Chapter News

Chapter News

IMF | Transparency Makes Central Banks More Effective and Trusted

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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Chapter News

Declaration by the High Representative Josep Borrell on behalf of the EU: European Union response to promote international security and stability in cyberspace

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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Chapter News

EU imposes the first ever sanctions against cyber-attacks

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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Chapter News

Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update

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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Chapter News, COVID-19 News

COVID-19 response: Safe collective cross-border travel in the COVID-19 era

As part of the EU's response to the Covid-19 pandemic, the Council today adopted a set of conclusions aimed at restoring passengers’ and workers' confidence by minimising the risk of infection in cross-border collective passenger transport systems. In the conclusions, the Council promotes a number of basic hygiene and infection control measures, which should apply to all cross-border collective passenger transport services. Such recommended measures consist of among others : physical distancing or, where this is not feasible, use of...

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Chapter News, COVID-19 News

European Commission secures EU access to Remdesivir for treatment of COVID-19

Yesterday, the European Commission has signed a contract with the pharmaceutical company Gilead to secure treatment doses of Veklury, the brand name for Remdesivir. Veklury was the first medicine authorised at EU level for treatment of COVID-19. As from early August onwards, and in order to meet immediate needs, batches of Veklury will be made available to Member States and the UK, with the coordination and support of the Commission. Stella Kyriakides, Commissioner for Health and Food Safety, said: “In recent...

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Chapter News

EACC COVID-19 Return To Work & Travel Attitudes Survey

The EACC chapter network asked members about their attitudes towards resuming various activities and the COVID-19 Pandemic: when might you return to your office full time; when might you be prepared to attend a large work related gathering; when might you resume international travel. See below an overview of the results in our chapters in the United States and Europe. About this survey: We reached out to members, based on both sides of the Atlantic, and 180 senior executives shared...

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Chapter News

IMF | Corruption and COVID-19

Corruption, the abuse of public office for private gain, is about more than wasted money: it erodes the social contract and corrodes the government’s ability to help grow the economy in a way that benefits all citizens. Corruption was a problem before the crisis, but the COVID-19 pandemic has heightened the importance of stronger governance for three reasons. First, governments around the world are playing a bigger role in the economy to combat the pandemic and provide economic lifelines to people and firms....

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Chapter News, COVID-19 News

U.S. Federal Reserve Board announces an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30

The Federal Reserve Board on Tuesday announced an extension through December 31 of its lending facilities that were scheduled to expire on or around September 30. The three-month extension will facilitate planning by potential facility participants and provide certainty that the facilities will continue to be available to help the economy recover from the COVID-19 pandemic. The Board's lending facilities have provided a critical backstop, stabilizing and substantially improving market functioning and enhancing the flow of credit to households, businesses,...

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Chapter News, COVID-19 News

Special European Council, 17-21 July 2020

Main results EU leaders agreed a recovery package and the 2021-2027 budget that will help the EU to rebuild after the pandemic and will support investment in the green and digital transitions. We have reached a deal on the recovery package and the European budget. These were, of course, difficult negotiations in very difficult times for all Europeans. A marathon which ended in success for all 27 member states, but especially for the people. This is a good deal. This is...

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