Today, the European Commission adopted its proposal for fishing opportunities for 2023 for the Baltic Sea. Based on this proposal, EU countries will determine the maximum quantities of the most important commercial fish species that can be caught in the sea basin. The Commission proposes to increase fishing opportunities for central herring and plaice, while maintaining the current levels for salmon and the levels of by-catch of western and eastern cod, as well as western herring. The Commission proposes to decrease...

Read more

High-quality, reliable, and comparable gauges are lacking. Here’s how to close the gap. Climate change is transforming the global investment landscape, creating new risks and opportunities. Physical risks, from rising sea levels to the lethal heat waves scorching Europe and elsewhere, affect asset values for everything from stocks to real estate and infrastructure. So-called transition risk—including government policies to reduce greenhouse gas emissions—lowers the value of fossil fuel companies. To evaluate these risks and support the transition to a low-carbon economy,...

Read more

This report contains the audited financial statements of the FSB, for the 12-month period from 1 April 2021 to 31 March 2022. It also provides details on the FSB governance arrangements and its transparency and accountability mechanisms. A detailed explanation of the activities undertaken to implement the mandate and tasks of the FSB is provided in the FSB’s Annual Report, which is a separate report that will be published in November. Available as: PDF Compliments of the U.S. Financial Stability Board.

Read more

During the pandemic, central banks in both advanced and emerging market economies took unprecedented measures to ease financial conditions and support the economic recovery, including interest-rate cuts and asset purchases. With inflation at multi-decade highs in many countries and pressures broadening beyond food and energy prices, policymakers have pivoted toward tighter policy. As our Chart of the Week shows, central banks in many emerging markets proactively started to hike rates earlier last year, followed by their counterparts in advanced economies...

Read more

Technology, Innovation, and Financial Services, speech by Governor Michelle W. Bowman at the VenCent Fintech Conference, Little Rock, Arkansas | Thank you, Commissioner Marshall, for the invitation to speak to you today. It's really a pleasure to be here, finally in person at the Venture Center.1 Much has happened over the past few years, and I have been following your work closely. Technology Is Changing Financial Services Technology and innovation are a priority interest for my work at the Board of Governors....

Read more

Sharing the risks between public and private sectors would direct a greater share of the world’s financial assets to climate projects. Climate change is one of the most critical macroeconomic and financial policy challenges that IMF members face in coming decades. The recent spikes in the cost of fuel and food—and the resulting risks of social unrest—underline the importance of investing in green energy and boosting resilience to shocks. It will require massive global investments to address the climate challenge and...

Read more

As of today, the EU has coordinated the delivery of 66,224 tonnes of in-kind assistance to Ukraine from 30 countries via the EU Civil Protection Mechanism. The assistance delivered includes 180 ambulances, 125 fire-fighting vehicles, 300 power generators, 35 heavy machinery vehicles, and 4 pontoon bridges. This is by far the largest, longest lasting and most complex operation via the EU Civil Protection Mechanism since it was established in 2001, with an estimated value so far of over €425...

Read more

The Federal Reserve Board on Monday announced final guidelines that establish a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts and payment services. The final guidelines are substantially similar to those proposed by the Board in its May 2021 proposal and March 2022 supplemental proposal. "The new guidelines provide a consistent and transparent process to evaluate requests for Federal Reserve accounts and access to payment services in order...

Read more

The European Commission and Moderna have reached an agreement to better address Member States needs for COVID-19 vaccines for the late summer and winter period. This will ensure national authorities have access to the vaccines, including variant-adapted vaccines if authorised, at the time they need them for their own vaccination campaigns and to support their global partners. This agreement will adapt the originally agreed contractual delivery schedules. Doses originally scheduled for delivery in the summer will now be delivered in...

Read more

Speech by Governor Michelle W. Bowman at the 2022 CEO & Senior Management Summit sponsored by the Kansas Bankers Association, Colorado Springs, Colorado | Thanks to the Kansas Bankers Association for the invitation to share my perspective on the economy and bank regulation. It is always a pleasure to be here with you for this annual gathering. I am especially looking forward to hearing what is on your minds about supervision and regulation, how you are navigating current economic conditions,...

Read more