As its first attempt to test financial markets, the European Commission on Tuesday announced it had raised EUR 20 billion in 10-year bonds successfully. The EU wants to finance the EU27’s COVID-19 crisis recovery. Speaking to the press, EC president Ursula von der Leyen said that the inaugural transaction
Few would call Europe a continent of extremes – yet wage differences are sometimes severe: in South-Eastern-Europe, in countries outside of the European Union, there are still some places where hourly wages are under EUR 2. Meanwhile, EU member states like Croatia and Slovenia offer much better pay, the latter being
China poses security challenges to NATO, which will engage the country to address them, according to an official statement from the organization following US president Joe Biden’s first NATO summit as president on 14 June. The Atlantic defense alliance also recognized Beijing’s nuclear military buildup as a threat.
Global warming will not only wreak havoc on the global economy but could also result in dire economic consequences for Hungary and other countries in Central & Eastern Europe. G7 economies, for example, could lose USD 5 trillion a year, or 8.5% of their GDP by 2050, if global
Poised to take the presidency of the European Council on 1 July, Slovenia will prioritize regulation of the digital agenda in its 6-month stint, according to Iztok Jarc, Slovenian ambassador to the EU. In regards to the Digital Services Act (DSA) and the Digital Markets Act, Jarc said Slovenia will
Shortly following the monumental changes to their governmental systems and economies, countries in Central & Eastern Europe did see their wages grow steadily – but over 30 years later it is apparent that average employee pay in the region can still be even half of that seen in the West of
Romania’s economy will grow by 6% this year, fully reversing the 3.9% contraction caused by the COVID-19 pandemic last year, according to an updated Global Economic Prospects published by the World Bank. The global outlook remains subject to significant downside risks, including the possibility of additional COVID-19 waves
The United States has imposed sanctions on three Bulgarians and 64 companies linked to them, over their alleged corrupt activities. The three businessmen are former lawmaker and media mogul Delyan Peevski, government official Ilko Zhelyazkov and fugitive gambling tycoon Vassil Bozhko. Those blacklisted are banned from the US financial system,
A key element of the “Green Deal,” on 10 June EU environmental ministers meeting for the last occasion of Portugal’s EU presidency approved a strategy for adaptation to climate change. Some of the aims of the adaptation strategy, according to Portugal’s minister of environment and climate action, João
Poland says that closing down its open-pit brown coal mine in Turow would be an “energy disaster.” Even so, the European Commission is lining up behind the Czech Republic in an ongoing fight with its neighbor against the expansion of the mine, which is run by Poland’s state-run company
Europe looks to return to normal as the first major international sport event, the UEFA 2020 football championship, is about to kick off this Friday, 11 June. While the continent’s ailing tourism sector is expecting some kind of boost, one wonders whether it is not too early to open
Hungary’s OTP Bank has acquired a 100% stake in Slovenia’s Nova KBM after signing a purchase agreement with former shareholders of Apollo Global Management (former 80% owner) and the European Bank For Reconstruction and Development (20% owner). The deal is the most significant acquisition in the history of
As in most countries in Central & Eastern Europe (CEE), the competitiveness of the Hungarian economy heavily depends on car production. In recent years, however, the sector has had to face challenges like the potentially growing market of electric cars, as well as the COVID-19 pandemic. New European climate and
EU member states have approved a EUR 17.5 billion fund which aims to help some countries wean themselves from polluting industries like coal mining and others with high emissions, moving them towards green industries in the push to achieve net zero GHG emissions. The so-called Just Transition Fund (“JTF”
Several European “green” initiatives have provoked resentment in Hungarian government circles. The outrage is mainly due to the European Parliament having failed to endorse a European Council proposal on a reform of the Common Agricultural Policy (CAP) for the period 2023-2027. The debate is over the greening of direct payments