Blog post by Óscar Arce and David Sondermann |  Over the first two decades of the currency union, labour productivity (output per worker) in the euro area has been weak, at least when compared to other advanced economies. While productivity grew annually on average by 0.6 percent from 1999 to 2019, the average pace was more than twice as fast in the United States. Productivity somewhat recovered after the pandemic, but more recently the picture changed for the worse...

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Today, the Biden-Harris Administration issued a Notice of Funding Opportunity (NOFO) seeking proposals from eligible applicants for activities to establish and operate a CHIPS Manufacturing USA institute focused on digital twins for the semiconductor industry. Digital twins are virtual models that mimic the structure, context, and behavior of a physical counterpart. The CHIPS for America Program anticipates up to approximately $285 million for a first-of-its-kind institute focused on the development, validation, and use of digital twins for semiconductor manufacturing, advanced...

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Keynote Address by Kristalina Georgieva, IMF Managing Director, at the Annual EU Budget Conference 2024. What a pleasure to be here today, surrounded by friends, on a brief stopover between Saudi Arabia and Chile. Whenever I’m in Brussels I feel I’m at home. And home it was for me, for seven years, working at the European Commission. Someone famous may have had seven years in Tibet, I had my seven years in Brussels—including serving as Vice President for Budget and Human Resources...

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On May 1, U.S. Secretary of Commerce Gina Raimondo celebrated World Trade Month by reaffirming the Biden-Harris Administration’s commitment to creating a more sustainable and inclusive economy through international trade. “International trade is essential to our nation’s economic growth and helps Americans build more resilient businesses and communities,” said Secretary Raimondo. “Throughout World Trade Month, the Commerce Department will celebrate and reaffirm the Biden-Harris Administration’s enduring commitment to deepening our economic cooperation with allies, bolstering supply chain resilience, ensuring a...

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The European Commission received today the final recommendations of the High-Level Expert Group on scaling up sustainable finance in low-and middle-income countries (HLEG), in the presence of International Monetary Fund Managing Director Kristalina Georgieva. Since 2022, emerging markets have experienced the worst ever capital outflows. The report provides concrete and innovative actions the Commission can take to mobilise private capital for sustainable investments in Global Gateway partner countries. It outlines ten recommendations, with a focus on establishing an enhanced strategic engagement...

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