Economy

The European Commission has launched an initiative on the evaluation and revision of the general pharmaceutical legislation with an overall aim to ensure a future-proof and crisis-resistant regulatory system. The revision is intended to ensure access to affordable medicines, to foster innovation, including in areas of unmet medical need, to improve security of supply and address shortages, to promote technological development and to reduce red tape.

The justice of compensating for the quarantine is once again one of the main societal concerns. Previously made mistakes are leading to more and more flawed interpretations and force us to go back to the origins of the crisis. Did companies, which received \"quarantine relief\" from the government, have a right to breathe, move and change? In economic terms, it means to pay, invest, purchase, trade and transfer.

In March 2020, under the pressure of a growing pandemic, we voluntarily shut down the economy for the first time to protect the lives of fellow citizens. Over the next twelve months, when the economy and the people have already been locked in a lockdown, we have managed to completely devastate the services segment, we have managed to devastate children in online education and, worst of all, we have not prevented a high number of deaths from COVID.

Globalization is an integral part of everyday life. However, so called \"hyper-globalization\" challenges national interest in favour of deeper integration. Academics debate what values governments should prioritize and how they should interact with the international community. Countries can either sacrifice too much to find a place in the world economy or may focus wrongly on domestic public opinion alone.

\"The income tax rate could be reduced to 13-15%, sending all income tax to local governments and reducing labor taxes\" suggested the Minister of Finance Keit Pentus-Rosimannus (Reform) on Monday. Writing on social media, the minister said this move would help local governments to finance maintenance and care costs. She also wrote that Estonian labor taxes are too high while health care and social care costs need to be better funded in an aging society.

\"Digital services of the European Union member states must be made available to all citizens of the EU\" says the Minister of Entrepreneurship and IT Andres Sutt (Reform). Sutt made his comments at a time when the Union has rolled out a timetable for greater and more integrated pan-EU digital services, including digital wallets.

The Ministry of Economic Affairs and Communications for Estonia, wants to analyze the existing use of e-receipts and to propose a new service to be introduced by 2025. \"Although e-receipt has been available as a service in Estonia for a long time, it is still used relatively little. Larger stores offer the possibility of a digital receipt already now, but more often it\'s still paperwork that we can see today. (...)\" said Andres Sutt, the Estonian minister.

So far, the COVID-19 pandemic has had little effect on the German housing market. It has left barely a mark on real estate prices or rentals. But the pandemic is not over yet, and even if it was: the past months have triggered some developments that will transform our working world and are likely to have a considerable impact on the housing market in the long term.

Cryptocurrencies are here to stay. As we find ourselves in the digital transformation, accelerated by the COVID-19 pandemic, the topic of cryptocurrencies no longer should focus on their stereotypes, or if they are a worthwhile investment but rather on how we can educate and integrate cryptocurrencies into our everyday lives.

The Lithuanian Free Market Institute (LFMI) announces the celebration of Tax Freedom Day on Tuesday in Lithuania. The fact that it is celebrated almost three weeks later than last year shows increased government spending.