Humanity needs nature to survive, and so do the economy and banks. The more species become extinct, the less diverse are the ecosystems on which we rely. This presents a growing financial risk that cannot be ignored, warns Frank Elderson, member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB. A thriving nature provides many benefits that sustain human well-being and the global economy. Think of fertile soils, pollination, timber, fishing stocks, clean...

Read more

Unemployment has declined since the peak of the pandemic in August 2020, hitting a record low this April. But while more people have jobs, they are working fewer hours on average. In this post for The ECB Blog we shed light on this dichotomy and why it matters for the overall strength of the labour market. One could look at the euro area labour market and see a success story. After an initial drop at the beginning of the pandemic,...

Read more

Keynote speech by Luis de Guindos, Vice-President of the ECB, at the Annual Joint Conference of the European Commission and the European Central Bank on European Financial Integration | Brussels, 7 June 2023 | It is a great pleasure to be participating in this year’s joint conference on financial integration. This event offers an excellent opportunity to reflect on key developments in the financial sector over the past year and to reassess priorities for advancing the integration, development and safety...

Read more

Today, the European Commission and the World Health Organization (WHO) have announced the launch of a landmark digital health partnership. In June 2023, WHO will take up the European Union (EU) system of digital COVID-19 certification to establish a global system that will help facilitate global mobility and protect citizens across the world from on-going and future health threats. This is the first building block of the WHO Global Digital Health Certification Network (GDHCN) that will develop a wide range...

Read more

In 2020, the Commission´s nearly €100 billion SURE instrument designed to protect jobs and incomes affected by the COVID-19 pandemic supported about 31.5 million employees and self-employed people and over 2.5 million businesses. SURE effectively encouraged Member States to set up wide-ranging and ambitious short-time work schemes and similar measures at national level, which allowed firms to retain employees and skills, and supported the self-employed. Today's final bi-annual report on the implementation and impact of the SURE instrument shows that...

Read more

Modern Artificial Intelligence (AI) models often work as opaque decision-making engines (black boxes); reaching conclusions without much transparency or explanations on how a given result is obtained. In an era where AI has become an integral part of our lives, where recruiters, healthcare providers, and other fields, rely on this tool to make decisions impacting individuals, understanding the way AI works is essential. Could Explainable Artificial Intelligence, or XAI, be a way forward, a potential solution? But, what is XAI,...

Read more