OECD Ministers have closed two days of discussions on measures to strengthen international co-operation and ‘build back better’ from the COVID-19 crisis. Chaired by Spain, the annual OECD Ministerial Meeting at Council Level discussed macroeconomic policies and recovery plans, employment and social protection, trade and investment, resilient global value chains and the actions needed for a green recovery. Read the final statement from the Ministerial meeting. The COVID-19 pandemic has unleashed the worst health, economic and social crisis in the 60-year...

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HICP inflation expectations for 2020 and 2021 revised down slightly, while longer-term inflation expectations broadly unchanged Expected profile of real GDP revised up slightly, with slightly milder downturn in 2020 and rebound in 2021 Unemployment rate expectations revised down across all horizons Respondents to the European Central Bank (ECB) Survey of Professional Forecasters (SPF) for the fourth quarter of 2020 reported point forecasts for annual HICP inflation averaging 0.3%, 0.9% and 1.3% for 2020, 2021 and 2022 respectively. These...

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In the current environment of risks clearly tilted to the downside, the Governing Council will carefully assess the incoming information, including the dynamics of the pandemic, prospects for a rollout of vaccines and developments in the exchange rate. The new round of Eurosystem staff macroeconomic projections in December will allow a thorough reassessment of the economic outlook and the balance of risks. On the basis of this updated assessment, the Governing Council will recalibrate its instruments, as appropriate, to...

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The Commission today proposes an EU Directive to ensure that the workers in the Union are protected by adequate minimum wages allowing for a decent living wherever they work. When set at adequate levels, minimum wages do not only have a positive social impact but also bring wider economic benefits as they reduce wage inequality, help sustain domestic demand and strengthen incentives to work. Adequate minimum wages can also help reduce the gender pay gap, since more women than men earn...

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On 28 October 2020, the European Commission proposed a new initiative that will make it easier for different authorities involved in goods clearance to exchange electronic information submitted by traders. The “EU Single Window Environment for Customs” will enhance cooperation and coordination between different authorities, and will support the automatic verification of non-customs formalities for goods entering or leaving the EU. Each year, the Custom Union facilitates the trade of more than €3.5 trillion worth of goods. Efficient customs clearance and...

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The European Commission has disbursed a total of €17 billion to Italy, Spain and Poland in the first instalment of financial support to Member States under the SURE instrument. As part of today's operations, Italy has received €10 billion, Spain €6 billion, and Poland €1 billion. Once all SURE disbursements have been completed, Italy will receive a total of €27.4 billion, Spain €21.3 billion and Poland €11.2 billion. This support, in the form of loans granted on favourable terms, will...

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Today, the Dispute Settlement Body of World Trade Organization (WTO) formally authorised the EU to take countermeasures against the United States. The EU can now increase its duties on U.S. exports worth up to $4 billion. Today's decision follows the WTO panel announcement confirming EU retaliation rights in reaction to illegal subsidies granted to the U.S. aircraft maker, Boeing. Executive Vice-President for an Economy that Works for People and Commissioner for Trade, Valdis Dombrovskis, said: “Today's formal approval by the Dispute Settlement...

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At the 21st International Conference of Banking Supervisors, senior banking supervisors and central bankers discussed issues related to the future of banking supervision in a changing world. Discussions covered the digitalisation of finance and the evolution of banking models, operational resilience, climate-related financial risks and remote working arrangements. This was the first time the Basel Committee has worked with a host country to offer a completely virtual conference. The 21st International Conference of Banking Supervisors (ICBS), hosted virtually by...

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