It’s exciting to see so many “open” signs appearing in store windows across the country. But some companies making the transition to an in-person workplace may find themselves in a short-term cash flow crunch. Even before the pandemic, the FTC raised concerns about deceptive practices related to small business financing. With many companies working to regain their footing, the FTC has tips on protecting yourself when looking for financing.
Consider close to home. If you already have financing through a local lender, that may be the first place to look for additional credit. A hometown financial institution knows you well and understands the business conditions in your community.
Looking online? Don’t rely just on search results. Online lenders may broaden the market for small business financing, but they also require careful vetting on your part. Don’t just type in “small business loan” and assume that the search results and rankings can tell you anything about those companies. Whether you’re considering a Main Street institution or an online company, investigate them thoroughly.
Don’t click on links in unsolicited emails. Scammers know that many consumers and small businesses are looking for loans right now, so they have shifted their pitches accordingly. If an email arrives out of the blue with a financing offer, treat it with the utmost suspicion. Even clicking on a link is risky. It could hide malware.
Ask questions before turning over confidential information. If a random stranger asked you for corporate or personal financial data, you’d tell them to hit the bricks. Follow that same policy when applying for financing. Don’t fill out an online loan application without first determining who’s at the other end. Some companies may appear to offer loans, but what they really do is sell your information to third parties. Other outfits are flat-out fraudsters looking to commit identity theft. Have you spotted a sketchy business financing offer? Report it to the FTC.
Understand the ins and outs of new financing options. When it comes to small business financing, many companies in the marketplace operate differently from what you may be used to. Study the offer carefully before signing on the dotted line. Does the deal require a personal guarantee? What happens if a payment is missed? If there is anything you don’t understand, contact the lender or provider and insist on an answer in writing. When it’s your money on the line, there’s no such thing as a silly question. And if you feel that a sales person is rushing you, that’s a sure sign for you to rush in the opposite direction.
Seek advice from trustworthy experts. Don’t you wish you had a hotline to a successful business executive who could offer you advice on money matters, including ways to access capital? As it happens, you probably do. Reach out to a respected person in your circle – maybe it’s someone in your neighborhood, at your place of worship, or in the local business community – and extend an invitation for coffee. In addition, look into groups like Small Business Development Centers(link is external) – a public-private partnership of the SBA and universities, state agencies, and the private sector – or other organizations in your area that offer free consulting for small business owners. The important point is that before committing to a financing offer, bounce ideas off a trustworthy person not affiliated with the prospective lender.
Compliments of the U.S. Federal Trade Commission.
The post FTC | Looking for small business financing? first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

On June 15, the European Commission, in its first NextGenerationEU transaction, raised a €20 billion via a ten-year bond due on 4 July 2031 to finance Europe’s recovery from the coronavirus crisis and its consequences. This is the largest-ever institutional bond issuance in Europe, the largest-ever institutional single tranche transaction and the largest amount the EU has raised in a single transaction.
The bond has attracted a very strong interest by investors across Europe and the world, thanks to which the Commission has obtained very favourable pricing conditions, similarly to the repeatedly successful issuances under the SURE programme.
European Commission President Ursula von der Leyen said: “Today is a truly historic day for our European Union. We successfully conducted the first funding operation for NextGenerationEU. As a strong Union, we are raising money at the markets together and investing in a common recovery from this crisis. It is an investment in our single market. And even more importantly, it is an investment in the future of Europe’s next generations as they face the challenges of digitisation and climate change. Money can now start flowing to help reshaping our continent, to build a greener, more digital and more resilient Europe. I will now visit every Member State, to see NextGenerationEU impact on the ground.”
Commissioner in charge of Budget and Administration, Johannes Hahn, said: ”Today, we have reached a key milestone in implementing NextGenerationEU. After laying all the foundation at record speed, we have today successfully conducted the first borrowing operation under the Recovery Plan. This is just a very first step of a long journey, bringing over €800 billion in current prices into the EU economy. NextGenerationEU has now become a reality and is set to drive our collective recovery from the pandemic, setting Europe on a green, digital and resilient path.”
The funds will now be used for the first payments under NextGenerationEU, under the Recovery and Resilience Facility and various EU budget programmes.
By the end of 2021, the Commission expects to raise some €80 billion in bonds, to be complemented by short-term EU-Bills, as per the funding plan published in June 2021. The exact amount of both EU-Bonds and EU-Bills will depend on the precise funding needs, and the Commission will revise its initial assessment in the autumn. In this way, the Commission will be able to fund, over the second half of the year, all planned grants and loans to Member States under the Recovery and Resilience Facility, as well as cover the needs of the EU policies that receive NextGenerationEU funding.
Background
NextGenerationEU is a temporary recovery instrument of some €800 billion in current prices to support Europe’s recovery from the coronavirus pandemic and help build a greener, more digital and more resilient Europe.
To finance NextGenerationEU, the European Commission – on behalf of the EU – will raise from the capital markets up to around €800 billion between now and end-2026. €407.5 billion available for grants (under RRF and other EU budget programmes); €386 billion for loans. This will translate into borrowing volumes of an average of roughly €150 billion per year.
Given the volumes, frequency and complexity of the borrowing operations ahead, the Commission will follow the best practices used by large and frequent issuers, and implement a diversified funding strategy.
This strategy presents a diverse range of instruments and techniques, going beyond the back-to-back approach that the Commission has used so far to borrow from the markets, including in the framework of the SURE programme. Over the past 40 years, the European Commission has run several lending programmes to support EU Member States and third countries. All of these lending operations were financed on a back-to-back basis, mainly through syndicated bond issuances.
Technical section

The new 10-year bond carries a coupon of 0% and came at a re-offer yield of 0.086% providing a spread of -2 bps to mid-swaps, which is equivalent to 32.3 bps over the 0.00% Bund due 02/2031.
The final order book was in excess of €142 billion, which meant that the bond has been over seven times oversubscribed.
The joint lead managers were BNP Paribas, DZ BANK, HSBC, IMI-Intesa Sanpaolo and Morgan Stanley. Co-leads were Danske Bank and Santander.
The demand was dominated by fund managers (37%), and bank treasuries (25%) followed by central banks / official institutions (23%). In terms of region, 87% of the deal was distributed to European investors, 10% to Asian investors and 3% Investors from the Americas, the Middle East and Africa.

Summary of the distribution:
By Geography

Germany
13%

France
10%

UK
24%

Benelux
15%

Nordics
10%

Italy
5%

Other Europe
10%

Asia
10%

Americas
3%

Total
100%

By Investor Type

Central Banks / Official Institutions
23.0%

Fund Managers
37.0%

Insurance and Pension Funds
12.0%

Bank Treasuries
25.0%

Banks
2.0%

Hedge Funds
1.0%

Total
100%

Compliments of the European Commission.
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Digital forms of money could be a boon for emerging market and lower-income economies if the transition is well managed and regulated
Digital money has the potential to transform the financial sector. Emerging markets and lower-income countries stand to gain the most from this dramatic shift. Broad and inexpensive access to digital money and phone-based transactions could open the door to financial services for 1.7 billion people without traditional bank accounts. And countries may grow increasingly connected, facilitating trade and market integration. The real-world impact is significant.
But with any opportunity comes risk. The passage to this new world could exclude those on the other side of the digital divide. It also opens the door to fragmentation, currency substitution, and loss of policy effectiveness. The transition must be well managed, coordinated, and soundly regulated.

WHAT IS DIGITAL MONEY?
Digital money is the digital representation of value. The public sector can issue digital money called central bank digital currency—essentially a digital version of cash that can be stored and transferred using an internet or mobile application. The private sector can also issue digital money. Some forms can be redeemed for cash at a fixed face value. These are fully backed with very safe and liquid assets and are usually referred to as e-money. Stablecoins can be a form of e-money, but also come in other designs whose value is more volatile. Crypto assets, such as Bitcoin, are issued in their own denominations and are especially volatile—too much to be considered a form of digital money (they are usually considered an investment asset). Click here for a detailed discussion of different forms of digital money.

Emerging markets lead the way
Consider a worker in the United States. In the near future, an employer could deposit her paycheck in a digital wallet, allowing her to send money to relatives in Guatemala, the Philippines, or any other country more cheaply and efficiently. Fees for wiring money often take up to 7 percent of the value of a transaction, and the World Bank estimates that cutting fees to 2 percent could give a $16 billion a year boost to remittances to low-income countries.
This future is not distant. Private sector innovation in emerging markets has already made a mark in the area of mobile money. The M-pesa mobile money transfer service, which started in Kenya, is being replicated in dozens of countries in Africa and Asia. It has brought payments to many without bank accounts—but with a flip phone in their pocket—and has opened the door to other financial services, like savings and credit products.
Today, there are a billion registered mobile money accounts across 95 countries, with close to $2 billion transacted through these accounts every day. Sub-Saharan Africa is a leader in mobile money, accounting for almost half of mobile money accounts worldwide. The widespread use of mobile phones has made this possible. Digital identities, which many countries have rolled out, are another important innovation. These digital versions of passports allow mobile money providers to onboard customers at low cost while complying with local regulations.
The public sector too is taking steps to provide a digital payment infrastructure in emerging markets. The Bahamas is the first country in the world with a central bank digital currency (a digital form of a country’s currency). Called the “sand dollar,” it will increase financial inclusion for inhabitants spread out across the country’s 700 islands, where banking services such as cash machines are not always available.
Other countries are not far behind. The most ambitious project is being piloted by China’s central bank. If the e-Renminbi experiment is successful, it could boost digitalization, innovation, and financial inclusion in one of the world’s largest and most vibrant economies, possibly encouraging other countries to follow suit.
Maintaining a balance
But many of these potential benefits require careful and farsighted policy support. To start, new infrastructure is essential to allow poorer households in isolated areas to connect to new digital payment services. Global satellite networks (Starlink, OneWeb, and others) are expected to provide widely accessible broadband services, including to lower-income countries, as soon as 2022. But a financial inclusion strategy cannot rely on a signal simply falling from the sky.
A synchronized infrastructure investment push is needed including to broaden internet access to poorer and remote areas. In fact, when many countries act at the same time, public infrastructure investment can help lift growth domestically and abroad through trade linkages. These investments are necessary to support a viable digital payment strategy.
In many countries, financial inclusion may mean trade-offs when it comes to privacy and competition policy. Digital payment companies are increasingly capturing and monetizing consumer data. Without collateral to offer, poorer households and microenterprises can offer their data, but at the cost of their privacy. Regulation will have to strike just the right balance, including to incentivize market entry of new payment companies while limiting their dominance.
In fact, countries will need to ramp up regulatory and supervisory capacity more generally before payment innovations hit the market. Regulation and careful supervision are key to anchoring trust in new digital forms of money. However, questions still abound. Payment providers may well be required to fully back coin issuance with safe and liquid assets, but which assets? Should these be kept in commercial banks or perhaps even in central banks? What backstops might the state be prepared to offer? And what if the digital money is being offered by a foreign firm—how should regulators cooperate across borders? These questions are new and need to be pondered carefully.
Clear legal frameworks are also essential. Central bank–issued digital currencies will likely require adaptation to central bank law and monetary law. And public law must clarify the legal status of privately issued money. Should new arrangements be treated as electronic money, bank deposits, securities, commodities, or something else? Answers to these questions will have enormous bearing on the development of digital money. For instance, classifying a form of digital money as a security will significantly complicate its exchange, given the complexity of securities regulation.
Other risks must also be contained. New digital forms of money must stand up to cyberattacks, outages, technical glitches, fraud risks, and faulty algorithms. And without proper regulation, digital money could be a virtual safe haven for criminals’ illicit financial transactions. Effective implementation of a robust framework to combat money laundering and the financing of terrorism is needed. However, digital money also brings regulatory opportunities, such as more effective real-time data analytics and monitoring.
Current regulatory approaches and legal frameworks are fragmented. There is little guidance, and country circumstances differ significantly. The IMF has a role to play in providing policy advice to countries and helping institutions develop sound regulatory approaches and share best practices.
In their effort to join, benefit from, and regulate the digital money revolution, countries must not lose sight of the bigger picture. Regulatory and legal frameworks, as well as central banks’ decision to offer their own digital currencies, will affect private sector participation and innovation. The role of banks may change if they face more intense competition for funding as clients debate whether to exchange their deposits for the potentially safer currency of central banks. Careful decisions must also ensure that new forms of digital money are environmentally sustainable—that the energy they require is kept in check. The path to digital money adoption must be guided by a clear and responsible vision of tomorrow’s broader payment, financial, economic, and environmental landscape.
A global approach
The bigger picture actually extends far beyond each country’s borders. The digital money revolution will happen on a global scale. Emerging markets and lower-income countries will be affected by the introduction of digital forms of money in larger, more advanced economies. They must be aware of these changes, and the IMF will stand beside them to ensure that the international monetary system continues to work for all countries.
‘The IMF will play a key role in the new era of digital money’
The lower costs of obtaining, storing, and spending digital money could make it easier for people and companies to substitute their domestic currency with a more stable currency, especially in countries with high inflation and volatile exchange rates. This practice is already widespread—foreign currency deposits exceed 50 percent in more than 18 percent of countries worldwide. As this level rises, the home country loses control over monetary policy. This has a disproportionate impact on poorer and more vulnerable households, which typically find it harder to diversify their savings to protect against volatile inflation.
Policies are currently being explored. In countries where there is risk of capital outflows, questions arise about the technical feasibility—and policy desirability—of limiting foreign digital currency transactions and holdings. It may be possible to agree on design principles that allow country authorities to set basic parameters for wallets and networks to limit currency substitution. However, these design principles must be coordinated at the global level to ensure that they meet the needs of all countries and that they are widely adopted to limit regulatory arbitrage. This is another area where the IMF can help through its analysis and convening power.
The question also arises of whether existing capital flow management measures—such as taxes on purchasing foreign currency—may be circumvented by digital forms of money. Most IMF member countries, particularly emerging markets and lower-income countries, use some form of capital flow management. Existing regulations and implementation practices must evolve so that capital flow management measures remain strong following the introduction of digital money.
Digital money would also likely increase gross capital flows as transaction costs diminish and financial products become more widely available. This comes with both pros and cons. Markets should become more integrated, offering risk-sharing and hedging opportunities for local households and firms. Yet the risk of financial contagion would also increase, as would the danger of balance of payments problems, since swings in asset valuations are amplified as the stock of foreign assets increases.
Finally, the risk of fragmentation and of a global digital divide is stark. Regional arrangements to settle digital money could proliferate, driven by countries’ desire for autonomy. Such arrangements could become instruments of geopolitical interests and forces—to avoid or impose bilateral sanctions—and could limit currency convertibility.
Yet there are also opportunities. Digital money could be leveraged to foster integration and interoperability of payment systems. New solutions must be explored, such as multilateral settlement and exchange platforms, as well as common norms or principles for the design of digital money to facilitate cross-border payments, such as remittance flows, which are essential for many lower-income countries. The IMF is actively working with the international community—member countries and other international organizations—to defend the integration of payment systems and oppose their fragmentation.
The IMF will play a key role in the new era of digital money. The organization was created to promote international monetary cooperation and oversee the stability of the international monetary system, as well as contribute to countries’ economic and financial stability. Digital money must be regulated, designed, and provided in a way that allows countries to maintain control over monetary policy, financial conditions, capital account openness, and foreign exchange regimes. Payment systems must grow increasingly integrated, not fragmented, and must work to help all countries guard against a digital divide.
Much remains to be done, but the opportunities are immense, to the extent the risks are carefully managed. The key to building a brighter future is cooperation—between the private and public sectors domestically and national authorities and organizations internationally. The IMF, with its near universal membership, stands ready to play its part in this momentous endeavor.
Authors:

Tobias Adrian is the financial counsellor and director of the IMF’s Monetary and Capital Markets Department.

Tommaso Mancini-Griffoli is division chief in the IMF’s Monetary and Capital Markets Department.

Compliments of the IMF.
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Access to affordable and decent housing is vital for good health, job opportunities and life satisfaction, but housing remains one of the most complex policy challenges facing societies today. Governments must do more to ensure universal access to affordable, high-quality, environmentally sustainable housing, according to the OECD.
The COVID-19 crisis has uncovered how unevenly housing is distributed across population groups, and has worsened the adverse impacts of poor housing conditions, notably on the most vulnerable.
Launched in 2018, a wide-ranging OECD Housing Project has gathered comparative evidence, analysis and policy recommendations to help governments make housing more affordable, more energy-efficient and better adapted to people’s needs.
“Housing is much more than just a place to live,” said OECD Secretary-General Mathias Cormann. “It is the single largest household budget item and a key element in both economic performance and well-being.”
“The OECD Housing Policy Toolkit we are presenting today will help policymakers design better housing policies that address the reality of developments in housing markets, such as the affordability challenge, and improve the considerable effect housing policy has across societies,” Mr Cormann said.
With housing prices in many countries rising dramatically – lodging costs now absorb more than a third of the budget of the poorest 20%, compared with only a quarter of the budget of the top 20% – and public investment at historically low levels, four key priority areas emerge from the Toolkit.
First, unlocking additional supply will be key to meeting both current and future housing challenges. More public investment in energy-efficient social housing would ease housing difficulties, especially for households on low or unstable incomes. Building green social housing can also act as a catalyst for the energy transition of the construction industry as a whole.
Second, land-use reforms, such as the removal of overly tight building restrictions or minimum parcel size requirements, can reduce obstacles to new residential construction. Decisions on land use and planning must be made based on the needs of whole metropolitan areas rather than via a piecemeal district-by-district approach. Such reforms would put a brake on the strong upward trend in real house prices that has been widespread among OECD countries for the past four decades.
Third, greater flexibility in regulations over landlord-tenant relations, including rent control, can encourage investment in housing. Over the past year, these restrictions have been tightened to protect tenants hit hard by the Covid-19 crisis. Over time, the Toolkit’s overview report notes, such measures can discourage the supply of rental housing, ultimately making access to rental more difficult, especially for those on low or unstable incomes.
Fourth, application of stringent environmental standards, to achieve agreed greenhouse gas emission reduction targets and upgrade the energy efficiency of the existing housing stock, will be essential. This may put upward pressure on housing construction costs or rental prices, but these investments will translate to lower heating costs and preserve the long-term value of the houses.
The Housing Policy Toolkit includes:

An overview report, Brick by Brick: Building Better Housing Policies, which identifies policy levers that can enhance the efficiency, inclusiveness or sustainability of housing markets. It highlights ways to bring progress across these objectives and also discusses addressing trade-offs that can arise among them.
A Dashboard of Housing Indicators, which gathers indicators allowing policymakers to compare outcomes and policy settings across countries by topic.
A set of Country Snapshots offering national overviews of housing conditions and policies.

Compliments of the OECD.
The post OECD | Addressing complex housing policy challenges should be a central priority for governments first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Countries must step up their efforts to enable people to continue learning throughout their lives to navigate a rapidly changing world of work shaped by globalisation and the consequences of the COVID-19 pandemic, according to a new OECD report.
OECD Skills Outlook 2021: Learning for Life says that public policies should play a key role in facilitating effective and inclusive lifelong learning, but much remains to be done.
It will be crucial to invest part of the resources devoted to the recovery to lifelong learning programmes, involving all key stakeholders and with a focus on vulnerable groups, particularly young people, the NEET (neither in employment, education or training) and those whose jobs are most at risk of transformation, says the report.
“It’s essential that lifelong learning becomes a reality for everyone since the crisis has further accelerated the transformation in our economy and skills needs. Today, too many adults do not participate in workplace learning and the pandemic has further reduced their opportunities to do so,” said OECD Secretary-General Mathias Cormann, launching the report in Paris. “In the recovery efforts, skills will make the difference between staying ahead of the curve or falling behind in a world in constant flux. Countries need to invest part of the resources devoted to the recovery to lifelong learning programmes, involving all key stakeholders and with a specific focus on vulnerable groups – including young people, women and workers whose jobs are most at risk of transformation. ”
Even before the pandemic, only two out of ten low-educated adults took part in formal or on-the-job training, compared to six out of ten high-educated adults. Participation in adult learning also differs greatly across countries: fewer than 25% of adults in Greece, Italy, Mexico and Turkey report participating in adult learning, compared to over 55% in Denmark, Finland, New Zealand, Norway and Sweden.
The pandemic may also affect the learning attitude of children and youth. The disruptions to regular schooling led many children to progress less than expected in skill development. In the short term, the pandemic could lead to increases in early school leavers. In the medium and long term, lower engagement could result in the current generation of students failing to develop positive learning attitudes, at a time of profound structural changes that will require individuals to upgrade their skills throughout their life, warns the report. Furthermore, the report identifies potential cause of gender inequality in training opportunities. Up to 28% of “inactive but motivated” women mention family obligations as a barrier to participating in training, compared to only 8% of men. The gender gap widens when children appear in the family.
To enable more people to continue learning and updating their skills, the report says countries should focus on three key issues:

Place learners at the centre of learning: diversified learning opportunities can enhance the quality of education and training. Policy design must be inclusive, affordable, accessible and adaptable.

Skills for a lifetime: lifelong learning rests on strong foundation skills, such as literacy and numeracy, the willingness to learn, and a habit of learning. Policies should harness the power of technology while also considering the effects technology can have on existing skills inequalities and the creation of new ones.

Strong co-ordination for high quality, inclusive learning: policies should build strong co-ordination, knowledge management and information sharing to bring lifelong learning to the required scale. Policies should aim at improving recognition, validation and accreditation procedures to enhance the visibility and transferability of the skills taught in these programmes.

The report is available at https://www.oecd.org/education/oecd-skills-outlook-e11c1c2d-en.htm.
For more information, journalists should contact Francesca Borgonovi of the OECD’s Centre for Skills or the OECD Media Office (tel. + 33 1 45 24 97 00).
Working with over 100 countries, the OECD is a global policy forum that promotes policies to preserve individual liberty and improve the economic and social well-being of people around the world
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Main results
The 18th EU-Canada summit took place in Brussels on 14 June 2021. Charles Michel, President of the European Council, and Ursula von der Leyen, President of the European Commission, represented the EU. Canada was represented by Prime Minister Justin Trudeau.
The leaders discussed how to work together to end the COVID-19 pandemic and pursue a sustainable, people-centred and inclusive recovery. They reaffirmed their ambitious commitments on fighting climate change and protecting the environment, and their determination to promote democratic values, peace and security.
They also launched a new Canada-EU dialogue on health, an Ocean Partnership Forum and an EU-Canada Strategic Partnership on Raw Materials.
Following the summit the leaders issued a joint statement.

EU-Canada joint statement, 15 June 2021
Remarks by President Charles Michel following the 18th EU-Canada summit

“Defeating COVID-19 remains our top priority. The EU is the largest exporter of vaccines — we have exported roughly half of the vaccines we have produced. We have supported Canada’s vaccination campaign by shipping roughly 16 million doses to Canada. This represents 60% of all vaccines received by Canada.”
President Charles Michel

Infographic – COVID-19: the EU’s contribution to global vaccine solidarity
See full infographic

Ending the COVID-19 pandemic and driving a sustainable global recovery
The leaders committed to stepping up multilateral efforts to help ensure universal, equitable and affordable access to COVID-19 vaccines, diagnostics and treatments through the Access to COVID-19 Tools Accelerator. They welcomed the G7 commitment to share at least 870 million vaccine doses directly over the next year, targeting those in the greatest need.

EU’s international solidarity during the COVID-19 pandemic (background information)
G7 summit, Cornwall, UK, 11-13 June 2021

The leaders also welcomed the scaling-up of manufacturing capacities in order to increase and diversify the supply of COVID-19 vaccines while maintaining open and secure supply chains.
The EU and Canada will coordinate efforts to strengthen the World Health Organization (WHO) and the global health security architecture in general to be better prepared for future pandemics.

“I welcome Prime Minister Trudeau’s support for an international treaty on pandemics in the framework of the WHO.”
President Charles Michel

To enhance bilateral collaboration on pandemic preparedness, the leaders launched a new Canada-EU dialogue on health under the EU-Canada strategic partnership agreement (SPA).

EU-Canada strategic partnership agreement (EEAS)

The leaders agreed to steer the global recovery towards green, innovative, inclusive and resilient economies and the creation of decent jobs. Another common objective is to make global supply chains more resilient and sustainable.
Furthermore, the leaders will seek a consensus-based solution as regards a reform of the international tax architecture by mid-2021 within the OECD, in line with G7/G20 commitments.
They also agreed to resume travel between the EU and Canada as soon as this can be done safely.
Fighting climate change and protecting the environment
Recognising the urgency and the interlinked nature of the challenges posed by climate change and biodiversity loss, the leaders stressed the need to step up global action and provide more coordinated responses.
The EU and Canada are determined to reach the most ambitious outcome possible at the upcoming 26th UN Climate Change Conference (COP26) to keep the world on track to achieve the goals of the Paris Agreement.
Aiming to lead by example in becoming climate-neutral economies by 2050, the EU and Canada will fully and swiftly implement their enhanced 2030 emissions reduction targets/Nationally Determined Contributions (NDCs).
The two sides will strengthen their collaboration on promoting measures and technologies to support a just energy transition. They remain committed to scaling up efforts to meet the climate finance goal of $100 billion per year goal through 2025, and to scaling up their financial contribution to climate adaptation action.

Climate change: what the EU is doing (background information)

The leaders agreed to pursue the adoption of an ambitious global framework to conserve, protect and restore biodiversity at the next UN Biodiversity Conference (COP 15) and ambitious outcomes at the UN Food Systems Summit, with a view to leading a global transformation towards sustainable food systems.
The EU and Canada will step up cooperation and multilateral action on the circular economy, the efficient use of natural resources and the sound management of chemicals and waste. They will also work towards a new global treaty on plastics, including to combat ocean plastic pollution. In this context, the leaders launched an Ocean Partnership Forum under the EU-Canada Ocean Partnership Declaration.

Infographic – Comprehensive Economic and Trade Agreement (CETA) fuels EU-Canada trade growth
See full infographic

Harnessing the potential of trade, technology and innovation
The leaders reaffirmed their strong support for the rules-based multilateral trading system and the indispensable role played by the World Trade Organization (WTO). They agreed to work together to strengthen and modernise the WTO, including through close cooperation in the Ottawa Group of like-minded countries.
They welcomed the positive results achieved by the provisional application of the Comprehensive Economic and Trade Agreement (CETA) and remain strongly committed to ensuring its full and effective implementation.

“This year we celebrate the 5th anniversary of the signing of CETA. This agreement is good for our citizens, for our businesses and for our economic recovery.”
President Charles Michel

EU-Canada trade (European Commission)

To diversify sources of important green and digital economy inputs away from less like-minded producers, and to foster competitive EU-Canada supply chains, the leaders established an EU-Canada Strategic Partnership on Raw Materials.
The EU and Canada will deepen digital cooperation through the Canada-EU Digital Dialogue and the Global Partnership on Artificial Intelligence (GPAI), leveraging digital tools to promote a sustainable post-COVID-19 recovery. To ensure that the Internet remains free, secure and open, the EU and Canada jointly support global standards for and regulatory approaches to digital trade and technologies.
Cooperation between the two sides will also be enhanced in other key areas, including the Horizon Europe research programme, higher education, hydrogen, artificial intelligence, quantum technology and space.
Promoting democratic values, peace and security
The EU and Canada will continue to cooperate closely on promoting international peace and security and their shared values, including defending human rights, gender equality, media freedom, liberal democracy, the rule of law and the rules-based international order.
They will work closely together to address common concerns and challenges faced in relations with China and Russia, and discuss engaging with these countries where that is possible and in the EU’s and Canada’s respective interests.
The leaders warmly welcomed the invitation received by Canada to participate in the PESCO Military Mobility project. Alongside the US and Norway, Canada will be among the first non-EU countries to participate in the project, representing another important step towards closer EU-Canada partnership in security and defence.
The leaders reaffirmed their support for Ukraine’s territorial integrity and for the Belarusian people’s calls for a democratic and just Belarus. They also resolved to further deepen cooperation and dialogue on key regional issues, including in relation to the Middle East, the Eastern Mediterranean, the Indo-Pacific, Myanmar, Iran/JCPOA, Africa (particularly the Sahel region) and Venezuela.
Finally, the leaders reaffirmed their determination to strengthen their cooperation on matters pertaining to the Arctic, and to conclude a new EU-Canada Passenger Name Record (PNR) Agreement as soon as possible.
Background
EU-Canada relations are underpinned by a Strategic Partnership Agreement (SPA) and a Comprehensive Economic and Trade Agreement (CETA). Provisionally applied since April 2017, these agreements have greatly boosted both sides’ economies and led to an ever closer partnership between the EU and Canada.
Compliments of the Council of the European Union and the European Council.
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Main results
The EU-US summit on 15 June 2021 marked the beginning of a renewed transatlantic partnership and set a joint agenda for EU-US cooperation in the post-pandemic era. The leaders committed to regular dialogue to take stock of progress.
Key summit deliverables include three major new trade initiatives. The leaders agreed to:

create a Cooperative Framework for Large Civil Aircraft
engage in discussions to resolve differences on measures regarding steel and aluminium by the end of the year
establish an EU-US Trade and Technology Council

Charles Michel, President of the European Council, and Ursula von der Leyen, President of the European Commission, represented the EU. President Joe Biden represented the United States. It was the first EU-US summit since 2014 and the first visit by a US President to the EU institutions since 2017.
At the end of the summit, the leaders adopted a joint statement.

EU-US summit statement: “Towards a renewed Transatlantic partnership”
Remarks by President Charles Michel following the EU-US summit in Brussels, 15 June 2021

COVID-19, health preparedness, sustainable global recovery

Infographic – COVID-19: the EU’s contribution to global vaccine solidarity
See full infographic

We want to send COVID-19 to the history books, and there is only one way: international cooperation. We must deliver on this, by making sure that the world’s population has access to vaccines.
President Charles Michel

The EU and the US committed to continuing to support the COVAX Facility and encourage more donors to make two billion vaccine doses available worldwide by late 2021. They aspire to provide enough vaccine doses to inoculate two-thirds of the world’s population by the end of 2022.
The leaders highlighted the creation of a Joint EU–US COVID Manufacturing and Supply Chain Taskforce. Its objective is to expand vaccine and therapeutics production capacity by:

building new production facilities for vaccines and therapeutics
maintaining open and secure supply chains
avoiding any unnecessary export restrictions
encouraging voluntary sharing of know-how and technology

The EU and the US will reinforce cooperation on reforming the World Health Organization (WHO). The leaders welcomed the idea of assessing the benefits of developing a WHO convention, agreement or other international instrument on pandemic preparedness and response.

Learning the lessons from COVID also means learning how to prepare for future pandemics and health crises. We discussed a possible treaty on pandemics.
President Charles Michel

The leaders also called for progress on a transparent, evidence-based, expert-led and WHO-convened phase-2 study on the origins of COVID-19 that is free from interference.
The leaders welcomed G7 discussions on building back better for the world, orienting development finance tools towards challenges such as creating resilient infrastructure and technologies, and addressing the impact of climate change.

G7 summit, Cornwall, UK, 11-13 June 2021

The EU and the US intend to jointly drive forward a sustainable and inclusive global recovery, in line with the UN 2030 Agenda for Sustainable Development. They will continue providing assistance to countries in need, address debt vulnerabilities and stimulate domestic reforms and increased private investment.
The leaders agreed to establish a joint EU-US experts’ working group for the resumption of non-essential safe and sustainable travel between the EU and the United States.
They welcomed the progress made in discussions on additional EU member states benefitting from visa-free travel to the US, and agreed to continue this dialogue.
Protecting our planet and fostering green growth
The EU and the US are committed to the Paris Agreement and its effective and strengthened implementation. To provide an effective platform for cooperation in this regard, the leaders committed to establishing an EU-US High-Level Climate Action Group.

We intend to lead by example by becoming net-zero greenhouse gas economies by no later than 2050 and implementing our respective enhanced 2030 targets / Nationally Determined Contributions (NDCs). We resolve to engage with our international partners to achieve an ambitious outcome at the 26th UN Climate Change Conference of the Parties (COP26), making every effort to keep a 1.5-degree limit on global temperature within reach.
EU-US summit statement

The leaders committed to rapidly scaling up technologies and policies that further accelerate the transition away from unabated coal capacity and to an overwhelmingly decarbonised power system in the 2030s, consistent with the EU’s and the US’s respective 2030 NDCs and 2050 net-zero commitments.
The leaders resolved to increase their cooperation on transition towards a climate-neutral, resource-efficient and circular economy. They intend to work towards a Transatlantic Green Technology Alliance that would foster cooperation on the development and deployment of green technologies, as well as to promote markets to scale such technologies.

Climate change: what the EU is doing (background information)

The EU and the US are very determined to halt and reverse biodiversity loss by 2030 and take urgent action to address its drivers. The leaders committed to the goal of conserving or protecting at least 30% of global land and 30% of global oceans by 2030. They share the goal of jointly promoting a successful and ambitious post-2020 global biodiversity framework at the 15th UN Biodiversity Conference of the Parties (COP15). Furthermore, the leaders committed to working together to protect the world’s oceans, including by combating marine litter.
Strengthening trade, investment and technological cooperation
The EU and the US have the largest economic relationship in the world. They are committed to growing their bilateral trade and investment relationship and to upholding and reforming the rules-based multilateral trading system. The leaders said they intended to use trade to help fight climate change, protect the environment, promote workers’ rights, expand resilient and sustainable supply chains and create decent jobs.

Infographic – EU-US trade
See full infographic

We resolve to stand together to protect our businesses and workers from unfair trade practices, in particular those posed by non-market economies that are undermining the world trading system.
EU-US summit statement

To provide an effective platform for cooperation, the leaders established a high-level EU-US Trade and Technology Council (TTC). The TTC’s objectives include:

growing the bilateral trade and investment relationship
avoiding new unnecessary technical barriers to trade
strengthening global cooperation on technology, digital issues and supply chains
cooperating on compatible and international standards development
facilitating regulatory policy
promoting innovation and leadership by US and European firms

Under the TTC, both partners commit to building an EU-US partnership on the rebalancing of global supply chains in semiconductors, with a view to enhancing security of supply in the EU and the US and boosting both partners’ capacity to design and produce the most powerful and resource-efficient semiconductors.
In parallel with the TTC, the EU and the US intend to establish an EU-US Joint Technology Competition Policy Dialogue that would focus on approaches to competition policy and enforcement, and increased cooperation in the tech sector.
The summit also delivered the prospect of resolving long-standing trade disputes.

The leaders welcomed having reached an Understanding on a Cooperative Framework for Large Civil Aircraft, reflecting a new transatlantic relationship in this area.
The leaders also agreed to engage in discussions to allow the resolution of existing differences on measures regarding steel and aluminium before the end of the year

Moreover, the EU and the US are determined to foster a fair, sustainable and modern international tax system and cooperate to reach a global consensus by mid-2021on the question of taxation of multinational companies within the OECD.
The leaders also agreed to work cooperatively on efforts to achieve a meaningful reform of the World Trade Organization (WTO). This involves advancing the proper functioning of the WTO’s negotiating function and dispute settlement system, which will require long-standing issues to be addressed.

EU and US take decisive step to end aircraft dispute (European Commission)

Building a more democratic, peaceful and secure world
Together, the EU and the US are an anchor for democracy, peace and security around the world. They are united in their desire to peacefully prevent and resolve conflicts, uphold the rule of law and international law, and promote human rights for all, gender equity and equality, and the empowerment of women and girls. The two partners intend to support democracy across the globe, including by defending media freedom, advancing a free and open internet, fostering responsible behaviour in cyberspace and tackling disinformation.
The leaders resolved to lead by example at home, and to partner in the Summit for Democracy, committing to concrete actions to defend universal human rights, prevent democratic backsliding and fight corruption.
The EU and the US intend to closely consult and cooperate on the full range of issues regarding China, which include elements of cooperation, competition, and systemic rivalry. They intend to continue coordinating on their shared concerns, including ongoing human rights violations in Xinjiang and Tibet, the erosion of autonomy and democratic processes in Hong Kong, economic coercion, disinformation campaigns and regional security issues.

We remain seriously concerned about the situation in the East and South China Seas and strongly oppose any unilateral attempts to change the status quo and increase tensions. We underscore the importance of peace and stability across the Taiwan Strait and encourage the peaceful resolution of cross-Strait issues.
EU-US summit statement

The EU and the US also intend also to coordinate on their constructive engagement with China on issues such as climate change and non-proliferation, and on certain regional matters.
The EU and the US stand united in their principled approach towards Russia. They are ready to respond decisively to its repeating pattern of negative behaviour and harmful activities. The leaders agreed to establish an EU-US high-level dialogue on Russia to coordinate our policies and actions in this regard.
The leaders also addressed a wide range of other pressing geopolitical, foreign policy and security issues of common concern.
They expressed their determination to continue to stand in support of the sovereignty, independence and territorial integrity of the EU’s Eastern partners, and to support the reform path of Ukraine, Georgia and the Republic of Moldova. They resolved to work towards long-term peace, resilience and stability in the South Caucasus.
The EU and the US stand with the people of Belarus and their demands for human rights and democracy.

We resolve to hold the Lukashenka regime to account for its escalating attacks on human rights and fundamental freedoms, and for endangering aviation safety through the unprecedented and unacceptable forced diversion of an EU passenger airplane under false pretences, and the subsequent arrest of a journalist as part of a continuing assault on opposition voices and the freedom of the press.
EU-US summit statement

Moreover, the EU and the US intend to further strengthen their joint engagement in the Western Balkans, and resolved to work hand-in-hand for sustainable de-escalation in the Eastern Mediterranean, where differences should be settled through dialogue in good faith and in accordance with the international law of the sea. The EU and the US also aim to establish a cooperative and mutually beneficial relationship with a democratic Turkey.
The leaders welcomed the ceasefire in the conflict in the Middle East and expressed their grave concern about the political, human rights, security and humanitarian situation in Ethiopia, Somalia and the Sahel countries, in particular about the growing political and ethnic polarisation throughout Ethiopia that threatens the country’s sovereignty and territorial integrity. The leaders also discussed specific financial and development support for African countries.
They also discussed the situations in the Indo-Pacific, Myanmar, Afghanistan, Latin America and the Caribbean, and in particular Venezuela, and resolved to work together to maintain the Arctic as a region of peace and stability.
The leaders emphasised their support for the ongoing diplomatic efforts and negotiations in Vienna aimed at facilitating the return of the US to the Joint Comprehensive Plan of Action (JCPOA), as well as the full and effective implementation of the deal by Iran and the US.
Finally, the leaders welcomed the EU’s invitation to the US to join the PESCO Military Mobility project as an important step towards a closer EU-US partnership in security and defence. The leaders committed to working towards an Administrative Arrangement for the US with the European Defence Agency, and agreed to work together to raise the level of NATO-EU ambition to further strengthen this mutually reinforcing key strategic partnership.
Compliments of the Council of the EU and the EU Council.
The post EU-US summit, Brussels, 15 June 2021 first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

You have to say this about scammers: They’re up on current events. As early as February 2020, con artists were already using the coronavirus as a hook for swindles and scams and the FTC was sounding an alert for consumers. It didn’t take long before scammers targeted businesses, too. Now that many companies are returning to an in-person workplace, some fraudsters will try to take advantage of the transition. As you get back to business, keep your guard up against these forms of B2B deception.
Spot the signs of an imposter scam. Since the beginning of the pandemic, the FTC has received reports of con artists using telemarketing, email, and even bogus apps to impersonate government employees or public health officials. Now we’re hearing about “vaccine certificate” scams. What’s the modus operandi? They contact businesses and consumers out of the blue with official-sounding – but false – information about so-called national vaccine certificates, “passports,” or “verification apps.” Their real purpose is to grab money or personal information. The FTC has tips on spotting this form of fraud and advice on strengthening your defenses against imposter scams.
Stick with suppliers you know or who come recommended by people you trust. This time last year companies were scrambling for masks, disinfectants, and other essentials. When businesses ordered from unfamiliar websites that promised fast shipping of scarce products, they often found themselves with emply hands and empty wallets. As manufacturers gear up and offices reopen, some industries are reporting shortages of raw materials – conditions that are conducive for supply chain scams. The wiser course is to stick with suppliers who have proven to be reliable in the past or who come recommended by trustworthy colleagues.
Alert your staff to unemployment benefits fraud. Throughout the pandemic, the FTC has asked public-spirited businesses and consumers to contact us at ReportFraud.ftc.gov about suspicious practices you’ve spotted. Those reports cast a spotlight on phony unemployment benefits applications that crooks had filed using the names, dates of birth, and Social Security numbers of people who had not lost their jobs. It’s affected tens of thousands of people and has cost states hundreds of millions of dollars. What can you do? If an employee suspects their personal information has been compromised in this way, report it online to the appropriate state unemployment insurance office(link is external) and suggest they visit identitytheft.gov for step-by-step guidance.
Compliments of the U.S. Federal Trade Commission.
The post FTC | Back to Business #2: Slamming the office door on B2B COVID scams first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Check against delivery!
Ambassadors, ladies and gentlemen,
1.  The 2021 geopolitical landscape
I am pleased to speak to you today about the role of the EU on the maintenance of international peace and security.
We live in a world where the demand for multilateral solutions is greater than the supply. We see more divisions, more free-riding and more distrust than the world can afford.
Rules-based multilateralism is a term that’s perhaps well understood at the UN and in Brussels. Maybe it is not a simple, nor an appealing phrase; but our job is to bring it alive.
We need global cooperation based on agreed rules. The alternative is the law of the jungle, where problems don’t get solved. Every day we see the cost of the absence of multilateral action: reduced access to vaccines, insufficient climate action, peace and security crises that fester.
The root cause is the rise in power politics and ideological contests, leading to the erosion of trust. We have to address this deficit of multilateralism and push back against selective and self-serving approaches to multilateralism.
The EU remains committed to the UN and rules-based multilateralism. The core of our strategy is to protect, reform and build multilateralism that is fit for purpose.
The world’s biggest changes stem from new technologies. They can be both disruptive and empowering. Think of Artificial Intelligence, big data and cloud computing or genetic engineering, autonomous weapons and surveillance.
One of the biggest questions we face is how to ensure that the rules we so need for these emerging technologies reflect the values of the universal declaration of human rights. If not, technology will be used against individuals and communities in a nightmarish scenario.
We all know that conflict prevention and peace building are key. We must work with countries at risk before conflict erupts; and build sustainable peace after the signing ceremony. Sustainable peace compels us to be inclusive, with a particular focus on women and youth.
2.  The second year of the pandemic
We are in the second year of the pandemic. It has underscored the fragility of a hyper-globalised and interdependent world.
We need to learn wider lessons about how human health and security and planetary health and security are linked.
Where politics gave us stalemates and divisions, science and cooperation gave us the exit strategy: vaccines. The EU is a staunch promoter of vaccine multilateralism, with COVAX at the centre.
‘Team Europe’ has contributed more than €2,8 billion. We have exported more than 240 million doses of vaccines to 90 countries, more than any other region.
We are planning to donate at least 100 million doses to low and middle-income countries before the end of the year. But even this is not enough. So we call on all players to lift export restrictions on vaccines and their components.
Africa imports 99% of its vaccines. This has to change. The EU is partnering with Africa and industry, backed by an initial €1 billion in funding, to boost manufacturing capacity in Africa for vaccines, medicines and health technologies.
Beyond the pandemic, we know that climate change and biodiversity loss have reached existential levels. Two major UN Summits later this year, in Kunming and Glasgow, must deliver decisive action.
This is a real test of the multilateral system. We need these Summits to produce real outcomes, in line with the scale and urgency of the problem.
The Security Council has an important role to play on climate, health and their links to peace and security. To give impetus to the success of the two Summits, I hope you will pass a resolution on the link between climate change and security, which is increasingly evident.
3.  The responsibility of the Security Council 
Last year I said: “At a time of global crisis, we need a Security Council able to take the necessary decisions and not one that is paralysed by vetoes and political infighting.”
Unhappily, the situation has not improved. In the past year, we have seen new conflicts erupt (in Tigray); older ones re-start (Myanmar, Nagorno-Karabach, Israel-Palestine); and chronic violence continue (in DRC, Yemen).
In all these cases, we need this Council to provide the necessary decisions. This is about real people’s lives. The price of inaction is paid in conflicts not solved, humanitarian aid not delivered and in lives lost.
Sitting on the Security Council is a serious responsibility, politically, even morally. The UN Charter gave this Council the supreme say on matters of peace and security. For the EU there is no acceptable alternative. No other organisation we can turn to.
So the Security Council must provide the support and protection that people in conflict zones depend upon.
We look to the UN Security Council to match its belated but unanimous support for the UN Secretary-General’s call for a global cease-fire with a full commitment to its implementation.
4.  The EU’s contribution to peace and security
The EU has been and remains a staunch supporter of the UN, in all three pillars. We have said it many times before and we mean it.
Our support is not just in what we say, although that matters, but in financial terms, human terms and political terms.
We work with UN missions in many theatres. We have 17 operations and missions, contributing to UN goals with UN mandates; 13 of them operating alongside UN missions. We are currently defining our next set of joint EU-UN priorities on peace operations and crisis management, to strengthen our cooperation and maximise impact.
We are fully committed to the Sustainable Development Goals. And we base ourselves on the conviction that real security depends on people enjoying their rights and freedoms.
The EU will always be on the side of those calling for their universal rights to be respected, sometimes at grave personal risks: in Hong Kong, Venezuela, Myanmar and elsewhere.
In many cases, given the refusal by those in power to respect people’s fundamental rights, we have imposed sanctions. They are never an end in themselves but a tool to push for the respect of universal rights. Our sanctions are targeted and do not hinder the delivery of humanitarian aid.
5.  Concrete cases
Now I want to highlight a few concrete areas where the EU is deeply engaged and where we need urgent results.
Israel-Palestine: Last month we saw a dramatic escalation with enormous human costs. We now need to build on the ceasefire to resume negotiations towards a two-state solution.
Let us remember that security is not the same as peace. And an untenable status quo may turn yet again into another cycle of violence. Therefore, a negotiated settlement is urgent and indeed the only way to give rights and security to both Israelis and Palestinians. To accompany the parties, we must revive the Quartet.
Syria: This year we mark the 10th anniversary of the war in Syria. The Syrian regime and its backers, have left the country in ruins. Given the dramatic humanitarian situation, it is essential that the cross-border mechanism remains open and I appeal to the Security Council members to renew it in July.
Libya: There has been important progress with the national unity government. But the ceasefire is still fragile and needs to be supported by a robust monitoring mechanism, so that elections are able to take place in optimal conditions in December.
The EU has offered support. We welcome the unanimous renewal of the arms embargo and the authorisation of inspections and the seizure of illegal cargo on the high seas. Operation Irini will continue its work on the implementation of the embargo. We need greater focus on the issue of withdrawal of foreign fighters and mercenaries from Libya, to avoid the destabilisation of the whole region.
The Sahel and the Horn of Africa: Both regions hold the key to African security.  The revised EU strategy is built around the need for more results and greater governmental accountability. We must continue our engagement but also to take firm action against those who stand in the way of a peaceful and inclusive transition process.
Iran: We are working non-stop to revive the JCPoA in all its aspects, i.e. the nuclear activities and the sanctions lifting. I am actively engaged with all the main players, as is my team leading the negotiations in Vienna. We are making progress but the negotiations are intense on a number of issues including on the precise sequencing of steps.
Let me end with some cases closer to the EU:
Belarus: For months, we have seen massive repression of peaceful protestors that took to the streets demanding to elect their President. Recently, the regime resorted to the scandalous forced landing of a civilian plane, travelling between two EU capitals, to arrest a leading journalist and his companion.
This is a major attack on air safety and the EU response has been firm and principled. We have closed our airspace to planes from Belarus airlines and are in the process of adopting a new package of sanctions. We have also devised a €3 billion economic support package that would be available to a democratic Belarus.
Ukraine: I regret that the situation in the country tends to be instrumentalised for political purposes here at the Security Council.
To be clear: six years after all member of this Security Council unanimously supported the Minsk Agreements, little has been done to implement them. Russia is a party to the conflict and we count on it to take a constructive stance. I welcome President Zelinsky’s initiative to convene the Crimea Platform Summit; I intend to take part with President Michel and I hope there will be the widest possible participation from UN members.
Western Balkans: the EU will not rest until all the countries of the region are inside the EU. To this end, we are fully mobilised to support reconciliation and reforms as the best antidote to nationalist rhetoric. We will host the next edition of the Belgrade-Pristina Dialogue in the coming days.
More broadly in Europe we do not want geostrategic competition. We want a peaceful, prosperous and stable neighbourhood, free from so-called protracted conflicts and zones of influence.
Ladies and gentleman,
There are many other challenges I could mention. But I will stop here, also for reasons of time.
I look forward to your comments and to our debate
Link to the video: https://audiovisual.ec.europa.eu/en/video/I-206935
Compliments of the European External Action Service.
The post UN Security Council: Speech by the HR/VP Josep Borrell first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.