The European Union – together with the international G7+ Price Cap Coalition – have today adopted further price caps for seaborne Russian petroleum products (such as diesel and fuel oil). This decision will hit Russia's revenues even harder and reduce its ability to wage war in Ukraine. It will also help stabilise global energy markets, benefitting countries across the world. It comes on top of the price cap for crude oil in force since December 2022, and will complement the...

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The ECB has asked people in the euro area how they pay and which payment methods they prefer. The ECB Blog discusses our survey findings and what they mean for the future of cash and digital means of payment. Digitalisation has changed, and will continue to change, the way people make payments. Today’s payment options are in some ways unrecognisable from what was available a decade ago. Using a device or app, you might pay for your groceries with your...

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The fight against inflation is starting to pay off, but central banks must continue their efforts The global economy is poised to slow this year, before rebounding next year. Growth will remain weak by historical standards, as the fight against inflation and Russia’s war in Ukraine weigh on activity. Despite these headwinds, the outlook is less gloomy than in our October forecast, and could represent a turning point, with growth bottoming out and inflation declining. Economic growth proved surprisingly resilient in the...

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Today, the Commission presents a Green Deal Industrial Plan to enhance the competitiveness of Europe's net-zero industry and support the fast transition to climate neutrality. The Plan aims to provide a more supportive environment for the scaling up of the EU's manufacturing capacity for the net-zero technologies and products required to meet Europe's ambitious climate targets. The Plan builds on previous initiatives and relies on the strengths of the EU Single Market, complementing ongoing efforts under the European Green Deal...

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The press briefing ahead of the EU-Ukraine summit of 3 February 2023 will take place on Wednesday 1 February 2023 at 14.00. This briefing will be "off the record". The press briefing will take place in a hybrid format: EU accredited journalists will be able to participate and ask questions either in person at the Justus Lipsius press room or remotely. To attend the events remotely, please use this link to register and have the possibility to ask questions. EU accredited journalists...

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WASHINGTON –United States Secretary of Homeland Security Alejandro N. Mayorkas and European Commissioner for Internal Market Thierry Breton, released the following joint statement on the cooperation between the United States and the European Union in the fields of Cyber Resilience: “Cyberspace knows no borders and it is only by working closely together with our allies and likeminded partners that we will succeed in securing our people, critical infrastructure, and businesses against malicious cyber activities. Today we launch a new chapter...

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Euro area net saving decreased to €678 billion in four quarters up to third quarter of 2022, compared with €731 billion one quarter earlier Household debt-to-income ratio declined to 94.7% in third quarter of 2022 from 96.0% one year earlier Non-financial corporations' debt-to-GDP ratio (consolidated measure) decreased to 77.6% in third quarter of 2022 from 79.4% one year earlier Total euro area economy Euro area net saving decreased to €678 billion (6.5% of euro area net disposable income) in the...

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The 2021 surge in global shipping costs was a canary in the coal mine for the persistent rise in inflation It bears remembering that, as recently as the second half of 2021, the Federal Reserve considered that the surge in consumer price inflation would dissipate, with price increases returning to the Fed’s 2 percent target in 2022. In testimony before Congress, Fed Chair Jerome Powell affixed the now infamous “transitory” moniker to the ongoing price increases, which he ascribed to...

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Governor Christopher J. Waller at the C. Peter McColough Series on International Economics, Council on Foreign Relations, New York, New York | Thank you, Ben, and thank you to the Council on Foreign Relations (CFR) for inviting me to be part of this discussion. It has been close to a year since the Federal Open Market Committee (FOMC) began tightening monetary policy. We began raising interest rates in March 2022 and shrinking our securities holdings in June in order to...

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Fragmentation could make it even more difficult to help many vulnerable emerging and developing economies that have been hard hit by multiple shocks As policymakers and business leaders gather at the World Economic Forum in Davos, they are facing a Gordian knot of challenges . From the global economic slowdown and climate change to the cost-of-living crisis and high debt levels: there is no easy way to cut through it. Added to this are geopolitical tensions that have made it even...

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