The German Council
of Economic Experts in its annual report out today calls for more centralised capital market supervision by ESMA, as well as a safe asset

A reminder that the #energy transition is not driven by what is possible technologically, but by what is available in abundance and *at affordable prices*.

Solar power continues to surge, driven by low costs in China:
www.iea.org/news/global-...

“we are considering a proposal to transfer supervisory powers to ESMA for the most significant cross-border entities…”: central counterparties, central securities depositories, trading venues - and crypto asset service providers.

— Commissioner Albuquerque at #Eurofi today

One of the more useful benchmarks to measure the implementation of the #Draghi report is the EEC’s approach to the single market in the 1980s.

The June ‘85 EUCO green-lighted a precise programme with (interim) deadlines and sectoral actions, and of course the famous 1992 date for completion.

And here the main rules for subsidising clean-tech manufacturing in the future (annex 2 defines what falls under clean-tech)

Today’s CISAF EU state aid provisions to subsidise electricity prices for energy-intensive industries, up to max 3yrs.

Shift the needle in industrial terms, not just security-related of course.

Here the 2025 EU budget figures:

#EUCO conclusions on the crucial issue of EU supervision of financial markets.

Note the emphasis on “convergence” (rather than shifting competences), “taking into account the interests of all Member States”, and EC “as appropriate” putting forward a proposal. Not exactly a firework of enthusiasm.

Why Germany needs the EU in a protectionist dog-eat-dog world:

ECB watchers and tariffs/macro crowd: Join us today 13:15 CET online for the ECON committee’s Monetary Dialogue prep meeting which will discuss
- the ECB’s monetary policy stance and
- The impact of US tariffs on the euro area economy.

Livestream: multimedia.europarl.europa.eu/en/webstream...

State Department press release on the Rubio/Lavrov meeting.

“Future cooperation on maters of mutual geopolitical interest”

Here the para in question in the TEU preamble:

#EU #defence #Egmont

I would add that the preamble of the Treaty on European Union quite presciently calls for the development of an EU defence policy to reinforce Europe's "independence", in order to "promote peace, security and progress".

It's all there, in today's treaties.

While #EU goods and service export growth (shown below as a share of GDP) outstripped the UK's

5 years after #Brexit the #EU (collectively) remains Britain's most important export market.

UK collective exports to Germany, France, the Netherlands and Ireland outstrip exports to the US.

The UK exports almost twice as much to Germany than to China, and twice as much to Belgium than to Japan.

I don't have a precise figure at hand and would doubt there is one due to a lot of mixed models. Q is what counts as (purely) private or public. Below 2 charts from a recent study which might give an idea - but I would be careful Re methodology and comparability of data: www.epo.org/en/news-even...

The EU's venture capital market is 10 times smaller (as share of GDP) than that of the US and 7 times smaller than China's.

From @ec.europa.eu report on single market and competitiveness, published today alongside the #EU #competitiveness compass: single-market-economy.ec.europa.eu/publications...

Why Capital Markets Union is so crucial to make the EU more innovative and competitive: while the EU is relatively strong in providing initial (often public) support for research, late-stage investors to scale up and commercialise projects are often missing - while there are plenty in the US: