Members of the OECD Development Assistance Committee (DAC), comprised of 29 donor countries and the EU, have agreed on a method for reporting debt relief as official development assistance (ODA). The agreement follows calls by developing countries and civil society for expanded international debt relief efforts. Creditors within the Paris Club, a forum of official creditors for negotiating debt restructuring, had asked as well for the system to encourage the forgiveness and rescheduling of debt. The new agreement paves the way for...

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The Annual Report on Monitoring the Application of EU Law sets out how the Commission monitored and enforced EU law in 2019, and the performance of Member States  in various policy areas. The effective enforcement of EU law matters to citizens as it upholds the rights and benefits that they derive from EU law, which otherwise they would be denied. It also matters to businesses in order ensure a level-playing field across the internal market. While the number of open infringement cases remained...

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The role and mandates of central banks have become broader and more complex since the 2008 global financial crisis. The unconventional nature and growing scale of interventions (as seen again during the COVID-19 pandemic) have brought on much higher scrutiny. More transparency and accountability are required to maintain public support, safeguard independence, and enhance policy effectiveness. The IMF has developed a Central Bank Transparency Code to help member countries answer these demands and increase trust and support. It aims to facilitate more effective...

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The European Union and its member states have repeatedly signalled their concern and denounced malicious behaviour in cyberspace. Such behaviour is unacceptable as it undermines international security and stability and the benefits provided by the Internet and the use of Information and Communication Technologies (ICTs). We strongly promote a global, open, stable, peaceful and secure cyberspace where human rights and fundamental freedoms and the rule of law fully apply, supporting the acceleration of social, political and economic development. In order...

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The Council today decided to impose restrictive measures against six individuals and three entities responsible for or involved in various cyber-attacks. These include the attempted cyber-attack against the OPCW (Organisation for the Prohibition of Chemical Weapons) and those publicly known as 'WannaCry', 'NotPetya', and 'Operation Cloud Hopper'. The sanctions imposed include a travel ban and an asset freeze. In addition, EU persons and entities are forbidden from making funds available to those listed. Sanctions are one of the options available in the EU’s cyber diplomacy toolbox to prevent, deter and respond to malicious cyber activities directed against...

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Real gross domestic product (GDP) decreased at an annual rate of 32.9 percent in the second quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 percent. The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 2). The "second" estimate for the second quarter,...

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