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2022/07/11 / Ceska Sporitelna Research

EU News Monthly July 2022

On 1 July 2022, Czechia took over the presidency of the Council of the EU. During its presidency, the Czech Republic will focus on five closely linked priority areas: Managing the refugee crisis and Ukraine’s post-war recovery; Energy security; Strengthening Europe’s defence capabilities and cyberspace security; Strategic resilience of the European economy; Resilience of democratic institutions.

At the end of June, the head of the European Central Bank, Christine Lagarde, confirmed plans to increase interest rates in the eurozone by 25 basis points. She also said that the Bank is prepared to take even more radical steps if inflation cannot be brought under control.

The EU annual inflation was 8.8% in May 2022, up from 8.1% in April. A year earlier, the rate was 2.3%. The lowest annual rates were registered in France and Malta (both 5.8%). The highest annual rates were recorded in Estonia (20.1%) and Lithuania (18.5%).

Representatives of the European Parliament and the Member States of the EU have approved a proposal for banning the sale of new passenger cars and light trucks with internal combustion engines from the year 2035. The Member States agreed, however, that in 2026 the European Commission will assess whether it is actually possible for the EU to achieve that goal.

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General information

AuthorCeska Sporitelna Research
Date2022/07/11
Languageen
Product nameEU News Monthly
Topic in focusFX, Macro/ Fixed income
Economy in focusCzech Republic
Currency in focusCzech Koruna
Sector in focus-
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