Today, the EU Commission proposes a comprehensive set of actions to ensure the EU's access to a secure, diversified, affordable and sustainable supply of critical raw materials. Critical raw materials are indispensable for a wide set of strategic sectors including the net zero industry, the digital industry, aerospace, and defence sectors. While demand for critical raw materials is projected to increase drastically, Europe heavily relies on imports, often from quasi-monopolistic third country suppliers. The EU needs to mitigate the risks...

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Governor Michelle W. Bowman at the Independent Community Bankers of America ICBA Live 2023 Conference, Honolulu, Hawaii | March 14, 2023 | I would like to thank the ICBA for the invitation to speak with you today. It is a pleasure to be with you to discuss innovation in the U.S. financial system, the emerging trends that are shaping the industry, and the influence of regulatory approach on this evolution.1 Before turning to the main theme of my remarks, I would...

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A green skills shortage across the OECD is holding back growth in sustainable development jobs and could jeopardise the race to reach net zero by 2050, according to a new OECD report. “Bridging the Great Green Divide” shows the share of workers in green-task jobs – defined as jobs where at least 10% of tasks directly supports sustainable development – grew just 2 percentage points across 30 OECD countries over the last decade, from 16% in 2011 to 18% in...

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One year ago today, Russia launched its unprovoked, unjustifiable and illegal war of aggression against Ukraine. Within hours of the invasion, the OECD Council condemned Russia’s large-scale aggression against Ukraine in the strongest possible terms as a clear violation of international law and a serious threat to the rules-based international order, expressing its solidarity with the Ukrainian people. Since then, building on our work together over several decades, the OECD has continued to further broaden, deepen and strengthen our engagement and...

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The United States and the European Union share the most comprehensive and dynamic economic relationship in the world. Our partnership is based on shared values and principles, including the responsibility to protect our planet for future generations and defend our workers. Today, the United States and the European Union are taking new steps to deepen our economic relationship as we build the clean energy economies of the future and address shared economic and national security challenges. Building the Clean Economies...

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Bank lending grew faster in countries with policy packages combining large fiscal, monetary, and prudential measures. Economists will be studying the pandemic for generations to learn from the dramatic global downturn and the ensuing credit crunch, but one important lesson about the scope of action needed to contain the next global crisis is already coming into focus. During the pandemic, countries often used all-out responses that combined large fiscal, monetary, and prudential policies like grants, credit facilities, and relaxed capital requirements....

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Europe must speed up its green and digital transition. For that, we need to complete the Capital Markets Union to provide effective financing. This is the plea made by the five Presidents of the ECB, EIB, European Council, European Commission and Eurogroup in a joint post The European Union is determined to fast-forward its green and digital transition. What we decide today will affect the generations to come. It is our collective responsibility to get it right. Creating net-zero industries,...

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Introductory remarks by Fabio Panetta, Member of the Executive Board of the ECB, at the meeting of the Euro Cyber Resilience Board for pan-European Financial Infrastructures | Frankfurt am Main, 8 March 2023 | The proliferation of cyber threat actors combined with an increase in remote working and greater digital interconnectedness is raising the risk, frequency and severity of cyberattacks. Increasingly, cyber criminals are launching ransomware attacks and demanding payment in crypto. Cyberattacks related to geopolitical developments – Russia’s aggression...

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On 7 March 2023, the European Commission carried out unannounced inspections at the premises of companies and an association active in the fragrance industry in various Member States. In parallel, the Commission has sent out formal requests for information to several companies active in the same sector. The inspections and requests for information concern possible collusion in relation to the supply of fragrances and fragrance ingredients. Fragrances are used in the manufacture of consumer products such as household and personal...

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