By Vladimir Klyuev and James Tebrake The updated System of National Accounts better captures digitalization, intangible assets, and global production—helping governments support growth, jobs, and investment The cornerstones of our digital world—from smartphone apps to new digital assets and artificial intelligence tools—didn’t exist back in 2008, the last time the world’s statistical community overhauled its approach to standardizing how countries measure the economy. Now, an updated System of National Accounts—the global standard for producing measures of economic activity—more fully incorporates emerging technologies, digital...

Read more

By Niccolò Battistini and Johannes Gareis Monetary policy has an impact on our daily lives. This post explores the ripple effects of the ECB’s recent monetary policy on housing affordability, housing sales and households’ home goods consumption. Monetary policy decisions affect the economy by influencing how much people can afford, invest and consume. The housing market is an important channel for this: changes in monetary policy affect mortgage interest rates, which in turn affect housing sales. However, since buying a home...

Read more

Stablecoins are reshaping global finance – with the US dollar at the helm. Without a strategic response, European monetary sovereignty and financial stability could erode. However, in this disruption there is also an opportunity for the euro to emerge stronger. Stablecoins are reshaping global finance – with the US dollar at the helm. Without a strategic response, European monetary sovereignty and financial stability could erode. However, in this disruption there is also an opportunity for the euro to emerge stronger....

Read more