Economic governance and recovery Ministers exchanged views on the EU economy following the COVID-19 pandemic, and on the implications of recent developments for economic governance. They discussed the future of the EU’s economic governance framework and gave their initial views on the way forward. This topic will be discussed further and ministers will continue their consultations in order to reach a broad consensus in due course. Our efforts on boosting the economic recovery are taking effect. The EU’s response to the pandemic is...

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Clean energy needs may cause years of high prices for copper, nickel, cobalt, and lithium under a net-zero emissions scenario. The world’s historic pivot toward curbing carbon emissions is likely to spur unprecedented demand for some of the most crucial metals used to generate and store renewable energy in a net-zero emissions by 2050 scenario. 'Prices could reach historical peaks for an unprecedented length of time—and even delay the energy transition itself.' A resulting surge in prices for materials such as cobalt...

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November 08, 2021 | "Flexible Average Inflation Targeting and Prospects for U.S. Monetary Policy" by Vice Chair Richard H. Clarida at the Symposium on Monetary Policy Frameworks, The Brookings Institution, Washington, D.C. (via webcast) | Outlooks and Outcomes for the U.S. Economy The U.S. economy in the second quarter of this year made the transition from economic recovery to economic expansion.1 Given the catastrophic collapse in U.S. economic activity in the first half of 2020 as a result of the global pandemic...

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November 08, 2021 | "The U.S. Housing and Mortgage Market: Risks and Resilience" by Governor Michelle W. Bowman at the Women in Housing and Finance Public Policy Luncheon, Washington, D.C. | Good afternoon, everyone. It is a pleasure to join you today. Thank you for the invitation. Developments in the housing and mortgage markets have a major effect on the economy and the financial system, so the Federal Reserve Board monitors these markets closely. I am happy to share some...

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Welcome address by Philip R. Lane, Member of the Executive Board of the ECB, at the ECB Conference on Money Markets | 8 November 2021 | Welcome to our annual conference on money markets. This is a prominent event in our calendar: it is difficult to over-state the importance of understanding money markets for the design and implementation of monetary policy. Money markets are a seismograph for central bank liquidity conditions and market expectations of future policy, while money market...

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European Commission President Ursula von der Leyen announced today €1 billion at the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow as the European Union contribution to the Global Forests Finance Pledge. This 5-year support package from the EU budget will help partner countries to protect, restore and sustainably manage forests worldwide and deliver on the Paris Agreement. President Ursula von der Leyen said: “Forests are the green lungs of the earth. We need to protect and restore them. I gladly announce...

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Speech by Christine Lagarde, President of the ECB, on the occasion of the 175th anniversary of Banco de Portugal in Lisbon | Introduction I am delighted to be here in Lisbon to celebrate the 175th anniversary of the Banco de Portugal, an institution that can be proud of its contribution to Portuguese history. And it is a history that is fused with Europe. Lisbon was home to the peaceful Carnation Revolution of 1974, which ushered in democracy and marked a crucial step...

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Building on the June 2021 commitment of G7 Leaders to launch a values-driven, high-standard, and transparent infrastructure partnership to meet global infrastructure development needs, U.S. President Biden and European Commission President von der Leyen hosted a discussion on the margins of COP26 with UK Prime Minister Johnson, Barbadian Prime Minister Mottley, Canadian Prime Minister Trudeau, Colombian President Duque, Ecuadorian President Lasso, Democratic Republic of the Congo President Tshisekedi, Indian Prime Minister Modi, Japanese Prime Minister Kishida, and Nigerian President...

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Excellencies, Ladies and Gentlemen, Fellow leaders, I welcome and endorse the World Leaders' Summit Statement on the Breakthrough Agenda. And the European Union is proud to support all four breakthroughs on power; road transport; steel; and hydrogen. I am especially glad that on this COP26, finally, we prioritise the importance of innovation. Because it is only through innovation that we are going to get to our goal of net zero. And therefore, scientists and innovators, entrepreneurs and investors, that is...

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