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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Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, 10th Annual Conference on Bank Steering & Bank Management at the Frankfurt School of Finance & Management | I understand that today’s audience includes managers and experts from banks and banking associations, supervisors, academics and students. So this is an ideal platform for exchanging views on the financial sector’s role in addressing the risks of the ongoing climate...

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Following dialogues with the Commission and the network of national consumer protection (CPC) authorities, TikTok has committed to align its practices with the EU rules on advertising and consumer protection, namely, the Unfair commercial practices Directive, the Consumer rights Directive and the Unfair contract terms Directive.  This dialogue first originated from a complaint of the European Consumer Organisation (BEUC). In February 2021, BEUC raised the alarm regarding certain problematic practices of TikTok allegedly breaching EU consumer rules. For instance,...

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"Check against delivery" Good morning everybody. It's great to be here in Riga today. We are going through an energy crisis that threatens our climate goals and energy security and independence all in one. The ripple effects of the Russian aggression in Ukraine have kick started a huge change in our geopolitical environment. In recent days and weeks, Russia has again and again demonstrated that it is an unreliable supplier who uses energy as a political weapon – trying to single out...

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The European Commission has today adopted a Communication setting out how it can follow up on the outcome of the Conference on the Future of Europe. After a year of deliberations, the Conference came to an end on 9 May 2022. In the closing ceremony in Strasbourg, the Presidents of the European Parliament, Commission and Council received a final report from the Conference participants containing 49 wide-ranging, ambitious and forward-looking proposals and 326 individual measures. These proposals, covering nine broad themes,...

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Today, the European Commission presented its Opinions on the application for EU membership submitted by Ukraine, Georgia and the Republic of Moldova as invited by the Council. Today's Opinions are based on the Commission's assessment in light of the three sets of criteria to join the EU agreed by the European Council: political criteria, economic criteria and the ability of the country to assume the obligations of EU membership (EU acquis). The Opinions also take into account Ukraine, Moldova...

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Environmentally conscious design can make a major difference in the energy efficiency of digital currencies. Most of the world’s central banks have already agreed they should help fight climate change, a critical challenge that necessitates reductions in both energy consumption, which is our focus here, and the carbon emissions associated with the energy consumed. To meet these aims, it’s important to pay attention to the energy used by the payment systems that central banks regulate and oversee. Monetary authorities now have...

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Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the European Payments Council’s 20th anniversary conference | Frankfurt am Main, 16 June 2022 | Let me warmly congratulate you on the 20-year anniversary of the European Payments Council (EPC). Your organisation has been key to the transformation of Europe’s payment system into one of the most efficient in the world, seizing the opportunities offered by the Single Market and the introduction of the euro. Estimates...

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After more than a year of Pandemic-related travel restrictions and US embassy closures, international travel has resumed. However, members across the EACC network share that business travel into the United States remains fraught. In certain cases, ESTA applications are being denied and visa applicants must sometimes wait for more than a year for an appointment at a US Consulate. Please take a moment to answer the below questions about your and/or your company’s experience in attempting to gain entry into...

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