Chapter News

11 Sep
Chapter News, Financing for Development/UN SDG's

Managing Climate Risk in the U.S. Financial System

Report of the Climate-Related Market Risk Subcommittee, Market Risk Advisory Committee of the U.S. Commodity Futures Trading Commission. Below includes the executive summary, while access to the full report can be found here: Managing Climate Risk in the U.S. Financial System Executive Summary Climate change poses a major risk to the stability of the U.S. financial system and to its ability to sustain the American economy. Climate change is already impacting or is anticipated to impact nearly every facet of the economy,...

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11 Sep
Chapter News, Financing for Development/UN SDG's

OECD | Countries must do more to ensure sustainable development of ocean activities

Countries need to work together to defend the ocean from a steady rise in temperature, pollution and overfishing that threatens its ability to continue supporting marine life and providing food and income to billions of people, according to a new OECD report. Sustainable Ocean for All: Harnessing the benefits of sustainable ocean economies for developing countries says that with ocean-related economic sectors forecast to grow rapidly over the next decade, ensuring this development takes place in a sustainable way is...

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11 Sep
Chapter News, COVID-19 News

Countries have responded decisively to the COVID-19 crisis, but face significant fiscal challenges ahead

03/09/2020 - Governments have taken unprecedented fiscal action in response to the COVID-19 crisis, but countries will need to support economic recovery in the face of significantly increasing fiscal challenges, according a new OECD report. Tax Policy Reforms 2020 describes the latest tax reforms across OECD countries, as well as in Argentina, China, Indonesia and South Africa. The report identifies major tax policy trends adopted before the COVID-19 crisis and takes stock of the tax and broader fiscal measures introduced...

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11 Sep
Chapter News

Addressing COVID-19: Council of the EU approves €6.2 billion budget increase for 2020

Today, the Council agreed to add €6.2 billion to the EU 2020 budget to address the impact of the COVID-19-crisis and to fund inter alia the vaccine strategy. The Council adopted draft amending budget No 8 for 2020 by written procedure. The revised budget increases payments for the Emergency Support Instrument (ESI) by €1.09 billion to ensure the development and deployment of a COVID-19 vaccine. The European Commission will use this money as a down-payment for pre-ordering vaccine doses. Draft amending budget No 8 also...

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11 Sep
Chapter News

IMF | Event of the Finance Ministers on Financing for Development in the Era of COVID-19 and Beyond

By Kristalina Georgieva, IMF Managing Director, Washington, DC | As prepared for delivery I would like to start by thanking Minister Freeland in her new role as Finance Minister. And my thanks to Finance Minister Clarke of Jamaica, and to Deputy Secretary-General Amina Mohammed. I will focus my remarks today on two issues. One, the outlook for the world economy. And two, the implications of this outlook for what we must collectively do. On the outlook, since we last met in the end...

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10 Sep
Chapter News, COVID-19 News

France and Germany facing European challenges in the crisis

Speech by François Villeroy de Galhau, Governor of the Banque de France | Berlin Academy – Berlin, 10 September 2020 Ambassador Descôtes Professors Schwan, Göring, Kaplan, Ladies and gentlemen, I am very pleased to be with you today, despite the obstacles related to Covid. The Berlin Academy is one of the essential forums where Franco-German relations, which are at the heart of the European project, can be deepened over time. I am completely convinced of this. I am French, but my family's roots...

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10 Sep
Chapter News

VAT Gap: EU countries lost €140 billion in VAT revenues in 2018, with a potential increase in 2020 due to coronavirus

EU countries lost an estimated €140 billion in Value-Added Tax (VAT) revenues in 2018, according to a new report released by the European Commission today. Though still extremely high, the overall ‘VAT Gap' – or the difference between expected revenues in EU Member States and the revenues actually collected – has improved marginally in recent years. However, figures for 2020 forecast a reversal of this trend, with a potential loss of €164 billion in 2020 due to the effects of...

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10 Sep
Chapter News, COVID-19 News

Disinformation: EU assesses the Code of Practice and publishes platform reports on coronavirus related disinformation

Today, the Commission presents the assessment of the implementation and effectiveness of the Code of Practice on Disinformation. The assessment shows that the Code has proven a very valuable instrument, the first one of its kind worldwide, and has provided a framework for a structured dialogue between relevant stakeholders to ensure greater transparency of platforms' policies against disinformation within the EU. At the same time, the assessment highlights certain shortcomings mainly due to the Code's self-regulatory nature. Věra Jourová, Vice President for Values and...

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10 Sep
Chapter News

ECB | Monetary policy decisions

At today’s meeting the Governing Council of the ECB took the following monetary policy decisions: (1) The interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50% respectively. The Governing Council expects the key ECB interest rates to remain at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below,...

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09 Sep
Chapter News

Investors see lower net returns form potential closet index funds

The European Securities and Markets Authority (ESMA), the EU securities markets regulator, today publishes a Working Paper on Closet Indexing Indicators and Investor Outcomes.  The study finds that investors can expect lower net returns from closet indexers than from a genuinely actively managed fund portfolio. A summary of this study was also included in the Trends, Risks and Vulnerabilities report published on 2 September. Closet indexing refers to the situation in which asset managers claim to manage their funds in an active manner while...

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