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The spread of the COVID-19 virus represents a dramatic risk for the health and lives of our citizens but will also lead to unprecedented shocks for the economy and employment in Europe. The COVID-19 outbreak requires rapid responses from Member States and immediate and innovative joint action of the European institutions and Member States to counter another deep and protracted economic crisis in the aftermath of the health pandemic.

On 29 June from 17.00 to 17.40, ECON members held an exchange of views with the candidate selected for the position of Executive Director of the European Banking Authority, François-Louis Michaud. The vote in ECON on the appointment took place on 2 July. The result is as follows: 23 votes in favour, 24 against and 10 abstentions.

The FinTech Working Group held its second meeting on Thursday, 25 June, under the Chairmanship of MEP Stasys Jakeliūnas. The members of the WG discussed with representatives of the European Commission, DG FISMA - Mr Jan Ceyssens, Head of the “Digital Finance” Unit, and Deputy Head Mr Mattias Levin - important aspects of developments in the FinTech sector as well as effects of the COVID-19 crisis.

The results of the remote voting session that took place on Monday 22nd June and Thursday 25th June are available below.

On 15 June from 15.45 to 18.45, the Committee on Economic and Monetary Affairs held a public hearing with IMF and OECD chief economists (Gopinath and Boone) and top academics (Gourinchas, Gabor, Hoogduin, Giacché and Pettifor) on "The COVID-19 outbreak, its expected impact on the EU economy and possible policy responses including monetary and fiscal measures" to receive first-hand information and discuss policy options to respond to the crisis in the best possible way.

On Tuesday 9 June, ECON Members held an exchange of views over two files regarding the proposed by the Commission postponement of the VAT e-commerce system. The two rapporteurs aimed at a quick agreement on the two files in order to deliver the EP opinion to the Council in due time (July plenary). The new system will make it easier for consumers and businesses to buy and sell goods cross-border online.