Watch the live webcast of the press conference Russia’s invasion of Ukraine immediately slowed the recovery from the COVID-19 pandemic and set the global economy on a course of lower growth and rising inflation. The OECD’s latest Economic Outlook projects global growth to decelerate sharply to around 3% this year and 2.8% in 2023, well below the recovery projected in the previous Economic Outlook last December. The economic and social impact of the war is strongest in Europe, with many of the...

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The euro area is facing a complex mix of shocks which are reducing growth and pushing up inflation, says President Christine Lagarde. In this environment, it is imperative for policymakers, within their respective mandates, to address the risks to the economic outlook. Speech by Christine Lagarde, President of the ECB, at the ECB Forum on Central Banking 2022 on “Challenges for monetary policy in a rapidly changing world” in Sintra, Portugal | Sintra, 28 June 2022 | Inflation in the euro...

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On 23-24 June 2022, the European Council adopted conclusions on Wider Europe, Ukraine, the membership applications from Ukraine, the Republic of Moldova and Georgia, Western Balkans, economic issues, Conference on the Future of Europe and external relations. European Council conclusions, 23-24 June 2022 Remarks by President Charles Michel following the second session of the European Council, 24 June 2022 Ahead of the European Council meeting, EU and Western Balkan leaders met in the morning of 23 June 2022 in Brussels. ...

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The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today publishes a letter to the European Commission (EC) providing its findings from the Call for Evidence to gather information on the market structure for ESG rating providers in the European Union (EU). Key findings ESMA received a total of 154 responses and found 59 ESG rating providers currently active in the EU. The analysis of the responses further indicated several characteristics and trends as follows: ESG rating providers...

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Following the further invasion of Ukraine, Russia continues to use natural gas as a political and economic weapon. Russia's energy coercion has put pressure on energy markets, raised prices for consumers, and threatened global energy security. This was most recently demonstrated by the politically motivated acute disruptions of gas supplies to several European Union Member States. These actions only underscore the importance of the work both the United States and the European Commission are doing to end our reliance...

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Vice-President for Interinstitutional Relations and Foresight, Maroš Šefčovič, and Jan Christian Vestre, Norway's Minister of Trade and Industry, have released the following joint statement on enhanced political and industrial cooperation on the strategic value chains of batteries and raw materials. The European Union and Norway enjoy a deep and long-standing relationship as neighbours and partners, sharing common political objectives and fundamental values, while being part of the Single Market through the European Economic Area (EEA). Given the urgent need to tackle...

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II. UKRAINE 4. The European Council discussed the Russian war of aggression against Ukraine in its different dimensions. The European Council reiterates that it firmly stands with Ukraine and that the European Union will continue to provide strong support for Ukraine’s overall economic, military, social and financial resilience, including humanitarian aid. 5. The European Council resolutely condemns Russia’s indiscriminate attacks against civilians and civilian infrastructure, and urges Russia to immediately and unconditionally withdraw all its troops and military equipment from the...

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The aviation sector, like many others, has been heavily impacted by the COVID shock. It is now confronted with the fall-out of Russia's military actions against Ukraine. But we must look ahead. Gone are the days when the aviation sector ignored its responsibility for global warming. Just recall the commitments taken as part of “Destination 2050”. For the first time, the sector presented a pathway for a climate neutral sector that combines new technologies, improved operations, sustainable aviation fuels and economic...

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The IMF’s Global Financial Stability Report, introduced in 2002, was a step toward a more comprehensive assessment of risks in financial markets and cross-border capital flows. Twenty years ago, the IMF released its inaugural Global Financial Stability Report to strengthen surveillance of financial markets after a series of crises in emerging market economies and the dot-com bust. This semiannual publication by the Monetary and Capital Markets Department has since evolved through years of seismic shifts in the global...

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Russia’s war against Ukraine threatens to create a global wave of hunger. We must urgently enable Ukraine to export its grains through the Black Sea. We also see a “battle of narratives” around Russian grains and fertilizer exports. While our sanctions do not target these exports, we are ready to work with the UN and our partners to prevent any unwanted impact on global food security. "The war of aggression against Ukraine puts the world in danger of a famine...

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