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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The following is an address by former Italian Prime Minister Mario Draghi, ahead of his recent report titled "The future of European competitiveness – A competitiveness strategy for Europe." You can read the full report at the link below.   Dear Madame President, Dear Honourable Members of the European Parliament, Dear Executive Vice-President of the European Commission,   Let me start by saying that I’m very honoured to be invited to speak to you in this plenary today. And I would like to thank the President...

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By Luca Nocciola and Alejandro Zamora-Pérez What factors could drive transactional demand for central bank digital currency (CBDC)? We analyse payment survey data to arrive at a framework for understanding the role of adoption frictions and design strategies in shaping CBDC demand. The results of our analysis show that, while consumers may initially prefer to use more traditional payment methods, a design tailored to their specific needs could significantly increase CBDC uptake. Raising awareness and capitalising on network effects could also boost...

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Department of Commerce Announces Grants Across Nine States Highlight Thriving U.S. Semiconductor Industry Today, the Biden-Harris Administration awarded nearly $5 million to 17 small businesses across nine states under the Small Business Innovation Research (SBIR) Program. The SBIR Phase I awards will fund research projects to explore the technical merit or feasibility of an innovative idea or technology for developing a viable product or service for introduction in the commercial microelectronics marketplace. This is the first award for the CHIPS...

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"Check against delivery" Today, I have met with the Conference of Presidents of the political groups in the European Parliament. In this meeting I have presented to the Parliament the planned structure of the new college, based on my political guidelines, on which we worked together; intensive weeks of negotiations with the Member States. I know that you are very interested in the structure but allow me to speak first about the content that defines the structure. Together, we have defined...

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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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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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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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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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