Chapter News

25 Mar
Chapter News

European Green Deal: EU Commission presents actions to boost organic production

Today, the Commission presented an Action Plan for the development of organic production. Its overall aim is to boost the production and consumption of organic products, to reach 25% of agricultural land under organic farming by 2030, as well as to increase organic aquaculture significantly. Organic production comes with a number of important benefits: organic fields have around 30% more biodiversity, organically farmed animals enjoy a higher degree of animal welfare and take less antibiotics, organic farmers have higher incomes and...

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24 Mar
Chapter News

OECD reports to G7 on need to strengthen economic resilience against crises

Creating an emergency Rapid Response Forum to ensure global supplies of essential goods continue to flow during major international crises is one of a broad range of recommendations contained in a new OECD report to the G7 on building economic resilience. Fostering Economic Resilience in a World of Open and Integrated Markets says the devastating impacts of the Global Financial Crisis and now the COVID-19 pandemic will continue to leave lasting scars on our economies and societies. With the risk...

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24 Mar
Chapter News, COVID-19 News

EU Commission strengthens transparency and authorisation mechanism for exports of COVID-19 vaccines

Today, the European Commission has introduced the principles of reciprocity and proportionality as new criteria to be considered for authorising exports under the transparency and authorisation mechanism for COVID-19 vaccine exports. This system has significantly improved the transparency of exports. Nevertheless, the objective to ensure timely access to COVID-19 vaccines for EU citizens is still not met. President of the European Commission, Ursula von der Leyen, said: “The EU is proud to be the home of vaccine producers who not only deliver...

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23 Mar
Chapter News

IMF | From Financial Innovation to Inclusion

For technology to benefit everyone, private sector innovation needs to be supported by public goods Digital technology is transforming the financial industry, changing the way payments, savings, borrowing, and investment services are provided and who provides them. Fintech and Big Tech companies now compete with banks and other incumbents across a range of markets. Meanwhile, digital currencies promise to transform the heart of finance: money itself. But just how much has technology advanced financial inclusion? For sure, in the past year...

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22 Mar
Chapter News

Report confirms SURE’s success in protecting jobs and incomes

The EU Commission has published its first preliminary assessment of 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 crisis. It has helped to ensure that the increase in unemployment in the beneficiary Member States during the crisis has been significantly smaller than during the global financial crisis, despite them experiencing a...

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22 Mar
Chapter News

ECB | The paradox of banknotes: understanding the demand for cash beyond transactional use

1. Introduction A phenomenon referred to as the “paradox of banknotes” has been observed in the euro area; in recent years, the demand for euro banknotes has constantly increased while the use of banknotes for retail transactions seems to have decreased. Recent payment surveys indicate that the share of cash transactions in the euro area has decreased. This, together with ongoing digitalisation in retail payments, might have been expected to lead to a decrease in the demand for cash. However, this reduction in...

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19 Mar
Chapter News

The 37 Member Countries of OECD appoint Mr. Mathias Cormann of Australia to be next Secretary General starting 1 June 2021

Today, the Council of the OECD composed of Ambassadors representing the 37 Member Countries, took the formal decision to appoint Mr. Mathias Cormann of Australia to become the sixth Secretary-General of the Organisation, for a 5 year-term beginning on 1 June 2021. Member countries took this decision following the conclusion of the seven-month Selection Process led by the Dean of the Council, and chair of the Selection Committee, Ambassador Christopher Sharrock of the United Kingdom, that began in August 2020....

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18 Mar
Chapter News

ECB starts publishing compounded euro short-term rate (€STR) average rates on 15 April 2021

Compounded €STR average rates and compounded index based on €STR to be published as of 15 April 2021 Average rates to cover 1-week, 1-month, 3-month, 6-month and 12-month tenors Publication via ECB’s Market Information Dissemination (MID) platform and Statistical Data Warehouse The European Central Bank (ECB) will start publishing compounded €STR average rates and a compounded index based on the euro short-term rate (€STR) on 15 April 2021. Publication will take place on each TARGET2 business day at 09:15 CET...

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18 Mar
Chapter News

EU Commission launches European Innovation Council to help turn scientific ideas into breakthrough innovations

The European Commission launched today, at an online event, the European Innovation Council (EIC) with a budget of over €10 billion (in current prices) for 2021-2027 to develop and expand breakthrough innovations. Building on a successful pilot programme under Horizon 2020, the new EIC is not only a novelty of Horizon Europe, but it is also unique in the world: it combines research on emerging technologies with an accelerator programme and a dedicated equity fund, the European Innovation Council Fund, to scale up innovative...

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18 Mar
Chapter News

ECB | Luis de Guindos: Banking union: achievements and challenges

Speech by Luis de Guindos, Vice-President of the ECB, at the High-level conference on “Strengthening the EU’s bank crisis management and deposit insurance framework: for a more resilient and efficient banking union” organised by the European Commission | Setting up the banking union was a crucial step in ensuring the stability of the euro area financial system and strengthening Economic and Monetary Union (EMU). The global financial crisis and sovereign debt crisis highlighted the need to make faster progress towards...

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