Chapter News

19 Feb
Chapter News

IMF | Structural Factors and Central Bank Credibility Limit Inflation Risks

After ending last year with unexpectedly strong vaccine success and hope that the pandemic and economic distress it caused would recede, we woke up to the reality of new virus variants and the unpredictable, winding road that it can lead the world down. Something similar has happened with the discourse on inflation. At the end of last year, after a historic collapse of the global economy estimated at -3.5 percent, inflation was below target in 84 percent of countries. This...

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19 Feb
Chapter News, Trade & TTIP Related

WTO | History is made: Ngozi Okonjo-Iweala chosen as Director-General

WTO members made history today (15 February) when the General Council agreed by consensus to select Ngozi Okonjo-Iweala of Nigeria as the organization’s seventh Director-General. When she takes office on 1 March, Dr Okonjo-Iweala will become the first woman and the first African to be chosen as Director-General. Her term, renewable, will expire on 31 August 2025. “This is a very significant moment for the WTO. On behalf of the General Council, I extend our warmest congratulations to Dr Ngozi Okonjo-Iweala on...

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18 Feb
Chapter News

IMF | Public and Private Money Can Coexist in the Digital Age

We value innovation and diversity—including in money. In the same day, we might pay by swiping a card, waving a phone, or clicking a mouse. Or we might hand over notes and coins, though in many countries increasingly less often. Today’s world is characterized by a dual monetary system, involving privately-issued money—by banks of all types, telecom companies, or specialized payment providers—built upon a foundation of publicly-issued money—by central banks. While not perfect, this system offers significant advantages, including: innovation...

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18 Feb
Chapter News, Trade & TTIP Related

EU Commission sets course for an open, sustainable and assertive EU trade policy

The European Commission has today set out its trade strategy for the coming years. Reflecting the concept of open strategic autonomy, it builds on the EU's openness to contribute to the economic recovery through support for the green and digital transformations, as well as a renewed focus on strengthening multilateralism and reforming global trade rules to ensure that they are fair and sustainable. Where necessary, the EU will take a more assertive stance in defending its interests and values,...

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18 Feb
Chapter News

ECB | Annual accounts 2020

The annual accounts of the ECB reflect the financial position and the results of the ECB’s operations at year-end. They comprise the management report, the financial statements (i.e. the Balance Sheet, the Profit and Loss Account, a summary of significant accounting policies and other explanatory notes), the independent auditor’s report and the note on profit distribution/allocation of losses. The financial statements are prepared in accordance with the accounting policies laid down in the relevant legislation and are specific to the European System of...

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17 Feb
Chapter News, COVID-19 News

EU Commission welcomes European Parliament’s approval of Recovery and Resilience Facility

Our ‘Next Generation EU’ recovery plan is about more than just money. It’s a very strong message of solidarity and of trust in the European Union. Now it’s time to deliver! The Recovery and Resilience Facility – a key part of our recovery plan – is on its way to becoming a reality after today’s signature. This will play a crucial role in helping Europe overcome the economic and social impact of the pandemic and will help us to secure the...

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17 Feb
Chapter News, COVID-19 News

Coronavirus: preparing Europe for the increased threat of variants

Today, the Commission is proposing immediate action to prepare Europe for the increased threat of coronavirus variants. The new European bio-defence preparedness plan against COVID-19 variants called “HERA Incubator” will work with researchers, biotech companies, manufacturers and public authorities in the EU and globally to detect new variants, provide incentives to develop new and adapted vaccines, speed up the approval process for these vaccines, and ensure scaling up of manufacturing capacities. Taking action now is important as new variants continue to emerge and...

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17 Feb
Chapter News

EUIPO | No more fax, no more CDs, no more attachments

Improved technology heralds a new era in EUIPO communications From 1 March 2021, a number of important changes will affect the way the EUIPO communicates with customers. The changes are reflected in two key decisions recently adopted by the Executive Director of the EUIPO. 100% eComm No more fax: as fax communications prove less and less reliable the EUIPO has discontinued its fax service as a means of communication in EUIPO procedures. Fully eComm: the EUIPO’s secure e-communications platform will be...

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17 Feb
Chapter News

IMF | Why Climate Change Vulnerability Is Bad for Sovereign Credit Ratings

Climate change has made the world a riskier place. The destruction wrought by heatwaves, droughts, hurricanes, and coastal flooding doesn’t stop with the toll on human lives and livelihoods—it can also have deep consequences for a country’s finances. Recent IMF staff research has found that a country’s vulnerability or resilience to climate change can have a direct effect on its creditworthiness, its costs of borrowing, and, ultimately, the likelihood it might default on its sovereign debt. 'Financial risks created by climate change are felt...

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16 Feb
Chapter News

ECB | Greening monetary policy

Blog post by Frank Elderson, Member of the Executive Board of the ECB, 13 February 2021 | Climate change requires urgent action, and the window of opportunity is closing fast. The ECB must be committed to doing its part. Yet, such commitment may raise a few eyebrows: why should the ECB care about climate change and how does that square with its mandate? These are important questions that we take seriously: the European Union is underpinned by the rule of...

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