In 2013, the Financial Stability Board (FSB) established the Official Sector Steering Group (OSSG) with the view of promoting the effective collaboration of the global official sector towards the end goal of successful transition to robust benchmarks, including the transition away from LIBOR. After a decade of preparation, the LIBOR transition has entered its final stage. The end of June 2023 marked the final major milestone in the LIBOR transition with the end of the remaining USD LIBOR panel. Only...

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The Council has today approved the regulation to strengthen Europe's semiconductor ecosystem, better known as the 'Chips Act'. This is the last step in the decision-making procedure. The Chips Act aims to create the conditions for the development of a European industrial base in the field of semiconductors, attract investment, promote research and innovation and prepare Europe for any future chip supply crisis. The programme should mobilise €43 billion in public and private investment (€3.3 billion from the EU budget),...

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Higher interest rates soon would prevent more economic pain later The European Central Bank could prevent inflation expectations from becoming unmoored and drifting upwards by continuing to raise its policy rate, as discussed in our recent report on the euro area. A further tightening of monetary policy in the near term would prevent much more costly measures later to bring inflation back to target. As the Chart of the Week shows, the ECB Governing Council has raised its deposit-facility rate...

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A huge majority of Europeans believe climate change is a serious problem facing the world (93%), according to a new Eurobarometer survey published today. Over half think that the transition to a green economy should be sped up (58%) in the face of energy price spikes and concerns over gas supplies after Russia's invasion of Ukraine. From an economic perspective, 73% of Europeans agree that the cost of damage due to climate change is much higher than the investment needed for...

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With a view to ensuring that products with digital components, such as connected home cameras, smart fridges, TVs, and toys, are safe before entering the market, member states’ representatives (Coreper) reached a common position on the proposed legislation regarding horizontal cybersecurity requirements for products with digital elements (cyber resilience act). We are to celebrate the agreement reached today in the Council. An agreement that advances EU's commitment towards a safe and secure digital single market. IoT and other connected objects...

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During today's EU-LAC Business Round Table as part of the EU-CELAC Summit, President Ursula von der Leyen has presented the EU-LAC Global Gateway Investment Agenda (GGIA), which revolves around the following pillars: a fair green transition, an inclusive digital transformation, human development and health resilience and vaccines. She also announced that Team Europe has committed over  €45 billion to support the reinforced partnership with Latin America and the Caribbean until 2027. President of the European Commission, Ursula von der Leyen, said: “I am pleased to announce that Team Europe...

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Establishing effective policies has become a priority for authorities amid the failure of some exchanges and collapse of certain crypto assets The global push for clearer policies on crypto assets has gained momentum under the Indian G20 Presidency. As this work continues, it’s important to recognize the progress already achieved, but more is needed, especially in implementing global standards. Last year’s failures of the FTX crypto trading platform and the Terra Luna stablecoin highlighted the urgency of establishing clear policies to...

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We, the Leaders of the Group of Seven (G7), reaffirm our unwavering commitment to the strategic objective of a free, independent, democratic, and sovereign Ukraine, within its internationally recognized borders, capable of defending itself and deterring future aggression. We affirm that the security of Ukraine is integral to the security of the Euro-Atlantic region. We consider Russia’s illegal and unprovoked invasion of Ukraine to be a threat to international peace and security, a flagrant violation of international law, including the UN...

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Today, the European Commission adopted its adequacy decision for the EU-U.S. Data Privacy Framework. The decision concludes that the United States ensures an adequate level of protection – comparable to that of the European Union – for personal data transferred from the EU to US companies under the new framework. On the basis of the new adequacy decision, personal data can flow safely from the EU to US companies participating in the Framework, without having to put in place...

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