EU finance ministers see economic recovery taking hold
BRUSSELS, May 23, (KUNA): The Eurogroup finance ministers met in person in Lisbon, Portugal, Friday to discuss macroeconomic and fiscal developments in the 19-member euro area under the pandemic.
“As we look at where we are, we are positive about the progress that we have made.
But we are also very cautious about the outlook. We can see a recovery taking hold. But we also know that the challenges remain great, that the risk of scarring, the risk of damage from this pandemic in our societies,” said Paschal Donohoe, President of the Eurogroup, in press statements after the meeting.
He added that the Eurogroup agreed to continue to focus on the role of the euro, on its future, on the potential options that are there regarding it becoming even more a green currency, considering digital developments that are happening across the world.
Ministers also adopted the Eurogroup work program for the second half of 2021.
Portugal holds the current EU Presidency.
Meanwhile, The European Union Ministerial Council of youth and culture Tuesday approved an action plan to support recovery and transformation of the European media sector.
The audiovisual industry and the news media are important economic actors with an annual turnover of 193 billion euro (USD 235 billion).
Both sectors have suffered during the COVID-19 crisis, said the Council in a statement following its physical meeting in Brussels today.
The Action Plan puts forward a number of initiatives to support the audiovisual and news media sectors.
A planned MEDIA INVEST initiative will provide 400 million euro (USD 488 million) to support investment in the audiovisual industry.
News media will benefit from the loans and investments of the NEWS initiative.
Advertising revenue dropped by over 20% and Europe’s cinemas incurred massive losses, it noted.
“The role of news media and the audiovisual industry in providing accurate information and entertainment is of great importance for Europe’s democratic debate and cultural diversity. But the media and the audiovisual sector face enormous challenges such as changes to people’s viewing habits and loss of advertising revenue,” said Graca Fonseca, Portuguese Minister of Culture, in press statements.
“COVID-19 has put additional pressure on both sectors. The conclusions we adopted today set out clear steps to help them recover fast and emerge stronger from the crisis,” she said. Portugal currently holds the six-month rotating EU Presidency.
The Council also called for efforts to make sure that the audiovisual industry can more easily reach European and international markets and audiences
Also: BRUSSELS: European Union and U.S. top trade officials on Thursday further cemented recent advances on some key differences that have soured transAtlantic relations over the past few years.
EU trade ministers used a virtual meeting with U.S. trade representative Katherine Tai to highlight the breakthroughs in the longstanding dispute over airplane production subsidies and a fight over steel tariffs.
“We agreed that finding effective solutions together is essential to preserve our critical industries,” EU Vice President Valdis Dombrovskis said.
“It is spring here in Brussels and there is a spirit of optimism,” German Trade Minster Peter Altmaier said. It stood in sharp contrast with the four years of divisive relations under President Donald Trump.
U.S. President Joe Biden will visit the EU next month seeking to further increase cooperation on anything from battling the COVID-19 pandemic and confronting a surging China as a disruptive rival.
“I stressed the importance of sticking together regarding what happens in China,” Dutch Foreign Trade Minister Sigrid Kaag said.
Germany’s optimism was boosted further when the Biden administration on Wednesday spared the German company overseeing a natural gas pipeline from Russia into the EU, underscoring how Biden wants to mend relations with a key ally that were unsettled during the Trump administration.
Even if Germany is the juggernaut of the EU’s economies, France is its strategic partner in dealing with Washington, and French Foreign Trade Minister Franck Riester equally lauded “the very positive signals coming from the United States.”
And the European Union has done its part too. Just on Monday, it hit the pause button and temporarily suspended some upcoming measures at the heart of a steel tariff dispute. With it, the bloc wouldn’t increase some tariffs targeting U.S products, including Harley-Davidson motocycles and bourbon.
And they agree to address together the global steel and aluminum excess capacity, where they see China as a common adversary.
It already followed the four-month suspension of tariffs used in the longstanding Airbus-Boeing dispute. Both sides now face a July 10 deadline to find a new breakthrough.
“Work is advancing. So I would say that this timeline is realistic,” Dombrovskis said. “Of course, it requires effort on both sides, but it’s possible.”