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In 1947, drawing on the lessons learnt from the global economic damage caused by trade protectionism and tariff wars prior to World War II, 23 countries, including the United States, initiated the General Agreement on Tariffs and Trade (GATT) as a platform for multilateral negotiations aimed at liberalising and boosting global trade. To this end, GATT members - and since 1995 the members of the then newly created World Trade Organization (WTO) - gradually reduced their import tariffs and tariff quotas ...

This paper examines the impact of US protectionist trade policies on the euro area economy, focusing on macroeconomic and financial repercussions. While direct tariff effects are mitigated by exchange rate adjustments and ECB policies, broader risks arise from global trade disruptions and financial contagion. Increased risk premia on US bonds elevate European financing costs, posing fiscal challenges. We highlight the importance of trade diversification, innovation incentives, and prudent monetary ...

The rise of e-commerce has required changes to the system of value-added tax (VAT) to ensure that the rules allow for smooth and fraud-proof transactions between customers and sellers. The major overhaul of the VAT rules for e-commerce in 2021 introduced a series of important simplifications for businesses, such as the creation of an import one-stop shop (IOSS). The IOSS allows businesses to declare and remit VAT on all their business-to-consumer (B2C) distance sales of imported goods across the ...

Today's massive increase in trade volumes, combined with the need to conduct border checks for compliance with the growing number of EU standards and to stay abreast of continuously evolving trade strategies, has put EU customs authorities under a lot of pressure. Concerns have been raised that the EU's customs union is burdened by an uneven level of digitalisation across Member States, suboptimal coordination between national authorities and overall complexity. This situation creates high administrative ...

The European Union鈥檚 project of capital markets union (CMU) has disappointed in its first decade. The best way to revitalise it is to focus on supervisory integration through in-depth reform and further empowerment of the European Securities and Markets Authority. If, conversely, more integrated supervision cannot be achieved, then it may be time to discard the CMU slogan altogether. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the ECON Committee ...

In May 2023, the European Commission tabled a customs reform package. Key to the reform is the proposal to establish an EU customs authority, which would oversee a new EU customs data hub. This would entail a more centralised and digitalised approach to customs, which should lower compliance costs for traders and ensure a more efficient, fraud-proof customs union. The proposal follows the ordinary legislative procedure. 合法博彩网站 is due to vote on its first-reading report during the March plenary ...

Manufacturing and trade in firearms for civilian purposes employs around 150 000 people in the EU. In 2020, the Commission adopted a 2020-2025 action plan on firearms trafficking to help curb the illegal flows of firearms, and ammunition, while also strengthening the legal market. The adoption of Directive (EU) 2021/555 on control of the acquisition and possession of weapons in 2021was the first legislative outcome of the plan. In October 2022, the Commission presented a proposal for a regulation ...

On 14 September 2022, the Commission proposed a regulation to ban products made using forced labour, including child labour, on the European Union (EU) internal market. The proposal covers all products made available on the EU market, whether made in the EU for domestic consumption and for export, or imported. It covers products of any type, including their components, from all sectors and industries. EU Member States would be in charge of enforcing its provisions, and their national authorities ...

In April 2023, the European Commission adopted regulatory proposals introducing a Unitary Supplementary Protection Certificate (SPC) and a centralised assessment procedure for SPCs for medicinal products. This study analyses the potential impacts of these proposals on access to medicines, the administrative burden to applicants and the cost to national health systems. This document was prepared by Policy Department for Citizens' Rights and Constitutional Affairs at the request of the JURI Committee ...