"Check against delivery" Ladies and Gentlemen, Lieber Klaus, Dear Olena, For almost one year now, Ukraine has stunned the world. On that fateful February morning, many predicted that Kyiv would fall in a matter of days. But this did not account for the morale and physical courage of Ukrainian people. You have resisted the Russian invasion and pushed back against the aggressor against all odds. Not even Russia's relentless attacks on civilians or the spectre of a brutal winter have shaken your resolve....

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The Basel Committee's oversight body endorses a global prudential standard for banks' exposures to cryptoassets, for implementation by 1 January 2025. Endorses the Committee's work programme and strategic priorities for 2023–24. The programme prioritises work on emerging risks and vulnerabilities, digitalisation, climate-related financial risks and Basel III implementation. The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 16 December to endorse a finalised prudential standard...

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Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Martin Wolf on 12 January 2023 | 17 January 2023 | From your perspective, how much do you see the big rise in inflation as having been due to a supply shock or a demand shock, globally and also within the eurozone? The way to think about the last two years is that this supply versus demand question has to be addressed at a sectoral level. We...

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Today, the Foreign Subsidies Regulation (‘FSR') enters into force. This new set of rules for addressing distortions caused by foreign subsidies will allow the EU to remain open to trade and investment, while ensuring a level playing field for all companies operating in the Single Market. The Regulation was proposed by the Commission in May 2021 and agreed by the European Parliament and the Council in record-time, in June 2022. The new rules on distortive foreign subsidies The FSR applies to...

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Prepared by Matteo Falagiarda and Christine Gartner Published as part of the ECB Economic Bulletin, Issue 8/2022. On 1 January 2023 Croatia adopted the euro and became the 20th member of the euro area. The assessments set out in the 2022 convergence reports of the European Commission and the European Central Bank paved the way for the first enlargement of the euro area since Lithuania joined in 2015. On 12 July 2022 the Council of the European Union formally approved Croatia’s accession...

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