Statement by Christine Lagarde, President of the ECB, at the forty-fourth meeting of the International Monetary and Financial Committee | IMF Annual Meetings, 14 October 2021 | Global economic activity has continued to recover since our previous meeting in April this year, thanks to further progress in vaccination campaigns and supportive economic policies. However, the pace of the recovery remains uneven across sectors and countries, and the spread of the more contagious Delta variant of the coronavirus (COVID-19), coupled with...

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The Commission adopted today a Communication on Energy Prices, to tackle the exceptional rise in global energy prices, which is projected to last through the winter, and help Europe's people and businesses. The Communication includes a “toolbox” that the EU and its Member States can use to address the immediate impact of current prices increases, and further strengthen resilience against future shocks. Short-term national measures include emergency income support to households, state aid for companies, and targeted tax reductions. The Commission will...

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1. Why has the Commission adopted a Communication on Energy Prices? The European Union, like many other regions in the world, is currently facing a sharp spike in energy prices. This is a serious concern for citizens, businesses, the European Commission and governments all over the EU. Today's spike is principally driven by increased global demand for energy, in particular gas, linked to the global economic recovery. While energy price fluctuations have occurred in the past, the current situation is exceptional...

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Speech by Christine Lagarde, President of the ECB, at the Finance at Countdown event | The urgent need to transition to carbon neutral We have seen this summer what climate change can do in terms of disasters. We had floods in Europe, heatwaves in North America and elsewhere; there have been ample examples this year of what the world may look like in the future. And it might be worse. The prominence of climate change in the public debate shows that...

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Options to magnify the impact of the Special Drawing Rights Allocation through voluntary channeling. One of the most significant measures introduced by the International Monetary Fund in response to the global pandemic was the recent historic allocation of Special Drawing Rights, or SDRs. The challenge now is to ensure this distribution is redirected—or channeled—to where the need is greatest. To that end, we are exploring three options to enable more resilient and sustainable economic futures for the poorest and most...

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Today, Executive Vice-President Frans Timmermans, who leads the EU's international negotiations on climate, and Special Presidential Envoy for Climate John Kerry hosted a virtual ministerial meeting to mobilise further support for the Global Methane Pledge. The co-convenors and Executive Director of the United Nations Environment Programme Inger Andersen affirmed the critical importance of rapidly reducing methane emissions as the single most effective strategy to reduce near-term global warming and keep the goal of limiting warming to 1.5 degrees Celsius within...

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Speech by Vice Chair for Supervision Randal K. Quarles at The Structured Finance Association Conference, Las Vegas, Nevada | Now that business travel has started to pick back up as we emerge from the COVID event, a prosaic but insistent problem has reappeared: what to read on a long plane flight. Like most of you, I try to get some work done—but, also like most of you, out of an amalgam of security concerns and indolence, I often don't succeed....

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Major reform of the international tax system finalised today at the OECD will ensure that Multinational Enterprises (MNEs) will be subject to a minimum 15% tax rate from 2023. The landmark deal, agreed by 136 countries and jurisdictions representing more than 90% of global GDP, will also reallocate more than USD 125 billion of profits from around 100 of the world’s largest and most profitable MNEs to countries worldwide, ensuring that these firms pay a fair share of tax wherever...

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MEPs discussed solutions to the current energy price hikes as well as new tax avoidance revelations during October's first plenary session. Energy prices Parliament approved an update of the selection rules for energy projects eligible for EU funding to support making cross-border energy infrastructure more sustainable. In a debate with Energy Commissioner Kadri Simson, MEPs stressed the urgent need to support vulnerable households in the EU faced with record high gas and electricity prices. Tax revelations MEPs discussed the Pandora papers revelations, documenting global tax avoidance and tax...

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Main results EU environment ministers met in Luxembourg to exchange views on the Fit for 55 package, prepare the COP26 climate summit and discuss the new EU forest strategy for 2030. The Council adopted its position at first reading on modifications to the Aarhus Regulation. Ministers also discussed the current surge in energy prices. COP26 climate summit Ministers started the meeting with a discussion on the preparations for the United Nations Framework Convention on Climate Change (UNFCCC) meeting to be held from...

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