Chapter News

22 Jul
Chapter News

IMF | Global Current Account Balances Widen, Reversing Narrowing Trend

By Pierre-Olivier Gourinchas, Economic Counsellor and Director of Research, IMF Growing imbalances in largest economies underscore need for concerted adjustment in domestic macroeconomic policiesGlobal current account balances widened by a sizable 0.6 percentage points of world GDP in 2024. When adjusted to account for the volatility around the pandemic and Russia’s war in Ukraine, the widening is a notable reversal of the narrowing since the global financial crisis and may signal a significant structural shift. Our just released 2025 External Sector...

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21 Jul
Chapter News

ECB | Survey on the Access to Finance of Enterprises: firms report lower interest rates amid pressures arising from trade tensions

• Firms continued to report declining interest rates on bank loans, while indicating a slight tightening of other lending conditions. • The bank loan financing gap remained stable, with firms reporting that both needs for bank loans and the availability of bank loans were broadly unchanged. • Firms’ one-year-ahead median inflation expectations decreased to 2.5%, down from 2.9%, while median inflation expectations three and five years ahead remained unchanged at 3.0%. • Most firms reported that they had been affected to some...

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18 Jul
Chapter News

European Commission | Remarks by Commissioner Síkela, Šuica and Kos on the Global Europe instrument

"Check against delivery" Commissioner Síkela Good morning, ladies and gentlemen, We have entered an era of growing geopolitical challenges. From climate-driven instability and global migration pressures to rising competition over critical raw materials, global influence, and market access. But to Europe – as a reliable, trustworthy partner - the current situation also brings new opportunities. Opportunities to build strategic partnerships. To open new markets for European companies.  This is why Europe needs a stronger and more agile external action. If we want...

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18 Jul
Chapter News

Council of the EU | VAT: Council formally adopts new rules simplifying tax collection for imports

The Council today formally adopted new value added tax (VAT) rules for distance sales of imported goods. The directive will improve collection of VAT on imported goods by ensuring suppliers are always liable for VAT paid on imports, rather than the EU consumer as is currently usual practice. This should encourage suppliers outside the EU to use the VAT import one-stop-shop (IOSS) for VAT reporting and collection. Import one-stop-shop (IOSS) The already-existing IOSS serves as a point of contact for importers of goods from third countries...

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17 Jul
Chapter News

European Commission | Statement by President von der Leyen on EU-U.S. trade

We take note of the letter sent by U.S. President Trump outlining a revised tariff rate and a new timeline. Imposing 30 percent tariffs on EU exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic. Few economies in the world match the European Union's level of openness and adherence to fair trading practices. The EU has consistently prioritized a negotiated solution with the U.S., reflecting our commitment to dialogue,...

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17 Jul
Chapter News

European Commission | An ambitious budget for a stronger Europe: 2028-2034

Today, the European Commission presented its proposal for an ambitious and dynamic Multiannual Financial Framework (MFF), amounting to almost EUR 2 trillion (or 1.26% of the EU's gross national income on average between 2028 and 2034). This framework will equip Europe with a long-term investment budget matching its ambitions to be an independent, prosperous, secure, and thriving society and economy over the coming decade. Europe faces an increasing number of challenges in numerous areas such as security, defence, competitiveness, migration,...

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17 Jul
Chapter News

ECB publishes third progress report on the digital euro preparation phase

• ECB making progress on digital euro rulebook with feedback from experts, consumers and merchants • Around 70 market participants explore use cases through new innovation platform • ECB continues stakeholder engagement to ensure alignment with market needs and legislative developments The European Central Bank (ECB) has published its third progress report on the preparation phase of a digital euro, which was launched on 1 November 2023 and is laying the foundations for the potential issuance of a digital euro. Since the publication of the second...

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15 Jul
Chapter News

ECB | The digital euro: legal tender in the digital age

Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament Thank you for inviting me to take part in this exchange of views. I would like to talk about why we need the digital euro – and the cost of not pursuing it. My message is simple. The main reason for issuing a digital euro is to preserve the benefits of cash in the digital era....

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15 Jul
Chapter News, New York Related News, Trade & TTIP Related

New York State Governor | Taking Action on Tariffs: Governor Hochul Directs New York State Agencies to Report on Cost Increases and Supply Chain Disruptions Caused by Trump’s Tariffs

By September 30, State Agencies Will Compile Data on Effects of Federal Tariffs on New York Consumers, Small Businesses, Farmers, Construction, Tourism and Other Sectors State Officials Will Use Data Across Each Sector To Produce A Statewide Tariff Economic Impact Report by October 31 Read the New Memo to State Agencies To Keep New Yorkers Up-To-Date on Programs Available for Tariffs Impact, Governor Launched Tariff Resource Guide Traducción al español Governor Kathy Hochul today announced actions to assess cost increases and supply chain disruptions caused...

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11 Jul
Chapter News

ECB | Banks have made good progress in managing climate and nature risks – and must continue

By Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB European banks have made forward strides in managing climate and nature-related risks. But more still needs to be done as we often see that practices are only applied to a subset of relevant exposures, geographic areas and risk categories. To help banks improve further, later this year the ECB will publish an updated set of good practices observed in banks...

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