The Commission has today adopted a legislative proposal to make instant payments in euro, available to all citizens and businesses holding a bank account in the EU and in EEA countries. The proposal aims to ensure that instant payments in euro are affordable, secure, and processed without hindrance across the EU. Instant payments allow people to transfer money at any time of any day within ten seconds. This is much faster compared to traditional credit transfers, which are received by...

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Joint op-ed on Ukraine Reconstruction Conference by German Chancellor Olaf Scholz and President of the European Commission Ursula von der Leyen The courage shown by Ukrainians since Russia invaded their country is impressive. Their resilience and steadfastness in the face of this violation of international law are equally impressive. Ultimately, it is because of the courage shown by Ukraine that we will be gathering together on 25 October in Berlin, where we intend to discuss with experts how the international...

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It’s been eight months since Russia launched its full-scale aggression against Ukraine. Already a year ago, in autumn last year, the military build-up became obvious, as were efforts to lay the ground for the aggression in the information space. In the last three months leading up to the invasion of 24 February, EEAS East Stratcom Task Force observed a distinctive spike in disinformation narratives promoted by the Russian (dis)information ecosystem. In outlets known for spreading disinformation, the use of the...

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Authorities must tighten macroeconomic policies to bring down inflation, while helping vulnerable households and viable firms cope with the energy crisis As Russia’s war in Ukraine takes a rising toll on Europe’s economies, growth is flagging across the continent, while inflation shows little sign of abating. Europe’s advanced economies will grow by just 0.6 percent next year, while emerging economies (excluding Türkiye and conflict countries Belarus, Russia, Ukraine) will expand by 1.7 percent, according to projections in our latest World Economic...

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Welcome, and thank you for joining us to discuss topics important to the nation's economy. This research seminar is part of the Federal Reserve's series of events called "Toward an Inclusive Recovery." Today's seminar, hosted by the Board of Governors, will focus on how the COVID-19 pandemic affected educational outcomes and the subsequent impact we anticipate for transitions to the labor force. We have invited accomplished researchers to discuss their work—and what practical lessons might be drawn from it—that could...

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The Commission is today proposing a new emergency regulation to address high gas prices in the EU and ensure security of supply this winter. This will be done through joint gas purchasing, price limiting mechanisms on the TTF gas exchange, new measures on transparent infrastructure use and solidarity between Member States, and continuous efforts to reduce gas demand. The regulation contains the following main elements: Aggregation of EU demand and joint gas purchasing to negotiate better prices and reduce...

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The ECB Blog investigates how change in the policy rate affects wages very differently depending on characteristics of employees and firms, such as firms’ size and their access to credit. Results show that the effects are symmetric during times of easing and tightening. The ECB uses its policy rates to achieve price stability. But its decisions also have side effects on labour markets. To better understand how interest rate cuts and hikes affect labour market outcomes we look at workers,...

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Some experts are sceptical whether monetary tightening and rapid raising of interest rates are an effective tool to tame inflation, which in the euro area is driven mainly by extremely high energy prices, by Russia's energy blackmail towards those European countries supporting Ukraine against Russian aggression. Are you confident that the European Central Bank (ECB) will manage to curb the record high inflation that reached 10% in September and to get it back to the ECB’s target of 2%...

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Ladies and gentlemen, It is truly an honour to be here in Harvard Law School. I am coming directly from Washington, where I represented the European Union at meetings of the IMF and World Bank. I had the chance to meet my American counterparts and ministers from around the world. At these global gatherings, and others I have attended recently, notably the G20 in Indonesia, there is a sense of upheaval in the air. The world is clearly changing. Today I want to share...

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By Friedrich Wenzel Bulst & Sophie De Vinck, Directorate-General for Competition (DG COMP) at the European Commission Over the last two decades, our lives have become increasingly built on and around digital technologies. As a result, digital markets have become a central focus of competition enforcement. Following a flurry of reporting on the metaverse as the next digital frontier, this piece explores what we may expect from the metaverse and what that could mean for EU competition law enforcement....

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