EU to Allocate Frozen Russian Assets to Aid Ukraine
The EU has made a significant decision to allocate profits from its frozen Russian assets to support Ukraine's self-defense and recovery efforts amidst ongoing Russian aggression
Britain’s government is ready to push for a mutual recognition system to regulate financial services after it leaves the EU in order to preserve the City of London’s access to the bloc, Reuters reported on Friday.
Under the proposal, Britain and the European Union would recognize each other’s regulatory and supervisory regimes, an option long favored by the financial services industry, the FT said.
British finance minister Philip Hammond was expected to back the proposal in a speech in coming days.
No one was immediately available to comment at the ministry.
Bank of England Governor Mark Carney has previously said Britain and the EU should adopt a system of mutual recognition or run the risk of a damaging hit to financial services across Europe.
A dispute resolution mechanism would be part of the plan, the FT said.
Such a proposal is likely to be challenged by the European Commission which has said Britain cannot pick and choose which parts of the EU’s single market it can retain.
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Bulgaria’s prospects for joining the euro in 2025 have been bolstered by a cooling annual inflation rate, which dropped to the eurozone average of 2.4% in April, marking its first dip below 3% since the summer of 2021
In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
In the initial quarter of 2024, Bulgaria's economy expanded by 0.4%, as per an expedited evaluation by the National Statistical Institute (NSI), a slight deceleration from the 0.5% growth witnessed in the final quarter of the preceding year
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