The European economic and financial system: fostering openness, strength and resilience

Summary:

Communication published by the European Commission on 19 January 2021, setting out a strategy aimed at stimulating the openness, strength and resilience of the economic and financial system of the European Union (EU).

Further information:

It aims at better enabling the EU to play a leading role in global economic governance, while protecting itself from unfair and abusive practices. It goes hand-in-hand with the commitment to a more resilient and open global economy, well-functioning international financial markets and the rules-based multilateral system. The proposed approach is based on three pillars:

• Promoting a stronger international role of the euro;
• Further developing EU financial market infrastructures and improving their resilience;
• Further promoting the uniform implementation and enforcement of the EU's own sanctions.

This strategy builds on the Commission's 2018 Communication on the International Role of the Euro and acknowledges the economic recovery plan first announced by the Communication on the Next Generation EU.

• Alternative Source 1

Official

EPP Group: Newsroom, 18/01/2021: EU needs masterplan to move financial business away from London https://www.eppgroup.eu/newsroom/news/eu-needs-masterplan-to-move-financial-business-from-london

European Commission: Press Release, 19/01/2021: Commission takes further steps to foster the openness, strength and resilience of Europe's economic and financial system https://ec.europa.eu/commission/presscorner/detail/en/ip_21_108

European Commission: Questions and Answers: Fostering the openness, strength and resilience of Europe's economic and financial system (19 January 2021) https://ec.europa.eu/commission/presscorner/detail/en/qanda_21_109

European Commission: Remarks by Executive Vice-President Dombrovskis at the press conference on the fostering the openness, strength and resilience of Europe's economic and financial system (19 January 2021) https://ec.europa.eu/commission/presscorner/detail/en/speech_21_161

European Commission: Remarks by Commissioner McGuinness at the press conference on the fostering the openness, strength and resilience of Europe's economic and financial system (19 January 2021) https://ec.europa.eu/commission/presscorner/detail/en/speech_21_163

European Commission: Remarks by Commissioner Gentiloni at the press conference on the fostering the openness, strength and resilience of Europe's economic and financial system (19 January 2021) https://ec.europa.eu/commission/presscorner/detail/en/speech_21_162

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News

CityAM, 18/01/2021: EU politicians pushing for 'masterplan' to steal City jobs from London and promote euro in global trade https://www.cityam.com/eu-politicians-pushing-for-masterplan-to-steal-city-jobs-from-london-and-promote-euro-in-global-trade/

EurActiv, 19/01/2021: Brussels launches new offensive against US dollar supremacy https://www.euractiv.com/section/economy-jobs/news/brussels-launches-new-offensive-against-us-dollar-supremacy/

Bloomberg, 19/01/2021: EU Eyes Dollar’s Global Dominance in Bid to Bolster the Euro https://www.bloomberg.com/news/articles/2021-01-19/eu-eyes-dollar-s-global-dominance-in-a-bid-to-bolster-the-euro

Reuters, 19/01/2021: EU seeks to cut reliance on U.S. dollar, other financial centres https://www.reuters.com/article/idUSKBN29O1ZI

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