Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Carla Neuhaus on 17 August and published on 20 August 2021 | Ms Schnabel, do you see the images of the catastrophic floods in Germany or the forest fires in Greece as a sign that the ECB should also do something to counter climate change? For me, the latest events have confirmed that we are doing the right thing with our new strategy. Only recently we decided...

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Agency’s amended complaint details how the monopolist survived existential threats by illegally acquiring innovative competitors and burying successful app developers Today, the Federal Trade Commission filed an amended complaint against Facebook in the agency’s ongoing federal antitrust case. The complaint alleges that after repeated failed attempts to develop innovative mobile features for its network, Facebook instead resorted to an illegal buy-or-bury scheme to maintain its dominance. It unlawfully acquired innovative competitors with popular mobile features that succeeded where Facebook’s own offerings fell...

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The European Commission has decided to open an investigation to assess whether Illumina's decision to complete its acquisition of GRAIL, while the Commission's in-depth investigation into the proposed transaction is still ongoing, constitutes a breach of the “standstill obligation” under Article 7 of the Merger Regulation. The standstill obligation prevents the potentially irreparable negative impact of transactions on the market, pending the outcome of the Commission's investigation. This investigation is separate from the Commission's in-depth investigation into the substance...

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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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