New technologies like artificial intelligence, machine learning, robotics, big data, and networks are expected to revolutionize production processes, but they could also have a major impact on developing economies. The opportunities and potential sources of growth that, for example, the United States and China enjoyed during their early stages of economic development are remarkably different from what Cambodia and Tanzania are facing in today’s world. Our recent staff research finds that new technology risks widening the gap between rich and poor countries by...

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Speech on 25 November, 2020 in Brussels | "Check against delivery" Grazie, Presidente, Honourable Members, I come to Parliament today to report on our plans for the next European Council on 10 and 11 December. But before I turn to that, please allow me to update you on two other topics: about Brexit and about the situation we are facing with respect to the Multiannual Financial Framework and NextGenerationEU. Honourable Members, These are decisive days for our negotiations with the United Kingdom. But I cannot...

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ECB publishes final guide after considering comments from public consultation Banks to perform self-assessment on ECB expectations in early 2021 ECB to fully review banks’ practices in 2022 Next supervisory stress test in 2022 to also focus on climate-related risks Separately, new ECB report shows that banks’ climate-related and environmental risk disclosures lag behind significantly The European Central Bank (ECB) today published its final and amended guide on climate-related and environmental risks following a public consultation. The guide explains how the...

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Article by Christine Lagarde, President of the ECB, in L’ENA hors les murs magazine | Paris, 30 November 2020 | Important lessons can be drawn from the past to understand the factors influencing the journey towards the future of money, including the possible introduction of a digital euro. Ensuring the euro meets the needs of European citizens is at the core of the ECB’s mandate. Throughout history, the nature of money has evolved in response to socioeconomic changes. But the functions of money...

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Consumers to be better protected against domestic and cross-border “mass harm” Safeguards against abusive lawsuits by using “loser pays principle” Designated consumer organisations to launch actions on behalf of consumers Parliament today endorsed a new law that will allow groups of consumers to join forces and launch collective action in the EU. The new rules introduce a harmonised model for representative action in all member states that guarantees consumers are well protected against mass harm, while ensuring appropriate safeguards to...

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Various fallback rates proposed, based upon the euro short-term rate (€STR) Potential events described that could trigger fallbacks Stakeholders asked to provide their views by 15 January 2021 The working group on euro risk-free rates has today released two public consultations on the topic of fallback rates to EURIBOR. Fallback rates are rates that can be relied upon in case of an unavailability of the main rate. In one consultation, stakeholders are invited to provide their views on fallback...

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Main results At a virtual summit hosted by Saudi Arabia, the G20 leaders expressed their strong commitment to coordinated global action, solidarity, and multilateral cooperation. They committed to working together to overcome the COVID-19 pandemic, restore growth and jobs, and build a more inclusive, sustainable and resilient future. Charles Michel, President of the European Council, and Ursula von der Leyen, President of the European Commission, represented the EU at the two-day event. At the end of the summit, the G20 leaders adopted a declaration: G20 Riyadh Declaration President Michel...

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