Blog post by Myriam Moufakkir, Chief Services Officer |  The recent rise of artificial intelligence (AI) has led to a number of quite useful applications, such as helping doctors diagnose diseases and scientists crunch large sets of numbers. So, how does the ECB use this rapidly developing technology? As part of our core work we analyse vast amounts of data. This is the basis for good decisions that contribute to keeping prices stable in the euro area and ensure...

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Narrowing the gap between the share of men and women who work is one of the very important reforms policymakers can make to revive economies amid the weakest medium-term growth outlook in more than three decades. With global growth predicted to languish at just 3 percent over the next five years and with traditional growth engines sputtering, many economies are missing out by not tapping women’s potential. Only 47 percent of women are active in today’s labor markets, compared with 72 percent of men....

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Today, the Commission takes another major step to protect the environment by adopting measures that restrict microplastics intentionally added to products under the EU chemical legislation REACH. The new rules will prevent the release to the environment of about half a million tonnes of microplastics. They will prohibit the sale of microplastics as such, and of products to which microplastics have been added on purpose and that release those microplastics when used. When duly justified, derogations and transition periods for the affected parties to adjust to...

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On September 21, the European Chips Act entered into force. It puts in place a comprehensive set of measures to ensure the EU's security of supply, resilience and technological leadership in semiconductor technologies and applications. Semiconductors are the essential building blocks of digital and digitised products. From smartphones and cars, through critical applications and infrastructures for healthcare, energy, defence, communications and industrial automation, semiconductors are central to the modern digital economy. They are also at the centre of strong geostrategic...

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The near-term global outlook is shaped by the increasingly visible impact of monetary policy tightening by most major central banks and stresses in the Chinese economy. Global growth is projected to slow, remaining below trend in 2023-24, while inflation moderates but remains above target. Key downside risks include the possibility of a sharper-than-expected slowdown in China and a continued rise in oil prices. Summary: After a stronger-than-expected start to 2023, helped by lower energy prices and the reopening of...

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INTRODUCTION – DELIVER TODAY, PREPARE FOR TOMORROW Honourable Members, In just under 300 days, Europeans will take to the polls in our unique and remarkable democracy. As with any election, it will be a time for people to reflect on the State of our Union and the work done by those that represent them. But it will also be a time to decide on what kind of future and what kind of Europe they want. Among them will be millions of first-time...

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Agenda highlights The high-level week of the 78th session of the UN General Assembly starts on 18 September 2023. The first day of the general debate will be on Tuesday, 19 September. The President of the European Council, Charles Michel, will address the General Assembly on behalf of the EU and will participate in a series of side events. EU priorities at the 78th UN General Assembly Every year, the Council adopts priorities for the UN and the UN General Assembly, which guide the...

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The Platform for Collaboration on Tax (PCT) – a joint initiative of the IMF, OECD, UN and World Bank Group – released a new report on carbon metrics of its partners. The report aims to help policymakers, businesses and other stakeholders strengthen their understanding of different carbon pricing metrics of the four largest international organizations. Carbon pricing has emerged as the policy strategy to monetize the cost of the emission of carbon dioxide and other greenhouse gases, such as the...

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European Central Bank | 6 September 2023 Frontloading green investment significantly reduces medium-term costs and risks facing households and firms Not expediting green transition drags down firms’ profitability and households’ purchasing power while pushing up credit risk for banks Further delaying transition means missing Paris Agreement goals and exacerbating impact of costly physical risks The European Central Bank (ECB) today published the results of its second economy-wide climate stress test. The results show that the best way to achieve a...

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Digitalization, done right, can equip governments to improve revenue collection and spending efficiency. International Monetary Fund - September 7, 2023 Digitalization is a transformative force as powerful as the advent of the printing press in the 15th century or electricity in the 19th. Yet some governments have been slow to harness the potential of digital technology to improve delivery of public services and strengthen public finance. A two-pronged policy approach is required—connecting unconnected households to the internet and accelerating and strengthening the...

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