NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $147 billion (0.8%) in Q3 2024, to $17.94 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. It includes a one-page summary of key takeaways and their supporting data points. The New York Fed also issued an accompanying Liberty Street Economics blog post examining the evolution in...

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Washington, DC – Today, Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis announced that in Fiscal Year 2024, EXIM authorized $8.4 billion in deals, supporting approximately 38,000 jobs across the country. Throughout FY24, EXIM authorized more than 1,400 transactions, and more than 85 percent of deals supported small businesses. Those transactions include $3 billion in support of the U.S. exporters facing competition from the People’s Republic of China (PRC), especially in transformational export areas like...

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Complacency in fighting climate change and preserving biodiversity is endangering our economic survival. The longer we wait, the higher the costs will be. Christine Lagarde, President of the European Central Bank, warns of the growing gap between the commitments made and the investment needed. We’ve all heard it time and again: either we tackle climate change and safeguard nature, or we face the steep price of our inaction. And that price is rising by the day. Just consider the recent...

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The first seven proposals for artificial intelligence (AI) Factories have now been submitted under the EuroHPC Joint Undertaking (JU), which manages the call announced in September 2024. These AI Factories will create a thriving European ecosystem for training advanced AI models and developing AI solutions. They will be built around the EU's world-class network of  European High-Performance Computing (HPC) supercomputers and will be bringing together the key ingredients for success in AI: computing power, data and talent. The AI Factories will substantially increase the...

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Today, the Council formally adopted the amended regulation on European environmental economic accounts, the EU’s common statistical system which brings together economic and environmental information. The new rules extend the scope of the European environmental economic accounts, introducing forest accounts, ecosystem accounts, and environmental subsidies accounts. The amended regulation aims to provide better information for the European Green Deal, in order to support monitoring and evaluation of the EU’s progress in meeting its environmental objectives.   New account modules  The current regulation on European environmental economic...

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Speech by Christine Lagarde, President of the ECB, at an event to mark the 15th anniversary of the Autorité de la concurrence Paris, 5 November 2024   It is truly a pleasure to be back here today to celebrate the 15th anniversary of the Autorité de la concurrence. Competition policy in Europe has always played an important role in ensuring the functioning of our Economic and Monetary Union. The main objective of competition policy has been to preserve competition within Member States and...

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In 2023, the European Union and its 27 member states contributed €28.6 billion in climate finance from public sources and mobilised an additional amount of €7.2 billion of private finance to support developing countries to reduce their greenhouse gas emissions and adapt to the impacts of climate change. The Council published the figures today, in preparation for the United Nations Climate Change Conference of the Parties (COP29), which will take place from 11 to 22 November in Baku, Azerbaijan. The...

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EU greenhouse gas emissions fell by 8.3% in 2023, compared to 2022, reveals the latest climate action progress report by the European Commission. The report states that net greenhouse gas emissions are now 37% below 1990 levels. Over the same period, EU Gross Domestic Product (GDP) grew by 68%. This points to the fact that reducing emissions and economic growth are compatible. It also confirms that the EU remains on track to reach its goal of reducing emissions by at least 55% by 2030.  Among the report’s findings are: ...

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Today the Eurogroup in inclusive format adopted a statement on the competitiveness of the European economy. Significant shifts in the geopolitical landscape, fragmentation in global trade flows, rapid technological advancements, climate change and the energy crisis are converging to create a highly complex and dynamic global environment. The fallout from Russia’s unprovoked war of aggression against Ukraine has created further challenges. The European economy has been particularly hit by the resulting shockwaves that have dampened growth, increased inflation, tightened financial...

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The Commission welcomes today's general approach announced by the Council on  the Commission's proposals on VAT in the Digital Age. By embracing and promoting digitalisation, this package makes the EU's VAT system more business-friendly and more resilient to fraud. The new rules also mark the first step to address the challenges raised by the development of the platform economy and helps level the playing field between online and traditional short-term accommodation and transport services. This package introduces 3 measures: The new...

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