Central banks have played a pivotal role in easing financial conditions in response to the COVID-19 shock, and helped avert a catastrophic downturn. However, their work is far from done. Yet more monetary stimulus will be needed to support economic recovery, and central banks are implementing innovative new strategies to provide it. Policymakers must weigh the pros of more stimulus today against the cons of higher financial stability risks in the future. While the new approaches are both necessary and welcome, it...

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Today, the European Commission proposes to modernise EU legislation on batteries, delivering its first initiative among the actions announced in the new Circular Economy Action Plan. Batteries that are more sustainable throughout their life cycle are key for the goals of the European Green Deal and contribute to the zero pollution ambition set in it. They promote competitive sustainability and are necessary for green transport, clean energy and to achieve climate neutrality by 2050. The proposal addresses the social, economic and environmental...

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In a continuous effort to help countries manage volatile cross-border capital flows, the IMF has taken a major step toward a new analytical macroeconomic framework that can guide appropriate policy responses. The work reflects evolving thinking on macroeconomic policy and will feed into the upcoming review of the IMF’s Institutional View on the Liberalization and Management of Capital Flows, which currently guides the Fund’s advice and assessments of members’ policies. Our analysis suggests that there is no “one-size-fits-all” response to capital...

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The European Commission presented today its ‘Sustainable and Smart Mobility Strategy' together with an Action Plan of 82 initiatives that will guide our work for the next four years. This strategy lays the foundation for how the EU transport system can achieve its green and digital transformation and become more resilient to future crises. As outlined in the European Green Deal, the result will be a 90% cut in emissions by 2050, delivered by a smart, competitive, safe, accessible and affordable transport...

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Tax administrations are playing a critical role as governments deal with the economic recovery from COVID-19 following an unprecedented global crisis. Today, senior officials from the 53 members of the OECD Forum on Tax Administration, which includes all OECD and G20 members, agreed an ambitious agenda for the next year, focused on enhancing resilience and tax certainty as well as the digital transformation of tax administrations. The Forum on Tax Administration (FTA) held its virtual plenary meeting on 7-8 December 2020 bringing...

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As the world economy emerges from the COVID-19 crisis, the consumption of coal is expected to recover from its sharp decline during the pandemic. Demand for coal remains strong and helps to fuel economic development in emerging markets. Yet many countries, seeking a more sustainable future, have been taking steps to reduce their dependence on fossil fuels, especially coal. Obstacles to their efforts have proven difficult to overcome, not least because people who work in the coal industry depend on...

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Many of us take for granted the ability to withdraw money from our bank account, wire it to family in another country, and pay bills online.Amid the global pandemic, we’ve seen how much digital connection matters to our everyday life. But what if a cyberattack takes the bank down and a remittance doesn’t go through? As we become more reliant on digital banking and payments, the number of cyberattacks has tripled over the last decade, and financial services is the...

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