Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the National College of Ireland | Dublin, 16 May 2022 | It is a pleasure to be here with all of you today to talk about the digital euro. When we launched this project, we made it clear that this is a common European enterprise. Our collective effort is key to the preparation and eventual success of a digital euro. I would like to take this opportunity to...

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At our June 2021 US-EU Summit, we established the US-EU Trade and Technology Council (TTC) to shape the rules of the road for a 21st century economy, and for rapidly evolving digital and emerging technology. In less than a year, the TTC has become a pillar of transatlantic cooperation, particularly in growing our bilateral trade and investment relationship; resolving existing and avoiding new barriers to trade while countering non-market, trade distortive practices; and in our united response to Russia's...

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The Commission welcomes the political agreement reached today between the European Parliament and EU Member States on the Directive on measures for a high common level of cybersecurity across the Union (NIS 2 Directive) proposed by the Commission in December 2020. The existing rules on the security of network and information systems (NIS Directive), have been the first piece of EU-wide legislation on cybersecurity and paved the way for a significant change in mind-set, institutional and regulatory approach to cybersecurity in...

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The European Commission will phase out the State aid COVID Temporary Framework, adopted on 19 March 2020 and last amended on 18 November 2021, enabling Member States to remedy a serious disturbance in the economy in the context of the coronavirus pandemic. The State aid COVID Temporary Framework will not be extended beyond the current expiry date, which is 30 June 2022 for most of the tools provided. The existing phase-out and transition plan will not change, including the...

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Consistent with the Principles for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in January 2022, all Committee participants agreed to the following plans for significantly reducing the Federal Reserve's securities holdings. The Committee intends to reduce the Federal Reserve's securities holdings over time in a predictable manner primarily by adjusting the amounts reinvested of principal payments received from securities held in the System Open Market Account (SOMA). Beginning on June 1, principal payments from...

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Reflections on Monetary Policy in 2021 | Speech by Governor Christopher J. Waller at the 2022 Hoover Institution Monetary Conference, Stanford, California | I want to thank the organizers for inviting me to speak here today. The discussion has focused on the following question: "How did the Fed get so far behind the curve?" My response is to relate how my view of the economy changed over the course of 2021 and how that evolving view shaped my policy position....

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"Check against delivery" Madam President, dear Roberta, Honourable Members, Next week, we will mark Europe Day. The 72nd birthday of our Union. This Europe Day will be all about the Union of the future – how we make it stronger, more resilient, closer to its people. But the answer to all of these questions, we cannot give alone. The answer is also given in Ukraine. It is given in Kharkiv, where Ukrainian first responders venture into the combat zone to help those...

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The European Commission has today proposed a debt-equity bias reduction allowance, or DEBRA, to help businesses access the financing they need and to become more resilient. This measure will support businesses by introducing an allowance that will grant to equity the same tax treatment as debt. The proposal stipulates that increases in a taxpayer's equity from one tax year to the next will be deductible from its taxable base, similarly to what happens to debt. This initiative is part of...

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Today, the European Commission has adopted a reform of the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services sold at a distance. The Proposal will strengthen consumer rights and foster the cross-border provision of financial services in the single market. This market has significantly evolved in light of the overall digitalisation of the sector and the new types of financial services that have been developed since the rules were first introduced in 2002....

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Today, EU Member States, with the support of the European Commission and ENISA, the EU Agency for Cybersecurity, published a report on the cybersecurity of Open RAN. This new type of 5G network architecture will in the coming years provide an alternative way of deploying the radio access part of 5G networks based on open interfaces. This marks another major step in the coordinated work at EU level on the cybersecurity of 5G networks, demonstrating a strong determination to...

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