European Central Bank confirms: economy will take two years to recover from crisis

The pandemic situation in the world is evolving in dispersed order: it seems to be slowing down in France but accelerating in other European countries ... and everyone is taking the measures they deem necessary. But a big question remains: how long will the economic crisis linked to the health crisis last? About two years, according to the ECB. Hope for a vaccine in 2021 In an interview that the chief economist of the European Central Bank (ECB), Philip Lane, gave to the newspaper Les Echos on November 22, 2020, we discover that it will be the vaccine, announced as available at the end of 2020-beginning of 2021 which will play an essential role in the recovery of the economy. For now, the ECB is watching closely "the circulation of the virus" and the health measures taken as a result, but especially the change in "consumer behavior". "It is certain that the two phenomena combined will lead to a decline in activity."

Joe Biden vows to tear up Keystone XL pipeline project

The campaign team for the US presidential candidate, Joe Biden, announces that the former vice-president promises to tear up the Keystone XL pipeline project if he gains access to the White House. This is the first time that Joe Biden has spoken out on the controversial project to transport oil from the Alberta oil sands to US refineries on the Gulf of Mexico coast. The statement was made to Politico media by officials from his campaign team.
Joe Biden promet de déchirer le projet de l’oléoduc Keystone XL

This is not a surprise since Joe Biden had opposed the project in the past when he was a member of the Obama administration. Former President Barack Obama officially rejected the Calgary-based TC Energy project in 2015.

"Stopping Keystone was the right decision at the time and it is still the right decision now. In fact, it’s even more important today, "Joe Biden’s campaign policy director Stef Feldman said in a written statement, first reported by Politico.

Meanwhile, Donald Trump has spent "everyday of his presidency" ignoring the impending climate crisis, making matters worse by withdrawing the United States from the Paris agreement, weakening national fuel standards, and repealing air and water pollution regulations, said Stef Feldman.

"This denial of science ends on the first day of a Biden presidency," she said. "Biden strongly opposed the Keystone pipeline during Barak Obama's presidency, stood alongside President Obama and Secretary of State John Kerry to reject it in 2015, and will stand proudly in Roosevelt Hall as president and will stop him definitively ”.

TC Energy spokesman Terry Cunha released a press release Monday that did not refer to comments on Joe Biden's campaign. Rather, he touted the virtues of Keystone XL as a driver of investment and job growth "in an age of unprecedented economic uncertainty and unemployment."

"The project will eventually stimulate millions of dollars in new provincial, state and local taxes along the pipeline route and will also ensure that our energy needs are met with North American production, thereby improving the security of our national supply chains." », Can be read in the press release.

No other pipeline project has been examined as thoroughly as Keystone XL, he added, "and every study has bluntly concluded that it can be built in a safe and environmentally responsible manner."

The extension of the pipeline - a 1,900-kilometer route between Alberta and Nebraska - has been plagued by delays, opposition protests and mounting orders since the project began. He became a symbol for environmentalists in 2011 when celebrities joined the protesters outside the White House.

Since then, Barack Obama’s successor, current President Donald Trump, has approved the construction of the pipeline, but a Montana federal judge put a stop to the work last month. The court ruled on a complaint from environmental groups that the impact assessment on endangered species had not been done properly.

"The rejection of the Keystone XL pipeline is the cornerstone of any meaningful plan to tackle the climate crisis," said Tamara Toles O'Laughlin, North American director of 350 Action, the political wing of the 350 climate justice group .org.

"The first nations, farmers and ranchers, and many communities that have resisted Keystone XL for more than a decade know that this pipeline would defeat all survival and climate adaptation plans. "

At the same time, Alberta Premier Jason Kenney has committed to investing $ 1.1 billion in the project as his Progressive Conservative government continues to work to revive the energy sector. Oil companies were hit hard by the record drop in oil prices and the aftermath of the COVID-19 pandemic.