Since the coronavirus crisis plunged the EU into an unprecedented public health and economic crisis, senior EU policymakers’ priorities have since shifted to focus on mitigating the economic impact of the crisis. The key agenda item at the beginning of the German Presidency will, therefore, be discussing the two big financial packages for the Recovery plan for Europe: Next Generation EU and the Multiannual Financial Framework (MFF). Following an extraordinary 4-day summit, EU leaders reached a deal on the European recovery fund, with a financial package totalling €1.82 trillion. With Europe’s strongest economy taking the helm, hopes are high that the EU emerges more resilient from the current crisis.
With COVID-19 having already generated a sharp fall in global GDP, these are testing times for financial services actors including banks and insurers. The German Presidency will, therefore, be working hard to continue building resilience in the post-crisis financial system. Fortunately, financial services companies are more stable and robust compared to the financial crisis of 2008, and therefore the next 6 months will also be an opportunity for financial actors to play an important role in being part of the solution and shaping EU’s economic recovery.
In the snapshot below, we outline the key legislative and non-legislative initiatives in financial services that Berlin will be driving in the next six months. Additionally, we provide a visual overview of the main financial services-related meetings and events.
If you are interested in how the financial services priorities of the German Presidency may affect your organization, then get in touch.