Goodbye 2019, Hello 2020!
The FIEC team is very pleased to wish you a happy and properous 2020!After the Christmas break, we are on the starting blocks and ready to inform you again every week !
Our articles are also available on our public website, so if you want to see any of those from 2019 again, click on the red button!
Priorities of the Croatian Presidency of the Council of the EU
On 1st January Croatia took over the rotating Presidency of the Council of the EU until the end of June.
Its programme will focus on various priorities including :
Its programme will focus on various priorities including :
- Sustainable development : starting the discussion on the EU Green Deal, development of the circular economy, using taxation measures to fight activities that exacerbate climate change.
- Safeguarding and strengthening the multilateral trading system based on rules that provide a level playing field.
- Implementation of the EU Pillar of Social Rights.
- Deepening the single market and developing digitalisation.
- Extension and finalisation of the Trans-European Transport Network.
The complete programme and the activities of the Croatian Presidency can be found on the dedicated website (click on the button below).
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Provisional Intergroups adopted by Parliament
A list of 27 provisional Intergroups has been adopted by the European Parliament’s political groups. Amongst those of interest to FIEC are: Artificial Intelligence and Digital; Climate Change and Sustainable Development; European industry competitive in the long term and sustainable developments; Green New Deal; SMEs and Urban. Intergroups provide a discussion forum and an informal way for MEPs to exchange views with interested parties.
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Basel III implementation could cost 170,000 jobs in construction
On 30 December, FIEC uploaded general comments to the European Commission’s online consultation regarding the implementation of the Basel III reforms. Basel III is an international agreement, of which the elements have to be transposed into EU law. If the EU opts for a one-to-one implementation, the reforms would bascially result in increased capital requirements for banks. To meet these requirements, banks would need to adjust their balance sheets by either reducing the size of their assets or by raising additional capital. In short, financing conditions for the real economy might worsen.
The construction industry would be affected in three ways: financing of real estate activities, of small and medium-sized enterprises and of construction projects. We estimate that stricter financing conditions could lead to a loss of 170,000 jobs in construction at European level and therefore pledge for a proportionate implementation taking into account the specific circumstances of the European economy.
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