Tomorrow, the EU Regulation on the approval and market surveillance of motor vehicles will start to apply. Adopted in May 2018, the new Regulation significantly overhauls and tightens the previous type approval and market surveillance system. It improves the quality and independence of vehicle type-approval and testing, increases checks of cars already on the EU market and strengthens the overall system with greater European oversight.
Thierry Breton, Commissioner for Internal Market said: “Europeans rightly expect to drive the cleanest and safest cars. That presupposes the strictest controls of cars placed on the market and circulating on our roads. It also requires real enforcement and oversight at European level: that is why from now on the Commission will be able to carry out checks on cars, trigger EU-wide recalls, and impose fines of up to €30,000 per car when the law is broken. These reforms complement our work on cleaner and safer mobility, which in the challenging context of the crisis require even more future-oriented investments in infrastructure and innovation. Our efforts to restore consumer confidence, strengthen the Single Market and support the long-term viability and global competitiveness of Europe’s car industry go hand in hand.”
The key elements of the new EU rules are:

Independence and quality of testing before a car is placed on the market: Technical services performing testing and inspections of new car models will be independently audited on the basis of stringent criteria to obtain and keep their designation by Member States. National type approval authorities are now subject to peer reviews to ensure that the relevant rules are implemented and enforced rigorously across the EU.

Checks on cars already on the market: The new framework also improves checks on the vehicles that are already circulating on the market and for sale at the dealerships. From now on, Member States are required to regularly test a minimum number of cars and are now able to take safeguard measures against non-compliant vehicles on their territory without waiting for the authority that issued the type approval to take action.

European oversight: In addition, the Commission is now able to carry out compliance and conformity checks on vehicles in laboratories or on the road. In cases where manufacturers are in breach of type-approval legislation (e.g. defeat devices or fake declarations), the Commission can order EU-wide recalls and impose sanctions on those manufacturers of up to € 30 000 per car. Until today, only national authorities that type approved the car could impose such measures.

Since the adoption of the Regulation in 2018, car manufacturers, type approval agencies and other stakeholders have been working continuously to implement the new rules and adapt to the stricter requirements.
The Commission has provided additional resources for the Joint Research Centre (JRC) to take up this new role in market surveillance, funding necessary extra staff, operational costs and the construction of two new laboratories. The JRC avails of two new state-of-the-art laboratories to conduct checks.
BACKGROUND
Type approval is the process for certifying that a vehicle meets all requirements to be placed on the market and for rigorous checking of manufacturers’ ongoing compliance with EU law, including emissions limits as laid out in separate regulation.
The new type approval rules were proposed by the Commission in 2016 in the wake of the Dieselgate scandal and adopted by the European Parliament and the Council in 2018.
This reform is part of the Commission’s wider work for a clean, sustainable and competitive car sector as laid down in the Commission Communication ‘Europe on the Move‘. Commission initiatives include air quality and CO2 standards, the improvement of emission testing for cars or the support for alternative fuels and battery production and defending the competitiveness of European industry.
Compliments of the European Commission.
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Statement by EU Commissioner President Ursula von der Leyen |
Good morning,
Last night Phil Hogan submitted his resignation from the post as Trade Commissioner. I respect this. I am very grateful to Phil Hogan for his tireless and successful work as a Commissioner and as a member of the College. I thank him warmly for his valuable contribution to the work of the Commission, not only in this mandate, but also in the previous mandate, when he was Commissioner in charge of Agriculture and Rural Development.
Over the past days, I discussed with Phil Hogan about his movements in Ireland, in light of information that emerged regarding respect of public health guidelines in Ireland.
In the current circumstances, as Europe fights to reduce the spread of the coronavirus and Europeans make sacrifices and accept painful restrictions, I expect the members of the College to be particularly vigilant about compliance with applicable national or regional rules or recommendations.
In accordance with Article 246 of the Treaty, it is up now to the Irish government to present suitable candidates for a Commissioner of Irish nationality. As in the past, I will invite the Irish government to propose a woman and a man.
Executive Vice-President Valdis Dombrovskis will assume, ad interim, responsibilities for trade matters. At a later stage, I will decide on the final allocation of portfolios in the College of Commissioners.
Thank you.
Compliments of the European Commission.
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Today, the European Commission has confirmed its interest to participate in the COVAX Facility for equitable access to affordable COVID-19 vaccines everywhere, for everyone who needs them. As part of a Team Europe effort, the Commission is today also announcing a contribution of €400 million in guarantees to support COVAX and its objectives in the context of the Coronavirus Global Response.
Ursula von der Leyen, President of the European Commission, said: “Global collaboration is the only way to overcome a global pandemic. Under the Coronavirus Global Response and the Global Goal Unite campaign, we have seen the world come together as one. Almost €16 billion have been pledged so far and the most talented researchers and organisations are pooling their efforts to deliver vaccines, tests and treatments, which will be our universal, common good. Today, the Commission is announcing a €400 million contribution to COVAX for working together in purchasing future vaccines to the benefit of low and middle income countries. I’m confident this will bring us closer to our goal: beating this virus, together.”
Stella Kyriakides, Commissioner for Health and Food Safety, said: “It is only by working together globally, in solidarity, that we can defeat the coronavirus. We need an inclusive international approach and as we are showing today, Team Europe – European Commission and EU Member States – is committed to ensuring the success of the COVAX Facility and facilitating access to a vaccine in an equitable manner for all people across the world.” 
Jutta Urpilainen, Commissioner for International partnerships, said: “Only by securing equitable access to a COVID-19 vaccine across the world will we end the pandemic and ensure a sustainable recovery; working with our partner countries is crucial so that we can build back better and healthier.”
The COVAX Facility, co-led by Gavi, the Vaccine Alliance, the Coalition for Epidemic Preparedness Innovations (CEPI) and WHO, aims to accelerate the development and manufacture of COVID-19 vaccines and to guarantee fair and equitable access for every country in the world.
As part of a EU joint engagement (Commission, Member States and European financial institutions, notably EIB) to mobilise resources for the Coronavirus Global Response, the Commission intends to mobilise up to €400 million in guarantees to support COVAX and its underlying objectives as part of a Team Europe effort. The detailed terms and conditions for the EU’s participation and contribution will be worked out in the coming days and weeks. Team Europe is ready to put its expertise and resources at work within COVAX to accelerate and scale-up development and manufacturing of a global supply of vaccines for citizens across the world, in poor and rich countries.
The EU’s participation in COVAX will be complementary to the ongoing EU negotiations with vaccine companies that aim at scaling up manufacturing capacity of vaccine producers, contributing to global efforts.
Background:
The European Commission is committed to ensuring that everyone who needs a vaccine gets it, anywhere in the world and not only at home. No one will be safe until everyone is safe. This is why it immediately responded to the WHO’s call for action and has raised almost €16 billion since 4 May 2020 under the Coronavirus Global Response, the global action for universal access to tests, treatments and vaccines against coronavirus and for the global recovery.
As a milestone under the Coronavirus Global Response, the global action for universal access to affordable coronavirus vaccination, treatment and testing, The Global Goal: Unite for our Future campaign was launched by NGO Global Citizen on 28 May under the patronage of President Ursula von der Leyen.
On 4 May, the Commission also proposed a cooperation framework to align global efforts and accelerate progress in developing coronavirus vaccines, therapeutics and diagnostics and strengthening health systems: the Access to COVID-19 Tools (ACT)-Accelerator.
Three partnerships, based on the three priorities of the Coronavirus Global Response, are at its core. They gather industry, research, foundations, regulators and international organisations to work together on all steps needed to deliver new tools and solutions, from research to manufacturing and deployment.
COVAX is the vaccines pillar of the ACT-Accelerator, a global collaboration to accelerate the development, production, and equitable access for all countries across the world to COVID-19 tests, treatments, and vaccines.
Co-led by Gavi, the Coalition for Epidemic Preparedness Innovations (CEPI) and WHO, COVAX was launched at the end of April 2020 at an event co-hosted by the Director-General of the World Health Organization, the President of France, the President of the European Commission, and the Bill and Melinda Gates Foundation. Since then, the EU has been actively engaged with Gavi, CEPI and other participant countries in the setting up of COVAX governance and financial tools. The final terms of the EU’s participation following today’s expression of interest still need to be defined.
The COVAX Facility aims to purchase 2 billion doses by the end of 2021, by negotiating with a diversified portfolio of vaccine suppliers covering different scientific technologies, time delivery and prices. The COVAX Facility is an insurance mechanism which will reduce risk for manufacturers, concerned about investing without assured demand, and for countries, concerned about failing to secure access to a viable vaccine.
Compliments of the European Commission.
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The Commission today adopted its proposal for fishing opportunities for 2021 for the Baltic Sea.
Based on the latest available scientific advice and in order to improve long-term sustainability of fish stocks, the Commission proposes to increase fishing opportunities for herring in the Gulf of Riga and main basin salmon, whilst maintaining the current levels for herring in the Gulf of Bothnia, sprat and plaice. The Commission proposes to decrease fishing opportunities for the remaining stocks covered by the proposal.
Virginijus Sinkevičius, Commissioner for Environment, Oceans and Fisheries, said: “Multiple factors influence the state of fish stocks in the Baltic sea. Fisheries is one, but factors like marine pollution or climate change are seriously affecting the health of the stocks. The long-term sustainability of the Baltic is not a choice but an imperative. We are adopting today a realistic proposal, which I am convinced will work for both fishers and fish. I look forward to working with the Member States and other stakeholders in the Baltic. As the pressures on Baltic fish stocks cannot be addressed through fisheries policy alone, I have taken the initiative to convene a Ministerial Conference of all EU Baltic states to address all factors comprehensively to ensure a long term future for the Baltic.”
The proposed total allowable catches (TAC) are based on scientific advice from the International Council on the Exploration of the Seas (ICES) and follow the Baltic multiannual management plan adopted in 2016 by the European Parliament and the Council.
In recent years, EU’s fishermen and women, industry and public authorities have made important efforts to rebuild  fish-stocks in the Baltic Sea. Where complete scientific advice is available, prior decisions on the Baltic fishing opportunities had succeeded in setting fishing opportunities in line with the principle of maximum sustainable yield (MSY) for seven out of eight stocks, covering 95% of fish landings in volume. However, in 2019 scientists discovered that the situation was less stable than previously estimated. Decisive action is, therefore, necessary to restore all stocks and to ensure that they grow to or remain at sustainable levels, in line with the MSY.
The Council will now examine the Commission’s proposal in view of adopting it during a Ministerial meeting on 19-20 October.
Cod
For eastern Cod, scientists discovered in 2019 that the stock size had decreased substantially and had been below the safe biological limits for some time. Given the urgency of the matter, the Commission prohibited the fishing of cod for the second half of 2019, in the areas with the greatest presence of eastern Baltic cod. For 2020, upon the Commission’s proposal, the Council substantially reduced the TAC, limited its use to by-catches only, extended the existing spawning closure period in time and scope, and banned recreational fishing in areas where eastern Baltic cod is most present. As the situation of the stock has not improved, the Commission proposes, based on scientific advice, to reduce the by-catch TAC by 70% and to maintain all the accompanying measures.
Western Baltic Cod has been at very low levels for several years. In 2018, indications showed an increasing stock size. Unfortunately, since then, the stock size has been revised downwards every year and remains below healthy levels. Therefore, the Commission proposes to reduce the total allowable catches by 11% and to maintain all the accompanying measures adopted for 2020. These measures are a spawning closure period in the entire area and a limit for recreational fishermen of five specimens per day and two specimens during the closure period. Moreover, in the deeper waters of the eastern part, the TAC use is limited to by-catches and recreational fishing is forbidden. These measures in the eastern part are necessary because of the mixed presence of both western and eastern Baltic cod and the exceptionally bad condition of the eastern stock.
Herring
The stock size of western herring remains below safe biological limits. The Commission, therefore, proposes to reduce the total allowable catches by 50%. For central herring, the Commission proposes a reduction of 36% in line with the ICES advice, because the stock size has dropped below healthy levels. In line with the ICES advice, the Commission proposes to maintain the TAC level for the Gulf of Bothnia, while the situation for Riga herring allows for an increase of the TAC by 15%.
Plaice
While the ICES advice would allow for an increase, the Commission proposes prudence. It proposes maintaining the TAC level unchanged in order to protect the cod stocks, which are in poor condition, because cod is an unavoidable by-catch in plaice fisheries.
Sprat
Similarly to plaice, the ICES advice for sprat would allow for an increase. The Commission advises prudence and proposes to maintain the TAC level unchanged. This is because sprat and herring are caught in mixed fisheries and the TAC for central Baltic herring has to be decreased significantly. Moreover, sprat is a prey species for starving cod, which is not in a good condition.
Salmon
ICES estimates that previous issues with substantial misreporting of salmon catches in the main basin has ended. Therefore, in line with the ICES advice, the Commission proposes to increase the TAC by 9%. However, based on the ICES advice, the Commission proposes to reduce the fishing levels for the Gulf of Finland by 10%.
A detailed table is available below.
Background
The fishing opportunities proposal is part of the European Union’s approach to adjust the levels of fishing to long-term sustainability targets, or maximum sustainable yield (MSY) by 2020 as agreed by the Council and the European Parliament in the Common Fisheries Policy. The Commission’s proposal is also in line with the policy intentions expressed in the Commission’s Communication “Towards more sustainable fishing in the EU: state of play and orientations for 2021” and with the Multiannual Plan for the management of cod, herring and sprat in the Baltic Sea.
Compliments of the European Commission.
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Today, the first contract the European Commission has negotiated on behalf of the EU Member States with a pharmaceutical company entered into force following the formal signature between AstraZeneca and the Commission. The contract will allow the purchase of a vaccine against COVID-19 for all the Member States of the EU as well as the donation to lower and middle income countries or the re-direction to other European countries.
Through the contract, all Member States will be able to purchase 300 million doses of the AstraZeneca vaccine, with an option for further 100 million doses, to be distributed on a population-based pro-rata basis.
The Commission continues discussing similar agreements with other vaccine manufacturers and has concluded successful exploratory talks with Sanofi-GSK on 31 July, Johnson & Johnson on 13 August, CureVac on 18 August and Moderna on 24 August.
Ursula von der Leyen, President of the European Commission, said: “The Commission is working non-stop to provide EU citizens with a safe and effective vaccine against COVID-19 as quickly as possible. The entry into force of the contract with AstraZeneca is an important step forward in this respect. I am looking forward to enriching our portfolio of potential vaccines thanks to contracts with other pharmaceutical companies and engaging with international partners for universal and equitable access to vaccination.”
Stella Kyriakides, Commissioner for Health and Food Safety, said: “Our negotiations have now delivered clear results: a first contract signed delivering on our commitment to ensure a diversified vaccine portfolio to protect the public health of our citizens. Today’s signature – made possible by the important groundwork  undertaken by France, Germany, Italy, and the Netherlands – will ensure that doses of a vaccine which, if proven effective and safe, will be delivered across Member States. We expect to announce additional agreements with other vaccine manufacturers very swiftly. “
AstraZeneca and the University of Oxford joined forces to develop and distribute the University’s potential recombinant adenovirus vaccine aimed at preventing COVID-19 infection.
AstraZeneca’s vaccine candidate is already in large-scale Phase II/III Clinical Trials after promising results in Phase I/II concerning safety and immunogenicity.
Today’s contract is based on the Advanced Purchase Agreement approved on 14 August with AstraZeneca, which will be financed with the Emergency Support Instrument. The “Inclusive Vaccine Alliance” countries (Germany, France, Italy, the Netherlands) who started negotiations with AstraZeneca asked the Commission to take over through an agreement signed on behalf of all Member States.
The decision to support the vaccine proposed by AstraZeneca is based on a sound scientific approach and the technology used (a non-replicative recombinant chimpanzee adenovirus-based vaccine ChAdOx1), speed at delivery at scale, cost, risk sharing, liability and the production capacity able to supply the whole of the EU, among others.
The regulatory processes will be flexible but remain robust. Together with the Member States and the European Medicines Agency, the Commission will use existing flexibilities in the EU’s regulatory framework to accelerate the authorisation and availability of successful vaccines against COVID-19, while maintaining the standards for vaccine quality, safety and efficacy.
The necessary safety requirements and specific assessment by the European Medicines Agency as part of the EU market authorisation procedure guarantee that citizens’ rights will remain fully protected.
In order to compensate for such high risks taken by manufacturers, the Advanced Purchase Agreements provide for Member States to indemnify the manufacturer for liabilities incurred under certain conditions. Liability still remains with the companies.
Background
Today’s contract with AstraZeneca is an important step in the implementation of the European Vaccines Strategy, adopted by the Commission on 17 June 2020.  This strategy aims to secure for all European citizens high-quality, safe, effective and affordable vaccines within 12 to 18 months.
To do so, and together with the Member States, the Commission is agreeing Advance Purchase Agreements with vaccine producers reserving or giving the Member States the right to buy a given number of vaccine doses for a certain price, as and when a vaccine becomes available.
Advanced Purchase Agreements are financed with the Emergency Support Instrument, which has funds dedicated to the creation of a portfolio of potential vaccines with different profiles and produced by different companies.
The European Commission is also committed to ensuring that everyone who needs a vaccine gets it, anywhere in the world and not only at home. No one will be safe until everyone is safe. This is why it has raised almost €16 billion since 4 May 2020 under the Coronavirus Global Response, the global action for universal access to tests, treatments and vaccines against coronavirus and for the global recovery.
Compliments of the European Commission.
The post Coronavirus: the EU Commission signs first contract with AstraZeneca first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Together with our members we are creating a Video series of first-hand accounts of the Pandemic’s impact, both personally & professionally.

We invite you to join us today for a first-hand look at the impact of the global shutdown following the Coronavirus (COVID-19) outbreak – Today we are featuring Maciej Minkiewicz, Founder & Owner of therecruitingproject, a Member of the EACCNY.
The questions we asked our members for this series are:1) What are some challenges you, personally and your organization have faced?2) What are some of the most surprising (positive, innovative) responses/changes you have witnessed?3) How will this experience change us going forward, as a society and in terms of how we do business?

EACCNY has its finger on the pulse of how this worldwide pandemic is effecting companies and organizations on both sides of the Atlantic. EACC is where Americans & Europeans connect to do business.
Stay tuned for more on this series! We hope you enjoy these short vignettes our members and friends of the EACC created to share their experience.
The post EACCNY #COVID19 Impact Stories from Our Members – therecruitingproject first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Blog post by EU High Representative Josep Borrell |
26 August – Foreign policy never stops. But the summer of 2020 has been exceptionally busy, with a seemingly never-ending series of crises: in Lebanon, Belarus, Mali and the Eastern Mediterranean. At the informal Gymnich meeting in Berlin (27-28 August) we must forge a common way forward. It is both urgent and feasible to strengthen Europe’s international clout.
“In the EU, what matters is not how a discussion begins, with 27 different views. What matters is how a discussion ends, with a common vision on what to do and a commitment to put resources behind it.” HR/VP Josep Borrell
One of the summer’s big events was the devastating bomb blast in Lebanon on 4 August. The images were near apocalyptic. The explosion left at least 220 dead, with thousands injured and homeless, and €15 billion in damages. It sent shockwaves not only through the harbour of Beirut but also the political system of the country. It exposed deep flaws in its governance in terms of ‘state capture’ with elites responsible for corruption and mismanagement. These flaws were already known beforehand – and COVID-19 had already added to the urgency to enact reforms.
Now this urgency can no longer be denied. As EU we demonstrated our solidarity with the Lebanese people in their hour of maximum need [link blog]. That was the message of Presidents Macron and Michel when they visited. We will continue to support Lebanon, with humanitarian supplies in the short term but also with macro-financial assistance, in cooperation with the IMF. But all this will require deep reforms in how the country is run politically: we need a new political settlement, to be agreed of course by the Lebanese people.
Then on 9 August we had the Presidential elections in Belarus. We always knew that the Lukashenko regime would not allow fully free and fair elections. But his announced re-election with 80% of the vote, despite many indications to the contrary, was a blatant rejection of the desire of the Belarusians for change. What’s worse is that the regime has chosen to respond to the mass demonstrations with the full panoply of repression: police violence and mass arrests. Impressively, people in Belarus have come out again and again in large numbers, demanding respect for their democratic rights.
As EU we have made it clear that we do not recognise the result of this election and fully support these democratic aspirations; that we will sanction those responsible for electoral fraud and the subsequent violence; and that a national political dialogue is urgently needed. We cannot stay silent when fellow Europeans insist on their democratic rights and wish to shape their own future – they need they need our support and the space to do so by themselves. This was also my clear message to Russian Foreign Minister Lavrov when I spoke to him.
“We cannot stay silent when in Belarus fellow Europeans insist on their democratic rights and wish to shape their own future – they need our support and the space to do so by themselves.”
Another major shock came on 18 August when a military coup took place in Mali, deposing the President and Prime Minister. I immediately condemned this coup as unconstitutional, and the African Union and ECOWAS did the same. It was yet another reminder of the deep- rooted crises facing the country and the Sahel region (of governance, security, development). A coup is never the right answer but we do need to think hard about how to change the way we as EU support the local population, which craves sustainable security and inclusive economic development.
All throughout the summer the situation in the Eastern Mediterranean has grown more tense, with Turkish ships conducting seismic work in European waters. In July, I had visited our Member States Greece and Cyprus a well as Turkey, and I have remained in constant contact throughout the summer, including meeting the Turkish Foreign Minister on 6 August.
Our core aim is and remains to show strong solidarity with EU Member States under threat, while working to de-escalate the tensions and allow dialogue and negotiations to underlying address  the issues, which are highly complex and integrated. In August, developments were taking a worrying turn, carrying the risk of triggering open conflict. We discussed this at a special Foreign Affairs Council on 14 August, followed by an emergency European Council on 19 August. We agreed to send a clear signal of Turkey needing to halt its illegal drilling activities and work to de-escalate the situation and that all options are on the table.
On Turkey, we need to show strong solidarity with EU Member States under threat, while working to de-escalate the tensions and allow dialogue and negotiations to address the underlying issues.
EU-Turkey relations are complex and multifaceted: Turkey is an important neighbour and partner for Europe in many fields; a crucial ally in NATO; and both sides want to keep a cooperative framework on migration in place. But Turkish domestic dynamics and its regional role are increasingly problematic with assertions of Turkish power, also in Syria, Libya and elsewhere.
We need to define a firm and balanced long-term strategy for EU-Turkey relations, based in the first place on solidarity with the most concerned Members States but also knowing that diplomacy can only work if all sides invest in building trust.
The Gymnich meeting and how to enhance the EU’s clout
How we position ourselves on these important issues and geo-political crises will be discussed with EU Foreign Ministers at the upcoming ‘Gymnich’ meeting, at the end of this week in Berlin. This is an informal meeting, held twice a year, where we discuss things without neckties and without the pressure of having to take formal decisions. We should take a step back and reflect more deeply on how to approach our overall relations with Turkey, with Russia, our engagement in the Sahel and how we can strengthen the EU’s strategic autonomy in the post-pandemic world. I have previously set out my belief (link is external)that Europe should position itself as a ‘partner of choice’ to others. Principled, but not dogmatic. Open, but not weak. Progressive but not naïve. Ready to act multilaterally whenever we can and autonomously if we must.
Nine months into the mandate, I feel there is a shared awareness of just how serious the challenges are that Europe is facing, in our neighbourhood but also when it comes to the wider trends around us. It is clear we face more assertive players, some with an imperial mind-set: a determination to deploy all forms of power at a global scale. However, if truth be told, our European responses are not always keeping pace. We are not always clear enough, or fast enough, or acting with enough impact and consistency.
Intellectually, people tend to agree with this diagnosis. But when it comes to changing things, well, then politics often gets in the way. It is the familiar problem of 27 points of view and the need for unanimity. This produces an EU foreign and security policy of ‘strong nouns and rather weak verbs’, as the former Commissioner for External Relations Chris Patten used to say. A policy that is high on rhetoric but when it comes to corresponding financial resources, we don’t always put our money where our mouth is.
We cannot change big global trends, but we can change how we respond to them.
The positive point here is that these constraints are self-imposed. We cannot change big global trends, but we can change how we respond to them. In our decision-making, each country can ultimately block any EU position or action. That’s negative power. If everyone sits on their position and expects the rest of the group to converge on their viewpoints, that’s not the way that helps us shape the world or set the agenda. For that, you need positive power. By investing more in unity, all Member States would gain in influence, because by slowing things down or weakening our capacity to act, they also harm themselves.
In the EU, what matters is not how a discussion begins, with a range of views among 27 countries, each with their own histories and different interests. What matters is how a discussion ends, with a common vision on what to do and a commitment to put resources behind it.
If we are able to combine the unity of the Council with the capacities of the Commission and the EEAS, the EU can have a real impact, acting as a real power. I will do all I can at the Gymnich meeting and beyond to build the necessary unity among Member States to do just that.
Compliments of the Delegation of the European Union to the United States.
The post Josep Borrell | The rentrée of 2020: decision time for EU foreign policy first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Board of Governors of the Federal Reserve SystemFederal Deposit Insurance CorporationOffice of the Comptroller of the Currency
The federal bank regulatory agencies today finalized three rules, which are either identical or substantially similar to interim final rules currently in effect that were issued earlier this year. They include:

A final rule that temporarily modifies the community bank leverage ratio, as required by the CARES Act;
A final rule that makes more gradual, as intended, the automatic restrictions on distributions if a banking organization’s capital levels decline below certain levels; and
A final rule that allows institutions that adopt the current expected credit losses or “CECL” accounting standard in 2020 to mitigate the estimated effects of CECL on regulatory capital for two years.

The final rule modifying the community bank leverage ratio adopts without change two interim final rules issued in April. The final rule temporarily lowers the community bank leverage ratio threshold and provides a gradual transition back to the prior level. Specifically, the threshold would be 8 percent for the remainder of this year, 8.5 percent for 2021, and 9 percent beginning January 1, 2022. This final rule is effective as of October 1, 2020.
Similarly, the final rule on automatic restrictions of distributions adopts without change two interim final rules, one of which was Board-only, issued in March. The final rule makes more gradual, as intended, the automatic restrictions on capital distributions, such as share repurchases, dividend payments, and bonus payments. This final rule is effective as of January 1, 2021.
Lastly, the CECL final rule is substantially similar to the interim final rule issued in March. The final rule gives eligible institutions the option to mitigate the estimated capital effects of CECL for two years, followed by a three-year transition period. Taken together, these measures offer institutions a transition period of up to five years. In a change from the interim rule, the final rule expands the pool of eligible institutions to include any institution adopting CECL in 2020. The CECL final rule is effective immediately upon publication in the Federal Register.
Federal Register notice: Regulatory Capital Rule and Total Loss-Absorbing Capacity Rule: Eligible Retained Income (PDF)
Federal Register notice: Regulatory Capital Rule: Revised Transition of the Current Expected Credit Losses Methodology for Allowances (PDF)
Federal Register notice: Regulatory Capital Rule Temporary Changes to and Transition for the Community Bank Leverage Ratio Framework (PDF)
Compliments of the U.S. Federal Reserve.
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The Federal Reserve on Thursday, August 13 highlighted the research and experimentation undertaken to enhance its understanding of the opportunities and risks associated with central bank digital currencies. The initiatives complement a broad set of payments-related innovation projects currently underway within the Federal Reserve System.
“Given the dollar’s important role, it is essential that the Federal Reserve remain on the frontier of research and policy development regarding central bank digital currencies,” said Federal Reserve Board Governor Lael Brainard. “Like other central banks, we are continuing to assess the opportunities and challenges of, as well as the use cases for, a digital currency, as a complement to cash and other payments options.”
Technological innovations inspire new ways to think about money. Consistent with its role in promoting a safe, accessible, and efficient U.S. payment system, the Federal Reserve is engaged in ongoing research and experimentation with the latest payment technologies. The Federal Reserve Board’s Technology Lab (TechLab) is expanding experimentation with technologies relevant to digital currencies and other payment innovations. The TechLab conducts hands-on research to further the Federal Reserve’s understanding of payment technologies and support development of policy views. The TechLab is a multidisciplinary team composed of Board and Federal Reserve Bank staff with expertise in payments, economics, law, information technology, and computer science.
In addition, the Federal Reserve Bank of Boston is collaborating with researchers at the Massachusetts Institute of Technology on a multiyear effort to build a hypothetical digital currency oriented for central bank use. This research project is intended to support the Board’s broader efforts in assessing the safety and efficiency of central bank digital currency systems. The project focuses solely on developing an understanding of the capacities and limitations of the relevant technologies, rather than serving as a prototype for a Federal Reserve issued digital currency or addressing the wide-ranging policy issues associated with its potential issuance.
The Federal Reserve also continues its collaboration with other central banks and international organizations as it advances its understanding of central bank digital currencies.
For media inquiries, call 202-452-2955
Compliments of the U.S. Federal Reserve Board.
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The European Commission has adopted today a package of proposals that aims to increase trade between the European Union and neighbouring countries in the Pan-Euro-Mediterranean (PEM) region, thereby contributing to the economic recovery following the coronavirus outbreak. Today’s proposals will modernise the EU’s preferential trade agreements with 20 PEM trading partners by making the relevant ‘rules of origin’ in those agreements more flexible and business-friendly.
These proposals amend the EU’s bilateral agreements with the following countries: Iceland, Liechtenstein, Norway, Switzerland, Faroe Islands, Turkey, Egypt, Israel, Jordan, Lebanon, Palestine[1], Georgia, the Republic of Moldova, Ukraine, Albania, Bosnia and Herzegovina, North Macedonia, Montenegro, Serbia and Kosovo.
Paolo Gentiloni, Commissioner for Economy, said: “We need to do everything we can to facilitate trade and economic activity between the EU and our neighbours in the Euro-Mediterranean area, and to promote regional integration. This will also help countries like Lebanon recover and rebuild, while at the same time supporting European businesses in accessing new markets.”
‘Rules of origin’ are necessary under any trade agreement because they determine which goods can benefit from preferential treatment. The ‘origin’ is the ‘economic nationality’ of the goods traded. Origin procedures ensure that customs authorities can verify the origin of a good and allow businesses to prove the origin of their goods. When all the necessary requirements are met, goods with preferential origin are eligible to be imported with lower duty rates, or even a zero rate, depending on the preferential tariff treatment.
Today’s new rules, which are the result of ten years of negotiations, will apply alongside those of the Regional Convention on pan-Euro-Mediterranean preferential rules of origin (PEM Convention), pending the review of the Convention, which is currently under way.
Background
This package, which is a step towards the modernisation of the PEM Convention, comprises of 21 proposals for Council Decisions that will provide for more user-friendly rules of origin in the EU’s trade agreements with most of its neighbouring countries. Trade with these countries accounted for €677 billion in 2019, which is almost half of the EU’s preferential trade. These provisions will make it easier for products to benefit from trade preferences, such as:

Simpler product-specific rules, such as the elimination of cumulative requirements, thresholds for local value added, more adapted to EU production needs, and new double transformation for textiles;
Increased thresholds of tolerance for non-originating materials, from 10% to 15%;
The introduction of “full” cumulation, under which the manufacturing operations needed to acquire origin for most products can be split among several countries;
The possibility of duty-drawback (repayment of duties on imported components) for most products to help EU exporters compete.

Rules of origin applied autonomously, as well as implementing provisions on origin are part of the EU’s customs legislation.
Compliments of the European Commission.
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