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11pm (GMT) on 31 December 2020 marked the end of the Brexit
transition/implementation period entered into following the
UK s withdrawal from the EU. At this point in time (referred to
in UK law as IP completion day ), key transitional
arrangements came to an end and significant changes began to take
effect across the UK s legal regime. For more details about IP
completion day read our insight,
what does IP completion day mean for the status of EU law in the
UK?
This article provides an introduction to retained EU law and an
Changes in the monetary policy framework? Håkan Frisén, Head of Economic Forecasting
Last year the Federal Reserve changed its monetary policy principles. The Fed is now prepared to accept inflation a bit above its 2 per cent target in order to compensate for its previous bias against undershooting the target. This also means that the central bank is really prepared to test how hot the US labour market can become before harmful overheating problems emerge. Reviews of monetary policy frameworks are currently underway in various other countries, and the question is what inspiration the Fed can provide. The EU Treaty imposes some restrictions on the ability of the European Central Bank (ECB) to follow in the footsteps of the Fed, but the ECB can at least make its inflation target more symmetrical. Sweden’s Riksbank also has limited room for manoeuvre, but it must still try to find its own ways to prevent inflation expectations from distancing themselves too far from the 2 per cen
Jan 20, 2021
MUNICH – A storm is raging over the European Union’s failure to have ordered more of the approved COVID-19 vaccines ahead of time. Stephane Bancel, the CEO of the U.S. pharmaceutical company Moderna, which gained approval for its vaccine shortly after Pfizer/BioNTech, claims that the EU has relied too much on “vaccines from its own laboratories.”
Did the European Commission prioritize supporting its own pharmaceutical industry over protecting human lives? In fact, matters aren’t so simple. Contrary to what Bancel wants us to believe, the EU has actually ordered too little of its own vaccine. After all, the vaccine that is being administered most widely across the West was developed by a German company, BioNTech, and thus comes from the EU (though it was tested and partly produced in partnership with Pfizer in the United States and with Fosun Pharma in China).