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While the coronavirus pandemic has been impacting on European daily lives for more than a year, attitudes towards the EU remain positive, according to the latest Standard Eurobarometer conducted in February-March 2021.

The image of the EU and trust in the EU have increased and reached their highest levels in more than a decade.

Europeans citizens identify health and the economic situation as the two top concerns both at EU and national levels.

The survey also indicates an increase in concern about the current state of national economies: 69% of Europeans think that the situation is currently bad and 61% of Europeans fear that their countrys economy will recover from the impact of the pandemic in 2023 or later.

1. Trust and image of the EU

Close to half of Europeans trust the European Union (49%), after a 6-point increase since the Standard Eurobarometer of summer 2020. It is the highest level registered since spring 2008. Trust in national governments (36%) and national parliaments (35%) have lost ground, though both remain at a higher level than in autumn 2019.

In 20 Member States, a majority of respondents say they trust the EU, with the highest levels found in Portugal (78%) and Ireland (74%).

The positive image of the EU (46%) has reached its highest level since autumn 2009, after a 6-percentage point increase since summer 2020. Fewer people have a neutral image of the EU (38%, -2), while 15% (-4) have a negative image of the EU.

A majority of respondents have a positive image of the EU in 25 EU Member States (up from 13 in summer 2020), with the highest proportions found in Portugal (76%) and Ireland (75%).

2. Main concerns at EU and national level

Almost four EU citizens in ten consider health as the most important issue currently facing the EU: 38% of respondents now mention this issue, a steep increase of 16 percentage points since summer 2020. It has taken first place ahead of the economic situation (35%, unchanged), while the state of Member States public finances has slid into third position, (21%, -2). The environment and climate change is in now in fourth place (20%, unchanged), while immigration, at 18% after a 5-point decrease, has fallen out of the leading trio of concerns for the first time since autumn 2014. Unemployment is in sixth position, with 15% of mentions (-2 percentage points).

Regarding main concerns at national level, health is also perceived as the most important issue (44%), after a 13-percentage point increase since summer 2020. The economic situation is in second place, mentioned by a third of Europeans (33%, unchanged), while a quarter cite unemployment (25%, -3).

3. The economic situation and the euro

Perceptions of the national economy have continued to deteriorate: only 29% of EU citizens now think that the situation is good (-5 percentage points since summer 2020, -18 since autumn 2019), the lowest level for this indicator since spring 2013. The proportion of Europeans who consider this situation to be bad has gained ground correspondingly (69%, +5).

Positive perceptions of the current situation of the national economy varies widely between EU Member States, ranging from 86% in Luxembourg, down to 7% in Italy.

Support for the euro remains very high: 79% (+4) of citizens in the euro area are in favour of the euro, the highest point since 2004, with figures ranging from 95% in Portugal to 70% in France and Austria. Overall in the European Union, seven in ten Europeans support the euro (70%, +3), the highest level ever recorded.

4. The coronavirus pandemic

43% of Europeans are satisfied with measures taken so far by national governments to fight the pandemic (-19 percentage points since last summer) while 56% are dissatisfied (+19).

The same proportion is satisfied with measures taken by the EU (43%, -2), while 49% are dissatisfied (+5). However, 59% trust the EU to make the right decisions in its response to the pandemic in the future.

More than six Europeans in ten (61%) think that their countrys economy will recover from the impact of the coronavirus pandemic in 2023 or later. Less than a quarter think that recovery will come in 2022 (23%), and just 5% think that it will be this year, in 2021. Close to one in ten fear that their countrys economy will never recover from the impact of the pandemic (8%).

A majority of Europeans believe that the EU 750 billion euro recovery plan, NextGenerationEU, is an effective instrument for responding to the economic effects of the coronavirus pandemic (55%). Close to four in ten think that it is not effective (38%).

Since summer 2020, Europeans personal experience of measures to fight the pandemic, such as confinement, has deteriorated: a majority of EU citizens now consider that it was a difficult experience to cope with (40%, +8 percentage points since summer 2020), while less than three in ten say it was easy to cope with (29%, -9). The proportion who say that it was both easy and difficult to cope with has remained almost unchanged, at 31% (+1).

5. Vaccination against Covid-19

45% of Europeans answered they would like to get vaccinated as a soon as possible or had already been vaccinated at the time of fieldwork, and 20% would like to do so some time in 2021. 21% would prefer to get vaccinated later. Only 12% say that they would never get vaccinated, and 2% that they dont know.

In 21 countries, a majority of respondents would like to get vaccinated as soon as possible or have already been vaccinated, led by Ireland (74%), Denmark (73%) and Sweden (71%). On the other hand, less than one respondent out of five intends to get vaccinated as soon as possible in Bulgaria (19%) and Cyprus (16%).

Background

The Winter 2020-2021 Standard Eurobarometer (EB 94) was conducted through face-to-face and online interviews between 12 February and 18 March 2021 across the 27 EU Member States and twelve countries or territories[1]. 27,409 interviews were conducted in the EU27 Member States between 12 February and 11 March 2021.

For More Information

Standard Eurobarometer 94

[1] The 27 European Union (EU) Member States, five candidate countries (Albania, North Macedonia, Montenegro, Serbia and Turkey), Bosnia-and-Herzegovina, Iceland, Norway, Switzerland, United Kingdom as well as the Turkish Cypriot Community in the part of the country that is not controlled by the government of the Republic of Cyprus, and Kosovo* (*this designation is without prejudice to positions on status, and is in line with UNSCR 1244/99 and the ICJ Opinion on the Kosovo declaration of independence).

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Eurobarometer: Trust in the European Union has increased since last summer - The European Sting

For organic and sustainable agriculture, farmers must have access to high-quality organic seeds. Yet in Europe there is still a shortage of these kinds of seeds. In the LIVESEED project, the European Union wants to do something about this. New breeding materials brought in by projects such as LIVESEED help reduce dependence on synthetic seed treatments through breeding varieties that are resistant to seed- and soil-borne diseases. This in turn enables more environmentally friendly cultivation, the EU said in an interim report released yesterday on the project that was launched back in 2017.

This EU-funded project also looks at aspects of the market and the corresponding regulations. This includes a new quality strategy for organic seeds, a Europe-wide seed database and sustainable breeding techniques that are adapted to specific conditions.

Experts from 18 European countries are collaborating on the project, which also involves an overview of existing national databases on the availability of organic seeds. Since the seed that is to be used has to be adapted to local conditions, the scientists also wanted to see how the availability of organic varieties with specific characteristics could be broadened as well. These include, for instance, higher tolerance to stress, or resistance to pests and diseases.

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We are also developing a new strategy for the health of organic seed stocks and a roadmap for using only organic seeds by 2036, said Project coordinator gnes Bruszik. This strategy will take into account seed cultivation conditions and look at the maturation, microbiome and effect of sanitation treatments of organic seeds.

The project team has also developed new experimental models for organic varieties that can be used in daily practice. This will allow farmers to test these themselves and see how they could be improved to adapt to local conditions.

It is expected that by 2030, about a quarter of all agricultural land in the EU will be used for organic agriculture. LIVESEED can help to meet this goal. The benefits of this project for farmers include better access to a wider range of high-quality seeds, a more thorough knowledge of seed cultivation and an opportunity to test new or promising varieties in their native climatic conditions, Bruszik said.

Also read other IO articles on sustainable agriculture by following this link.

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European Union lays the groundwork for sustainable agriculture - Innovation Origins

U.S. President Joe Biden will embark on his first overseas trip in office in June, the White House announced Friday, with the aim of demonstrating his administration's commitment to the transatlantic alliance and re-engagement with key allies.

Biden will attend the Group of Seven summit in Cornwall, England, set for June 11-13, followed by a visit to Brussels, where he will hold meetings with European Union leadership and attend the June 14 summit of leaders of the North Atlantic Treaty Organization. The meetings with the United States' closest allies come as Biden has invited Russian President Vladimir Putin to a summit in the coming months in a third country, though no date has yet been set.

Most recent American presidents have selected North American neighbors for their first cross-border trips, though former President Donald Trump, whose penchant for unilateral action and open skepticism of the NATO alliance unsettled American allies, made his first overseas stop in Riyadh, Saudi Arabia. For Biden, the first trip is meant to turn the page from Trump's approach to alliances.

Its both a practical chance to connect with key allies and partners on shared opportunities and challenges," said Yohannes Abraham, the chief of staff and executive secretary of the National Security Council, in an interview with the AP. "But also its an illustration of something that the president has been clear about that the transatlantic alliance is back, that revitalizing it is a key priority of his, and that the transatlantic relationship is a strong foundation on which our collective security and shared prosperity are built.

Biden, for his part, held virtual bilateral meetings with the leaders of Canada and Mexico in February and March, respectively. The June trip will follow after Biden's first in-person bilateral meetings with Japanese Prime Minister Yoshihide Suga at the White House last week and next month's planned visit by President Moon Jae-in of South Korea.

In Cornwall, Biden will hold bilateral meetings with British Prime Minister Boris Johnson and other leaders. He will hold additional one-on-one meetings in Brussels with NATO allies, including Turkish President Recep Tayyip Erdogan, White House press secretary Jen Psaki said.

This trip will highlight his commitment to restoring our alliances, revitalizing the Transatlantic relationship, and working in close cooperation with our allies and multilateral partners to address global challenges and better secure Americas interests, she said in a statement.

The announcement comes shortly after the conclusion of Bidens two-day virtual climate summit, in which he received praise from leaders, particularly those in Europe, for returning the U.S. to the Paris Climate Agreement and reengaging on a host of other issues of shared concern.

The trip will mark the most ambitious travel schedule yet for Biden since the onset of the coronavirus pandemic, as the president has sought to model safe behavior for the nation.

It comes as the U.S. has stepped up its travel warnings for much of the world due to the virus. Both the U.K. and Belgium are listed by the State Department under level four, the highest, do not travel advisory, and are the subject of specific prohibitions preventing most travel to the U.S. by noncitizens.

The White House said it is working closely with host countries to ensure the safety of all attendees at the summits.

The Centers for Disease Control and Prevention last month lifted quarantine guidance for international travel for those fully vaccinated for COVID-19, but still recommends that vaccinated individuals returning from overseas monitor their symptoms and take a test 3-5 days after returning to the U.S.

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Biden to make first overseas trip in office to United Kingdom, European Union - The Hindu

The European Banking Authority("EBA") published aconsultation paperon draftregulatory technical standards (RTS) on the disclosure of theinvestment policy by investment firms under the Investment FirmsRegulation ((EU) 2019/2033) ("IFR")(EBA/CP/2021/15).

The Financial Conduct Authority("FCA") published apolicy statement(PS21/4) onextending its annual financial crime reporting obligation.

The European Commission published apublic consultationon instantpayments.

The Financial Stability Board ("FSB")published aspeechmade by Randal Quarles,FSB Chair, that sets out details of the FSB's areas of focusfor 2021.

European Securities and Markets Authority("ESMA") published an updated version ofitsQ&As(ESMA34-32-352) on theapplication of the Alternative Investment Fund Managers Directive(EU/2011/61) ("AIFMD").

HM Treasury published astatementconcerning the firstmeeting of the Joint Committee established under the UK-USbilateral agreement on insurance and reinsurance prudentialmeasures.

ESMA published itsfinal report(dated 23 March2021) (ESMA74-362-1013) on reference data and transaction reportingobligations under the Markets in Financial Instruments Regulation(600/2014) ("MiFIR").

The FCA, Prudential Regulation Authority("PRA") and the Bank of England("BoE")publishedpolicy statements andsupervisory materials setting out their final rules and guidance onoperational resilience.

The PRA published apolicy statementon outsourcingand third party risk management (PS7/21).

The FCA publishedPrimary Market Bulletin No 33whichcovers DTR disclosures.

ESMA published afinal reportcontaining itstechnical advice to the European Commission on the application ofadministrative and criminal sanctions under the MiFID II Directive(EU/2014/65) ("MiFID II") and MiFIR(ESMA35-43-2430).

ESMA published an updated version of itsQ&Ason investor protectionand intermediaries (ESMA35-43-349) under MiFID II and MiFIR.

The FCA and the BoE published ajoint statementannouncing thatthey encourage liquidity providers in the sterling non-linearderivatives market to adopt new quoting conventions forinter-dealer trading based on SONIA instead of LIBOR from 11 May2021.

The FCA published afeedback statementon openfinance (FS21/7).

The PRA published apolicy statementon the 2021/22management expenses levy limit for the Financial ServicesCompensation Scheme (PS5/21).

The BoE published thefinancial policy summary andrecord of the meeting of its Financial PolicyCommittee on 11 March 2021.

ESMA published aconsultation paperon thelegislative review of the Regulation on money market funds(EU/2017/1131) ("MMF Regulation")(ESMA34-49-309).

The BoE and FCA published areporton liquidity managementin UK open-ended funds.

ESMA published afinal report(ESMA43-370-281) ontechnical advice submitted to the European Commission on proceduralrules for penalties imposed on benchmark administrators under theBenchmarks Regulation (EU/2016/1011)("BMR").

The European Supervisory Authorities("ESAs") (that is, the EBA, the EuropeanInsurance and Occupational Pensions Authority("EIOPA") and ESMA) published anopinionto the EuropeanCommission on the jurisdictional scope of the SecuritisationRegulation ((EU) 2017/2402).

Commission Delegated Regulation (EU)2021/527of 15 December 2020 amending CommissionDelegated Regulation (EU) 2017/565 ( "MiFID IIDelegated Regulation") as regards the thresholds forweekly position reporting under MiFID II was published.

Commission Delegated Regulation (EU)2021/529of 18 December 2020 on liquidity thresholdsand trade percentiles used to determine SSTI applicable tonon-equity instruments under MiFIR was published.

HM Treasury published apress releaseannouncing thattechnical discussions on the text of the memorandum ofunderstanding on UK-EU regulatory co-operation in financialservices have concluded.

The Joint Committee of the ESAs published a set ofQ&Ason the SecuritisationRegulation, covering questions that fall outside the scope of anyone of the three ESAs.

HM Treasury published apress releaseannouncing thepublication of HM Treasury's remits and recommendations for theFCA and the PRA for the current Parliament.

TheMoney Laundering and Terrorist Financing(Amendment) (High-Risk Countries) Regulations 2021 (SI2021/392)were published, together with anexplanatory memorandum.

HM Treasury published adraft versionof the CapitalRequirements Regulation (Amendment) (EU Exit) Regulations 2021,together with adraft explanatorymemorandum.

The BoE published theminutesof the February 2021meeting of the working group on sterling risk-free referencerates.

The FCA published apress releaseannouncing thelaunch of a?campaign to encourage individuals to reportwrongdoing.

The PRA published apolicy statement(PS4/21) ondepositor protection identity verification.

HM Treasury updated itsadvisory notice on money laundering andterrorist financing controls in overseasjurisdictions.

ESMA published astatement(ESMA34-43-880)reporting on the results of the 2020 common supervisory action onthe supervision of UCITS managers' liquidity riskmanagement.

The FICC Markets Standards Board published a draftstandardon the use of TermSONIA reference rates.

ESMA published aconsultationpaper(ESMA74-362-1864) on simplification andharmonisation of trade repositories' fees.

The FCA published astatementon the use of itstemporary transitional power to modify the UK's derivativestrading obligation.

ESMA published anupdated statement(dated 9 March2021) (ESMA80-187-881) on the application of key provisions in theBMR in the light of Brexit.

The European Commission published aconsultation paperon instantpayments, together with itsstrategyfor the initiative oninstant payments in the EU.

The House of Commons Treasury Committee published theBoEwritten responseto thecommittee's inquiry into the future of financial services inthe UK after Brexit.

The FCA published astatementproposing to extendthe timetable for implementing changes relating to its consultationpaper on Handbook changes following its general insurance marketstudy (CP20/19).

The FCA haspublished Handbook Notice 86, whichsets out changes to the FCA Handbook made by the FCA board on 25March 2021.

The European Parliament's Economic and Monetary AffairsCommittee ("ECON") published adraft report(dated 18 March2021) (PE689.790v01-00) setting out amendments to the proposedDirective amending Directives 2006/43/EC, 2009/65/EC, 2009/138/EU,2011/61/EU, 2013/36/EU, 2014/65/EU, (EU) 2015/2366 and (EU)2016/2341 (2020/0268(COD)).

The Financial Markets Law Committee (FMLC) published itsresponseto HM Treasury'sconsultation paper on the UK regulatory approach to stablecoins anda call for evidence on cryptoassets used for investment and thebroader use of distributed ledger technology in financialmarkets.

The Single Resolution Board published acommunicationon its approach toliabilities governed by UK law without a contractual bail-inrecognition clause in the light of Brexit.

The Financial Action Task Force (FATF) published, forconsultation,draft updated guidanceon therisk-based approach to virtual assets (also known as cryptoassets)and virtual asset service providers("VASPs").

The Financial Markets Law Committee and the European FinancialMarkets Lawyers Group published a jointletter(dated 19 March 2021) toKatharine Braddick, HM Treasury Director of General FinancialServices, on LIBOR transition.

The International Islamic Financial Market published awhite paperon IBOR transitionfor industry awareness and development.

The Council of the EU published apress releaseannouncing that ithas adopted conclusions relating to the European Commission'sRetail Payments Strategy.

The FCA published astatementannouncing furtherextension to a temporary COVID-19 measure applying supervisoryflexibility over 10% depreciation notifications and RTS 27reports.

The European Commission published the EU platform on sustainablefinance'sreport on transitionfinance.

The ESAs published a set ofjoint Q&Ason bilateralmargin requirements under EMIR (648/2012).

ECON published adraft reportdated 17 March 2021(PE689.801v01-00) setting out recommendations to the EuropeanCommission on the proposed Regulation on digital operationalresilience for the financial sector (2020/0266 (COD)). TheRegulation is sometimes referred to as the Digital OperationalResilience Act ("DORA").

The European Central Bank("ECB") published apaperon best practices appliedby financial market infrastructures in their business continuityplans during the COVID-19 pandemic.

ESMA published astatement(ESMA70-154-2365)relating to its supervisory approach to position limits forcommodity derivatives under MiFID II.

The FCA published itsRegulation round-upfor March2021.

The International Regulatory Strategy Group published areporton promoting regulatorycoherence in financial services for pandemic recovery.

The FCA published aspeechby Senior Adviser to theFCA on the Public Sector Equality Duty, considering diversity,inclusion and the FCA's Public Sector Equality Duty.

The ECB published ablog postby Luis de Guindos,ECB Vice-President, summarising the preliminary results of theECB's first economy-wide climate stress test.

The Financial Action Task Force (FATF) published apress releaseannouncing that,in February 2021, it launched a new project to study and mitigatethe unintended consequences resulting from the incorrectimplementation of its anti-money laundering and counter-terroristfinancing standards.

The PRA published apolicy statement(PS2/21)setting out its expectations and guidance relating to auditors'work on the matching adjustment under the UK Solvency IIregime.

The Working Group on Sterling Risk-Free Reference Ratespublished a revised version of its best practiceguidefor GBP loans.

The FCA published aspeechby the FCA ChiefExecutive, on why diversity and inclusion are regulatoryissues.

The PRA published apolicy statementand final ruleson holding company regulatory transaction fees (PS3/21).

The European Banking Authority("EBA") published aconsultationpaper(EBA/CP/2021/11) on proposed changes to theguidelines on the risk-based supervision of credit and financialinstitutions' compliance with anti-money laundering andcounter-terrorist financing obligations, produced under Article48(10) of the Fourth Money Laundering Directive (EU/2015/849)("MLD4").

The ESAs published ajoint consultation paper(JC2021 22) on draft regulatory technical standards regarding thecontent and presentation of sustainability disclosures underArticles 8(4), 9(6) and 11(5) of the Sustainable Finance DisclosureRegulation ((EU) 2019/2088)("SFDR"or "Disclosure Regulation").

The PRA published aspeechby BoE Deputy Governorfor Prudential Regulation and PRA CEO, in which he considers theways in which regulation of the UK insurance sector is set tochange and also comments on the UK government's Solvency IIregime review.

The European Commission published aspeechby Mairead McGuinness,European Commissioner for Financial Services, Financial Stability,and Capital Markets Union ("CMU"), inwhich she considers progress in relation to the CMU and the impactof Brexit on the EU, particularly in relation to clearing andderivatives.

The European Commission published for consultation a draftDelegated Regulation (Ares(2021)1890322) extending the transitionalperiod under Article 89(1) of EMIR (648/2012). The draftDelegated Regulation is accessible via a dedicatedwebpage.

The FCA published aspeechby Edwin SchoolingLatter, Director of Markets and Wholesale Policy, about regulationof the UK's wholesale financial markets.

The FCA updated its dedicatedwebpagerelating to its April2019 feedback statement on a duty of care and potential alternativeapproaches (FS19/2) to indicate it is aiming to consult on optionsfor change in May 2021.

ESMA published apress releaseannouncing it hasdecided not to renew its decision to require holders of net shortpositions in shares traded on an EU regulated market to notify therelevant national competent authority (NCA) if the positionreaches, exceeds or falls below 0.1% of the issued sharecapital.

The European Commission published aconsultation paperon supervisoryconvergence and the single rulebook.

The EBA published two consultation papers on draft regulatorytechnical standardson gross jump-to-defaultamounts (EBA/CP/2021/09) andon residual risk add-on under Fundamental Reviewof Trading Book (FRTB)(EBA/CP/2021/10).

The European Commission published acall for evidenceon thefeasibility assessment for a potential EU bank referral scheme forsmall and medium-sized enterprises.

Decision (EU) 2021/432of theECB, amending Decision (EU) 2017/1198 on the reporting of fundingplans of credit institutions by national competent authorities tothe ECB, was published (ECB/2021/7).

The FCA published alistof business interruptioninsurance policies capable of responding to the COVID-19 pandemicfollowing the test case.

The Council of the EU published an"I/A" itemnote(7014/21) from the Council's GeneralSecretariat to its Permanent Representatives Committee relating toconclusions on a Retail Payments Strategy for the EU.

ECON published adraft reportdated 9 March 2021(PE689.571v01-00) setting out recommendations to the EuropeanCommission on the proposal for a Regulation on a pilot regime formarket infrastructures based on distributed ledger technology("DLT") (2020/0267(COD)).

The EBA published adiscussionpaper(EBA/DP/2021/01) on a feasibility study of anintegrated reporting system under Article 430c of the CapitalRequirements Regulation (EU/575/2013)("CRR").

The EBA published aconsultationpaper(EBA/CP/2021/08) on draft revised guidelines onstress tests conducted by national deposit guarantee schemes underthe Deposit Guarantee Schemes Directive (2014/49/EU)("DGSD").

Commission Delegated Regulation (EU)2021/424amending the CRR with regard to thealternative standardised approach for market risk waspublished.

The European Commission published a consultation on DelegatedRegulation supplementing EMIR on FRANDT commercial terms forclearing services for OTC derivatives. The draft DelegatedRegulation and accompanying draft Annex are accessible via adedicatedwebpage.

The European Commission published aconsultationon a roadmap on anEU-wide instant payments scheme.

The Financial Services Bill 2019-21completedits committee stage in theHouse of Lords, following the fourth sitting of the committee forthe Bill.

The EBA published adiscussionpaper(EBA/DP/2021/01) on a feasibility study of anintegrated reporting system under Article 430c of the CRR.

The EBA published aconsultationpaper(EBA/CP/2021/07) on draft guidelines on acommon assessment methodology for granting authorisation as acredit institution under Article 8(5) of the CRD IV Directive(2013/36/EU).

ECON published adraft reportdated 25 February2021 (PE663.215v01-00) setting out recommendations to the EuropeanCommission on the proposed Regulation on markets in cryptoassetsand amending Directive (EU) 2019/1937("MiCA") (2020/0265(COD)).

Arevised draft versionof theRecognised Auction Platforms (Amendment and MiscellaneousProvisions) Regulations 2021 was published together with arevised draft explanatorymemorandum.

The FCA published apress releaseannouncing that ithas made available its annual transparency calculations for UKequity and equity-like financial instruments that will apply from 1April 2021.

The PRA and FCA published ajoint consultation paperonmargin requirements for non-centrally cleared derivatives, amendingthe binding technical standards in the UK onshored version ofCommission Delegated Regulation (EU) 2016/2251 (PRA CP6/21, FCACP21/7).

The National Crime Agency published updatedguidanceto anti-moneylaundering supervisors, including those overseen by the Office forProfessional Body Anti-Money Laundering Supervision, directed atimproving the quality of suspicious activity reports.

The European Commission published animpact inceptionassessment(Ares(2021)1700448-08/03/2021) (referredto as a roadmap) on a review of the EU rules on central securitiesdepositories under the Central Securities Depositories Regulation(909/2014) ("CSDR").

The FCA published aspeechby FCA Executive Directorof Enforcement and Market Oversight, on the FCA's recent workto tackle market abuse.

The FCA published aconsultation paperon itsproposals to regulate bidding for emissions allowances on the UKauction platform under the UK Emissions Trading Scheme (CP21/6).The UK ETS replaced the UK's participation in the EU ETS from 1January 2021.

The FCA published its 31stquarterly consultationpaper(CP21/5).

IOSCO published apress releaseannouncing workstreams onliquidity risk management for collective investment schemes.

The FCA updated its website outlining its approach to reportingreferences to LIBOR inOTC derivatives contractsandsecurities financing transactions.

The FCA published astatementannouncing the datesthat panel bank submissions for all LIBOR settings will cease,after which representative LIBOR rates will no longer beavailable.

ISDA published astatementresponding to theFCA's announcement, of the same date, setting out the dates onwhich all LIBOR settings will either cease to be provided by anyadministrator or no longer be representative.

The ICE BenchmarkAdministration("IBA") issuedapress releaseannouncing thepublication of a feedback statement on its consultation onIBA's intention to cease publication of all tenors of LIBORsettings.

The EBA published afinal reporton draftimplementing technical standards ("ITS")on reporting and disclosure requirements for investment firms underthe IFR (EU/2019/2033)(EBA/ITS/2021/02). The annexes to theITS are available on the EBAwebsite.

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Regulation Round Up - Finance and Banking - European Union - Mondaq News Alerts

LONDON The United States is recovering faster from the economic shock caused by the coronavirus pandemic than countries in the European Union.

The sheer amount of fiscal stimulus in the United States has been a critical driver in ensuring that the largest economy in the world resurfaces quickly. But there are other reasons allowing the U.S. to return to pre-crisis ouput levels much faster than its EU counterparts.

Silvia Dall'Angelo, senior economist at Federated Hermes told CNBC in March, cited an "institutional problem" in the European Union as one of the main issues hindering its recovery. As such, she said, "there are signs that the U.S. will recover much faster than the EU."

Though European nations surprised financial markets in July of 2020, by coming together and approving an EU-wide fiscal stimulus plan that included borrowing 750 billion euros ($892 billion) from public markets, this money is not yet available to the 27 member states.

A series of legislative approvals are needed before the European Commission, the executive arm of the EU, can actually tap the markets. It is hoped this can take place this summer, but Germany's constitutional court brought further uncertainty to the process last week by halting the approval of the program, which ultimately could delay disbursements further.

By contrast, U.S. President Joe Biden managed to get $1.9 trillion in fiscal stimulus approved after less than two months in office.

According to the International Monetary Fund, the U.S. is well placed not only return to but also to exceed its pre-pandemic growth rate this year.

But it's a different story in the euro zone, made up of the 19 countries that share the euro.

One of the biggest differences between the U.S. and the bloc is that the economic setback last year was much higher in the euro area. Whereas the U.S. economy contracted by 3.5%, the euro zone economy shrunk by almost twice as much.

Given how deep the shock was for them last year, euro nations will naturally struggle more to recover in 2021. Its gross domestic product (GDP) is seen expanding by 4.4% this year, while U.S. growth is expected to reach 6.4%.

Zsolt Darvas, a senior fellow at the Brussels-based think tank Bruegel, highlighted to CNBC that the Covid vaccination progress was "much stronger" in the U.S. compared to Europe, and therefore the U.S. economy was likely to reopen fully sooner than those in Europe.

The latest vaccination data show that about 50% of the population in the United States has received at least one dose of a Covid-19 vaccine. Meanwhile, only about 20% of the population in the European Union have had their first shot, according to Our World in Data.

Many people in developed nations have managed to save more since the pandemic emerged compared to previous years. This is in part due to governments' stimulus measures, but also because consumer spending has been severely limited, with non-essential retail, leisure activities and travel off limits for months.

At the end of the third quarter of 2020, the average personal savings rate in the U.S. stood at 15.7%. This was lower than a peak of 25.8% at the height of the pandemic, but still far higher than the average savings rate prior to 2020.

Meanwhile, the household saving rate in the euro area came in at 17.3% by the end of September, according to the Eurostat. This level of savings was lower than a 2020 peak, but was also much higher compared with pre-pandemic levels.

Federated Hermes' Dall'Angelo said the U.S.' faster vaccine rollout will allow consumers to spend their additional cash sooner.

"The safe re-opening of the economy is therefore a precondition to unlock pent-up demand and a potential unwinding of precautionary savings. In this respect, the U.S. is in a much stronger position than the euro zone," she told CNBC.

Though it remain uncertain how people will choose to spend their additional savings if at all "in general, saving rates tend to be structurally higher in the euro zone than in the U.S., meaning that the scope for a consumption boom is more limited in the euro zone compared to the U.S.," Dall'Angelo added.

There has been a huge focus both in the U.S. and EU to avoid swathes of layoffs. This has led to wage subsidies, unemployment benefits and other support measures.

As a result, unemployment has been somewhat contained and, in both regions, the jobless rate stayed below its peak during the global financial crisis of 2008.

However, the number of unemployed people is expected to improve faster in the U.S. than in the euro zone, even though they experienced similar levels of joblessness last year. Unemployment is set to fall to 5.8% this year in the U.S., whereas it is seen rising slightly in the euro area to 8.7% from 7.9% in 2020.

Experts are concerned that the moment European governments lift their recent labour-market-friendly policies, many businesses could become insolvent and more workers will likely become unemployed.

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4 charts show how the U.S. is on track for a faster economic recovery than Europe - CNBC