Macro and economic policy

Monetary policy decisions

An agreement has been reached against Russia: the EU is preparing for a major blow, but not everyone is participating.

The European Union’s envoys have reached a political agreement on the twenty-first sanctions package against Russia, which targets the energy sector, the financial system, trade, and the shadow fleet. The sanctions will be implemented with consideration for the interests of the member states, and the original proposal has been modified on several points, significantly expanding the scope of individuals and organizations subject to sanctions.

The entire Győr railway transport system is being renewed, with the goal of achieving a speed of 160 km/h.

Preparatory work may begin in Győr and the surrounding area for several long-planned railway projects, according to Győr Mayor Pintér Bence. The plans include expanding suburban transport, making the Győr railway station accessible, and renovating the worst section of the Budapest–Győr railway line.

Trump announced a decisive measure that could sever an entire sector's future in the EU.

For European pharmaceutical manufacturers, a critical period has begun, as Donald Trump plans to impose significant tariffs on generic drugs after a two-year grace period. The EU export is expected to increase, but manufacturers must make quick decisions about whether to build factories in the United States or remain on the continent. Billions of dollars in investment and the future of the pharmaceutical industry depend on these decisions in the coming years.

Brussels may have significantly underestimated the cost of freeing itself from Chinese technology.

According to GSMA, which represents telecommunications service providers, the European Commission significantly underestimates the costs of removing Chinese suppliers like Huawei and ZTE, which are considered to have high risk, from the EU networks. The industry association estimates direct costs of up to 40 billion euros and further price increases due to reduced competition.

Payments statistics: second half of 2025

ECB appoints Boris Kisselevsky as Director General Secretariat

Brussels mills are slowly grinding: after two years, they will assess the progress of reform plans promising to save the continent.

Twenty-two months after Mario Draghi, former EKB president, presented his reform proposal, the European Union had only implemented a portion of the recommendations. The recommendations, which ranged from 15 to 30 percent, did not necessarily paint the complete picture. The EU ministers discussed the competitiveness reforms on Tuesday in Dublin, where Hungary was represented by Zoltán Tanács and Péter Horváth.

Chinese competition: Europe lacks equipment, but not courage

Beijing doesn’t need to defeat Europe in a trade war if it can succeed in making the EU not even start defending itself. According to a new analysis by ECFR, one of the most important successes of China’s economic pressure is that some European decision-makers already consider enforcing fair competition as a dangerous escalation.

Another Chinese dumpling-related issue has emerged in the EU.

The report being prepared by the European Parliament would significantly soften the language used towards China. This is being spearheaded by the Socialists and Democrats (S&D) party, which is dominated by numerous Spanish representatives. While European strategic documents are increasingly taking into account the risks posed by China’s expansion, the leader of Spain is building closer ties with Xi Jinping, which has led many to warn about the dangers of China’s approach.

July 2026 euro area bank lending survey

EU governments may be drawn into a "war of freedom of speech" with Trump's people.

Significant tension could arise between the United States and the European Union due to disputes over freedom of speech. The Trump administration seeks a global statement that would exempt online platforms from regulatory requirements. The US administration views the EU’s guidelines as censorship, while the EU is concerned about the rise of extreme parties. To resolve the situation, a ban on the dissemination of false information would be appropriate, but this would impose additional burdens on American tech companies.