Where journeys with a confirmed single booking comprise of several connecting flights operated by separate air carriers, compensation for the cancellation of the final leg of the journey may be sought before the courts of the place of departure of the first leg

Two passengers booked a journey with connecting flights under a confirmed single booking. The journey was divided into three legs: the first leg of the journey, from Hamburg (Germany) to London (UK), was operated by the British airline British Airways; the other two legs of the journey, from London to Madrid (Spain) and from Madrid […]

Euro area investment fund statistics: fourth quarter of 2019

In the fourth quarter of 2019 the outstanding amount of shares/units issued by investment funds other than money market funds was €12,939 billion, €398 billion higher than in the third quarter of 2019. • The outstanding amount of shares/units issued by exchange-traded funds (ETFs) was €852 billion, which was €73 billion higher than in the […]

Financial statements of the ECB for 2019

ECB profit increased by €0.8 billion to €2.4 billion in 2019 (2018: €1.6 billion) and is distributed in full to national central banks ● Net interest income on securities held for monetary policy purposes: €1.4 billion (2018: €1.2 billion) ● ECB’s Balance Sheet grew to €457 billion (2018: €447 billion) The European Central Bank’s (ECB’s) […]

Euro area financial vehicle corporation statistics: fourth quarter of 2019

Euro area financial vehicle corporation statistics: fourth quarter of 2019 • In the fourth quarter of 2019 the outstanding amount of debt securities issued by euro area financial vehicle corporations (FVCs) engaged in securitisation increased to €1,551 billion, from €1,510 billion at the end of the previous quarter. • Net issuance of debt securities by […]

Working group on euro risk-free rates issues recommendations to support smooth transfer of EONIA’s liquidity to €STR

Working group issues recommendations for a seamless transition from EONIA to €STR products All stakeholders should be made aware that EONIA-linked contracts with maturities beyond 3 January 2022 entail significant risks Report supplements earlier report of the working group from August 2019 The private sector working group on euro risk-free rates has today published a report on […]

ESRB publishes report on systemic cyberattacks

The European Systemic Risk Board (ESRB) has today published a report on cyber incidents[1], such as cyberattacks. The report, which also summarises the latest estimates of the costs of cyber incidents, shows that a cyber incident could indeed evolve into a systemic cyber crisis that threatens financial stability. The ESRB has therefore identified cyber risk as one […]

Shaping Europe’s Digital Future

The EU is pursuing a digital strategy that builds on our successful history of technology, innovation and ingenuity, vested in European values, and projecting them onto the international stage. The White Paper on Artificial Intelligence(AI) and the European data strategy presented today show that Europe can set global standards on technological development while putting people first.