By , The latest transatlantic row was ignited when the United States said on Wednesday it was withdrawing from negotiations with European countries over new international tax rules on digital firms, saying talks had made no progress.Nearly 140 countries are involved in the talks organised by the Organisation for Economic Cooperation and Development (OECD) on the first major rewrite of global tax rules in a generation to bring them up to date for the digital era.“A trade war, especially at this point in time, where the world economy is going through a historical downturn, would hurt the...…By , The latest transatlantic row was ignited when the United States said on Wednesday it was withdrawing from negotiations with European countries over new international tax rules on digital firms, saying talks had made no progress.Nearly 140 countries are involved in the talks organised by the Organisation for Economic Cooperation and Development (OECD) on the first major rewrite of global tax rules in a generation to bring them up to date for the digital era.“A trade war, especially at this point in time, where the world economy is going through a historical downturn, would hurt the...WW…

By BRUSSELS (Reuters) - The European Commission plans to borrow around 150 billion euros annually until 2026 to finance the bloc’s unprecedented plan to make its economy greener and more digitalised, making it the biggest debt issuer in euros, the Commission said on Wednesday.Slideshow The amount of the EU economic plan was agreed at 750 billion euros in 2018 prices, but now totals around 807 billion euros in current prices.The money is split into 338 billion euros in grants and 386 billion in loans for the 27 EU countries and the rest is for joint EU programmes. It will be distributed over...…By BRUSSELS (Reuters) - The European Commission plans to borrow around 150 billion euros annually until 2026 to finance the bloc’s unprecedented plan to make its economy greener and more digitalised, making it the biggest debt issuer in euros, the Commission said on Wednesday.Slideshow The amount of the EU economic plan was agreed at 750 billion euros in 2018 prices, but now totals around 807 billion euros in current prices.The money is split into 338 billion euros in grants and 386 billion in loans for the 27 EU countries and the rest is for joint EU programmes. It will be distributed over...WW…

By BRUSSELS (Reuters) -The European Commission took the Polish government to court on Wednesday accusing it of undermining the independence of judges and preventing them from applying EU law in Poland.The EU executive also asked the Court of Justice of the European Union (CJEU), the bloc’s top court, to suspend key powers of the Polish body that can take action against the judges, pending the court’s ruling in the case.“Polish judges are also European judges; they apply EU law and contribute to the mutual trust on which Europe is built,” European Commission Vice President Vera Jourova said...…By BRUSSELS (Reuters) -The European Commission took the Polish government to court on Wednesday accusing it of undermining the independence of judges and preventing them from applying EU law in Poland.The EU executive also asked the Court of Justice of the European Union (CJEU), the bloc’s top court, to suspend key powers of the Polish body that can take action against the judges, pending the court’s ruling in the case.“Polish judges are also European judges; they apply EU law and contribute to the mutual trust on which Europe is built,” European Commission Vice President Vera Jourova said...WW…

By BRUSSELS (Reuters) - Euro zone finance ministers promised on Monday to extend public support for the economy through 2021 and 2022 to help the common currency area emerge from the coronavirus crisis, saying they would deal with rising debt only once recovery is on track.The ministers, known as the Eurogroup, also said the public support, so far worth 8% of euro zone gross domestic product in national fiscal measures and 19% of GDP in liquidity measures, or more than 3 trillion euros ($3.58 trillion) in total, would be maintained as long as there is an acute health crisis.“The Eurogroup...…By BRUSSELS (Reuters) - Euro zone finance ministers promised on Monday to extend public support for the economy through 2021 and 2022 to help the common currency area emerge from the coronavirus crisis, saying they would deal with rising debt only once recovery is on track.The ministers, known as the Eurogroup, also said the public support, so far worth 8% of euro zone gross domestic product in national fiscal measures and 19% of GDP in liquidity measures, or more than 3 trillion euros ($3.58 trillion) in total, would be maintained as long as there is an acute health crisis.“The Eurogroup...WW…

By , LONDON (Reuters) - Britain and the European Union on Thursday reiterated their commitment to resolve post-Brexit trade frictions over the Northern Ireland border in the wake of a row over COVID-19 vaccines.Senior British minister Michael Gove and European Commission Vice President Maros Sefcovic released a joint statement after they met on Thursday, saying they had “a frank but constructive discussion”.They added they would “spare no effort” to implement solutions agreed in December under the so-called Northern Ireland Protocol, but did not provide details.Britain’s exit from the EU’s...…By , LONDON (Reuters) - Britain and the European Union on Thursday reiterated their commitment to resolve post-Brexit trade frictions over the Northern Ireland border in the wake of a row over COVID-19 vaccines.Senior British minister Michael Gove and European Commission Vice President Maros Sefcovic released a joint statement after they met on Thursday, saying they had “a frank but constructive discussion”.They added they would “spare no effort” to implement solutions agreed in December under the so-called Northern Ireland Protocol, but did not provide details.Britain’s exit from the EU’s...WW…

By BRUSSELS (Reuters) - The European Commission said on Tuesday it would seek to boost the international role of the euro and build European financial infrastructure so that the EU becomes more independent of outside financial centres and the dominance of the U.S. dollar.The initiative, which is an announcement of a long-term strategic direction rather than a action plan, follows Britain’s EU departure, which took Europe’s biggest financial hub -- the City of London -- outside the EU’s jurisdiction.“With the withdrawal of the UK from the EU, there is a strong need and opportunity to develop...…By BRUSSELS (Reuters) - The European Commission said on Tuesday it would seek to boost the international role of the euro and build European financial infrastructure so that the EU becomes more independent of outside financial centres and the dominance of the U.S. dollar.The initiative, which is an announcement of a long-term strategic direction rather than a action plan, follows Britain’s EU departure, which took Europe’s biggest financial hub -- the City of London -- outside the EU’s jurisdiction.“With the withdrawal of the UK from the EU, there is a strong need and opportunity to develop...WW…

By BRUSSELS (Reuters) - China and the European Union are likely to clinch a deal this week that would give EU firms better access to the Chinese market, improve competition conditions and protect EU investment in China, European officials said on Monday.Talks on the investment deal began in 2014, but were stuck for years as the EU said China was failing to make good on promises to lift curbs on EU investment despite a pledge to open up the world’s second largest economy.But tensions in trade relations between the United States and China may have helped change the Chinese position and bring...…By BRUSSELS (Reuters) - China and the European Union are likely to clinch a deal this week that would give EU firms better access to the Chinese market, improve competition conditions and protect EU investment in China, European officials said on Monday.Talks on the investment deal began in 2014, but were stuck for years as the EU said China was failing to make good on promises to lift curbs on EU investment despite a pledge to open up the world’s second largest economy.But tensions in trade relations between the United States and China may have helped change the Chinese position and bring...WW…

By , BRUSSELS (Reuters) - European Union leaders unblocked on Thursday a 1.8 trillion euro financial package to help the economy recover from the pandemic-induced recession after reaching a compromise with Poland and Hungary, the chairman of EU leaders Charles Michel said.The deal on the 1.1 trillion euro Multiannual Financial Framework (MFF) and a historic recovery fund also paves the way for the 27-nation bloc to agree on more ambitious cuts in greenhouse gas emissions - by 55% by 2030 against 1990 levels, rather than by 40% as now.The new climate goals will be discussed by leaders later...…By , BRUSSELS (Reuters) - European Union leaders unblocked on Thursday a 1.8 trillion euro financial package to help the economy recover from the pandemic-induced recession after reaching a compromise with Poland and Hungary, the chairman of EU leaders Charles Michel said.The deal on the 1.1 trillion euro Multiannual Financial Framework (MFF) and a historic recovery fund also paves the way for the 27-nation bloc to agree on more ambitious cuts in greenhouse gas emissions - by 55% by 2030 against 1990 levels, rather than by 40% as now.The new climate goals will be discussed by leaders later...WW…

By , , BRUSSELS (Reuters) - European Union leaders clinched an historic deal on a massive stimulus plan for their coronavirus-throttled economies in the early hours of Tuesday, after a fractious summit lasting almost five days.The agreement paves the way for the European Commission, the EU’s executive, to raise billions of euros on capital markets on behalf of all 27 states, an unprecedented act of solidarity in almost seven decades of European integration.Summit chairman Charles Michel called the accord, reached at a 5.15 a.m. (0315 GMT), a pivotal moment for Europe.Many had warned that a...…By , , BRUSSELS (Reuters) - European Union leaders clinched an historic deal on a massive stimulus plan for their coronavirus-throttled economies in the early hours of Tuesday, after a fractious summit lasting almost five days.The agreement paves the way for the European Commission, the EU’s executive, to raise billions of euros on capital markets on behalf of all 27 states, an unprecedented act of solidarity in almost seven decades of European integration.Summit chairman Charles Michel called the accord, reached at a 5.15 a.m. (0315 GMT), a pivotal moment for Europe.Many had warned that a...WW…