Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the European Statistical Forum (virtual) | Economic and financial statistics play a central role in guiding monetary policy decisions: central banks constitute an important user group for the output of statistical agencies, while also helping to collect the data underpinning many macro-financial statistical series. Events such as the European Statistical Forum provide a welcome opportunity to bring together the producers and users of statistics. In my remarks...

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Welcome address by Fabio Panetta, Member of the Executive Board of the ECB, at the joint BIS, BoE, ECB and IMF conference on “Spillovers in a “post-pandemic, low-for-long” world” | Thank you very much for the opportunity to speak at this conference on spillovers in a “post-pandemic, low-for-long” world. Over the last decade, globalisation has called into question central banks’ ability to achieve domestic objectives. According to some, close economic and financial ties across borders make inflation more of a global...

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Speech on 20 April 2021 in Brussels by President von der Leyen | "Check against delivery" Prime Minister Draghi, dear Mario, Ladies and Gentlemen, Thank you very much for joining us from all the different places! We are in this together! And we have to work together – because, as we all know, no one is safe until everyone is safe. We have to join forces to fight this pandemic from every angle and to recover sustainably. This is true for health authorities and all levels...

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As Prepared for Delivery on April 22, 2021 by Kristalina Georgieva | Mr. President, Special Envoy Kerry, Secretary Yellen, At the IMF we look at climate change as central in our work on macroeconomic and financial stability, growth and employment.  It presents huge risks to the functioning of our economies and offers incredible opportunities for transformative investments and green jobs. Let me focus on three areas where the right policies can make a significant difference in accelerating the transition to the new climate economy. First, a robust price...

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The rise in long-term US interest rates has become a focus of global macro-financial concerns. The nominal yield on the benchmark 10-year Treasury has increased about 70 basis points since the beginning of the year. This reflects in part an improving US economic outlook amid strong fiscal support and the accelerating recovery from the COVID-19 crisis. So an increase would be expected. But other factors like investors’ concerns about the fiscal position and uncertainty about the economic and policy outlook may...

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Introductory remarks by Christine Lagarde, President of the ECB, Frankfurt am Main, 22 April 2021 | Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of the meeting of the Governing Council. While the recovery in global demand and the sizeable fiscal stimulus are supporting global and euro area activity, the near-term economic outlook remains clouded by uncertainty about the resurgence of the pandemic and the...

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Index: New regulatory framework on AI Coordinated Plan – 2021 Update New Machinery Regulation Next steps 1. A new regulatory framework on AI Why do we need to regulate the use of Artificial Intelligence technology? The potential benefits of AI for our societies are manifold from improved medical care to better education. Faced with the rapid technological development of AI, the EU must act as one to harness these opportunities. While most AI systems will pose low to no risk, certain AI...

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The Commission proposes today new rules and actions aiming to turn Europe into the global hub for trustworthy Artificial Intelligence (AI). The combination of the first-ever legal framework on AI and a new Coordinated Plan with Member States will guarantee the safety and fundamental rights of people and businesses, while strengthening AI uptake, investment and innovation across the EU. New rules on Machinery will complement this approach by adapting safety rules to increase users' trust in the new, versatile generation of products. Margrethe Vestager, Executive Vice-President for...

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The Council's and the European Parliament's negotiators reached a provisional political agreement setting into law the objective of a climate-neutral EU by 2050, and a collective, net greenhouse gas emissions reduction target (emissions after deduction of removals) of at least 55% by 2030 compared to 1990. We are very happy with the provisional deal reached today. The European climate law is "the law of laws" that sets the frame for the EU's climate-related legislation for the 30 years to come....

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Testimony by Mark Van Der Weide, General Counsel before the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, Washington, D.C. | Chairman Sherman, Ranking Member Huizenga, and members of the subcommittee, thank you for the opportunity to appear today. My testimony will discuss the importance of ensuring a smooth, transparent, and fair transition away from LIBOR (formerly known as the London interbank offered rate) to more durable replacement rates, as well as...

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