By Elena Banu, Johanne Evrard, Daniel Jonas Schmidt and Michael Wedow There is now an urgent need to channel retail savings into European capital markets in order to develop those markets and finance EU priorities. In this edition of the ECB Blog, we show that an EU savings standard could increase retail participation in the capital markets, benefiting savers, boosting investment in EU companies and supporting strategic priorities. There are over 50,000 retail investment funds in the EU, offering a vast...

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By Guillaume Chabert, Robert Powell Support for developing countries should focus on grants and highly concessional loans for poorest and helping the more advanced crowd in foreign investment and private finance The significant shocks that have buffeted the global economy over the past five years have weighed heaviest on low-income countries and fragile and conflict-affected states. The post-pandemic recovery in low-income countries has lagged emerging market economies, which began their revival in 2021, though with significant differences. Among low-income countries, defined as the 70...

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Today marks a historic milestone as we, the leaders of the European Union and Canada, met to renew our enduring commitment and take a pivotal step to further reinforce the strategic partnership between the European Union and Canada. Our strong partnership is deeply rooted in trust and common values and shaped by a shared history of human connection and robust economic ties. Most importantly, our partnership is grounded in the core values we share: democracy, human rights, the rule...

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Countries can count their contributions to the IMF as their own reserve assets under a unique funding model that does not require budget appropriations or any other taxpayer support The IMF may be best known for lending to crisis-hit countries. But what about its own finances? How does it finance its critical functions and cover its operational expenses? Let’s remember that the IMF is not only a global financial firefighter. It also provides policy advice and technical support to help members create...

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Governments can strengthen public trust by ensuring meaningful public engagement in decision-making, using tools such as spending reviews and digital technologies to increase efficiency and enhancing access to justice and public services, according to a new OECD report. Government at a Glance 2025 highlights the mounting fiscal pressures across OECD countries, with public debt reaching 112% of GDP in 2024 – up from 73% in 2007. The report shows how these fiscal pressures come as action is needed to respond to demographic,...

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Member states’ representatives agreed today the Council’s negotiating mandate on simplifying sustainability reporting and due diligence requirements to boost EU competitiveness. This proposal aims at simplifying the directives on corporate sustainability reporting (CSRD) and due diligence (CS3D) by reducing the reporting burden and limiting the trickle-down effect of obligations on smaller companies. "Today we delivered on our promise to simplify EU laws. We are taking a decisive step towards our common goal to create a more favorable business environment to help our companies...

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Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament Brussels, 23 June 2025 It is a pleasure to be with you again for our regular exchange. This year has been one of profound global economic and geopolitical uncertainty. As we navigate a world increasingly marked by fragmentation, uncertainty and conflict, Europe must reaffirm its role as a pillar of economic and political stability. And with the foundations of global...

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The Council presidency and European Parliament’s negotiators reached a provisional agreement today on one of the proposals of the so-called ‘Omnibus I’ legislative package: a regulation, which simplifies and strengthens the EU’s carbon border adjustment mechanism (CBAM). The proposal seeks to provide simplification and cost-efficient compliance improvements to the CBAM regulation, without compromising its climate goals, as about 99% of embedded emissions in the imported CBAM goods would remain covered. The overall aim is to reduce the regulatory and administrative burden, as well as compliance...

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Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the SRB Legal Conference 2025 Thank you for your kind invitation. It is a pleasure to join you this morning to discuss the key obstacles to completing the single European market from the ECB’s perspective. 40 years ago Jacques Delors presented a now-famous "White Paper", outlining a bold and comprehensive vision for completing the single European market. This historic...

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Today, the European Commission proposes measures to speed up defence investments and production to make the EU more responsive to today's security challenges, as outlined in the Commission's White Paper for European Defence-Readiness 2030. The measures, laid down in a Defence Readiness Omnibus, aim to help Member States and industry scale up defence capabilities and infrastructure to reach the levels of readiness required to prepare for and thereby deter a high intensity conflict. The measures reduce red tape, facilitate investments in defence...

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