As economies now look for paths to recovery from the COVID-19 crisis, new evidence reaffirms that policies for more open and trade-integrated economies could significantly benefit domestic competition and ultimately may help lower costs for consumers in emerging and developing economies.
A recent Working Paper, building on the Regional Economic Outlook chapter on competition, competitiveness and growth in Sub-Saharan Africa, examines the effect of trade liberalization using a large firm-level dataset covering about 400,000 firms in 83 emerging and developing economies from 2000...
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
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,...
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...
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...
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...
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...
Speech by François Villeroy de Galhau, Governor of the Banque de France | Berlin Academy – Berlin, 10 September 2020
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...
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...
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...
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,...