop there. What you say about your products and services in social media platforms – including the 179 videos Celsius’ representatives uploaded to YouTube – also must meet the FTC Act’s truth-in-advertising standards. Those provisions are designed to protect consumers from deceptive or unfair practices. They’re also in place to protect honest businesses from having to compete against alleged fabricators and falsifiers.
Don’t think the “Inc.” after a company name shields corporate executives from the consequences of their illegal actions.  Read the first page of the complaint and you’ll see the FTC is suing Mashinsky, Leon, and Goldstein “individually and as an officer” of various Celsius-related companies. Let’s not mince words. Depending on the facts, the FTC will take action to hold corporate decision makers individually accountable for violations of the law.
Thinking about investing in cryptocurrency? The FTC has advice for consumers to consider before sinking their savings into crypto.
Compliments of the Federal Trade Commission.The post FTC | Crypto platform Celsius feels the heat from FTC lawsuit alleging unfair and deceptive practices first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Ask people about the records they consider the most private and they may say personal health data. (If they misunderstand the question, they may mention disco singles they bought in junior high – but perhaps that’s just us.) Of course, say “health privacy” and many people think of HIPAA – the Health Insurance Portability and Accountability Act. Did you know that some entities that hold or interact with consumers’ personal health records aren’t subject to HIPAA? But they may be covered by the FTC’s Health Breach Notification Rule. Given the proliferation of health apps, fitness trackers, and other health-related monitors subject to the Rule, the FTC is thinking about whether the Rule should be updated to reflect changes in technology and in how consumers use those products. In May, the FTC put a proposal on the table and wants your feedback by the August 8, 2023, deadline.
You’ll want to read the Notice of Proposed Rulemaking for the specifics, but there’s a helpful summary on the Rule’s Regulations.gov page. The most important thing is to share your insights by filing a public comment by August 8th. Save a step by filing online.
If you have never filed a public comment, here are some how-tos:

Yes, the FTC wants your feedback.  We welcome comments from industry members, but we also value the viewpoints of consumers, consumer groups, small businesses, and others with practical perspectives on the topic. Of course, this isn’t a vote. So rather than just saying yes or no, please help us by explaining your thinking on the subject.

Not a lawyer? Not a problem.  If we could debunk one myth about filing a public comment, it’s that comments have to be replete with cites, footnotes, and cross-references. No! We’ll wade through lofty legal language if we have to, but we want to hear straight talk from real people about the real issues.

The online process for filing comments is simple.  Visit the Health Breach Notification Rule page on Regulations.gov to let you voice be heard. Click the COMMENT button and start typing. It’s as simple as that. Looking for more advice on collecting your thoughts? Just under the WRITE A COMMENT button, there’s a helpful Commenter’s Checklist. You can also browse comments that people have already filed.

Please don’t include personal health information or other sensitive data.  Public comments are just that: public. Your comment can be read by anyone who visits the website. So before clicking the SUBMIT COMMENT button, please reread what you’ve written to make sure you haven’t mentioned something you would prefer to keep private.

Compliments of the Federal Trade Commission.The post FTC | Share your perspectives on the Health Breach Notification Rule first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The EU-U.S. Task Force on Energy Security met virtually on 6 July 2023 to discuss the implementation of the 25 March 2022 Joint Statement by Presidents Biden and von der Leyen, as well as their commitment of 10 March 2023 to continue to work together to advance energy security and sustainability in Europe. The meeting was co-chaired by Ditte Juul Jørgensen, Director-General for Energy at the European Commission, and Sarah Ladislaw, Special Assistant to the President and Senior Director for Climate and Energy at the National Security Council.
The Task Force reviewed progress on the successful diversification of natural gas supplies to Europe, reduction of EU’s gas demand, and accelerating the development and deployment of clean technologies. It also decided to continue its work at technical level, to monitor the energy security situation in the EU, its neighbourhood, and globally.
The Task Force will reconvene in person later this year, ahead of the next winter season.
Related links
EU -U.S energy cooperation

Compliments of the European Commission.The post EU-U.S. Task Force on Energy Security reviews the progress on energy security situation first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

On 10 July 2023, the European Commission adopted its adequacy decision for the EU-U.S. Data Privacy Framework. The decision concludes that the United States ensures an adequate level of protection – comparable to that of the European Union – for personal data transferred from the EU to US companies under the new framework. On the basis of the new adequacy decision, personal data can flow safely from the EU to US companies participating in the Framework, without having to put in place additional data protection safeguards.
The EU-U.S. Data Privacy Framework introduces new binding safeguards to address all the concerns raised by the European Court of Justice, including limiting access to EU data by US intelligence services to what is necessary and proportionate, and establishing a Data Protection Review Court (DPRC), to which EU individuals will have access. The new framework introduces significant improvements compared to the mechanism that existed under the Privacy Shield. For example, if the DPRC finds that data was collected in violation of the new safeguards, it will be able to order the deletion of the data. The new safeguards in the area of government access to data will complement the obligations that US companies importing data from EU will have to subscribe to.
President Ursula von der Leyen said: “The new EU-U.S. Data Privacy Framework will ensure safe data flows for Europeans and bring legal certainty to companies on both sides of the Atlantic. Following the agreement in principle I reached with President Biden last year, the US has implemented unprecedented commitments to establish the new framework. Today we take an important step to provide trust to citizens that their data is safe, to deepen our economic ties between the EU and the US, and at the same time to reaffirm our shared values. It shows that by working together, we can address the most complex issues.”
US companies will be able to join the EU-U.S. Data Privacy Framework by committing to comply with a detailed set of privacy obligations, for instance the requirement to delete personal data when it is no longer necessary for the purpose for which it was collected, and to ensure continuity of protection when personal data is shared with third parties.
EU individuals will benefit from several redress avenues in case their data is wrongly handled by US companies. This includes free of charge independent dispute resolution mechanisms and an arbitration panel.
In addition, the US legal framework provides for a number of safeguards regarding the access to data transferred under the framework by US public authorities, in particular for criminal law enforcement and national security purposes. Access to data  is limited to what is necessary and proportionate to protect national security.
EU individuals will have access to an independent and impartial redress mechanism regarding the collection and use of their data by US intelligence agencies, which includes a newly created Data Protection Review Court (DPRC). The Court will independently investigate and resolve complaints, including by adopting binding remedial measures.
The safeguards put in place by the US will also facilitate transatlantic data flows more generally, since they also apply when data is transferred by using other tools, such as standard contractual clauses and binding corporate rules.
Next steps
The functioning of the EU-U.S. Data Privacy Framework will be subject to periodic reviews, to be carried out by the European Commission, together with representatives of European data protection authorities and competent US authorities.
The first review will take place within a year of the entry into force of the adequacy decision, in order to verify that all relevant elements have been fully implemented in the US legal framework and are functioning effectively in practice.
Background
Article 45(3) of the General Data Protection Regulation (GDPR) grants the Commission the power to decide, by means of an implementing act, that a non-EU country ensures ‘an adequate level of protection’ – a level of protection for personal data that is essentially equivalent to the level of protection within the EU. The effect of adequacy decisions is that personal data can flow freely from the EU (and Norway, Liechtenstein and Iceland) to a third country without further obstacles.
After the invalidation of the previous adequacy decision on the EU-U.S. Privacy Shield by the Court of Justice of the EU, the European Commission and the US government entered into discussions on a new framework that addressed the issues raised by the Court.
In March 2022, President von der Leyen and President Biden announced that they had reached an agreement in principle on a new transatlantic data flows framework, following negotiations between Commissioner Reynders and US Secretary Raimondo. In October 2022, President Biden signed an Executive Order on ‘Enhancing Safeguards for United States Signals Intelligence Activities’, which was complemented by regulations issued by US Attorney General Garland. Together, these two instruments implemented the US commitments reached under the agreement in principle into US law, and complemented the obligations for US companies under the EU-U.S. Data Privacy Framework.
An essential element of the US legal framework enshrining these safeguards is the US Executive Order on ‘Enhancing Safeguards for United States Signals Intelligence Activities’, which addresses the concerns raised by the Court of Justice of the European Union in its Schrems II decision of July 2020.
The Framework is administered and monitored by the US Department of Commerce. The US Federal Trade Commission will enforce US companies’ compliance.
Compliments of the European Commission.The post Data Protection: European Commission adopts new adequacy decision for safe and trusted EU-US data flows first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The latest Standard Eurobarometer survey conducted in June 2023 and published today shows that EU citizens continue to back overwhelmingly the energy transition and to expect massive investment in renewables.
They continue to widely approve measures taken by the EU to support Ukraine and the Ukrainian people. They also support stronger EU defence cooperation and increased defence spending.
While inflation remains a major concern, perceptions of the economic situation and economic expectations are improving. A majority of Europeans believe that NextGenerationEU, the EU’s €800 billion recovery plan, can be effective to respond to the current economic challenges. Support for the euro stays high.
Wide support for the energy transition
More than eight in ten EU citizens think that the EU should invest massively in renewable energies, such as wind and solar power (85%) and that increasing energy efficiency of buildings, transport, and goods will make us less dependent on energy producers outside the EU (82%). In addition, 80% believe that EU Member States should jointly buy energy from other countries to get a better price.
Furthermore, 81% of respondents agree that reducing imports of oil and gas and investing in renewable energy is important for our overall security and 82% say that the EU should reduce its dependency on Russian sources of energy as soon as possible.
Strong backing for the EU’s response to Russia’s invasion of Ukraine
Approval for actions taken in response to Russia’s invasion of Ukraine remains very high.
88% of EU citizens are in favour of providing humanitarian support to the people affected by the war and 86% are in favour of welcoming into the EU people fleeing the war. 75% approve of financial support to Ukraine and 72% back economic sanctions on Russian government, companies and individuals.
In addition, 66% agree with banning state-owned media, such as Sputnik and Russia Today, from broadcasting in the EU and 64% support financing the purchase and supply of military equipment to Ukraine. 64% also agree with the EU granting candidate status as a potential member of the EU to Ukraine.
All in all, 56% of respondents are satisfied with the EU’s response to the Russian invasion of Ukraine and 54% are satisfied with the response by their national government.
In favour of a stronger European defence
In this context, 77% of Europeans are in favour of a common defence and security policy. 80% think that cooperation in defence matters at EU level should be increased, 77% believe that Member States’ purchase of military equipment should be better coordinated, 69% would like the EU to reinforce its capacity to produce military equipment and 66% say that more money should be spent on defence in the EU.
A stronger Europe in the World
77% agree that the EU should build partnerships with countries outside the EU to invest in sustainable infrastructure and connect people and countries around the world. In addition, 69% believe that the EU has sufficient power and tools to defend the economic interests of Europe in the global economy.
Levels of trust in the EU have considerably risen in most candidate countries since winter 2022-2023. The highest level of trust is observed in Albania (77%, +6), followed by Bosnia and Herzegovina (57%, +7), Montenegro (54%, +7), North Macedonia (48%, +1), Moldova (44%, +2), Türkiye (41%, +12) and Serbia (32%, +2).
An improved economic environment
Economic perceptions have significantly improved. 45% of respondents now think that the situation of the European economy is good (+5 pp since January-February), slightly outweighing the number thinking it is bad (44%, -7 pp). 40% describe the economic situation in their own country as good (+5 pp) and 58% as bad (-8 pp).
55% of Europeans think that the EU recovery plan worth €800 billion, NextGenerationEU, can be an effective measure to respond to the current economic challenges.
In the euro area, support for the single currency remains very high (78% vs. 17%), while it is slightly lower for the EU as a whole (71% vs. 23%).
Inflation still a major concern, but less than at the beginning of the year
27% of Europeans think that ‘rising prices/inflation/cost of living‘ is one of the two most important issues facing the EU at the moment (-5 pp since January-February). The international situation comes second at 25% (-3 pp), closely followed by immigration (24%, +7 pp) and the ‘environment and climate change‘ (22%, +2 pp). Energy supply (16%, -10 pp) has seen a sharp decrease, dropping from the third position to the sixth.
When asked about the two most important issues facing their country, 45% identified ‘rising prices/inflation/cost of living‘ (-8 pp), largely before the economic situation (18%, +1 pp), the ‘environment and climate change’ (16%, +2 pp), immigration (14%, +5 pp) and health (14%, no change). Concerns for energy supply have sharply decreased (12%, -7 pp), falling from the second to the fifth position.
The general perception of the EU remains stable
Most general indicators remain stable. Notably, 47% of the EU population tend to trust the EU while 32% tend to trust national governments. 45% tend not to trust the EU.
45% of EU citizens have a positive image of the EU, 18% a negative image and 37% a neutral image. In all Member States, positive perceptions outweigh negative ones.
63% of EU respondents say that they are optimistic about the future of the EU and 34% say that they are pessimistic.
Background
The “Spring 2023 – Standard Eurobarometer” (EB 99) was conducted through face-to-face interviews between 31 May and 21 June 2023 across the 27 EU Member States. 26,425 EU citizens were interviewed in the EU. Some questions were also asked in twelve other countries or territories.
Compliments of the European Commission.The post Eurobarometer: Europeans show strong support for the EU energy policy and for EU’s response to Russia’s invasion of Ukraine and more optimism regarding economy first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The Council today adopted a new regulation that strengthens sustainability rules for batteries and waste batteries. The regulation will regulate the entire life cycle of batteries – from production to reuse and recycling – and ensure that they are safe, sustainable and competitive.

Batteries are key to the decarbonisation process and the EU’s shift towards zero-emission modes of transport. At the same time end-of-life batteries contain many valuable resources and we must be able to reuse those critical raw materials instead of relying on third countries for supplies. The new rules will promote the competitiveness of European industry and ensure new batteries are sustainable and contribute to the green transition.
Teresa Ribera, Spanish minister for the ecological transition

The regulation of the European Parliament and the Council will apply to all batteries including all waste portable batteries, electric vehicle batteries, industrial batteries, starting, lightning and ignition (SLI) batteries (used mostly for vehicles and machinery) and batteries for light means of transport (e.g. electric bikes, e-mopeds, e-scooters).
Circular economy
The new rules aim to promote a circular economy by regulating batteries throughout their life cycle. The regulation therefore establishes end-of-life requirements, including collection targets and obligations, targets for the recovery of materials and extended producer responsibility.
The regulation sets targets for producers to collect waste portable batteries (63% by the end of 2027 and 73% by the end of 2030), and introduces a dedicated collection objective for waste batteries for light means of transport (51% by the end of 2028 and 61% by the end of 2031).
The regulation sets a target for lithium recovery from waste batteries of 50% by the end of 2027 and 80% by the end of 2031, which can be amended through delegated acts depending on market and technological developments and the availability of lithium.
The regulation provides for mandatory minimum levels of recycled content for industrial, SLI batteries and EV batteries. These are initially set at 16% for cobalt, 85% for lead, 6% for lithium and 6% for nickel. Batteries will have to hold a recycled content documentation.
The recycling efficiency target for nickel-cadmium batteries is set at 80% by the end of 2025 and 50% by the end 2025 for other waste batteries.
The regulation provides that by 2027 portable batteries incorporated into appliances should be removable and replaceable by the end-user, leaving sufficient time for operators to adapt the design of their products to this requirement. This is an important provision for consumers. Light means of transport batteries will need to be replaceable by an independent professional.
Fair rules for all operators
The new rules aim to improve the functioning of the internal market for batteries and ensure fairer competition thanks to the safety, sustainability and labelling requirements.
This will be reached through performance, durability and safety criteria, tight restrictions for hazardous substances like mercury, cadmium and lead and mandatory information on the carbon footprint of batteries.
The regulation introduces labelling and information requirements, among other things on the battery’s components and recycled content, and an electronic “battery passport” and a QR code. In order to give member states and economic actors on the market enough time to prepare, labelling requirements will apply by 2026 and the QR code by 2027.
Reducing environmental and social impacts
The new regulation aims to reduce environmental and social impacts throughout the life cycle of the battery. To that end, the regulation sets tight due diligence rules for operators who must verify the source of raw materials used for batteries placed on the market. The regulation provides for an exemption for SMEs from the due diligence rules.
Next steps
The vote by the Council today closes the adoption procedure. The regulation will now be signed by the Council and the European Parliament. It will then be published in the EU’s Official Journal and enter into force 20 days after.
Background
The regulation on batteries aims to create a circular economy for the batteries sector by targeting all stages of the life cycle of batteries, from design to waste treatment. This initiative is of major importance, particularly in view of the massive development of electric mobility. Demand for batteries is expected to grow by more than ten-fold by 2030.
The new regulation will replace the current batteries directive of 2006 and complete the existing legislation, particularly in terms of waste management.
The European Commission presented a proposal for a regulation on batteries on 10 December 2020. The Council adopted a general approach on 17 March 2022. The European Parliament adopted its negotiating position in the plenary on 10 March 2022. Following interinstitutional negotiations, a provisional agreement was reached between the Council presidency and European Parliament negotiators. The outcome of the agreement was adopted in plenary by the European Parliament on 14 June 2023.
Contact:

Johanna Store, Press Officer | johanna.store@consilium.europa.eu

Compliments of the EU Council, the Council of the European Union.The post EU Council adopts new regulation on batteries and waste batteries first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Europeans invited to express preferences on shortlisted themes in public survey open until 31 August 2023
ECB’s Governing Council expected to choose future theme by 2024, and final designs in 2026

The European Central Bank (ECB) is asking European citizens about their views on the proposed themes for the next series of euro banknotes. From 10 July until 31 August 2023 everybody in the euro area can respond to a survey on the ECB’s website. In addition, to ensure opinions from across the euro area are equally represented, the ECB has contracted an independent research company to ask a representative sample of people in the euro area the same questions as those in its own survey.
ECB President Christine Lagarde invites everybody to participate in the survey. She said “There is a strong link between our single currency and our shared European identity, and our new series of banknotes should emphasise this. We want Europeans to identify with the design of euro banknotes, which is why they will play an active role in selecting the new theme.”
Developing our future euro banknotes
“We are working on a new series of high-tech banknotes with a view to preventing counterfeiting and reducing environmental impact,” said Executive Board member Fabio Panetta. “We are committed to cash and to ensuring that paying with public money is always an option.”
It is the duty of the ECB and the euro area national central banks to ensure euro banknotes remain an innovative, secure and efficient means of payment. Developing new series of banknotes is a standard practice for all central banks. In a world where reproduction technologies are rapidly evolving and where counterfeiters can easily access information and materials, it is necessary to issue new banknotes on a regular basis. Beyond security considerations, the ECB is committed to reducing the environmental impact of euro banknotes throughout their life cycle, while also making them more relatable and inclusive for Europeans of all ages and backgrounds, including vulnerable groups such as people with visual impairment.
Shortlisted themes for future banknotes
The seven themes shortlisted by the ECB’s Governing Council are listed below.[1]

Birds: free, resilient, inspiring
Birds know nothing of national borders and symbolise freedom of movement. Their nests remind us of our own desire to build places and societies that nurture and protect the future. They remind us that we share our continent with all the lifeforms that sustain our common existence.
European culture
Europe’s rich cultural heritage and dynamic cultural and creative sectors strengthen the European identity, forging a shared sense of belonging. Culture promotes common values, inclusion and dialogue in Europe and across the globe. It brings people together.
European values mirrored in nature
Europe is a living place, but also an idea. The European Union is an organisation, but also a set of values. The theme highlights the role of European values (human dignity, freedom, democracy, equality, the rule of law and human rights) as the building blocks of Europe and links these values to our respect for nature and the preservation of the environment.
The future is yours
The ideas and innovations that will shape the future of Europe lie deep within every European. The images created for this theme represent the bearers of the collective imagination through which people will create this shared future. This theme signifies the boundless potential of Europeans.
Hands: together we build Europe
Hands are familiar to all of us but no two pairs are the same. Hands built Europe, its physical infrastructure, its artistic heritage and its achievements. Hands build, weave, heal, teach, connect and guide us. Hands tell stories of labour, age and relationships, of heritage, history, and culture. This theme celebrates the hands that have built Europe and continue to do so every day.
Our Europe, ourselves
We grow up as individuals but also as part of a community, through our relationships with one another. We have our own stories and identities, but we also share a common identity as Europeans. This theme evokes the freedom, values and openness of people in Europe.
Rivers: the waters of life in Europe
Europe’s rivers cross borders. They connect us to each other and to nature. They represent the ebb and flow of a dynamic, ever-changing continent. They nurture us and remind us of the deep sources of our common life, and we must nurture them in turn.
The shortlist of themes takes into account the suggestions made by a multidisciplinary advisory group, with members from all euro area countries.
Timeline for the new designs
The outcome of the surveys will be used by the ECB to select the theme for the next generation of banknotes by 2024. After that a design competition will take place. European citizens will again have the chance to express their preferences on the design options resulting from that competition. The ECB is expected to take the decision on the future design, and on when to produce and issue the new banknotes, in 2026.
Contact:

Belén Pérez Esteve, Press Officer, ECB | belen.perez_esteve@ecb.europa.eu

Compliments of the European Central Bank.The post ECB surveys Europeans on new themes for euro banknotes first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

How would you rank the Rencontres économiques d`Aix-en-Provence on the international stage − as the Provence version of Davos?
I would describe it as an important meeting place for stimulating discussions on economic issues, similar to the forum on central banking hosted by the European Central Bank in Sintra, Portugal, every year for the last ten years, or its US equivalent in Jackson Hole. You mentioned Davos, but I think Davos is less exclusively focused on economic topics, which is hardly surprising given that this event in Aix-en-Provence is organised by the Cercle des économistes think tank.
What impact do the Rencontres have on the region?
You spoke of Davos to refer to the World Economic Forum. While the name of the Forum is well-known, it’s perhaps more often referred to by the name of the Swiss resort Davos. Locations are significant, just as Aix-en-Provence is for the Rencontres. I also think there’s a lasting bond between Aix-en-Provence and the Rencontres, offering an opportunity for the city and the region, as no-one can question the benefits it will bring to both, as indeed also to the Cercle des économistes, which has such a historic and inspiring setting for its proceedings. But I can imagine that it also presents quite a challenge as you have to live up to the success of the previous event every year anew.
You will be speaking this evening about the role of women. What are you going to tell the audience?
First and foremost that my priority is to maintain price stability. But that does not stop me from defending a cause that has been close to my heart for more than 40 years now. A cause which is in fact intricately linked to the economy – considering that it’s often women who decide on household purchases, even the biggest ones. On this all-woman panel, moderated by Emmanuelle Auriol, and including Laurence Boone and Louise Mushikiwabo, I will focus on the economic aspects, on women’s contribution to the economy. And why we should deplore the lack of progress on these issues and come up with solutions to remedy the situation.
How would you describe their contribution?
We can describe it in three ways. First, it lags behind when compared with the contribution made by men. Second, it is ignored. “Housework”, which is by and large done by women, is not factored into measures of wealth production, such as gross domestic product. Lastly, it is poorly paid. This is not just because women are still paid less than men [for doing the same job]. It is also because of the housework issue I just mentioned, and also because many women worldwide perform undeclared work.
How can we change this?
First, many countries have passed laws to fight discrimination and prevent gender pay gaps, but they are not being applied enough. Second, we need to develop the infrastructure or programmes that enable parents – not just women – to look after their children. France does comparatively well on this front. Third, we need to fundamentally change our ways. We need to stop thinking that only women can take care of having their children vaccinated or of making sure they do their homework. To take just one example [of such changes], society and employers should also encourage paternity leave.
Is inflation under control at last?
It has started to decline, falling from double-digits at the start of the autumn of 2022 to half that today, at 5.5% for the euro area as a whole in June. French figures are slightly weaker. This is due in particular to the fall in commodity and energy prices, and I think also to the initial impact of our monetary policy decisions on prices. Food prices are also rising at a slower pace. But inflation is still higher than our medium-term target of 2% and according to our staff projections, is set to remain so in 2024 and 2025. We therefore still have work to do to bring it back down and reach our target.
What about economic growth?
Growth has been flat in the last two quarters, with very slightly negative growth in the fourth quarter of 2022 (-0.1%) and zero growth in the first quarter of 2023. We estimate euro area growth to be around 0.9% in 2023, with the figure for France being very slightly lower, but we should see a return to potential growth over the period 2024-25.
Can firms increase wages as called for by their employees?
The recent period of high inflation was not accompanied by a reduction in firms’ profit margins, which even increased in some cases – particularly when demand for goods and services outstripped supply. At the same time, wages have also risen by more than expected. In the current context, it is important to know whether firms are going to reduce their margins a little to meet their employees’ expectations of higher wages and to restore some of their purchasing power, which is what has normally happened during previous high inflation episodes, or whether we are going to see a twofold increase – in margins and in wages. A simultaneous increase in both would fuel inflation risks, and we would not stand idly by in the face of such risks.
How can France reduce its debt?
All euro area countries saw their debt increase during the pandemic. Now that the health crisis is behind us and energy prices have fallen, a number of support programmes need to be withdrawn, such as the French energy tariff shield, and public finances need to be put on a path that will make it possible to reduce debt at a steady pace. And that is something that all countries can do.
Compliments of the European Central Bank.The post Interview with Christine Lagarde, President of the ECB, conducted by Geneviève Van Lède on 5 July 2023 first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

A key structural vulnerability from asset management activities is a potential mismatch between the liquidity of fund investments and the redemption frequency of fund units in open-ended funds.
In 2017, the FSB published policy recommendations to address structural vulnerabilities in asset management activities. The recommendations relating to liquidity mismatch (“FSB Recommendations”) aimed to:

strengthen regulatory reporting and public disclosure to facilitate assessment of liquidity risk in OEFs;
promote liquidity management both at the fund design phase and on an ongoing basis;
widen the availability of LMTs and use of LMTs in stressed market conditions; and
promote fund-level and system-wide stress testing.

IOSCO operationalised most of the FSB Recommendations through its Recommendations for Liquidity Risk Management for Collective Investment Schemes in 2018 and a set of related good practices.
In 2022, as part of its work programme to enhance the resilience of non-bank financial intermediation, the FSB assessed the effectiveness of the FSB Recommendations. This consultation report responds to the findings of the assessment report by proposing revisions to relevant parts of the FSB Recommendations.
The proposed revisions incorporate lessons learnt since 2017 and aim to enhance clarity and specificity on the intended policy outcomes to make the Recommendations more effective from a financial stability perspective.
The revised FSB Recommendations should be read in conjunction with the proposed International Organization of Securities Commissions (IOSCO) guidance on anti-dilution liquidity management tools (LMTs).
The goal of the revised FSB Recommendations, combined with the new IOSCO guidance on anti-dilution LMTs, is a significant strengthening of liquidity management by OEF managers compared to current practices.
The FSB invites comments on this consultation report, including supporting evidence where available. The FSB and IOSCO are holding a public outreach event on Wednesday 12 July from 11:00-16:00 (CEST), where they will provide an overview of the main proposals in their respective consultations and participants can provide their early feedback. Further details can be found on the right-hand side of the page.
Written responses should be sent to fsb@fsb.org by 4 September 2023 with the title “Revised OEF Recommendations”. Responses will be published on the FSB’s website unless respondents expressly request otherwise.
The final report, which will incorporate feedback from the consultation, will be published in late 2023.
Main Amendments to the 2017 FSB Recommendations:
Recommendation 3 – to provide greater clarity on the redemption terms that OEFs could offer to investors, based on the liquidity of their asset holdings. This would be achieved through a proposed bucketing approach, where OEFs would be grouped into different categories depending on the liquidity of their assets. OEFs in each category would be subject to specific expectations in terms of redemption terms and conditions.
Recommendation 4 – to ensure availability of a broad set of anti-dilution and quantity-based LMTs for use by OEF managers in normal and stressed market conditions.
Recommendation 5 – to achieve (i) greater inclusion of anti-dilution LMTs in OEF constitutional documents and (ii) greater use, and greater consistency in the use, of these tools in both normal and stressed market conditions. The objective is to mitigate potential first-mover advantage from structural liquidity mismatch in OEFs by imposing on investors the costs of liquidity associated with fund redemptions and subscriptions.
Recommendation 2 – to require clearer public disclosures from OEF managers on the availability and use of LMTs in normal and stressed market conditions. This aims to enhance investor awareness on the objectives and operation of anti-dilution LMTs.
Compliments of the Financial Stability Board.The post FSB | Addressing Structural Vulnerabilities from Liquidity Mismatch in Open-Ended Funds – Revisions to the FSB’s 2017 Policy Recommendations: Consultation report first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.