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This infographic provides an insight into the economic performance of the United Kingdom compared with the European Union (EU) and looks at the trade dynamics between them. United Kingdom’s GDP per capita at the beginning of the series was significantly higher than the EU27 average. After the COVID-19 pandemic, the GDP per capita at PPP between the EU and the United Kingdom took converging directions. The exchange rate between the Pound Sterling and the Euro stabilized at approximately 0.9 after ...

Since mid-November 2023, the Iran-backed Houthi militia, which controls large parts of Yemen, has attacked numerous Western commercial ships near the Bab el-Mandeb Strait in the Red Sea. In response, major shipping companies have temporarily suspended Suez transits and diverted their trade. This diversion coincides with decreasing freight in another maritime chokepoint, the Panama Canal, provoked by lowered water levels. Rounding South Africa via the Cape of Good Hope is the shortest alternative ...

In 2023, the EU celebrated the 30th anniversary of the single market. Recent shocks have shown not only how vulnerable to crises the single market is, but also the extent to which the EU economy relies on a well-functioning single market. It is now considered to be a key driver of EU resilience. In September 2022, the Commission put forward a single market emergency instrument (SMEI) package. It includes one main proposal for a regulation establishing a SMEI, and two accompanying proposals amending ...

Defence of Democracy package

Briefing 21-02-2024

The initiative results from growing concern that openness of European societies is being exploited for covert interference from foreign governments to manipulate decision-making processes and public opinion in the EU. The impact assessment (IA) clearly defines two problems relating to interest representation activities carried out on behalf of third countries: obstacles to the internal market due to fragmented regulation, and the unknown magnitude, trends and actors of these activities. It considers ...

Russia's brutal war of aggression against Ukraine may not be taking place geographically in the Arctic, but it has already had a plethora of impacts on the circumpolar north, the repercussions of which are likely to spread well beyond the region. First, the war has negatively affected cooperation, as activities with Russia in the framework of regional forums such as the Arctic Council (AC), the Barents Euro-Atlantic Council (BEAC), the Council of the Baltic Sea States (CBSS) and the Northern Dimension ...

Outraged by Russia's illegal and unprovoked full-scale invasion of Ukraine in February 2022, the European Union swiftly adopted unprecedentedly tough sanctions, in close cooperation with partners including the United States, the United Kingdom, Canada, Australia and Japan. The rapid succession of 11 packages of EU sanctions adopted since then, in what has already been labelled a 'sanctions revolution', have resulted in an unparalleled set of measures targeting key sectors of the Russian economy and ...

EU energy partnerships: Norway

Briefing 27-09-2023

Since Russia invaded Ukraine, EU Member States have made serious efforts to reduce their dependence on Russian energy imports. To broaden the range of energy suppliers, the European Commission and the Member States' national governments have signed new agreements with non-EU countries and strengthened their pledges with existing partners. Norway is the world's fifth largest oil and third largest natural gas exporter, accounting for 2 % of global crude oil production and 3 % of global natural gas ...

Since Russia invaded Ukraine, EU Member States have made serious efforts to reduce their dependence on Russian energy imports. To broaden the range of energy suppliers, the European Commission and EU national governments have signed new agreements with non-EU countries and strengthened their pledges with existing partners. The Kingdom of Saudi Arabia is a member of the Gulf Cooperation Council (GCC) and the Organization of Petroleum Exporting Countries (OPEC). The economy of Saudi Arabia is the largest ...

This research paper provides a comprehensive analysis of the impact of national tax measures implemented in response to the COVID-19 pandemic, with the aim of ensuring an appropriate assessment and providing policy recommendations to effectively address future crises. This document was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Subcommittee on Tax Matters (FISC).

The geopolitical and economic shocks, due to the Covid-19 pandemic and the war in Ukraine, represent a structural shift for the European Union (EU) economy. The euro area needs to deal with an ongoing inflation process and the EU needs to radically transform its production model to avoid a lasting decline. An expansionary centralised fiscal capacity, grounded on the production of public goods, and a related common industrial policy are required to allow for this structural change. In the meantime ...