Interview with Christine Lagarde, President of the ECB, conducted by Marie-Pierre Gröndahl on 8 May 2025 The new US President’s first 100 days in office have been a period of economic and financial chaos. What’s the best response to all of this chaos and disruption? President Trump taking office changed the state of play in three key areas at once: the economy, politics and defence. These have been three key pillars of international cooperation in the increasingly globalised world of recent...

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My dear friend Edi, Thank you very much for convening us here. The changes we are living through are historic, without any question. When the Wall fell in 1989, the end of history was proclaimed, and we assumed that economic and political freedom would eventually converge and that this would unite people. Now, as we are here today, history is back, and so are geopolitics. What we had perceived as a world order, is becoming a world disorder, triggered not least...

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Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the France Payments Forum event “Digital euro and the future of payments in Europe” Thank you for inviting me to discuss the future of payments and the digital euro. Most people associate the adoption of the euro with the launch of euro banknotes and coins. While the euro was introduced for accounting purposes in 1999, we tend to feel it only became our money three years later once...

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Europe is stepping up its ambition to cement the position of a global leader in research. New calls worth over €1.25 billion in 2025 under the Marie Skłodowska-Curie Actions (MSCA) open doors for new talents. The funding will support cutting edge research and focus on developing research talent, fostering international collaboration, and connecting science with society, with targeted support for early career researchers and displaced Ukrainian scientists. In her recent speech at La Sorbonne, President von der Leyen underscored Europe's ambition to be “remain a continent where...

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Speech by Luis de Guindos, Vice-President of the ECB, at the International Swaps and Derivatives Association (ISDA) Annual General Meeting Introduction Recent months have been rather eventful on global financial markets, bringing to the fore discussions about risks to financial stability and the resilience of financial institutions. I would like to explore these topics in more detail today, with a particular focus on the euro area. A volatile and uncertain macro-financial outlook Faced with the reality that globalisation as we know it has...

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The European Commission is investing over €7.3 billion through its newly adopted Horizon Europe work programme for 2025 to strengthen Europe's research and innovation engine and global edge. This will drive cutting-edge science, accelerate the EU's green and digital transitions, and enhance Europe's competitiveness. The programme will help attract and retain top researchers in Europe and offer targeted support to those affected by war and displacement. As part of these efforts, the Commission is updating the Marie Skłodowska-Curie Actions (MSCA) 2023-25 work...

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The Council reached agreement on the position of member states (the so-called ‘general approach’) on the directive on value added tax (VAT) rules for distance sales of imported goods and import VAT. The directive seeks to improve the collection of VAT on imported goods by making suppliers liable for the VAT paid on imports, which is likely to encourage them to use the VAT import one-stop-shop (IOSS). VAT collection on imports through the import one-stop-shop is beneficial to the member states’...

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By Christian Bogmans, Patricia Gomez-Gonzalez, Giovanni Melina, Sneha Thube The power-hungry technology requires policies to help expand electricity supplies, incentivize alternative sources, and help contain price surges Artificial intelligence is an emerging source of productivity and economic growth that’s also reshaping employment and investment. AI has the potential to raise the average pace of annual global economic growth according to scenarios in our recent analysis, included in the IMF’s April 2025 World Economic Outlook. AI, however, needs more and more electricity for the data centers that make...

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Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at Hoover Monetary Policy Conference “Finishing the Job and New Challenges”, Stanford University Standard theory of monetary policy rests on a simple premise: a stable relationship between inflation and the output gap. This is the logic behind the Phillips curve, which, in its most common form, relates inflation to a measure of economic slack, expected inflation and supply shocks. The relationship between output and inflation was already under scrutiny...

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