Four economy-wide factors—governance, education, infrastructure, and trade policy—relate closely to more varied and complex exports across countries As the world’s biggest copper producer, Chile’s shipments of the metal meet around one-third of global demand and represent about half its goods exports. But beyond mining’s dominance, Chile’s trade flows are more varied and complex than they may appear, with significant exports of vehicles, pharmaceuticals and telecommunications equipment. And according to a recent IMF staff paper, the Andean economy is among those that shine...

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The EU Commission has published its second report on the impact of SURE, the €100 billion instrument designed to protect jobs and incomes affected by the COVID-19 pandemic. The report finds that SURE has been successful in cushioning the severe socio-economic impact resulting from the COVID-19 pandemic. National labour market measures supported by SURE are estimated to have reduced unemployment by almost 1.5 million people in 2020. SURE has helped to effectively contain the increase in unemployment in the beneficiary...

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Speech | 22 September 2021 | Brussels | "Check against delivery" Ladies and gentlemen, For fifty years, the EU has supported vulnerable developing countries by giving them preferential access to the EU market. This has been a shining example of how trade policy can stimulate growth, create jobs and help to eradicate poverty. By removing import duties, we have helped these countries to diversify their economies, develop sustainably and play a fuller part in the global economy. And this without harming EU industry. So,...

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Speech | 22 September 2021 | Brussels | "Check against delivery" Good afternoon, thank you Valdis for that introduction. When we look back over 5 years when Solvency II came into being, back then it was really a major change in the European rulebook for insurers, aligning prudential rules with state-of-the-art risk management practices. And Solvency II is a global leader, so we can be proud of our achievements in that regard. Because Solvency II has provided a solid base for the single...

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The European Union and the United States announced today the Global Methane Pledge, an initiative to reduce global methane emissions to be launched at the UN Climate Change Conference (COP 26) in November in Glasgow. President Biden and European Commission President Ursula von der Leyen urged countries at the US-led Major Economies Forum on Energy and Climate (MEF) to join the Pledge and welcomed those that have already signaled their support. Methane is a potent greenhouse gas and, according to the latest...

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1 Introduction Targeted longer-term refinancing operations (TLTROs) play a key role in preserving favourable bank financing conditions for households and firms, thereby contributing to inflation reaching the ECB’s target of 2% in the medium term. The operations are part of a broad set of complementary policy instruments, which include asset purchases, negative interest rates and forward guidance. Since their inception in 2014, TLTROs have supported the transmission of monetary policy by incentivising lending through their targeting feature and by providing a reduction...

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Report to the Board of Executive Directors WASHINGTON, September 16, 2021—The World Bank Group today released the following statement on behalf of the Bank’s Board of Executive Directors: “The World Bank’s Board of Executive Directors today authorized the release of “Investigation of Data Irregularities in Doing Business 2018 and Doing Business 2020 – Investigation Findings and Report to the Board of Executive Directors,” an independent external review of the facts and circumstances around previously reported data irregularities in the 2018 and 2020 Doing...

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By Kristalina Georgieva, IMF Managing Director | Launch event for “Investment Funds and Financial Stability” paper | Good morning. I am very pleased that we are joined today by some of the world’s leading voices on financial stability and investment funds. I am also very proud of our latest contribution to this policy discussion from the IMF’s Monetary and Capital Markets Department. To illustrate the importance of our new report, we need to go back to the height of the crisis in...

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Today, the European Commission is launching the European Health Emergency preparedness and Response Authority (HERA) to prevent, detect, and rapidly respond to health emergencies. HERA will anticipate threats and potential health crises, through intelligence gathering and building the necessary response capacities. When an emergency hits, HERA will ensure the development, production and distribution of medicines, vaccines and other medical countermeasures – such as gloves and masks – that were often lacking during the first phase of the coronavirus response. HERA is...

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Europe’s economy is growing again after COVID-19 caused its worst-ever recession, helped by swift and powerful policy action by European governments and institutions to cushion the shock. Returning to pre-pandemic levels will not be enough. The crisis has raised new challenges and compounded some existing weaknesses, such as regional inequalities. Implementing reforms to boost growth potential, with macroeconomic policies supportive until the recovery is firmly established and while continuing to strengthen Europe’s economic architecture, will be key for a stronger...

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