Source: Firm level data collected by the EIB Investment Survey in 2019. The EIB Digitalisation Index consists of five components: digital intensity, digital infrastructure, investment in software and data, investments in organisational and business process improvements, and strategic monitoring system.

Digital firms perform better

The report also finds evidence of better and more dynamic performance by digital businesses. Digital firms tend to have higher productivity than non-digital firms, have better management practices, are more innovative, grow faster and create higher paying jobs – also making  recovery after a global crisis easier.

Size also matters for digitalisation: large firms tend to digitalise faster in both the EU and the US. This size effect is particularly pronounced among manufacturing firms. Only 30% of EU firms with fewer than ten employees adopted digital technologies, whereas this share increases to 79% for firms with more than 250 employees. . A major barrier that is specific to Europe is an unfavourable firm-size distribution. Many small, especially older, firms in the EU  consider labour market regulations, business regulations and the lack of external finance to be major obstacles to investment, which may further exacerbate the delay in digital technology adoption.

Read the report and the country-level analysis: 

https://www.eib.org/en/publications/who-is-prepared-for-the-new-digital-age

or

Read the summary online:

https://www.eib.org/en/about/economic-research/surveys-data/eibis-digitalisation-report

For further information and interview requests, journalists are invited to contact EIB Communications Officer Jan Gerrit Wnendt (+352 691 284 340), j.wnendt@eib.org.

Background information

About the Economics Department of the EIB

The EIB Economics Department provides economic research and studies, as well as unique analysis of investment activities in the EU and beyond, and supports the Bank in its operations and in the definition of its positioning, strategy and policy. Chief Economist Debora Revoltella heads the Department, a team of 40 economists.

About the EIB Investment Survey (EIBIS)

The EIB Group Survey on Investment and Investment Finance is a unique, annual survey of some 13,500 firms. It comprises firms in all EU Member States, as well as a sample of US firms which serves as a benchmark. It collects data on firm characteristics and performance, past investment activities and future plans, sources of finance, financing issues and other challenges that businesses face. Using a stratified sampling methodology, EIBIS is representative across all Member States of the EU and for the US, as well as for firm size classes (micro to large) and four main sectors. It is designed to build a panel of observations to support time series analysis, observations that can also be linked to firm balance sheet and profit and loss data. EIBIS has been developed and is managed by the Economics Department of the EIB, with support for development and implementation by Ipsos MORI.

For more information see: http://www.eib.org/eibis.

In order to avoid disruption to food supplies, the EU has taken urgent measures to support food producers.

Main problems faced by food producers

While delays to cross border flows of agriculture goods were solved by the introduction of so-called green lanes, which allow the circulation of vehicles transporting critical goods, the acquaculture, agriculture and fish sectors still face serious difficulties.

Food producers face labour shortages due to the suspension of the free movement of seasonal workers, on who they rely heavily. The European Commission has said they can be considered as critical workers, but understandably, many don’t wish to leave home. Lower production could in turn have an impact on prices. In addition, the agriculture sector has lost major clients with the closure of hotels and restaurants.

Support for fishermen and aquaculture

During the plenary session on 17 April, MEPs approved financial assistance for hard-hit fishing communities and aquaculture farmers. Fisheries are facing logistical difficulties in ports, increased freight prices for shipping fish products, trade restrictions with non-EU countries, a collapse in prices, loss of markets, concerns over crew safety and limited possibilities for crew rotation due to quarantine.

A number of emergency measures will help the sectors, including increased possibilities for state aid and the introduction of support measures through the European Maritime and Fisheries Fund, which will be made more flexible.

EU countries will be able to provide support to:

• Fishermen for the temporary cessation of fishing activities
• Aquaculture farmers for the temporary suspension or reduction of production
• Producer organisations for the temporary storage of fishery and aquaculture products

How is the EU helping farmers?

On 15 April Parliament’s agriculture committee welcomed the Commission’s plans to help the agri-food sector, but called for more targeted action, including market measures such as private storage. MEPs also called for the activation of the crisis reserve to help struggling agricultural sectors and said EU farm policy will need adequate long-term budget support in the post-Covid period.

Among the measures are the reallocation of unused agriculture funds to fight the effects of the crisis in rural areas. A more flexible and simplified European agriculture fund for rural development will allow for loans or guarantees at favourable conditions such as very low interest rates or favourable payment schedules to cover operational costs of up to €200,000.

The Commission has also proposed to cut the number of physical on-farm checks, to extend the deadline for farmers to apply for direct payments and rural development payments by one month to 15 June 2020 and to increase the advances of these payments from mid-October.

As regards seasonal workers, who are crucial for planting, tending and harvesting, EU countries are encouraged to treat them as critical workers, exchange information on their needs and ensure their smooth passage across borders.

Find out what other measures the EU has taken to combat the pandemic.

April 20, 2020 About the EUIPO

EUIPO Guidelines in electronic format: new functionalities

The EUIPO Guidelines for Examination of EUTMs and RCDs in electronic format have been enhanced with new functionalities.

Among the improvements, an advanced search function and the possibility to download a PDF on Part and Section level have been made available, following the feedback received from users.

An advanced search function has been made available to allow users to better define searches. It is now possible to search in the entire Trade Mark or Design Guidelines publication, in a specific Part, or in a specific Section. In which Part or Section a search is initiated depends on where you have navigated to within the Guidelines.

Additionally, in order to improve the user experience, the term searched for (or its linguistic variant) is now highlighted in the list of search results. So-called ‘breadcrumbs’ have also been added to the search results list, enabling users to easily spot the searched terms in the Guidelines.

Part and Section-level PDFs have also been made available to download from the Guidelines. The type of PDF that will open depends on and recognises the following:

a) in which publication (Trade Mark Guidelines or Design Guidelines) you are browsing;
b) in which edition you are browsing (2017, 2020);
c) where in the Guidelines you have navigated to (which Part or Section);
d) in which language you are browsing, and
e) whether you have ‘Show modifications’ turned on or off; either a ‘clean’ version or a version with tracked changes will open.

The updated tutorial provides more detailed information about the new features, including the improved search functionalities (pages 11-13) and how to download each type of PDF (page 16).

In addition to these improvements, the responsive design which allows the Guidelines to be consulted from other devices, such as a tablet or smart phone, has also been enhanced.

The EUIPO welcomes your feedback and continues to work on further improvements for an enhanced user experience on the Guidelines.

 

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17 April

ESMA and MAS sign MoU on Singapore’s Financial Benchmarks

The European Securities and Markets Authority (ESMA), the European Union’s (EU) securities markets regulator, and the Monetary Authority of Singapore (MAS) today signed a Memorandum of Understanding (MoU), completing the process to allow the use of Singapore’s financial benchmarks in the EU. Under the MoU, ESMA and MAS will share information and supervisory activities on Singapore-regulated financial benchmarks.

17 April

ESMA issues new Q&A on alternative performance measures in the context of COVID-19

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has issued a Q&Ato provide guidance to issuers on the application of the ESMA Guidelines on Alternative Performance Measures (APM Guidelines) in the context of the COVID-19 pandemic.

15 April

ESMA issues positive opinions on short selling bans by Austrian FMA, Belgian FSMA, French AMF, Greek HCMC and Spanish CNMV

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has issued opinions agreeing to the renewal of the emergency restrictions on short selling and similar transactions by the Finanzmarktaufsicht(FMA) of Austria, the Financial Securities and Markets Authority(FSMA) of Belgium, the Autorité des Marchés Financiers(AMF) of France, the Hellenic Capital Market Commission(HCMC) of Greece and the Comisión Nacional del Mercado de Valores(CNMV) of Spain.

09 April

ESMA postpones publication dates for annual non-equity transparency calculations and quarterly SI data ​

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is issuing a Public Statement postponing the application of the annual non-equity transparency calculations and the calculations for the systematic internaliser test for derivatives, ETCs, ETNs, emission allowances and structured finance products (SFPs) under MiFID II.

09 April

ESMA promotes coordinated action regarding benchmarks external audit requirements

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is issuing a Public Statement to promote coordinated action by National Competent Authorities (NCAs) regarding the timeliness of fulfilling external audit requirements for interest rate benchmark administrators and contributors to interest rate benchmarks.

09 April

ESMA extends MiFID II/MiFIR transparency review report consultation to 14 June 2020

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has decided, in view of the effects of the ongoing COVID-19 pandemic on stakeholders and market participants, to further extend the response date for the consultationon the MiFID II/MiFIR review report on the transparency regime for non-equity instruments and the trading obligation for derivatives to 14 June 2020.

09 April

ESMA sets out supervisory expectations on publication of investment funds periodic reports

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, issues a public statementdirected at Fund Managers concerning their obligations to publish yearly and half-yearly reports.

08 April

ESMA issues an opinion on Hungarian product intervention measures​

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has issued two opinions on product intervention measures taken by the Magyar Nemzeti Bank of Hungary (MNB)

07 April

MIFID II: ESMA ISSUES LATEST DOUBLE VOLUME CAP DATA

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has updated its public register with the latest set of double volume cap (DVC) data under the Markets in Financial Instruments Directive (MiFID II).

06 April

ESMA publishes translations for Guidelines on standardised procedures and messaging protocols

The European Securities and Markets Authority (ESMA) has issued the official translationsof its guidelines on standardised procedures and messaging protocols.

06 April

ESMA report stresses impact of costs on retail investor benefits

The European Securities and Markets Authority (ESMA), the EU securities regulator, publishes its second annual statistical reporton the cost and performance of retail investment products in the European Union (EU.)

03 April

ESMA publishes guidance on performance fees in UCITS and certain AIFs

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its final guidanceon performance fees in investment funds – applicable to Undertakings for the Collective Investment in Transferable Securities (UCITS) and certain types of Alternative Investment Funds (AIFs).

03 April

ESMA Updates Its Public Statement of Consultation Practices

The European Securities and Markets Authority (ESMA) has updated its Public Statement of Consultation Practices to take account of the amendments which the ESAs’ review has made to the ESMA Regulation.

02 April

COVID-19 Update – ESMA continues to operate during the ongoing pandemic

The European Securities and Markets Authority (ESMA) is operating remotely during the current COVID-19 pandemic, with all staff teleworking since Monday 16 March.

02 April

ESMA consults on clearing solutions for Pension Scheme Arrangements under EMIR

The European Securities and Markets Authority (ESMA) has launched a public consultation on a range of issues regarding potential central clearing solutions for Pension Scheme Arrangements (PSAs) under the European Market Infrastructure Regulation (EMIR). The consultation is based on ESMA’s First Report to the European Commissiondocumenting the progress made to date towards potential clearing solutions for PSAs.

02 April

ESMA updates its risk assessment in light of the COVID-19 pandemic

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, updates its risk assessmentto account for the impact of the COVID-19 pandemic.

02 April

ESMA publishes 24th extract from its EECS database

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, publishes the 24th extractfrom its database of enforcement decisions on financial statements.

02 April

ESMA publishes 2019 report on enforcement of corporate disclosure

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, publishes its Annual Report on enforcement and regulatory activities related to corporate reporting within the European Economic Area (EEA).The Report presents the 2019 activities of ESMA and of European accounting enforcers when examining compliance of financial and non-financial statements provided by European issuers.

1 April

ESMA advises the European Commission on inducements and costs and charges disclosures

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, publishes its adviceto the European Commission (EC) on inducements and costs and charges disclosures under MiFID II.

1 April

ESMA completes review of MiFID II commodity derivatives regime

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has published a review reporton the impact of position limits and position management on commodity derivatives markets, following over two years of the Markets in Financial Instruments Directive (MiFID II).

1 April

ESMA appoints Magdalena Łapsa-Parczewska as Chair of the Advisory Committee on Proportionality

The Board of Supervisors of the European Securities and Markets Authority (ESMA) has appointed Magdalena Łapsa-Parczewska, the Managing Director for Capital Market Supervision of the Komisja Nadzoru Finansowego (KNF) of Poland, as Chair of ESMA’s Advisory Committee on Proportionality (ACP).

31 March

ESMA provides clarifications for best execution reports under MiFID II

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is issuing a Public Statementto clarify issues regarding the publication by execution venues and firms of the general best execution reports required under RTS 27 and 28  of MiFID II, in light of the COVID-19 pandemic.

31 March

ESMA withdraws registration of DTCC Data Repository (Ireland) plc

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has withdrawn the trade repository (TR) registration of DTCC Data Repository (Ireland) PLC (DDRIE).

31 March

ESMA publishes advice on fines and penalties for 3rd country CCPs

The European Securities and Markets Authority (ESMA) has published its final technical advice to the European Commission (EC) on procedural rules for imposing fines and penalties on third country central counterparties (TC-CCPs) and alignment of those for TRs and CRAs.

31 March

ESMA announces update to reporting under the Money Market Funds Regulation

The European Securities and Markets Authority (ESMA), the EU’s Securities Markets regulator, announces that the first reports by Money Market Funds (MMF) managers under the MMF Regulation (MMFR) should be submitted in September 2020. The original date for submissions was April 2020.

30 March

ESMA publishes draft regulatory technical standards for CCP colleges

The European Securities and Markets Authority’s (ESMA) has published its Final Report containing draft regulatory technical standards (RTS) for central counterparty (CCP) colleges under the European Markets Infrastructure Regulation (EMIR) 2.2.

30 March

ESMA publishes call for evidence on credit rating information and data

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published a call for evidenceon the availability and use of credit rating information and data. The purpose of this call for evidence is to gather information on the specific uses of credit ratings as well as how the users of credit ratings are currently accessing this information.

30 March

ESMA extends deadline for stakeholder group applications​

The European Securities and Markets Authority (ESMA) is currently seeking applicants for its Securities and Markets Stakeholder Group, announced on 14 February, and is extending that deadline for applications to 9 April.  

27 March

ESMA confirms application date of equity transparency calculations

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has decided to keep the date of application of the transparency calculations for equity instruments of 1 April 2020 unchanged.

27 March

ESMA consults on guidance to address leverage risk in the AIF sector

The European Securities and Markets Authority (ESMA), the EU securities regulator, has launched a public consultationon its draft guidance to address leverage risks in the Alternative Investment Fund (AIF) sector. The consultation is part of the ESMA response to the recommendations of the European Systemic Risk Board (ESRB) in April 2018 to address liquidity and leverage risk in investment funds.

27 March

ESMA issues guidance on financial reporting deadlines in light of COVID-19

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has issued a Public Statementon the implications of the COVID-19 pandemic on the deadlines for publishing financial reports which apply to listed issuers under the Transparency Directive.

26 March

ESMA consults on Post-Trade Risk Reduction Services under EMIR REFIT

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has launched a public consultationon Post Trade Risk Reduction Services (PTRR) under the European Market Infrastructure Regulation (EMIR).

26 March

ESMA consults on technical standards on Trade Repositories under EMIR REFIT

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has launched a consultationon draft Regulatory and Implementing Technical Standards (RTS and ITS) under the Regulation (EU) 2019/834 (EMIR REFIT) covering reporting to Trade Repositories (TRs), procedures to reconcile and validate the data, data access by the relevant authorities and registration of the TRs. 

26 March

ESMA clarifies position on SFTR backloading

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has issued a revised version of its 19 March Public Statement on coordinated supervisory actions on the application of Securities Finance Transactions Regulation (SFTR).

25 March

ESMA issues guidance on accounting implications of COVID-19

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has issued a Public Statementon some accounting implications of the economic support and relief measures adopted by EU Member States in response to the COVID-19 outbreak. 

23 March

ESMA publishes ESEF conformance suite

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has published the ESEF Conformance Suite to facilitate implementation of the ESEF Regulation.

20 March

ESMA extends consultations response dates

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has decided to extend the response date for all ongoing consultations with a closing date on, or after, 16 March by four weeks.

20 March

ESMA sets out approach on MiFIR tick-size regime for Systematic Internalisers

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is issuing a Public Statementto ensure coordinated supervisory actions by national competent authorities (NCAs) on the application of the new tick-size regime for systematic internalisers under the Markets in Financial Instruments Regulation (MiFIR) and the Investment Firms Regulation (IFR). This approach is needed in response to developments related to the COVID-19 pandemic and the related actions taken by the EU Member States.

20 March

ESMA clarifies position on call taping under MiFID II

The European Securities and Markets Authority (ESMA) has published data for the systematic internaliser calculations for equity, equity-like instruments and bondsunder the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

19 March

ESMA sets out approach to SFTR implementation

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is issuing a Public Statementto ensure coordinated supervisory actions on the application of Securities Finance Transactions Regulation (SFTR), in particular, on the requirements regarding the reporting start date, as well as the registration of Trade Repositories (TRs). This approach is needed in response to the effect of current adverse developments events as a result of the COVID-19 pandemic.

18 March

ESMA issues positive opinion on short selling ban by French AMF

The European Securities and Markets Authority (ESMA) has issued an official opinionagreeing to an emergency short selling prohibition, for a period of one month, by the Autorité des marchés financiers (AMF) of France on all transactions which might constitute or increase net short positions on shares admitted to trading on French trading venues (Euronext Paris, Euronext Growth Paris, Euronext Access Paris), for which the AMF is the relevant competent authority as well as to all related instruments relevant for the calculation of the net short position.

17 March

ESMA issues positive opinion on short selling ban by Italian CONSOB

The European Securities and Markets Authority (ESMA) has issued an official opinionagreeing to an emergency short selling prohibition, for a period of three months, by the Commissione Nazionale per le Società e la Borsa (CONSOB) on all transactions which might constitute or increase net short positions on all shares traded on the Italian MTA regulated market, for which CONSOB is the relevant competent authority as well as to all related instruments relevant for the calculation of the net short position.

16 March

​ESMA requires net short position holders to report positions of 0.1% and above

The European Securities and Markets Authority (ESMA) has issued a decision temporarily requiring the holders of net short positions in shares traded on a European Union (EU) regulated market to notify the relevant national competent authority (NCA) if the position reaches or exceeds 0.1% of the issued share capital after the entry into force of the decision.

11 March

ESMA recommends action by financial market participants for COVID-19 impact

​The European Securities and Markets Authority (ESMA), together with National Competent Authorities (NCAs), is closely monitoring the situation in view of the continuing impact of the COVID-19 outbreak on financial markets in the European Union (EU).

10 March

ESMA consults on MiFIR transparency regime for non-equity instruments

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has launched a Consultation Paper (CP) reviewing the transparency regime for non-equity instruments and the trading obligation for derivatives under the Market in Financial Instruments Regulation (MiFIR).