We, the Leaders of the Group of Seven (G7), met in Elmau, Germany, on 26-28 June 2022, were joined by the Leaders of Argentina, India, Indonesia, Senegal and South Africa, as well as Ukraine. At a time when the world is threatened by division and shocks, we, the G7, stand united. We underscore our resolve to, together with partners, jointly defend universal human rights and democratic values, the rules-based multilateral order, and the resilience of our democratic societies. In doing...

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Millions of Americans look to Walmart as their go-to place to pick up essentials. According to a complaint filed by the FTC, among the people who have come to rely on Walmart for their day-to-day needs are fraudsters who have allegedly used the retail giant’s money transfer services to bilk consumers out of millions of dollars. The FTC lawsuit charges that Walmart’s practice of looking the other way in the face of massive fraud and illegal telemarketing transactions violates...

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A renewed focus on structural reforms would help drive stronger growth and sustain living standards in Estonia as rising inflation, exacerbated by Russia’s war of aggression against Ukraine has harmed its economic recovery and risks undermining its efforts to reduce poverty. The latest OECD Economic Survey of Estonia sets out that double-digit inflation and labour shortages are slowing the pace of Estonia’s initially robust rebound from the COVID-19 crisis. Headline inflation stood at 20% year-on-year in May, with core inflation...

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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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