Today, the European Commission has adopted several initiatives to digitalise EU justice systems, making them more accessible and effective. The overarching aim of the measures is to make digital communication channels the default channel in cross-border judicial cases, thus translating one of the priorities set out in last year's Communication on the Digitalisation of Justice into action. In the EU's internal market today, many legal disputes between citizens and businesses take place across borders. Also, to fight cross-border crime more effectively, different Member...

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Today, the European Commission and the High Representative for Foreign Affairs and Security Policy launch the Global Gateway, the new European Strategy to boost smart, clean and secure links in digital, energy and transport and strengthen health, education and research systems across the world. It stands for sustainable and trusted connections that work for people and the planet, to tackle the most pressing global challenges, from climate change and protecting the environment, to improving health security and boosting competitiveness...

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Crisis Management Groups (CMGs) of Global Systemically Important Banks (G-SIBs) have been in place for over 10 years as a core part of the post global financial crisis coordination infrastructure. This report sets out good practices that have helped CMGs to enhance their preparedness for the management and resolution of a cross-border financial crisis affecting a Global Systemically Important Bank (G-SIB) as per the FSB Key Attributes. It draws on a stocktake carried out by the FSB in 2020 and...

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Completion of the steps laid out in the FSB’s Global Transition Roadmap is now critical and market participants need to act urgently to ensure they are fully prepared for LIBOR cessation by the end of this year. Most LIBOR panels will cease at the end of this year, with certain key USD settings continuing until end-June 2023 to support the rundown of legacy contracts, executed before January 1 2022, only. Continued reliance of global financial markets on LIBOR poses risks to...

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When economic crises hit, such as the one caused by the pandemic, countries have a number of financial resources—both internal and external—to draw on. The global financial safety net is a set of institutions and mechanisms that provide insurance against crises and financing to mitigate their impact. This safety net has four main layers: countries’ own international reserves; bilateral swap arrangements whereby central banks exchange currencies to provide liquidity to financial markets; regional financial arrangements by which countries pool resources...

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