EU Flash: New settlement for the UK, 2016 EBA stress test & the EU Digital Economy and Society Index

07/03/2016

At the European Council meeting in February, EU leaders agreed on a new settlement for the UK within the EU. On the 24th of February, the European Banking Authority launched the 2016 EU-wide stress test exercise. One day later, the European Commission published its Digital Economy and Society Index, for which Belgium ranked as a good performer.

Below you can find a brief summary of these topics: 

European Council concludes new settlement for the UK

At their meeting in February, EU leaders agreed on a new settlement for the UK within the EU. The European Council unanimously agreed the terms of a legally binding Decision containing a new settlement for the United Kingdom, which will become effective contingent upon the United Kingdom deciding to remain a member of the European Union.

The text of the conclusions groups the key points of the deal under four headings, namely: Economic Governance; Competitiveness; Sovereignty; and Social Benefits and Free Movement.

Prime Minister David Cameron has announced that the United Kingdom will hold a referendum on whether to remain part of the European Union on 23 June 2016, and given that the Decision taken through the European Council conclusions will only enter into effect after the United Kingdom has informed the Secretary-General of the European Council of its intention to remain within the European Union, the Decision will not enter effect until after that date.

More information on the Council conclusions can be found here

EBA launches 2016 EU-wide Stress Test exercise

The European Banking Authority (EBA) released on the 24th of February the methodology and macroeconomic scenarios for the 2016 EU-wide stress test. The stress test is designed to provide supervisors, banks and other market participants with a common analytical framework to consistently compare and assess the resilience of EU banks to economic shocks.

The EBA is responsible for coordinating the exercise and will act as a data hub for the final dissemination of the results in line with its commitment to enhancing the transparency of the EU banking sector.

The EBA expects to publish the results of the exercise in early Q3 2016.

More detailed information can be found here

Belgium performed well in Digital Economy and Society Index

On the 25th of February, the European Commission published the results of the 2016 edition of the Digital Economy and Society Index (DESI). The Digital Economy and Society Index (DESI) is an online tool to measure the progress of EU Member States towards a digital economy and society. As such, it brings together a set of relevant indicators on Europe's current digital policy mix.

The findings show that Member States have made progress in areas such as connectivity and digital skills, as well as in public services, since the publication of the Commission's Digital Single Market Strategy last year. This year, the Commission has combined the score of each country with the pace of their growth compared to the EU average.

Belgium, together with Denmark, Finland, Ireland, Lithuania, Sweden and the UK, performed well and score above the EU average. These countries are good performers, but their score grew more slowly than that of the EU over the last year.

The full publication can be found here

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