Time for a European state export credit insurance program?

Time for a European state export credit insurance program?

Over the last decade, public export credit insurance has become one of the major instruments of trade policy, used to support and encourage exports. According to the figures of Berne Union members, public credit insurance covered more than one trillion of US dollars of new transactions in 2018, writes Matija Vodoplav. Matija Vodoplav is a PhD student in Law at the Université de Tours in France. The article represents the author’s personal opinion. To encourage exports means to increase domestic production, economic growth and jobs and have a better balance…

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Romanian EPP avoids letter of expulsion from Orban for fear of negative border reaction

Romanian EPP avoids letter of expulsion from Orban for fear of negative border reaction

Romania’s National Liberal Party (PNL) has not joined a call of 13 centre-right leaders to expel Hungarian Prime Minister Viktor Orbán’s Fidesz party from the European People’s Party (EPP) fearing a backlash at the Romanian-Hungarian border, EURACTIV.com has learnt. PNL is the largest EPP member-party in Romania. The other two are the Democratic Alliance of Hungarians in Romania (RMDSZ), which represents the Hungarian minority community in Romania and is apparently close to Orbán, and the People’s Movement Party (PMP). On 2 April, centre-right leaders from Belgium, Czech Republic, Denmark, Finland,…

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UK faces 35% recession due to COVID-19 blockage

UK faces 35% recession due to COVID-19 blockage

The UK is expected to suffer a 35% drop in economic output as a result of the coronavirus lockdown measures, according to forecasts by the Office for Budgetary Responsibility (OBR) published on Tuesday (14 April). The OBR expects the UK economy to slump by 35% between March and June before recovering in the last six months of 2020, although it would still contract by 12.8% for the year as a whole. Unemployment is set to increase by more than 2 million to 10% in the second quarter, before gradually falling….

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We may not see international football until 2021, says FIFA vice president

We may not see international football until 2021, says FIFA vice president

Most international football might not be played until 2021 because of coronavirus pandemic travel restrictions and the need to give club competitions the chance to resume, one of Fifa’s vice-presidents has said. Victor Montagliani, a Canadian who is president of the governing body for North and Central America and the Caribbean (Concacaf), has been heading a Fifa working group formulating plans to deal with the implications of the sport being largely shut down since last month. Fifa already has called off international matches that were due to be played in…

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After the pandemic: how to use the Conference on the Future of Europe to rethink society

After the pandemic: how to use the Conference on the Future of Europe to rethink society

From financial problems to migration and Brexit, the European Union has faced multiple challenges so far. Nowadays, Europe is being hard-hit by another “black swan” – the COVID-19 pandemic. Could this one be even more destructive? How can the EU learn from its mistakes in order to better face future unpredictable crises, asks Nicolae Ştefănuţă. Nicolae Ştefănuţă is an MEP for the Save Romania Union (Renew). He is a vice-chair for EU-US relations and sits on the Environment, Budget and Foreign Affairs Committee. The rapid spread of COVID-19 has led…

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Italian Prime Minister warns virus puts EU projects at stake

Italian Prime Minister warns virus puts EU projects at stake

Italian Prime Minister Giuseppe Conte warned Thursday (9 April) that the European integration project was at risk if EU member states do not find an economic response to the coronavirus crisis. “If we do not seize the opportunity to put new life into the European project, the risk of failure is real,” Conte told the BBC as finance ministers bickered over over a common strategy. Italy and other southern European nations hardest-hit by the pandemic want Brussels to release generous financial aid to help idle businesses and the unemployed cope….

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France says future EU recovery fund will be € 500 billion funded through joint debt

France says future EU recovery fund will be € 500 billion funded through joint debt

European finance ministers have agreed to a post-crisis economic recovery plan worth €500 billion, which opens the door to jointly issued debt, France’s finance minister claimed on Thursday (9 April). Bruno Le Maire said after talks with his euro zone counterparts that European Union member states had agreed to mobilise €1 trillion to shore up the economy in response to the coronavirus crisis, in the most important economic plan in the EU’s history. Le Maire said on a call with reporters that the European Stability Mechanism will be activated with…

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The world is facing a new “Great Depression” as the number of victims of the virus grows

The world is facing a new “Great Depression” as the number of victims of the virus grows

World powers scrambled on Thursday (9 April) to build a global response to the human tragedy and once-in-a-century economic collapse caused by the coronavirus epidemic, as the worldwide death toll topped 90,000. In a locked-down New York, the UN Security Council was to meet on the pandemic for the first time. And, by video conference, EU finance ministers are wrangling over how to bail out their worst hit members Italy and Spain. The US coronavirus death toll jumped to over 15,774, according to the Johns Hopkins University, with more than…

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Italian Prime Minister rejects employers call to loosen coronavirus blockage

Italian Prime Minister rejects employers call to loosen coronavirus blockage

Prime Minister Giuseppe Conte said on Wednesday (8 April) that Italy must stick with its rigid lockdown to try to curb the COVID-19 epidemic, rejecting calls from businesses to reopen factories. “Scientists are telling us not to ease the restrictive measures at all,” Conte told German newspaper Bild in an interview, according to audio files released to the press. The premier said he was confident that if Italians respected the government’s curbs on work and movement, the data on new infections and fatalities would improve, “but we have to continue…

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EU concludes € 500 billion aid agreement for countries most affected by pandemic

EU concludes € 500 billion aid agreement for countries most affected by pandemic

A messy compromise to unlock €500bn (£438bn) of EU support for countries hit hardest by the coronavirus pandemic has been struck after Italy’s prime minister, Giuseppe Conte, warned that the existence of the bloc was at stake. EU finance ministers on a video conference call struck a deal late on Thursday after the Netherlands shifted on a demand for “economic surveillance” of countries benefiting from €240bn of credit lines via the European stability mechanism, a bailout fund for struggling member states. Italy and Spain have in turn accepted a delay…

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