25 Apr
Chapter News

ECB | The first year of the Eurosystem’s new operational framework

By Benjamin Hartung, Tobias Linzert, Imène Rahmouni-Rousseau, Yannik Schneider and Marta Skrzypińska One year after its announcement, the new operational framework is working as intended. Euro area banks have adapted to declining central bank reserves as the Eurosystem's balance sheet is normalising. The ECB Blog assesses how banks and money markets cope with the new environment. The normalisation of monetary policy over recent years has also meant declining amounts of central bank reserves in the hands of commercial banks. In March...

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25 Apr
Member News

Vulcan View: The latest EU developments 21 April – 25 April

European Commission imposes landmark DMA fines on Apple and Meta On Wednesday (23 April), the European Commission sent a strong message to Big Tech companies by announcing significant fines for Apple and Meta due to their non-compliance with the EU’s Digital Markets Act. The European Commission fined Apple €500 million and Meta €200 million, asserting that both giants have stifled competition and limited consumer choice through their operational practices. This decisive action marks the first instance of non-compliance fines issued under the...

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24 Apr
Member News, Trade & TTIP Related

Transatlantic Trade Monitor: Facts You Need Now | The Unraveling Anchor: America’s Volatility and the New Global Order

By Marc Chandler, Chief Market Strategist, Bannockburn Capital Markets The global economy has entered a phase of heightened uncertainty—and at the center of this turbulence stands the United States. In a striking reversal of its traditional role as a pillar of predictability and leadership, the U.S. has adopted an increasingly erratic posture, marked by sudden policy feints, reversals, and mounting institutional strain. Nowhere is this more evident than in the Trump administration’s economic and foreign policy approach, which resembles less a...

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24 Apr
Member News

PwC | Mitigating risk at the intersection of cybersecurity and financial reporting

CFOs and CISOs should collaborate to mitigate cyber risks, strengthen internal controls and confirm accurate financial reporting. Regular evaluations of cyber risks, including identity management, endpoint security and third-party risks help maintain financial data integrity. Prioritizing financial systems in response plans supports resilience, accurate disclosures and faster recovery from cyber threats. Ongoing communication between finance and security teams makes sure cybersecurity measures evolve with business changes and regulatory demands. As cyber threats become more sophisticated and pervasive, collaboration between...

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24 Apr
Member News

Briddge | Upcoming Dutch and European Tax changes

The Netherlands Personal Income Tax: Information request for assessment actual yield on savings Savings and investments (Box 3) in income tax returns are currently taxed based on a notional yield - a fixed yield, that is expected based on the type of savings or assets. Changes have been made to the structure of Box 3, which was required due to supreme court rulings. The house of representatives wishes to have a tax system whereby the actual yield is being taxed, aiming...

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23 Apr
Chapter News

IMF | Rising Global Debt Requires Countries to Put their Fiscal House in Order

Amid heightened uncertainty, policymakers will need to deal with complex trade-offs between debt, slower growth, and new spending pressures Major policy shifts underway have heightened global uncertainty. The series of recent tariff announcements by the United States, and countermeasures by other countries have increased financial market volatility, weakened growth prospects, and increased risks. They come in the context of rising debt levels in many countries and already strained public finances, which in many cases will also need to accommodate new...

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23 Apr
Chapter News

Financial Stability Board | FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: April 2025

The global risk outlook has become more challenging amid increased trade and economic policy uncertainty. This letter was submitted to G20 Finance Ministers and Central Bank Governors (FMCBG) ahead of the G20’s meeting on 23-24 April. As his term as FSB Chair nears its conclusion on 1 July 2025, Klaas Knot reflects on the progress made in addressing global challenges to financial stability and outlines priorities for the future. The letter notes the challenging global risk outlook, with increased trade and...

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22 Apr
Chapter News

IMF | World Economic Outlook, April 2025: A Critical Juncture amid Policy Shifts

Global growth is expected to decline and downside risks to intensify as major policy shifts unfold Executive Summary: Following an unprecedented series of shocks in the preceding years, global growth was stable yet underwhelming through 2024 and was projected to remain so in the January 2025 World Economic Outlook (WEO) Update. However, the landscape has changed as governments around the world reorder policy priorities. Since the release of the January 2025 WEO Update, a series of new tariff measures by the...

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22 Apr
Chapter News

IMF | The Global Economy Enters a New Era

Amid trade tensions and high policy uncertainty, the path forward will be determined by how challenges are confronted and opportunities embraced Blog post by Pierre-Olivier Gourinchas | The global economic system under which most countries have operated for the last 80 years is being reset, ushering the world into a new era. Existing rules are challenged while new ones are yet to emerge. Since late January, a flurry of tariff announcements by the United States, which started with Canada, China,...

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22 Apr
Chapter News

European Commission | EU budget set for defence-related boost under new regulation

New targeted amendments to existing EU funding programmes will support faster, more flexible and coordinated investments in Europe's defence technological and industrial base (EDTIB). Under a new Regulation to stimulate defence-related investments within the EU budget proposed today by the Commission, the EU will strengthen its defence Readiness 2030 and to implement the ReArm Europe plan. The proposed changes will enhance the ability of the EU and Member States to develop, scale up and innovate in key defence capabilities, while streamlining access to EU...

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