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The European Union (EU) GDP contracted by 0.4% and the employment rate decreased by 0.3% in the first quarter of the year compared to the previous quarter.According to data released this Tuesday by the Bureau of Community Statistics, Eurostat.

While you are in the Eurozone, The GDP fell 0.6% and employment 0.3% between January and March.

Compared to the first quarter of 2020, GDP contracted by approximately 1.8% In the single currency area and 1.7% In the community club, while employment a 2.1% and 1.8%, Straight.

Eurostat on Tuesday released its first estimate of European employment development and revised GDP data, which confirm this The European economy has returned to recession Between January and March this year, after the accumulation of two quarters of fall.

distance Record collapse due to the coronavirus pandemic in the second quarter of 2020, 11.6% in the euro area and 11.2% in the European Union, The economy regained the ground it lost in the third quarter (+ 12.5% and + 11.7% respectively), however New waves of COVID-19 and the consequent decline in activity caused GDP to drop again in the last three months of the year. (-0.7% in the Eurozone and -0.5% in the European Union).

The decline continued between January and March 2021, the quarter in which restrictions have been largely maintained against the pandemic, with It is located in all major European economies except for FranceThat grew 0.4% quarterly.

In Germany GDP decreased 1.7%; In Spain and the Netherlands 0.5% and in Italy 0.4%, although the main declines were recorded in the European Union as a whole in Portugal (-3.3%), Latvia (-2.6%) and Slovakia (-1.8%))..

On the contrary, major increases in GDP are observed in Romania (2.8%), Bulgaria (2.5%) and Cyprus (2%).

On an annual basis, the main decline in GDP was recorded in Portugal (-5.4%), Spain (-4.3%) and Germany (-3%), while the only increases were in France (1.5%), Lithuania (1%) and Slovakia (0, 5%).

Overall, the year-on-year decline was more moderate in the first quarter of 2021 than it was in the last quarter of 2020, when GDP fell by a factor of 4,9% In the euro area and 4,6% At twenty-seven.

In terms of employment, the quarterly decline between January and March represents a change of direction, as it closed the fourth quarter of 2020 0.4% increase In the number of people employed both in the single currency area and in the European Union, and in the third quarter a 1% and 0.9% improvement, Straight.

In year-on-year comparison, the decline has decreased in 2,1% In the euro area and 1.8% In the European Union, in both cases it was one-tenth higher than that recorded in the fourth quarter of 2020 according to Eurostat, which does not give employment figures by country.

(With information from EFE)

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The European Union has entered a recession: GDP and employment fell again in the first quarter of 2021 - Amico Hoops

A power-generating windmill turbine is pictured during sunset at a renewable energy park in Ecoust-Saint-Mein, France, September 6, 2020. REUTERS/Pascal Rossignol//File Photo

The European Parliament on Tuesday formally approved the European Union's multi-billion euro fund to support countries as they wind down fossil fuel industries, as the bloc overhauls its economy to fight climate change.

The 17.5 billion euro ($21.37 billion) Just Transition Fund (JTF) combines cash from the EU's budget and its COVID-19 recovery fund.

It will support communities most affected by plans to shut down coal, peat and oil shale sectors, or other emissions-intensive industries, and replace them with low-carbon industries and jobs -- a transformation seen as key to meeting the EU's target to eliminate its net greenhouse gas emissions by 2050.

EU lawmakers approved the fund with 615 votes in favour, 35 against and 46 abstentions. The JTF needs final approval from the EU's 27 countries, expected in June, but that is a formal procedure and will not change any details.

"JTF is a key tool to ensure the transition towards climate neutral economy happens in a fair way, leaving no one behind," Greek lawmaker Manolis Kefalogiannis, parliament's lead legislator on the fund, told the assembly on Monday.

German Green lawmaker Niklas Nienass praised the terms of the fund, which cannot be spent on nuclear energy or fossil fuels including natural gas. read more

However, he said it could not offer sufficient support to regions in need, because EU member states had refused requests from the European Commission and parliament to increase it.

"It's just too small," Niklas said.

Poland, which employs over half of the roughly 230,000 people working in Europe's coal industry, is in line for the biggest share, followed by Germany and Romania, both home to coal-mining regions.

To access the money, regions must submit plans detailing how they intend to manage mine closures and retrain workers. The European Commission has warned Poland that its plan to extend the life of a coal mine in Turow until 2044 could cost the region its share of the fund.

($1 = 0.8188 euros)

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EU lawmakers give final approval to bloc's green transition fund - Reuters

(CBS LOCAL) The European Union is preparing a plan to reopen to vaccinated Americans and many seniors are ready to go. Travel advisors say the older travelers are among those leading bookings.

Gale and Bob Grossman are frequent travelers. They vacation in places like Italy, Brazil, and Ireland. But international trips were no longer possible when the pandemic hit.

A year later, the senior couple is now vaccinated and eager to start flying abroad again.

As soon as Europe opens up, were gone, says Gale.

We go to Ireland every year also and Ireland cant give us an answer when we can get there and we keep postponing that trip as well, says Bob.

Its what travel advisor Hillel Spinner keeps seeing among his older clients.

Between February and March, Ive noticed an increase of about 110%. And the reason for that is theyve been vaccinated, they feel safe to travel again, the world is their oyster, theyre like where can I go now? he says.

A recent survey by the American Society of Travel Advisors finds 44% of those polled say being able to travel is the main reason why theyre getting vaccinated. And two-thirds of those surveyed feel the vaccine will enable them to do so.

Jim Moses is the President and CEO of Road Scholar which provides educational travel tours for older adults.

He says, Its been unbelievable. Weve seen about a 50% increase in the numbers of people who are enrolling in programs. Theyre so excited.

Alisa Kauffman is in her early 60s and planning a 60th birthday trip for her husband to Greece. Its a much-needed getaway after losing her mother to COVID in August.

Travel is the only thing that you can buy that makes you richer, and thats the one thing that my mother taught me, she says.

A lesson she can put to good use now that shes vaccinated.

The travel agency Embark Beyond is seeing strong bookings in Turkey and Greece this summer.

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European Union Preparing Plan That Will Allow Vaccinated Americans To Travel Once Again - CBS Pittsburgh

Vaccines against Covid are still sorely missed, due to insufficient production, and the international Covax system is far from the number of doses it thinks can be distributed.

The G7 countries and members of the European Union will be able to donate more than 150 million doses of anti-virus vaccines for the disadvantaged countries, in an attempt to bridge the inequality gap in vaccines in the face of the epidemic, according to UNICEF, on Monday 17 May 2021.

That number could be reached if the Group of Seven of the worlds wealthiest nations whose leaders met in June 2021 at the England summit and European Union members only shared 20% of the shares at their disposal. June, July and August, according to a study by Irfinity, a company that specializes in analyzing scientific data and is funded by the British branch of UNICEF. They can do this while still fulfilling their obligations in terms of vaccinating their own population, said Henrietta Fore, Director-General of the United Nations agency.

Shortage of moneyVaccines against Covid are still in dire shortages, due to insufficient production and the international Covax system, which has been created to try to prevent rich countries from getting most of the precious doses, far from counting the doses that he thought could be dispensed with. In June, nearly 190 million doses of the Covax system created by the Vaccine Alliance (GAVI), the World Health Organization and also CEPI (Alliance for Innovations in Pandemic Preparedness) will be lost compared to the volumes initially planned.

UNICEF unmatched in the field of immunization is responsible for the distribution. Therefore, by the end of May 2021, 140 million doses of Covax will be missed and another 50 million in June. The shortage of vaccines and the shortage of funds add to the difficulties.

The press release said that while awaiting more permanent measures to significantly increase production, the immediate participation of overdoses is a minimum, which is a necessary and urgent measure, which we need immediately. A gap that the WHO chief, Tedros Adhanom Ghebreyesus, considers so unfair that he asked states on Friday to forgo immunizing children and adolescents the least inclined yet to develop dangerous forms of Covid to have their Kovacs available.

For the proponents of participation, this is not just a moral imperative for poor countries to be able to immunize their health workers and their most vulnerable populations. The vigorous spread of the virus anywhere, due to lack of immunization, can lead to the emergence of variants that are more infectious, more lethal and possibly resistant to existing vaccines, nullifying efforts already made.

Thus the Director-General of the World Health Organization warned on Friday May 14, 2021: The Covid-19 virus has already claimed the lives of more than 3.3 million people, and at the rate of ongoing matters, the second year of the epidemic will be much more deadly than the first.

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Covid-19 vaccines: The G7 group and the European Union can donate more than 150 million doses to Covax - Prudent Press Agency

Euro currency

Brussels does not see inflation potential.

(Photo: Vario-Images)

Brussels The European Commission wants to intensify the fight against tax evasion. To this end, it is forcing the European Union to publish accurate information on the tax burden of large companies. We want to ensure more transparency, EU currency commissioner Paulo Gentiloni told Handelsblatt and the French business daily Les Ecos. This will help us to fight against aggressive tax planning. Brussels also wants to take action against letterbox companies.

At the same time, Europeans are trying to reach an international tax consensus. We have the opportunity to reach a political agreement between the G20 countries in Venice in July, Gentiloni ressed. The U.S. proposal to raise the global minimum tax rate to 21 percent has sparked discussions.

The EU is aiming for a similar level. I do not think we can go beyond the US proposal, he said. The Italian was confident that he would be able to convince European Union countries such as Luxembourg and Ireland, which have so far attracted investors to lower taxes, about tax reform.

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Inflation in Europe: That's what the European Union's currency commissioner says - SwordsToday.ie