Chapter News

12 Dec
Chapter News

IMF | Riding the Global Debt Rollercoaster

The weaker growth outlook and tighter monetary policy call for prudence in managing debt and conducting fiscal policy Global debt remained above pre-pandemic levels in 2021 even after posting the steepest decline in 70 years, underscoring the challenges for policymakers. Total public and private debt decreased in 2021 to the equivalent of 247 percent of global gross domestic product, falling by 10 percentage points from its peak level in 2020, according to the latest update of the IMF’s Global Debt...

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09 Dec
Chapter News

ECB Speech | Crypto dominos: the bursting crypto bubbles and the destiny of digital finance

Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the Insight Summit held at the London Business School | London, 7 December 2022 | It is a true pleasure to be back at the London Business School. I did my PhD here many years ago. As soon as I arrived, I found myself immersed in an environment where pioneering academic research and economic analysis were carried out in a friendly atmosphere. In those years I...

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08 Dec
Chapter News

OECD | Tourism rebound at risk as global crises take their toll

A post-pandemic recovery in tourism risks faltering as the global economy loses momentum amid the energy shock triggered by Russia’s war of aggression against Ukraine, high inflation and weakened household purchasing power, according to a new OECD report. OECD Tourism Trends and Policies 2022 says many countries saw a strong rebound in tourism in 2022 on the back of pent-up demand, household savings and travel vouchers. However, international tourism is now not expected to recover until 2024 or 2025, or...

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08 Dec
Chapter News

OECD | Russia’s war of aggression against Ukraine continues to create serious headwinds for global economy

The global economy is expected to slow further in the coming year as the massive and historic energy shock triggered by Russia’s war of aggression against Ukraine continues to spur inflationary pressures, sapping confidence and household purchasing power and increasing risks worldwide, according to the OECD’s latest Economic Outlook. The Outlook highlights the unusually imbalanced and fragile prospects for the global economy over the next two years. The global economy is projected to grow well below the outcomes expected before...

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07 Dec
Chapter News

IMF | United States Is World’s Top Destination for Foreign Direct Investment

The move comes amid a decline in offshore financial centers’ share of global FDI The United States recorded the largest increase of inward foreign direct investment of all economies in 2021. The latest release of the IMF’s Coordinated Direct Investment Survey shows the US position increasing by $506 billion, or 11.3 percent, last year. For the 112 economies that reported data, inward FDI positions rose by an average of 7.1 percent in national currencies. In dollar terms, this...

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06 Dec
Chapter News, Trade & TTIP Related

U.S.-EU Joint Statement of the Trade and Technology Council

I. Introduction The U.S.-EU Trade and Technology Council (TTC) met outside Washington, D.C., on December 5, 2022.  The meeting was co-chaired by U.S. Secretary of State Antony Blinken, U.S. Secretary of Commerce Gina Raimondo, U.S. Trade Representative Katherine Tai, European Commission Executive Vice President Margrethe Vestager, and European Commission Executive Vice President Valdis Dombrovskis, joined by U.S. Deputy Under Secretary of Labor Thea Lee, Jamaica Minister for Information Communication Technology Floyd Green, and Kenya Cabinet Secretary for Information, Communication and...

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05 Dec
Chapter News

G7 agrees oil price cap: reducing Russia’s revenues, while keeping global energy markets stable

The international Price Cap Coalition has finalised its work on implementing an oil price cap on Russian seaborne crude oil. EU Member States in the Council have also just approved in parallel its implementation within the EU. The cap has been set at a maximum price of 60 USD per barrel for crude oil and is adjustable in the future in order to respond to market developments. This cap will be implemented by all members of the Price Cap Coalition...

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02 Dec
Chapter News

ECB Speech | The Impact of the European Climate Law

Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Lustrum Symposium organised by Dutch Financial Law Association | Amsterdam, 1 December 2022 | "We can’t overstate the importance of European Climate Law and the EU is setting the bar high," says Executive Board member Frank Elderson. "As a central bank and banking supervisor, our policies will duly take into account the objectives of the Climate Law." I am...

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01 Dec
Chapter News

European Green Deal: Putting an end to wasteful packaging, boosting reuse and recycling

Today, the EU Commission is proposing new EU-wide rules on packaging, to tackle this constantly growing source of waste and of consumer frustration. On average, each European generates almost 180 kg of packaging waste per year. Packaging is one of the main users of virgin materials as 40% of plastics and 50% of paper used in the EU is destined for packaging. Without action, the EU would see a further 19% increase in packaging waste by 2030, and for...

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30 Nov
Chapter News

ECB | Bitcoin’s last stand

Amid the widespread fallout in crypto markets following the collapse of a major crypto exchange, The ECB Blog takes a look at where we stand with Bitcoin. The value of bitcoin peaked at USD 69,000 in November 2021 before falling to USD 17,000 by mid-June 2022. Since then, the value has fluctuated around USD 20,000. For bitcoin proponents, the seeming stabilization signals a breather on the way to new heights. More likely, however, it is an artificially induced last gasp...

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