Keynote speech by Piero Cipollone, Member of the Executive Board of the ECB, at the Bundesbank Symposium on the Future of Payments   Frankfurt am Main, 7 October 2024 The foundations of the financial system as we know it today can be traced back to 14th-century Italy, when double-entry bookkeeping was introduced, along with nostro and vostro accounts to facilitate the settlement of foreign trades across separate, independent ledgers. Although today’s financial markets are highly complex and sophisticated, the fundamental practice of bookkeeping across ledgers has...

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The global economy is turning the corner as growth remained resilient through the first half of 2024, with declining inflation, though significant risks remain, according to the OECD’s latest Interim Economic Outlook. With robust growth in trade, improvements in real incomes and a more accommodative monetary policy in many economies, the Outlook projects global growth persevering at 3.2% in 2024 and 2025, after 3.1% in 2023. Inflation is projected to be back to central bank targets in most G20 economies by the...

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The adoption of artificial intelligence in the financial sector presents significant opportunities for efficiency and value creation, but it also introduces potential risks that must be addressed. On 22 May 2024, the Organisation for Economic Co-operation and Development (OECD) and the Financial Stability Board (FSB) held a roundtable with experts from the public and private sectors and with academics to analyse trends and use cases of artificial intelligence (AI) in finance. Roundtable participants discussed opportunities and risks and shared emerging...

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Easing the burden on lower-income households is not only socially fair, but also economically efficient Poor households in Germany and France pay up to $2 more per ton of emitted carbon dioxide than their higher-income compatriots. That is because products and services that wealthier people are likelier to consume—such as imported goods and travel outside the European Union—are exempt from carbon pricing. In other words, carbon pricing is regressive, meaning the poor pay proportionally more than the rich, as a...

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CHIPS Investment Expected to Nearly Double U.S. Production Capacity of Sensor and Power Chips at Bloomington, Minnesota Manufacturing Facility Today, as part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of Commerce announced its first award under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication Facilities of up to $123 million in direct funding to Polar Semiconductor (Polar). The award follows the previously signed preliminary memorandum of terms and the completion of the Department’s due diligence....

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WASHINGTON – On September 25, 2024, under the United States-European Union Trade and Technology Council (TTC), the Office of the United States Trade Representative, the United States Department of Labor, and the European Commission held a virtual meeting of the transatlantic tripartite Trade and Labor Dialogue (TALD). During the meeting, government officials briefed stakeholders, including labor unions and businesses, on the progress made by the United States and the European Commission on the “TALD Social Partner Joint Statement on Transatlantic Forced...

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CHIPS Investment Expected to Nearly Double U.S. Production Capacity of Sensor and Power Chips at Bloomington, Minnesota Manufacturing Facility Today, as part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of Commerce announced its first award under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication Facilities of up to $123 million in direct funding to Polar Semiconductor (Polar). The award follows the previously signed preliminary memorandum of terms and the completion of the Department’s due diligence....

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I would like to thank Secretary General Guterres and H.E. K P Sharma Oli, Prime Minister of Nepal, for spearheading this important discussion on strengthening our multilateral system for a better tomorrow. The timing could not be more important—the choices we make this decade will be critical for determining our future. When we look into the future, it is important to first recognize where we are today. Let me start with the current state of the global economy. On the...

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Yesterday's main takeaways from the College Members included President Ursula von der Leyen's speech at the Association of Small Island States Leaders' Meeting. You can read the full speech here. Furthermore, High Representative Josep Borrell chaired the informal meeting of EU Foreign Ministers. You can read the full press remarks at the press conference here. Commissioner Ylva Johansson hosted representatives from partner countries and international organisations to discuss migration and forced displacement. Commissioner Jutta Urpilainen signed a Declaration with the World Food Programme. Commissioner Kadri Simson delivered opening remarks at the Sustainability Summit. You can read the full...

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