You may have heard of simulation theory, the notion that nothing is real and we’re all part of a giant computer program. Let’s assume at least for the length of this blog post that this notion is untrue. Nonetheless, we may be heading for a future in which a substantial portion of what we see, hear, and read is a computer-generated simulation. We always keep it real here at the FTC, but what happens when none of us can...

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The challenges to the European Union's security and resilience are becoming increasingly complex and dynamic. A range of actors constantly test our resilience, seeking to exploit the openness, interdependence and connectivity of our societies and economies. The weaponisation of energy and the acts of sabotage against the Nord Stream gas pipelines have led to heightened attention to ensure the resilience of our critical infrastructure. Against this background, it is crucial for both the EU and NATO to support efforts to...

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Today, the Commission proposed the Net-Zero Industry Act to scale up manufacturing of clean technologies in the EU and make sure the Union is well-equipped for the clean-energy transition. This initiative was announced by President von der Leyen as a part of the Green Deal Industrial Plan. The Act will strengthen the resilience and competitiveness of net-zero technologies manufacturing in the EU, and make our energy system more secure and sustainable. It will create better conditions to set up net-zero...

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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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