Chapter News

13 Sep
Chapter News

IMF | How to Awaken Europe’s Private Sector and Boost Economic Growth

EU companies grow and innovate less than American counterparts Blog post by Diego Cerdeiro, Gee Hee Hong, Alfred Kammer | In the European Union, income per person, one of the main gauges of living standards, is on average one-third less than in the United States, mostly because of lower productivity—as emphasized by Mario Draghi’s Sept. 9 competitiveness report for the European Commission. But what is the cause of the problem? As we show in the forthcoming Regional Economic Outlook, Europe's aggregate productivity problem can be traced...

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13 Sep
Chapter News, New York Related News

NY Fed | Consumers’ Inflation and Labor Market Expectations Remain Largely Stable

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the August 2024 Survey of Consumer Expectations, which shows inflation expectations remained unchanged at the short- and longer-term horizons, and rebounded somewhat at the medium-term horizon after a sharp decrease last month. Labor market expectations were mixed, but largely stable. Households were more optimistic about the availability of credit a year from now. Delinquency expectations rose slightly again, to the highest level since April 2020. The main...

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04 Sep
Chapter News

European Council | Keynote speech by the Eurogroup President, Paschal Donohoe, to the City of London Corporation on ‘Financing Our Future’, 3 September 2024

Lord Mayor, Ambassadors, Governor Bailey, distinguished guests, it is a great honour to be here with you this evening. Thank you Lord Mayor for the invitation, and thanks to the City of London corporation for this opportunity in this storied venue. As a proud Irishman and European, my connections with the United Kingdom and London in particular run very deep, both personally and professionally. London is very much a home away from home for me. It is where I first moved to...

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04 Sep
Chapter News

ECB | Why competition with China is getting tougher than ever

By Alexander Al-Haschimi, Lorenz Emter, Vanessa Gunnella, Iván Ordoñez Martínez, Tobias Schuler and Tajda Spital | Euro area exporters are facing tougher competition from China. But why is that? The ECB Blog looks at the important role played by price competitiveness and the ongoing industrial upgrades being made in China. Euro area manufacturers have long benefited from Chinese exports, such as using cheap parts to produce their own finished products. In recent years, however, China has increasingly become an exporter...

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29 Aug
Chapter News

The Fed | Federal Reserve Board announces final individual capital requirements for all large banks, effective on October 1

Following its stress test earlier this year, the Federal Reserve Board on Wednesday announced final individual capital requirements for all large banks, effective on October 1. Large bank capital requirements are informed by the Board's stress test results, which provide a risk-sensitive and forward-looking assessment of capital needs. The table shows each bank's common equity tier 1 capital requirement, which is made up of several components, including: The minimum capital requirement, which is the same for each bank and is...

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29 Aug
Chapter News

IMF | Women Lead Record Number of Central Banks, but More Progress is Needed

New governors in Bosnia and Herzegovina and Papua New Guinea lifted the share of central banks with women leaders to 16 percent Women are leading more central banks than ever before, thanks to appointments in the past year, but recent gains still leave the share of female governors far short of parity. The number of women in governor roles rose to 29 this year from 23 last year, though that left the share of female leaders at just 16 percent of...

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20 Aug
Chapter News, New York Related News

NY Fed | SCE Labor Market Survey Shows Sharp Increase in Job Seekers, While Current Job Satisfaction Deteriorates

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the July 2024 SCE Labor Market Survey, which shows a sharp increase in the proportion of job seekers compared to a year ago. Satisfaction with wage compensation as well as with nonwage benefits and promotion opportunities at respondents’ current jobs all deteriorated. The average expected likelihood of receiving an offer in the next four months increased compared to a year ago, while the average expected likelihood...

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20 Aug
Chapter News

IMF | Removing the ‘Fiction’, and Other Flaws, from the UK Fiscal Framework

Blog post by Olly Bartrum | Fiscal rules have come under a range of criticism in recent years in the UK and elsewhere. In general, the argument of critics has been that they encourage sub-optimal economic policy-making. For example, they have been blamed for forcing countries into counterproductive austerity to not enforcing fiscal sustainability adequately. Despite this, fiscal rules are increasingly being adopted by countries across the world, even if they are not always followed in practice. Evidence does suggest...

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16 Aug
Chapter News

DoC | Biden-Harris Administration Announces Preliminary Terms with Texas Instruments to Expand U.S. Current-Generation and Mature-Node Chip Capacity

U.S. Department of Commerce Outlines $1.6 Billion in Proposed Funding to Support Multiple Projects in Texas and Utah to Increase Production of Chips Vital for U.S. Economic and National Security Today, the Biden-Harris Administration announced that the U.S. Department of Commerce and Texas Instruments (TI) have signed a non-binding preliminary memorandum of terms (PMT) to provide up to $1.6 billion in proposed direct funding under the CHIPS and Science Act to strengthen domestic supply chain resilience, advance our national security,...

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15 Aug
Chapter News

IMF | Carbon Emissions from AI and Crypto Are Surging and Tax Policy Can Help

By Shafik Hebous, Nate Vernon-Lin | Crypto mining and data centers now account for 2 percent of global electricity use and nearly 1 percent of global emissions, and their footprint is growing. What do crypto assets and artificial intelligence have in common? Both are power hungry. Because of the electricity used by high-powered equipment to “mine” crypto assets, one Bitcoin transaction requires roughly the same amount of electricity as the average person in Ghana or Pakistan consumes in three years. ChatGPT queries require 10...

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