Chapter News

07 Dec
Chapter News, COVID-19 News

OECD | COVID-19 crisis adds pressure to private and public pensions systems

The COVID-19 crisis has compounded the challenges facing retirement savings and old-age pension arrangements and added new ones, according to a new OECD report. The OECD Pensions Outlook 2020 says that population ageing, low growth, low returns and low interest rates were already weighing heavily on funded and pay-as-you-go pension plans, defined benefit and defined contribution schemes, as well as private and public retirement provisions before the outbreak of the pandemic. The shocks from the global health and economic crisis will...

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03 Dec
Chapter News, COVID-19 News

OECD tax revenues fall slightly before the COVID-19 pandemic, but countries face much larger decreases ahead, particularly from consumption taxes

December 03, 2020 | Tax revenues fell across the OECD for the first time in a decade during 2019, but a much larger decrease is expected in 2020 as the COVID-19 pandemic drives down economic activity and consumption tax revenues, according to new OECD research published today. The 2020 edition of the OECD’s annual Revenue Statistics publication shows that the average tax-to-GDP ratio has fallen to 33.8% in 2019, a decrease of 0.1 percentage points since 2018. This was due to decreases...

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03 Dec
Chapter News, Trade & TTIP Related

EU Commission | A new EU-US agenda for global change

Joint communication to the European Parliament, the European Council and the Council | December 02, 2020 | 1.      Introduction The relationship between the European Union and the United States is unique and built on shared history, shared values and shared interests. The transatlantic partnership was born of a promise of collective peace, progress and prosperity. After the Second World War, the Marshall Plan helped rebuild Europe’s communities and economies. The North Atlantic Treaty Organisation (NATO) ensured our collective security. Together, Europe...

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02 Dec
Chapter News

OECD | Governments should strike a balance between encouraging philanthropy through tax support and ensuring effective public policy

November 26, 2020 | Governments should continue providing support to the philanthropic sector while taking steps to safeguard tax systems and ensure that the activities of philanthropic organisations continue to align with the public interest, according to a new report from the OECD. Taxation and Philanthropy reviews the tax treatment of philanthropic entities and charitable donations in 40 countries worldwide. The report points out the significant impact of philanthropy – the non-profit sector represents as much as 5% of GDP in many...

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02 Dec
Chapter News, Trade & TTIP Related

EU-US: A new transatlantic agenda for global change

The European Commission and the High Representative are today putting forward a proposal for a new, forward-looking transatlantic agenda. While the past years have been tested by geopolitical power shifts, bilateral tensions and unilateral tendencies, the victory of President-elect Joe Biden and Vice-President-elect Kamala Harris, combined with a more assertive and capable European Union and a new geopolitical and economic reality, present a once-in-a-generation opportunity to design a new transatlantic agenda for global cooperation based on our common values, interests...

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02 Dec
Chapter News

IMF | How Artificial Intelligence Could Widen the Gap Between Rich and Poor Nations

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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01 Dec
Chapter News, COVID-19 News

Coronavirus: EU Commission approves contract with Moderna to ensure access to a potential vaccine

On November 25, 2020, the European Commission approved a sixth contract under the EU Vaccines Strategy, this time with the pharmaceutical company Moderna. The contract provides for the initial purchase of 80 million doses on behalf of all EU Member States, plus an option to request up to a further 80 million doses, to be supplied once a vaccine has proven to be safe and effective against COVID-19. The contract with Moderna will enlarge the already broad portfolio of vaccines...

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01 Dec
Chapter News

Speech by President von der Leyen at the European Parliament Plenary on the preparation of the European Council meeting of 10-11 December

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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30 Nov
Chapter News

ECB publishes final guide on climate-related and environmental risks for banks

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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30 Nov
Chapter News, COVID-19 News

ECB | Interview with Helsingin Sanomat: On the recovery and causes of concern

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Petri Sajari on 24 November 2020 | What are the key risks for the euro area recovery at the moment? The fourth quarter of 2020 will be marked by the measures taken by euro area governments to deal with the new wave of coronavirus (COVID-19) infections that started after the summer. While these containment measures are generally not on the same scale as those taken in March or April, they...

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