Today, the Commission has adopted a second package of seven sectoral proposals completing the framework for the next long-term EU budget for 2028–2034. These legal acts complete the MFF 2028-2034 proposal, and cover the following areas: • The Single Market and Customs Programme; •  The Justice Programme; •  The Euratom Research and Training Programme; •  The Instrument for Nuclear Safety Cooperation and Decommissioning; •  The Nuclear decommissioning assistance programme of the Ignalina nuclear power plant in Lithuania (Ignalina programme); •  The Decision on the Overseas...

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Dinner speech by Christine Lagarde, President of the ECB, at 2025 ECB Legal Conference “Building Europe’s Autonomy: Law, Institutions, Cooperation” in Frankfurt, Germany Frankfurt, 1 September 2025 It is a real pleasure to join you tonight at the 2025 ECB Legal Conference. This year’s theme raises one of the defining questions of our time: how can Europe advance its autonomy while remaining committed to multilateral cooperation and the rule of law? Throughout the day you have been discussing the many ways in which...

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Following its stress test earlier this year, the Federal Reserve Board on Friday announced final individual capital requirements for large banks, effective on October 1. Large bank capital requirements are informed by the Board's stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. In April, the Board proposed a rule to average stress test results over two consecutive years to reduce year-over-year volatility from the stress test when calculating a firm's capital requirement. If the Board...

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Safeguarding natural resources generates high returns in some sectors. WASHINGTON, September 1, 2025—Ninety percent of the world lives with either degraded land, unhealthy air, or water stress, according to a new World Bank report, however, restoring natural systems is possible and can yield high returns. In low-income countries alone, eight of out ten people live without all three – healthy air, water, and land – according to the report, Reboot Development: The Economics of a Livable Planet. This poses major constraints to...

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By Andrea Falconio and Julian Schumacher Economic uncertainty has been elevated recently due to geopolitical conflicts and trade tensions. This blog post investigates whether, and how much, high economic uncertainty affects monetary policy transmission in the euro area. Changes in interest rates make it cheaper or more expensive for businesses to get a loan or and for households to get a mortgage. But when the economic future is uncertain, businesses and households are less likely to invest in big, long-term plans...

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This report contains the audited financial statements of the FSB for the 12-month period from 1 April 2024 to 31 March 2025. It also provides details on the FSB governance arrangements and its transparency and accountability mechanisms. A detailed explanation of the activities undertaken to implement the mandate and tasks of the FSB is provided in the FSB’s Annual Report, which is published separately. Overview The Financial Stability Board (FSB) coordinates, at the international level, the work of national financial authorities...

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Today, the European Commission is putting forward two proposals paving the way for the implementation of the EU-US Joint Statement of 21 August 2025. These proposals are the first steps in said implementation and ensure tariff relief by the US for the vital EU automotive sector starting retroactively from 1st of August. These steps contribute to restoring stability and predictability in EU-US trade and investment relations, to the benefit of business, workers and citizens on both sides of the Atlantic. The first act concerns...

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A new report from the European Commission highlights a positive shift in education funding across Europe, offering a boost to the EU's competitive edge. Titled ‘Investing in Education 2025,' the report details multiple economic and social benefits and shows that public investment in education is recovering after the setbacks of the Covid-19 pandemic - though it has not yet reached the levels seen before the crisis. This uptick supports the goals of the Union of Skills strategy and suggests promising benefits for the...

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Opening panel remarks by Christine Lagarde, President of the ECB, at the annual Economic Policy Symposium “The policy implications of labour market transition” organised by the Federal Reserve Bank of Kansas City in Jackson Hole Jackson Hole, 23 August 2025 Alexis de Tocqueville – one of the keenest observers of early American democracy – once wrote: “History is a gallery of pictures in which there are few originals and many copies.” In monetary policy, too, we often look to past cycles for...

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