Transition away from LIBOR requires significant commitment and sustained effort from both financial and non-financial institutions across many LIBOR and non-LIBOR jurisdictions. The Financial Stability Board has identified that continued reliance of global financial markets on LIBOR poses clear risks to global financial stability. On 5 March 2021, ICE Benchmark Administration (IBA) and the UK Financial Conduct Authority (FCA) formally confirmed the dates that panel bank submissions for all LIBOR settings will cease, after which representative LIBOR rates will no longer be available. The...

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Interview with Fabio Panetta, Member of the Executive Board of the ECB, conducted by Martin Arnold on 14 June 2021 | You are getting close now to a decision on whether to pursue further work on the digital euro. You recently completed your public consultation on this, in which the biggest concerns were about privacy. So how do you address people’s concerns about privacy and still do all the necessary checks to make sure that it’s not abused for money...

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It’s exciting to see so many “open” signs appearing in store windows across the country. But some companies making the transition to an in-person workplace may find themselves in a short-term cash flow crunch. Even before the pandemic, the FTC raised concerns about deceptive practices related to small business financing. With many companies working to regain their footing, the FTC has tips on protecting yourself when looking for financing. Consider close to home. If you already have financing through a local lender, that...

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Between one quarter and one half. That’s how much carbon dioxide (CO2) and other greenhouse gases must fall over the next decade to keep alive the goal of restricting global warming to below 2°C. The fastest and most practical way to achieve this is by creating an international carbon price floor arrangement. 'Climate change presents huge risks to the functioning of the world’s economies.' This matters to the IMF because climate change presents huge risks to the functioning of the world’s economies....

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Digital forms of money could be a boon for emerging market and lower-income economies if the transition is well managed and regulated Digital money has the potential to transform the financial sector. Emerging markets and lower-income countries stand to gain the most from this dramatic shift. Broad and inexpensive access to digital money and phone-based transactions could open the door to financial services for 1.7 billion people without traditional bank accounts. And countries may grow increasingly connected, facilitating trade and...

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Access to affordable and decent housing is vital for good health, job opportunities and life satisfaction, but housing remains one of the most complex policy challenges facing societies today. Governments must do more to ensure universal access to affordable, high-quality, environmentally sustainable housing, according to the OECD. The COVID-19 crisis has uncovered how unevenly housing is distributed across population groups, and has worsened the adverse impacts of poor housing conditions, notably on the most vulnerable. Launched in 2018, a wide-ranging OECD Housing...

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Countries must step up their efforts to enable people to continue learning throughout their lives to navigate a rapidly changing world of work shaped by globalisation and the consequences of the COVID-19 pandemic, according to a new OECD report. OECD Skills Outlook 2021: Learning for Life says that public policies should play a key role in facilitating effective and inclusive lifelong learning, but much remains to be done. It will be crucial to invest part of the resources devoted to the...

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Main results The 18th EU-Canada summit took place in Brussels on 14 June 2021. Charles Michel, President of the European Council, and Ursula von der Leyen, President of the European Commission, represented the EU. Canada was represented by Prime Minister Justin Trudeau. The leaders discussed how to work together to end the COVID-19 pandemic and pursue a sustainable, people-centred and inclusive recovery. They reaffirmed their ambitious commitments on fighting climate change and protecting the environment, and their determination to promote democratic...

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Main results The EU-US summit on 15 June 2021 marked the beginning of a renewed transatlantic partnership and set a joint agenda for EU-US cooperation in the post-pandemic era. The leaders committed to regular dialogue to take stock of progress. Key summit deliverables include three major new trade initiatives. The leaders agreed to: create a Cooperative Framework for Large Civil Aircraft engage in discussions to resolve differences on measures regarding steel and aluminium by the end of the year establish an EU-US Trade and Technology Council Charles...

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