The Parliament is discussing a carbon levy on imported goods to stop companies moving outside the EU to avoid emissions standards, a practice known as carbon leakage. As European industry struggles to recover from the Covid-19 crisis and the economic pressure due to cheap imports from trading partners, the EU is trying to honour its climate commitments, whilst keeping jobs and production chains at home. Discover how the EU’s recovery plan prioritises creating a sustainable and climate-neutral Europe An EU carbon levy...

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March 8, 2021 | Blog post by Christine Lagarde, President of the ECB | As the COVID-19 pandemic took hold across the world, the past year was one of sacrifice. Too many lost their lives, their loved ones. Others fought hard to survive – physically, emotionally and financially. One year into the pandemic, we can clearly see that the social and economic impact of the virus is affecting women particularly hard. Women work disproportionately in the sectors that have been worst...

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March 8, 2021 | Keynote Speech by Chief Economist Gita Gopinath at the Inaugural Dr. Hansa Mehta Lecture | Hello everyone. Thank you for your generous introduction, La Neice, and also thank you to the Permanent Mission of India to the United Nations and the United Nations Academic Impact for inviting me to speak at this event today. It is a tremendous honor to deliver the inaugural lecture in memory of Dr. Hansa Mehta – an Indian freedom fighter, an educator, a...

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International Women’s Day, March 8, marks a year from the start of widespread lockdowns in response to COVID-19. As an IMF blog warned back in July, women have borne the economic and social brunt of the pandemic. With many governments preparing budgets for the next fiscal year, we now have a golden opportunity to counter this inequity. We offer a starter kit for gender budgeting to help countries focus resources on women, and ensure future budgets are better for them than previous...

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The EU is taking measures to enhance corporate transparency of big multinational companies. Member states’ ambassadors today mandated the Portuguese presidency to engage in negotiations with the European Parliament for the swift adoption of the proposed directive on the disclosure of income tax information by certain undertakings and branches, commonly referred to as the public country-by-country reporting (CBCR) directive. The directive requires multinational enterprises or standalone undertakings with a total consolidated revenue of more than €750 million in each of...

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The European Commission has today presented a proposal on pay transparency to ensure that women and men in the EU get equal pay for equal work. A political priority of President von der Leyen, the proposal sets out pay transparency measures, such as pay information for job seekers, a right to know the pay levels for workers doing the same work, as well as gender pay gap reporting obligations for big companies. The proposal also strengthens the tools for workers to claim their rights...

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Interest rates are low, and “lower for longer” has become something of a mantra among policy makers, regulators, and other market watchers. But negative interest rates raise an entirely new set of questions. After eight years of experience with negative interest rate policies, the initial skepticism (paying interest to borrowers rather than savers was certainly unprecedented) has proven largely misplaced. The evidence so far suggests that negative interest policies have worked. 'The evidence so far indicates negative interest rate policies have succeeded in...

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The European Commission has today adopted a Communication providing Member States with broad guidance on the conduct of fiscal policy in the period ahead. It provides guiding principles for the proper design and quality of fiscal measures. It sets out the Commission's considerations regarding the deactivation or continued activation of the general escape clause. It also provides general indications on the overall fiscal policy for the period ahead, including the implications of the Recovery and Resilience Facility (RRF) for...

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