By Elena Bobeica, Gerrit Koester and Christiane Nickel While overall inflation has normalised and currently lies at the ECB’s 2% medium-term target, food inflation is higher. To put a meal on the table, consumers pay roughly a third more than before the pandemic. This ECB Blog looks at the causes and consequences for monetary policy. Inflation has come down a lot in the euro area – from a peak of 10.6% in October 2022 to 2.0% recently. At the same time,...

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Leading AI developers are taking significant steps to make their systems more robust and secure, according to a new OECD report.  How are AI developers managing risks? Insights from responses to the reporting framework of the Hiroshima AI Process Code of Conduct analyses voluntary transparency reporting under the G7 Hiroshima AI Process from technology and telecommunications companies as well as advisory, research, and educational institutions, including Anthropic, Google, Microsoft, NTT, OpenAI, Salesforce and Fujitsu. The analysis shows that many organisations are developing...

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A high-level delegation of the European Union (EU) leaders will participate in the 80th session of the United Nations General Assembly (UNGA) in New York from 21-30 September. The focus of EU engagement will be to uphold the rules and principles of the UN Charter, including those of sovereignty and territorial integrity, political independence and self-determination. The delegation to the 80th session will include President of the European Council António Costa, who will address the UN General Assembly on behalf of...

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The global economy was more resilient than anticipated in the first half of 2025, but downside risks loom large as higher barriers to trade and geopolitical and policy uncertainty continue to weigh on activity in many economies. The latest OECD Interim Economic Outlook projects global growth slowing from 3.3% in 2024 to 3.2% in 2025 and 2.9% in 2026, as early stockpiles of goods accumulated in anticipation of higher tariffs are drawn down, and as the implementation of tariffs and continuing policy...

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The world is transitioning faster than ever towards clean energy. Last year alone, global spending hit a record $2tn, with $2 invested in clean energy for every $1 in fossil fuels, according to the International Energy Agency. In the power sector, investment in clean technologies outstripped fossil fuels by 10 to 1. This shift is driven by the existential threat of climate change, a shared recognition that energy security is national security, and the understanding that clean energy is...

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Remarks by Alfred Kammer, Director, European Department, International Monetary Fund, at the EU’s Economic and Financial Affairs Council Thank you for the opportunity to address you today on the national-level reform priorities of EU countries. History shows that high productivity growth in Europe is possible. Between the end of World War II and the end of the last century, the EU outpaced U.S. labor productivity growth. But when the information and communication technologies (ICT) revolution let productivity surge in the...

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