Speech by Luis de Guindos, Vice-President of the ECB, at the International Swaps and Derivatives Association (ISDA) Annual General Meeting Introduction Recent months have been rather eventful on global financial markets, bringing to the fore discussions about risks to financial stability and the resilience of financial institutions. I would like to explore these topics in more detail today, with a particular focus on the euro area. A volatile and uncertain macro-financial outlook Faced with the reality that globalisation as we know it has...

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The European Commission is investing over €7.3 billion through its newly adopted Horizon Europe work programme for 2025 to strengthen Europe's research and innovation engine and global edge. This will drive cutting-edge science, accelerate the EU's green and digital transitions, and enhance Europe's competitiveness. The programme will help attract and retain top researchers in Europe and offer targeted support to those affected by war and displacement. As part of these efforts, the Commission is updating the Marie Skłodowska-Curie Actions (MSCA) 2023-25 work...

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The Council reached agreement on the position of member states (the so-called ‘general approach’) on the directive on value added tax (VAT) rules for distance sales of imported goods and import VAT. The directive seeks to improve the collection of VAT on imported goods by making suppliers liable for the VAT paid on imports, which is likely to encourage them to use the VAT import one-stop-shop (IOSS). VAT collection on imports through the import one-stop-shop is beneficial to the member states’...

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By Christian Bogmans, Patricia Gomez-Gonzalez, Giovanni Melina, Sneha Thube The power-hungry technology requires policies to help expand electricity supplies, incentivize alternative sources, and help contain price surges Artificial intelligence is an emerging source of productivity and economic growth that’s also reshaping employment and investment. AI has the potential to raise the average pace of annual global economic growth according to scenarios in our recent analysis, included in the IMF’s April 2025 World Economic Outlook. AI, however, needs more and more electricity for the data centers that make...

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