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Chapter News

ECB | Inflation in the eastern euro area: reasons and risks

Inflation in the eastern euro area: reasons and risks 10 January 2024 By Matteo Falagiarda Within the euro area, countries in central and eastern Europe have recently experienced the highest inflation rates. But why, exactly? The ECB Blog looks at the reasons for these higher prices and highlights the resulting risks and vulnerabilities. Since 2021 inflation in euro area countries in central and eastern Europe (EACEE) has significantly outpaced that of the euro area as a whole. The differentials have narrowed in recent months...

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ECB publishes new statistics on the distribution of household wealth

New experimental statistics on distribution of household wealth in euro area provide quarterly information to policy makers, in line with national accounts First new data show that household net wealth in euro area increased by 29% over last five years, with homeowners’ net wealth increasing more than that of non-homeowners Inequality, as measured for example by share of wealth held by top 5% versus bottom 50%, decreased slightly over past five years The European Central Bank (ECB) has today...

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ECB | Climate Risks, the Macroprudential View

ECB Blog post |  Catastrophes caused by climate change, such as rising sea levels or more frequent extreme weather events, will harm our economies. And this will put a strain on the finances of people, companies and governments alike. Because of the risks to individual banks, banking supervisors have already taken steps to enhance how banks identify, assess and manage these institution-specific risks. Such supervisory measures are necessary steps focusing on the risks that climate change may pose to individual...

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IMF | Maximizing The Benefits of Artificial Intelligence and Managing the Risks Will Require Innovative Policies with Global Reach

Beginning in the 18th century, the Industrial Revolution ushered in a series of innovations that transformed society. We may be in the early stages of a new technological era—the age of generative artificial intelligence (AI)—that could unleash change on a similar scale. History, of course, is filled with examples of technologies that left their mark, from the printing press and electricity to the internal combustion engine and the internet. Often, it took years—if not decades—to comprehend the impact of these...

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IMF | Financial Crimes Hurt Economies and Must be Better Understood and Curbed

IMF Blog post |  Policymakers need fuller view of consequences of illicit flows, including tallies of the fiscal, monetary, financial, and structural costs. The fight against financial crime isn’t lost, but the world needs to do more to limit the economic impact of crime. Money laundering is a necessary component of the organized crime that too frequently spans borders, skirts taxes, funds terrorism and corrupts officials—and it comes with hefty macroeconomic costs. Bad actors are also embracing new technologies on top...

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OECD | Global Energy Crisis and Government Responses Drive a Significant Fall in Tax Levels in OECD Countries

High energy prices triggered by Russia’s war of aggression against Ukraine prompted governments to reduce excise taxes during 2022, leading to lower tax levels in many countries, according to new OECD analysis. Revenue Statistics 2023 shows that the average tax-to-GDP ratio in the OECD fell by 0.15 percentage points (p.p.) in 2022, to 34.0%. This was only the third such decline since the Global Financial Crisis in 2008-09: the level fell by 0.6 p.p. in 2017 and by 0.1 p.p....

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IMF | Benefits of Accelerating the Climate Transition Outweigh the Costs

IMF Blog post |  Ensuring a lower-carbon future is not only necessary but also good for the economy, according to the latest climate scenarios from the Network for Greening the Financial System, a group of 127 central banks and financial supervisors working to manage climate risks and boost green investment. The NGFS data come as world leaders gather in Dubai for the 28th United Nations Climate Change Conference, or COP28, to forge agreement on how to keep the planet from overheating. As the Chart of the...

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European Commission | EU Leads Global Initiative at COP28 to Triple Renewable Energy Capacity and Double Energy Efficiency Measures by 2030

At the World Climate Action Summit in Dubai today, President Ursula von der Leyen launched the Global Pledge on Renewables and Energy Efficiency together with the COP28 Presidency and 118 countries. This initiative, first proposed by the Commission President at the Major Economies Forum in April, sets global targets to triple the installed capacity of renewable energy to at least 11 terawatts (TW) and to double the rate of global energy efficiency improvements from roughly 2% to an annual figure of...

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European Commission | EU announces €175m Financial Support to Reduce Methane Emissions at COP28

Climate super-pollutants - including methane, nitrous oxide, hydrofluorocarbons, and tropospheric ozone - are responsible for over half of today's warming.  Under the Global Methane Pledge, launched by the EU and the US, more than 150 countries are now  implementing a collective goal of reducing global anthropogenic methane emissions by at least 30% by 2030, from 2020 levels. This global initiative will help to keep the Paris Agreement objective of limiting warming to 1.5 degrees Celsius within reach. President of the...

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EU Commission President advances global cooperation on carbon pricing in high-level event at COP28

Commission President Ursula von der Leyen today hosted a high-level event at COP28 to promote the development of carbon pricing and carbon markets, as powerful instruments to reach the Paris Agreement objectives. It builds on the Call to Action for Paris-aligned Carbon Markets that the European Commission, Spain and France launched in June 2023. President of the European Commission, Ursula von der Leyen said today: “Carbon pricing is thecentrepiece of the European Green Deal. In the European Union, if you...

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