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...

Read more

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...

Read more

Under the Digital Services Act (DSA), the Commission is empowered to impose a fee on providers under its supervision, which is expected to be levied for the first time in autumn 2023.  The Commission has now set the detailed rules and procedures for such supervisory fees to be levied. The delegated regulation aims to provide legal certainty to the service providers designated as Very Large Online Platforms (VLOPs) or Very Large Online Search Engines (VLOSEs) under the DSA. It specifies...

Read more

Following a dialogue with EU consumer protection authorities and the European Commission (CPC network), WhatsApp committed to being more transparent on changes to its terms of service. Moreover, the company will make it easier for users to reject updates when they disagree with them, and will clearly explain when such rejection leads the user to no longer be able to use WhatsApp's services. Also, WhatsApp confirmed that users' personal data are not shared with third-parties or other Meta companies...

Read more

The word “recyclable” shows up in a lot of environmental claims for consumer products, but what do people understand the term to mean? Does that perception reflect the current state of recycling practices? And have there been changes in perception or practices that might suggest updates to the FTC’s Green Guides? Those are some of the topics on the table at Talking Trash at the FTC: Recyclable Claims and the Green Guides, a half-day workshop scheduled for May 23,...

Read more

This week we marked one year of Russia’s aggression against Ukraine. At the UN, an overwhelming majority of 141 members voted for a just peace for Ukraine. With only 7 countries voting against, it showed, once more, how isolated Russia is. In a briefing to the Security Council, I also underlined the EU’s track record of promoting peace not just in Ukraine but around the world. Many countries look to the EU as a reliable partner with strong multilateral...

Read more

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....

Read more

One year ago, Putin’s Russia started its brutal war of aggression against Ukraine. The Ukrainian people have shown incredible strength in defending their homeland and the core principles of international law against the Russian aggression. They have shown resolve in defending democracy and freedom, resilience in the face of hardship and dignity when confronted with Russia’s crimes. The Ukrainian people have shown the world that the future of Ukraine is for the Ukrainians to decide. No country has the right to...

Read more

The EU Commission welcomes the Council's adoption of a 10th package of sanctions against Russia and those that support it in its illegal aggression against Ukraine. 24 February marks one year since Russia's full-scale invasion of Ukraine and 9 years since the beginning of Russia's illegal invasion and occupation of Ukrainian territory. This package is turning up the pressure in response to Putin's brutal war, including viciously targeting civilians and critical infrastructure. In order to further increase the effectiveness...

Read more