Germany lost the battle to stop manufacture on Chinese cars. After The Last fall of European Union is nearing a decision on whether to impose restrictions on imports of electric cars from China therefore the mood among other EU countries has in recent months increasingly.

The #european_union agreed on Tuesday to utilize the interest accrued from the frozen assets of the #russian_central_bank to support #ukraine in terms of both military assistance and economic reconstruction. Annual revenue is expected to be around €2.5 to €3 billion, and 90% of the expected revenues will be used for military purposes to support the defense of Ukraine. The allocation will be reviewed annually, starting January 1, 2025. Additionally, Treasury Secretary #janet_yellen has stated that the #united_states government is prepared and willing to utilize $300 billion of frozen Russian assets similarly.

───── The European Union ─────
What is happening in Europe?
MADNESS!!

The European Union has officially adopted the Migration Pact, with countries now having around two years to fully implement the decision.
Under the new system, EU countries will be forced to express so-called “mandatory solidarity” with the Member States hardest hit by non-EU illegal migration and will be forced to accept a certain number of asylum seekers from these countries.
SHOULD THEY REFUSE, THEY WILL BE FORCED TO PAY €20,000 FOR EACH MIGRANT THEY END UP REJECTING


(Photo by Carlos Gil Andreu/Getty Images)

With Russia liberating village after village and Ukraine seemingly unable to secure a defensive line ahead of the onslaught, former UN weapons inspector Scott Ritter predicts that the conflict will end this summer, “Nobody has a say in this but Russia, and Russia has made that very clear… this is a decisive defeat of NATO, the European Union and the United States. It’s as decisive as you can get without them being directly involved and they can’t become directly involved because that is a suicide pill.”

#EuropeanUnion
#EU disappoints #Ukraine by failing to agree on air defence deliveries
The European Union on Monday frustrated Ukraine's urgent plea for more air defence capabilities by failing to come up with concrete commitments at a meeting of foreign and defence ministers. https://www.france24.com/en/europe/20240422-eu-disappoints-ukraine-by-failing-to-agree-on-air-defence-deliveries

"PEACE SUMMIT"
Kremlin spokesperson Dmitry Peskov dismissed on Monday Ukraine's plans to hold a "peace summit" in Switzerland later this year, insisting that the Ukrainian "problem" cannot be solved without Russia's participation. "Ukraine has turned into an instrument in the hands of the collective West, with the help of which they intend, as it seems to them, to put pressure on Russia, to contain Russia, to leave it on the margins of development," he told the Argumenty i Fakty newspaper. Peskov said #russia must "exclude the possibility of the existence" of a neighboring state that "has aggressive aspirations towards us," including wanting to "take our Crimea by force." He also commented on the European Union's plan to take over the frozen Russian assets, saying that a state’s "right to its assets is sacred" and claiming that the move will make the EU less trustworthy in the eyes of investors.

French regulators fine Google $272 million in dispute with news publishers, Google's failure to comply with some commitments and also a larger effort by rules of the European Union States.

"According to a recent Federal Reserve report, an international agreement reached in the 1990s mandates, need a new system banking regulations. These modifications aim to align national policies with globally established standards. Despite long-standing opposition from influential banking institutions, the proposed changes are expected to take effect by the end of the year. The reforms primarily focus on restricting banks' lending capabilities, ensuring they conform to universal guidelines. It is crucial for the Federal Reserve to have a strong leader who can resist pressure from powerful financial institutions and safeguard the stability of America's financial system."

The integration of the international financial system has led to large, globally active firms operating within a system of national government and regulation. While there is no realistic prospect for a global banking regulator, the responsibility and authority for financial stability continue to rest with national or regional authorities. The challenge lies in effectively sharing oversight of these large firms among regulators. Varying forms of regulation across countries are reasonable, considering different economic circumstances, currencies, and levels of depth and development in banking and capital markets. Even between the United States and the European Union, legitimate differences exist within the broader convergence around minimum regulatory and supervisory standards developed at various forums.

The financial crisis exposed vulnerabilities created by foreign banking operations, and the Basel Committee and national regulators were slow to respond to the expansion in scale and scope of the world’s largest banking organizations. Addressing these vulnerabilities requires thoughtful coordination and effective supervision of international activities by U.S. banking organizations.


In summary, the Federal Reserve’s role in regulating international banking activities is critical, and strong leadership is essential to navigate the complexities of global financial systems and ensure stability.