WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen released the following statement on President Biden’s executive order on digital assets.
“President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.
Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems. We’ll also convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place. And, because the questions raised by digital assets often have important cross-border dimensions, we’ll work with our international partners to promote robust standards and a level playing field.
This work will complement ongoing efforts by Treasury. Already, the Department has worked with the President’s Working Group on Financial Markets, the FDIC, and OCC to study one particular kind of digital asset – stablecoins– and to make recommendations. Under the executive order, Treasury and interagency partners will build upon the recently published National Risk Assessments, which identify key illicit financing risks associated with digital assets.
As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts. Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”
Compliments of the U.S. Department of Treasury.
The post Statement by Secretary of the Treasury Janet L. Yellen on President Biden’s Executive Order on Digital Assets first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

“Check against delivery” | Paris, 7 March 2022 |
Introduction
Good morning. Thank you so much for inviting me to be with you today. I am glad to be here in person. Because getting together, being in one room  makes a difference.
This is especially true these days. The events of the past weeks are a watershed moment for us all. They alter the course of our policies and the calculus of our foreign relations.
I don’t want to say too much about it. But I do feel these events will galvanise us: As Europeans and as global citizens who believe in sovereignty, democracy and respect for international law, the unacceptable aggression of the Russian leadership, and the inspiring bravery and sacrifice of the Ukrainian people, unite us and reinforce our sense of purpose.
We need to strengthen our ability to stand up to illegal aggression. In addition to our determined support to Ukraine, we have taken coordinated action with like-minded partners to strengthen our sanctions against Moscow and Minsk.
Our sanctions are only effective because of the size and strength of our economy. And we will be able to handle the potential knock-on effects of these sanctions due to the resilience of our Single Market. This is why nurturing our Single Market is also investing in our capacity to act on the global stage.
Strengthening Resilience
With this in mind, our focus must continue to be the resilience of our economy – supporting innovation, making the most of the transition to the digital and green economy, and allowing businesses to compete and to scale-up on fair terms. In short, we need to make our Single Market stronger. This strengthening exercise has both an internal and an external dimension.
An example of internal strengthening is our upcoming Single Market Emergency Instrument, which is aimed at ensuring the functioning of the Single Market at all times. As we have been progressing out of the Covid crisis, little have we known that another, very different crisis would arrive at our doorstep. This shows the importance of crisis preparedness.
Then there is the external dimension. As part of our Industrial Strategy, we have been working with industry to identify strategic dependencies, and find durable solutions, so we don’t end up in a vulnerable position.
For semiconductors, such a solution is already in the pipeline. The European Chips Act will protect the Union against extreme dependency in this vital sector, by strengthening Europe’s position in research and chip production, and partnering with like-minded democracies to stabilise supply chains. Because, crisis or not, Europe cannot do it alone.
And let’s face it, the current events in Ukraine showed us what we already knew– that our strategic dependency on Russian gas makes our energy sector vulnerable in the short to medium term. It also give us yet another reason to intensify our commitment to the green energy transition.
The point is not to turn inwards. The point is that a greener, more diversified energy mix creates resilience, by giving us options. That same logic holds for all our work on competition policy. Whether in manufacturing, retail or financial services, we need open and dynamic markets to stay resilient.
Foreign Subsidies
This is also where our Foreign Subsidies Proposal comes in – it makes clear that distortive foreign subsidies will not be tolerated in the Single Market, while keeping the Union open to the foreign investment, innovation and global competition.
It empowers the Commission to take action against foreign subsidies granted to companies operating in our Single Market. Because such subsidies can distort the level playing field, we have been building for 60 years through our State aid control. This is not about protectionism; it’s about ‘fairness. Our proposal strikes a careful balance between effectiveness and the burden it creates. And it respects the balance between our own State aid rules and our international commitments, making sure everyone is treated fairly on the Single Market. It also makes sure that undistorted foreign investment can flow to Europe.
A targeted instrument as part of a wider approach
That said, for the instrument to work, it must remain targeted. There have been calls to broaden the scope to address aspects that go well beyond subsidies – things like lower labour law standards or environmental standards.
I don’t mean to say these issues are trivial. They are as important as they are complex. What does and does not constitute a ‘fair’ competitive advantage in trade between two very different countries, is a question trade policy has been concerned with for decades.
But the Foreign Subsidies Regulation cannot resolve all these issues. This is a Single Market instrument, and that is where its focus should be: on maintaining fair competition in the Single Market.
At the same time, this instrument will not exist in a vacuum. There are a number of other initiatives that deal with labour and environmental issues. For example, our new legislative instrument on due diligence in companies’ supply chains, or the Carbon Border Adjustment Mechanism to stop carbon leakage.
And the EU remains fully committed to supporting the multilateral framework, in particular the work of the World Trade Organisation. We also actively support fair and open trade through our bilateral and neighbourhood policies.
But we are also expanding our toolkit of instruments in support of a more assertive EU trade policy. These range from a screening mechanism for Foreign Direct Investment, to the proposals for an anti-coercion instrument and the International Procurement Instrument.
Conclusion
All the initiatives I have mentioned aim at making our Single Market more resilient, fairer and more assertive on the global stage. What I see, and which I find encouraging in these momentous times, is that we are strongly united behind this common goal.
The unprovoked aggression of the kind we are witnessing in Ukraine is a sign of weakness and desperation. We do right to show solidarity towards the Ukrainian people. We also do right by remaining strong and resolved in our principles; and in our commitment to fairness, to openness, and to peace.
Thank you.
Compliments of the European Commission.
The post Fair and Open Trade in Europe and beyond – High Level Conference on Trade Policy and European Strategic Autonomy first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

Today, the Commission is proposing to activate the Temporary Protection Directive  to offer quick and effective assistance to people fleeing the war in Ukraine. Under this proposal, those fleeing the war will be granted temporary protection in the EU, meaning that they will be given a residence permit, and they will have access to education and to the labour market.
At the same time, the Commission is also putting forward operational guidelines intended to help Member States’ border guards in managing arrivals at the borders with Ukraine efficiently, while maintaining a high level of security. The guidelines also recommend that Member States set up special emergency support lanes to channel humanitarian aid and recall the possibility of granting access to the EU on humanitarian grounds.
President of the European Commission, Ursula von der Leyen, said: “Europe stands by those in need of protection. All those fleeing Putin’s bombs are welcome in Europe.  We will provide protection to those seeking shelter and we will help those looking for a safe way home.”
Vice-President for Promoting our European Way of Life, Margaritis Schinas, said: “In a historically unprecedented move, the Commission is today proposing to grant immediate protection in the EU for those fleeing Ukraine. All those fleeing the war will be provided with a secure status and access to schools, medical care and work. At the same time, we are working to facilitate efficient crossings at the borders for people and their pets, with the necessary security checks. The times are bearing heavily down upon us but the European Union and every single one of its Member States is showing beyond a doubt that we are ready to step up to the plate and stand in solidarity with Ukraine.”
Commissioner for Home Affairs, Ylva Johansson, said: “I’m proud of how the EU and Member States are giving immediate support to those coming from the horrific threats of war. With our proposals today, we will give Member States further capacity to manage this crisis in an orderly and effective way. We will grant residency rights, labour market access and housing to people in need and finally with the guidelines we will make sure those fleeing the war in Ukraine can get to the EU quickly, without going through lengthy formalities at the borders.”
Temporary Protection Directive
Since the Russia’s military invasion of Ukraine, over 650,000 people have fled to neighbouring EU Member States. The Temporary Protection Directive was specifically conceived to give immediate protection to the persons who need it and to avoid overwhelming Member States’ asylum systems.
Under this proposal, Ukrainian nationals and people who have made Ukraine their home as well as their family members displaced by the conflict will be entitled to protection across the European Union. Non-Ukrainian nationals and stateless people legally residing in Ukraine who cannot return to their country or region of origin, such as asylum seekers or beneficiaries of international protection and their family members, will also be granted protection in the EU. Others who are legally present in Ukraine for a short-term and are able to return safely to their country of origins will fall outside the scope of this protection. Nevertheless, should be allowed access to the EU to transit prior to returning to their countries of origin.
Given the extraordinary and exceptional nature of this attack and the scale of new arrivals to the EU, the Temporary Protection Directive offers the appropriate response to the present situation by:

Providing immediate protection and rights: this includes residency rights, access to the labour market, access to housing, social welfare assistance, medical or other assistance, and means of subsistence. For unaccompanied children and teenagers, temporary protection confers right to legal guardianship and access to education.

Reducing pressure on national asylum systems by creating a protection status with reduced formalities. This will avoid overwhelming national asylum systems and allow the Member States to manage arrivals in an orderly and effective way in full respect for fundamental rights and international obligations.

Enhanced solidarity and responsibility sharing: The rules under the Temporary Protection Directive promote a balance of efforts between the Member States in hosting displaced persons from Ukraine. A ‘Solidarity Platform’, where Member States can exchange information about reception capacity will be coordinated by the Commission.

Further support from EU Agencies: Frontex, the European Union Asylum Agency and Europol can provide further operational support at the request of Member States to ensure smooth implementation of this decision.

Guidelines on border management
The guidelines on external border management clarify the facilitations available to Member States’ border guards under the Schengen rules in conducting border controls. This will help ensure efficient border management to help those fleeing the war find shelter without delay whilst maintaining a high level of security checks.
The facilitations available include:

Simplification of border controls at the EU’s borders with Ukraine: Under the Schengen rules, border guards can temporarily relax border checks in exceptional circumstances for certain categories of persons. The guidelines lay out criteria to help Member States decide whom this could apply to, addressing the needs ofvulnerable travellers such as children. Where the identity of the person arriving cannot be established, the regular border check should apply. In addition, Member States can also decide to perform border checks during or after the transport of the travellers to a safe location, and not at the border crossing point. These two measures will help reduce waiting time at the border so that people can reach a place of safety without delay.

Flexibility as regards entry conditions: Under the Schengen rules, border guards can authorise non-EU nationals to enter a Member State’s territory on humanitarian grounds even if they do not fulfil all entry conditions (for instance, even if they do not have a valid passport or visa with them). Member States could apply this derogation to allow entry to all those fleeing the conflict in Ukraine.

Allowing crossings at temporary border crossing points, outside official border crossing points: This could help reduce delays at the border in the current situation, for example in case the roads to official border crossing points are blocked by abandoned cars.

Easy access for rescue services and humanitarian assistance: Member States should make special arrangements to facilitate the entry and exit of rescue services, police and fire brigades, including to provide medical assistance, food and water to people waiting to cross the border. Member States should also set up special lanes at border crossing points to ensure access and return of organisations providing humanitarian assistance to people in Ukraine.

Personal belongings and pets: Those displaced from Ukraine can bring personal belongings without any customs duties. The guidelines also clarify the facilitations available for those coming with their pets.

The guidelines strongly recommend Member States make use of the support EU Agencies can provide – with Frontex able to assist on identifying and registering people arriving and Europol available to deploy officers supporting Member States with secondary checks.
Next Steps
It is for the Council to adopt the Temporary Protection proposal. The Council already expressed broad support for both measures at the extraordinary meeting of Sunday 27 February and has committed to discussing the two documents at the Justice and Home Affairs Council on Thursday, 3 March. Once adopted, temporary protection would start applying immediately and run for 1 year. This period is extended automatically by six monthly periods for a further year.
The Commission can propose at any time to the Council to end the temporary protection, based on the fact that the situation in Ukraine allows the safe and durable return of those granted temporary protection, or extend it, by one further year.*
The guidelines on external border management is a non-binding document intended to support border guards in their work. Member States’ border guards can immediately start making use of the clarifications it provides.
Background
Since the invasion of Ukraine by Russia, the EU is supporting the people of Ukraine. Through sanctioning Putin’s Russia and the Lukashenko regime in Belarus and stepping up its humanitarian support as well as financial and operational support to Member States, the EU and its Member States are providing a safe haven for people fleeing war in Ukraine.
Temporary protection is an exceptional measure to provide immediate and temporary protection to displaced persons from outside the EU and  unable to return to their country of origin.
The Schengen Borders Code – which sets the rules governing the crossing of the EU’s external borders and the entry conditions inside the EU for non-EU nationals – provides for flexibility in specific cases, to reduce formalities to a minimum in urgent crisis situations. Today’s guidelines clarify the possibilities and facilitations available to Member States’ border guards in managing the situation at the EU’s external borders with Ukraine.
Compliments of the European Commission.
The post Ukraine: EU Commission proposes temporary protection for people fleeing war in Ukraine and guidelines for border checks first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The Council today introduced further restrictive measures in view of the Russian Federation’s unprovoked and unjustified military aggression against Ukraine.
The Council decided in particular to prohibit:

the provision of specialised financial messaging services, which are used to exchange financial data (SWIFT), to Bank Otkritie, Novikombank, Promsvyazbank, Rossiya Bank, Sovcombank, VNESHECONOMBANK (VEB), and VTB BANK’. This prohibition will enter into force on the tenth day after the publication in the Official Journal of the EU, and will also apply to any legal person, entity or body established in Russia whose proprietary rights are directly or indirectly owned for more than 50% by the above-mentioned banks.
to invest, participate or otherwise contribute to future projects co-financed by the Russian Direct Investment Fund.

sell, supply, transfer or export euro denominated banknotes to Russia or to any natural or legal person, entity or body in Russia, including the government and the Central Bank of Russia, or for use in Russia.

Today’s decisions complements the package of measures announced by the High Representative after the video conference of EU Foreign Affairs Ministers of 27 February. Such package also includes the provision of equipment and supplies to the Ukrainian Armed Forces through the European Peace Facility, a ban on the overflight of EU airspace and on access to EU airports by Russian carriers of all kinds, a ban on the transactions with the Russian Central Bank, and the prohibition for state-owned media Russia Today and Sputnik’ to broadcast in the EU.
The European Union condemns in the strongest possible terms the Russian Federation’s unprovoked and unjustified military aggression against Ukraine, and demands that Russia immediately ceases its military actions, unconditionally withdraws all forces and military equipment from the entire territory of Ukraine and fully respects Ukraine’s territorial integrity, sovereignty and independence within its internationally recognised borders.
Compliments of the European Council.
The post Russia’s military aggression against Ukraine: EU bans certain Russian banks from SWIFT system and introduces further restrictions first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The OECD has released the third batch of 2021/2022 updates to the transfer pricing country profiles, reflecting the current transfer pricing legislation and practices of 28 jurisdictions.
The updated country profiles add new information on countries’ legislations and practices regarding the transfer pricing aspects of financial transactions and the application of the Authorised OECD Approach (AOA) on the attribution of profits to permanent establishments. In addition, the country profiles reflect updated information on a number of transfer pricing aspects such as methods, comparability, intra-group services, cost contribution agreements, transfer pricing documentation and administrative approaches to prevent and resolve disputes.
In August and December 2021, the OECD had released the first and second batches of updated transfer pricing country profiles. With this third batch, the profiles for Brazil, Canada, Chile, China, Croatia, Dominican Republic, Estonia, Finland, Greece, Hungary, Israel, Korea, Liechtenstein, Lithuania, Luxembourg, Malta, Panama, Portugal, Slovenia, the United Kingdom, Uruguay and the United States have been updated, and 6 new country profiles from OECD/G20 Inclusive Framework on BEPS Members (Honduras, Iceland, Jamaica, Papua New Guinea, Senegal and Ukraine) were added, bringing the total number of countries covered to 91.
The OECD will continue to update existing transfer pricing country profiles to include new jurisdictions as changes in legislation or practice are submitted to the OECD Secretariat.
To access the latest transfer pricing country profiles, visit: https://oe.cd/transfer-pricing-country-profiles
Contact:

Manuel de los Santos, Acting Head of the Transfer Pricing Unit in the OECD Centre for Tax Policy and Administration | Manuel.DELOSSANTOS@oecd.org | +33 1 45 24 91 42 | ctp.communications@oecd.org

Compliments of the OECD.
The post OECD releases third batch of transfer pricing country profiles first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

From the President of the United States on the Trade Agreements Program | March 2022 |

Forward
The 2022 Trade Policy Agenda and 2021 Annual Report of the President of the United States on the Trade Agreements Program are submitted to the Congress pursuant to Section 163 of the Trade Act of 1974, as amended (19 U.S.C. § 2213). Chapter IV and Annex III of this document meet the requirements of Sections 122 and 124 of the Uruguay Round Agreements Act with respect to the World Trade Organization. This report includes an annex listing trade agreements entered into by the United States since 1984. This report also includes an annex on U.S. trade in 2021, for which goods trade data by country are for full year 2021 and full-year services data by country are for 2020 (latest data available). The Office of the United States Trade Representative (USTR) is responsible for the preparation of this document and gratefully acknowledges the contributions of all USTR staff to its writing and production. We note, in particular, the contributions of Mitchell Ginsburg, David Oliver, Russell Smith, and Spencer Smith. Appreciation is extended to partner Trade Policy Staff Committee agencies.
The President’s Trade policy Agenda
I. Introduction
The Biden Administration recognizes that trade can––and should––be a force for good. Done right, and in coordination with other policy disciplines, it can grow the middle class, redress inequality, and level the playing field by promoting fair competition. We remain committed to upholding a fair and open global trading system – one that follows through on our trading partners’ longstanding commitment to conduct economic relations with a view to raising standards of living, ensuring full employment, and promoting sustainable development.
To realize these goals, we must take stock of what has worked and what has not. This requires us to identify and rethink aspects of the existing trading system that incentivize or enable unfair competition.
Competition in a global market provides Americans access to a wider variety of goods and services at competitive prices. But, too often our existing global trade rules have rewarded advantages that are not based on fair competition – or American values more broadly. Consumers in the global marketplace are also wage earners and producers, and members of broader communities that feel the effects of our trade policies. A trade model that promotes exploitation, whether of workers or the environment, is not efficient – it is a form of unfair competition. And it is not sustainable.
For these reasons, the Administration continues to advance its worker-centered trade policy. We are standing up for workers’ rights – but it is more than that. We are promoting a broader agenda of fair competition to ensure that workers are competing on the basis of skills and creativity, not exploitative cost advantages. We are laser-focused on working with partners and allies to chart new trade rules that do more to advance decarbonization and other critical environmental standards, support U.S. farmers, promote sustainable and resilient supply chains, and combat the COVID-19 pandemic. Through this approach, we can harness fair competition and support the American middle class with increased prosperity while promoting core American values.
As President Biden has explained, “[We] will pursue new rules of global trade and economic growth that strive to level the playing field so that it’s not artificially tipped in favor of any one country at the expense of others, and every nation has a right and the opportunity to compete fairly.”
Exploitation of workers and the environment are not the only forms of unfair practices that distort global trade at the expense of Americans. We must recognize that China, as a large, non-market economy, has uniquely distorted global trade through its economic policies and practices, causing harm to U.S. production, investment, and even consumption. In many ways, China’s integration into the global trading system has highlighted weaknesses in the current system – and the urgent need for reform. Lack of protections for workers, a weak environmental regime, and anticompetitive subsidies are the hallmarks of China’s artificial comparative advantage. It is an advantage that puts others out of business and violates any notion of fair competition.
That’s why the Biden Administration is realigning our trade policies towards China to defend the interests of America’s workers and businesses to strengthen our middle-class, create shared sustainable growth, and spur resilient climate action. We are working to counter China’s unfair economic practices, including by raising our concerns directly with China and working with our partners and allies to address shared challenges.
We know we cannot effectively advance our worker-centered trade policy alone. Many of our partners and allies share our goal of a fairer, more sustainable international economic regime, and we are steadily forging the partnerships necessary to update and enforce the rules governing the global economy and trade. One example is the Administration’s success in rallying the world behind a Global Minimum Tax on corporations to address yet another race to the bottom that, among other things, has deprived the United States of resources that should rightfully allow for investment in communities here at home. Another is the deal we reached with the European Union (EU) to combat global oversupply in the steel and aluminum industry and negotiate a first-of-its-kind trade arrangement predicating market access on the greenhouse gas emissions of imported steel and aluminum. A third example is the agreements we reached with the EU and the UK to resolve the longstanding aircraft disputes involving Boeing and Airbus, which allowed us to move past a perennial irritant and focus on shared interests, including financing on market terms and the challenges posed by non-market economies. We are building on this momentum to advance broader goals of fair competition through all available avenues, whether bilateral, regional, or multilateral discussions; existing trade agreements and frameworks; or new initiatives. Where the scope of the challenge requires new tools, we will pursue them as well.
A vital element of our effort to build an inclusive trade policy agenda is understanding the effects of our policies on underrepresented and underserved workers and communities, and ensuring that they have a say in how our policies are designed going forward. A more inclusive framework will lead to more durable trade policy. Approaches to trade that rest on a narrow base of support are unsustainable, and could ultimately undermine U.S. leadership at a critical juncture. While our ambition is high, we are rising to the challenge.
Precisely because it is focused on workers as the engine of the global economy, the Biden Administration’s trade policy will be a force for good – and will lead to a more durable, stable, and resilient trading system.
Continue Reading Here
Compliments of the Executive Office of the President of the United States.
The post U.S. 2022 Trade Policy Agenda & 2021 Annual Report first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The United Nations Environment Assembly, meeting in Nairobi, has just agreed to launch negotiations on a legally binding global agreement to combat plastic pollution. EU diplomacy has played a key role in securing the support of the global community coming together in Nairobi for this agreement, which aims at reducing and eventually eliminating plastic pollution in all environments.
Executive Vice-President for the European Green Deal, Frans Timmermans said: “It is encouraging to see the global community come together at this time of crisis. Ever since the European plastics strategy was presented in 2018, the European Union has been a driving force to tackle plastic pollution. We are determined to keep pushing for ambitious global action, as the fight against the climate and biodiversity crises must involve all of us.” 
Speaking from Nairobi, Commissioner for Environment, Oceans and Fisheries Virginijus Sinkevičius welcomed the agreement: “About 11 million tonnes of plastic currently enter the ocean every year and this amount will triple in the next 20 years without an effective international response. Thus I am glad that with EU input the global community today stepped up to fight plastics pollution. We will engage actively in the discussions of a legally binding agreement that looks at all stages of the plastics life cycle from product design to waste.” 
The future agreement will aim to close the gaps that existing initiatives and agreements do not address, especially at the design and production phases of the plastics life cycle. It should bring together all stakeholders to achieve the overall goal to eliminate the leakage of plastic into the environment. The EU has put significant efforts throughout the years in outreach activities, working with partners and building support for a legally binding global agreement on plastics. The EU played a key role in bringing together the coalition of countries that spearheaded efforts towards today’s decision in Nairobi. 
Key steps towards a global agreement on plastics
As outlined in the European Green Deal and the Circular Economy Action Plan, the EU has emphasised the need for circular, life-cycle approach to plastics as a basis for a new legally binding global agreement. The solution lies in prevention, proper design and production of plastics, and their resource-efficient use, followed by sound management when it becomes waste. Commissioner Sinkevičius advocated this approach as a global priority in Nairobi.
The EU and its Member States believe that a global instrument needs to promote action at the national, regional and global levels and in particular enable countries to adopt implementation policies according to national specific circumstances, while applying a circular approach to plastics.
The future agreement could further identify the need for standards as well as measurable goals, and strengthen monitoring of plastic pollution, including marine plastic pollution, and assessment of their impacts in all environmental compartments. This would enable the adjustment of measures, both at the national and regional specific levels.
Next steps
The decision mandates the holding of the first session of the Intergovernmental Negotiating Committee in the second semester of 2022 and establishes the ambition to conclude negotiations by 2024. The EU will continue to work with its allies and other partners aiming at a rapid conclusion of the negotiations.
Background
Plastics can be a threat to the health and the environment if not treated properly. Approximately 300 million tonnes of plastic waste (an amount equivalent to the weight of the human population) are produced every year. However, only 9% is recycled; the vast majority of the rest accumulates in landfills or the natural environment. Over time, these materials break down into microplastics that ease additional pollutants into the human food chain, freshwater systems, and air.
Even with all commitments, efforts and actions that countries and regions are taking today, the world would see a limited reduction of plastic discharge into the oceans, of only 7% annually within 2040, if we continue with business as usual.
Despite a global momentum around the problem of plastic pollution, there is no dedicated international agreement specifically designed to prevent plastic pollution throughout the plastics lifecycle. The absence of agreed global response has hampered the ability of countries to implement effective measures, particularly those with trade implications and/or related to product standards. 
Compliments of the European Commission.
The post EU helps launch negotiations on landmark global agreement on plastic pollution first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

In view of Russian Federation’s unprovoked and unjustified military aggression against Ukraine and the escalating situation, the Council today agreed on a new set of measures that will impose severe consequences on Russia for its actions. Such decisions was agreed in close coordination with EU’s partners and allies.
Firstly the Council adopted two assistances measures under the European Peace Facility (EPF) that will contribute to strengthening the capabilities and resilience of the Ukrainian Armed Forces to defend the territorial integrity and sovereignty of the country, and protect the civilian population against the ongoing military aggression. The assistance measures, worth in total EUR 500 000 000, will finance the provision of equipment and supplies to the Ukrainian Armed Forces, including – for the first time – lethal equipment.

Following the request by Foreign Affairs Minister of Ukraine, we are immediately responding by mobilising the European Peace Facility for two emergency assistance measures to finance the supply of lethal and non-lethal material to the Ukrainian army. This is the first time in history that the EU will be providing lethal equipment to a third country. We are doing everything we can to support Ukraine, we stand by the Ukrainian people.
High Representative of the European Union for Foreign Affairs and Security Policy

Secondly, the Council adopted severe restrictive measures related to aviation and finance.
EU member states will deny permission to land in, take off from or overfly their territories to any aircraft operated by Russian air carriers, including as a marketing carrier, or to any Russian registered aircraft, or to non-Russian registered aircraft which are owned or chartered, or otherwise controlled by a Russian legal or natural person.
Moreover, it will be prohibited to make transactions with the Russian Central Bank or any legal person, entity or body acting on behalf or at the direction of the Russian Central Bank.
The European Union condemns in the strongest possible terms the Russian Federation’s unprovoked and unjustified military aggression against Ukraine, as well as the involvement of Belarus in this aggression.
The European Union demands that Russia immediately ceases its military actions, unconditionally withdraws all forces and military equipment from the entire territory of Ukraine and fully respects Ukraine’s territorial integrity, sovereignty and independence within its internationally recognised borders. The European Council calls on Russia and Russia-backed armed formations to respect international humanitarian law and stop their disinformation campaign and cyber-attacks.
The use of force and coercion to change borders has no place in the 21st century. Tensions and conflict should be resolved exclusively through dialogue and diplomacy. The EU will continue cooperating closely with neighbours and reiterates its unwavering support for, and commitment to, the sovereignty and territorial integrity of Georgia and of the Republic of Moldova. It will continue strong coordination with partners and allies, within the UN, OSCE, NATO and the G7.
Compliments of the European Council.
The post EU adopts new set of measures to respond to Russia’s military aggression against Ukraine first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.

The Federal Reserve Board in March will begin a statistical study of household finances, the Survey of Consumer Finances, that will provide policymakers with important insight into the economic condition of a broad cross section of American families.
“This survey is one of the nation’s primary sources of information on the financial condition of different types of families,” Federal Reserve Board Chair Jerome Powell said in a letter to prospective survey participants. “Our most recent survey has been instrumental in continuing to understand the different experiences of American families during the economic uncertainty resulting from the COVID-19 pandemic.”
The data collected will provide a representative picture of what Americans own (from houses and cars to stocks and bonds), how and how much they borrow, and how they bank. Past study results have contributed to policy discussions regarding recovery of households from the Great Recession, changes in the use of credit, the use of tax-preferred retirement savings accounts, and a broad range of other issues. The sample design for the 2022 survey will include adjustments to improve the coverage of Black, Hispanic or Latino, and Asian families in the survey.
The current version of the survey has been undertaken every three years since 1983. It is being conducted for the Board by NORC, a social science research organization at the University of Chicago, through December of this year.
Participants in the study are chosen at random from 119 areas, including metropolitan areas and rural counties across the United States, using a scientific sampling procedure. A representative of NORC contacts each potential participant personally to explain the study and request time for an interview.
Individual survey responses are kept confidential. NORC uses names and addresses only for the administration of the survey, and that identifying information will be destroyed at the close of the study. NORC is forbidden from giving the names and addresses of participants to anyone at the Federal Reserve or anywhere else.
Summary results for the 2022 study will be published in late 2023 after all data from the survey have been assessed and analyzed.
The attached letter from Chair Powell will be mailed in mid-March to approximately 13,000 households urging their participation in the study.
Chair Powell’s letter (PDF)
Contact:

For media inquiries, e-mail media@frb.gov or call 202-452-2955

Compliments of the U.S. Federal Reserve.
The post Federal Reserve Board begins 2022 Survey of Consumer Finances first appeared on European American Chamber of Commerce New York [EACCNY] | Your Partner for Transatlantic Business Resources.