The European Commission has today disbursed €5.1 billion to France in pre-financing, equivalent to 13% of the country's financial allocation under the Recovery and Resilience Facility (RRF). The pre-financing payment will help to kick-start the implementation of the crucial investment and reform measures outlined in France's recovery and resilience plan. The Commission will authorise further disbursements based on the implementation of the investments and reforms outlined in France's recovery and resilience plan. The country is set to receive €39.4 billion...

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As mobile and electronic payments become the norm, Commission staff advocate for more competition to protect businesses and families from unfair fees The Federal Trade Commission announced that staff have submitted a comment urging the Board of Governors of the Federal Reserve System (the Fed) to clarify and strengthen the implementation of debit card fee and routing reforms to the Electronic Fund Transfer Act (EFTA) made under the Dodd-Frank Wall Street Reform Act of 2010 (Dodd-Frank). According to a 2019 study, Americans...

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For Europe to become the first carbon-neutral continent by 2050, we need to invest massively in electrification of transport, buildings and industry. There are various renewable electricity solutions, such as hydro, wind or solar energy. And there is clean hydrogen. Hydrogen can be used as a raw material, fuel or energy storage solution. It has many applications in the industrial, transport and construction sectors. Since its use does not cause CO2 emissions, it contributes to the decarbonisation of industrial processes and...

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Washington, DC: The Board of Governors of the IMF has approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion (about SDR 456 billion) on August 2, 2021, to boost global liquidity.  “This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis. The SDR allocation will benefit all members, address the long-term global need for reserves,...

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For countries on the path to recovery, reviving economic activity is a major priority. And what better way to support a come-back than by creating jobs. Our new IMF staff research shows that when governments spend on infrastructure, they create many new jobs. Drawing on a 19-year dataset of over 5,600 construction companies from 27 advanced economies and 14 emerging market economies, we use an innovative approach to measure the direct employment effect of $1 million of infrastructure spending by country income group...

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Our action plan lays out an ambitious roadmap to take the effects of climate change into account. On this path, we will pass three major milestones that guide our commitment to do our part to tackle climate change. What's our roadmap to greening monetary policy? We at the ECB are doing our part to tackle climate change within our mandate. As a result of our strategy review, we’ve agreed on an ambitious roadmap on how to integrate climate change considerations into our...

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Differences in vaccine access and the ability to deploy policy support are creating a growing divergence between advanced economies from many emerging market and developing economies. Faced with high deficits and historic levels of debt, countries with limited access to financing are walking a fiscal tightrope between providing adequate support and preserving financial stability. 'IMF support focused most where it mattered the most.' Without resolute measures to address this growing divide, COVID‑19 will continue to claim lives and destroy jobs, inflicting lasting damage...

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CBDC: A Solution in Search of a Problem? By Governor Christopher J. Waller at the American Enterprise Institute, Washington, D.C. (via webcast) | The payment system is changing in profound ways as individuals demand faster payments, central banks including the Fed respond, and nonbank entities seek a greater role in facilitating payments. In all this excitement, there are also calls for the Federal Reserve to "get in the game" and issue a central bank digital currency (CBDC) that the general public...

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The OECD has published updated transfer pricing country profiles, reflecting the current transfer pricing legislation and practices of 20 jurisdictions. These updated profiles also contain new information on countries' legislation and practices regarding the transfer pricing treatment of financial transactions and the application of the Authorised OECD Approach (AOA) to attribute profits to permanent establishments. The transfer pricing country profiles focus on countries' domestic legislation regarding key transfer pricing aspects, including the arm's length principle, methods, comparability analysis, intangible property, intra-group services,...

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