Statement by Christine Lagarde, President of the ECB, at the forty-seventh meeting of the International Monetary and Financial Committee | IMF Spring Meetings, 14 April 2023 | Introduction Since the October meeting, the global economic outlook has improved on the back of a gradual easing of global supply bottlenecks, declining energy prices, and the recovery of the Chinese economy following the lifting of pandemic-related containment measures. Global inflation has also been declining since it peaked in summer 2022, supported by easing...

Read more

Governor Lisa D. Cook at the 2023 Midwest Economics Association 87th Annual Meeting, Cleveland, Ohio | March 31, 2023 | Thanks to President Kasey Buckles and the program committee for affording me the opportunity to give the C. Woody Thompson Memorial Lecture. It is a pleasure to be back in the Midwest. Before joining the Federal Reserve, I taught economics at Michigan State University, which I chose for its bird's-eye view of the industrial Midwest. Big 10 rivalries aside, Ohio...

Read more

The tenth European Union (EU) – United States Energy Council (“Council”) met today in Brussels, chaired by EU High Representative/Vice President Josep Borrell Fontelles, European Energy Commissioner Kadri Simson, US Secretary of State Antony Blinken, and US Deputy Secretary of Energy David M. Turk. Minister Tobias Billström of the Swedish Ministry for Foreign Affairs represented the Presidency of the Council of the European Union. The EU-US Energy Council is the lead transatlantic coordination forum on strategic energy issues...

Read more

I want to debrief you on a comprehensive day of high-level discussions we had today here in Beijing. I met with President Xi, both in a joint meeting with President Emmanuel Macron and then in a bilateral meeting. I also had a meeting with Prime Minister Li. Let me start with EU-China relations. It is an extensive and complex relationship that we have. For both of us, this relationship has a significant impact on our prosperity and our security. For...

Read more

Rising tensions could trigger cross-border capital outflows and increased uncertainty that would threaten macro-financial stability Concerns about global economic and financial fragmentation have intensified in recent years amid rising geopolitical tensions, strained ties between the United States and China, and Russia’s invasion of Ukraine. Financial fragmentation has important implications for global financial stability by affecting cross-border investment, international payment systems, and asset prices. This in turn fuels instability by increasing banks’ funding costs, lowering their profitability, and reducing their lending to...

Read more

A message from Howard Daniel, Chairman of EACC-Carolinas | 3 April, 2023 | It is with mixed emotions that we announce Mariana Simoes Marques's departure from her position as Executive Director of EACC-Carolinas. Mariana and her family will be relocating soon to Charlotte and as a result, she will be stepping back from her role. Mariana achieved much during her time with EACC-C. Her drive, efficiency, and ebullient personality will be missed. Mariana’s departing achievement was recruiting her successor. We...

Read more

Interview with Fabio Panetta, Member of the Executive Board of the ECB, published as an article by Eshe Nelson entitled “Are Big Profits Keeping Prices High? Some Central Bankers Are Concerned.” in The New York Times, 31 March 2023 | After months of fretting about whether workers’ rising pay would keep inflation uncomfortably high, central bankers in Europe have another concern: large company profits. Companies that push up their prices above and beyond what is necessary to absorb higher costs could be fueling...

Read more

The Council and the Parliament negotiators today reached a provisional political agreement to raise the share of renewable energy in the EU’s overall energy consumption to 42.5% by 2030 with an additional 2.5% indicative top up that would allow to reach 45%. Each member state will contribute to this common target. This provisional political agreement will now need to be endorsed by both institutions. The Council and Parliament negotiators provisionally agreed on more ambitious sector-specific targets in transport, industry, buildings and...

Read more