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This week we talk about the reaction of EU institutions to Joe Biden's inauguration and the new economic strategy of the EU Commission

 

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EU INSTITUTIONS WELCOME THE NEW US ADMINISTRATION

On January 20, Joe Biden and Kamala Harris have officially taken office as the new President and Vice-President of the United States of America. The new administration has been welcomed by the EU Institutions with a specific session of the European Parliament

, characterized by the hope that the change in the White House will have a positive effect on the deteriorated relations between EU and USA. At this regard, EU Commission President Ursula von der Leyen stated “Europe now has a friend in the White House and is ready for a new start with its oldest and most trusted partner” while the President of the European Council Charles Michel, who opened the EP debate, said “Today is an opportunity to rejuvenate our transatlantic relationship, which has greatly suffered in the last four years.”

 

THE NEW ECONOMIC STRATEGY OF THE EU COMMISSION

On January 18 and 19, Brussels hosted the Eurogroup, the first of the Portuguese Presidency, which focused mainly on the macroeconomic imbalances in the euro zone, and examined the extent to which the COVID-19 crisis has exacerbated existing macroeconomic inequalities. In the aftermath of the event -which has seen also the participation of the Commissioners Gentiloni, Dombrovskis and McGuinness- The European Commission unveiled a new strategy to promote an open, strong and resilient EU economic and financial system for years to come. Focal points of this strategy, in line with the idea of President Von der Leyen of a “more geopolitical Commission”, will be the strengthening of the international role of the euro, making EU financial market infrastructures more developed and resilient, and increase the promotion of uniform implementation and enforcement of EU sanctions. The strategy is strongly linked to the 2018 Communication on the International Role of the Euro and to "Next Generation EU," the recovery plan adopted to tackle the effects of COVID-19. At this regard, Commissioner Gentiloni said “Strengthening the international role of the euro can protect our economy and our financial system from currency shocks, reduce dependence on other currencies, and lower transaction, hedging and financing costs for EU businesses. With our new long-term budget and Next Generation EU, we have the tools to support the recovery and transform our economies while making the euro even more attractive to global investors.”

 

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