15 Nov
Chapter News

ECB | Letter from the ECB President to Mr Auke Zijlstra, MEP, on the digital euro

Honourable Member of the European Parliament, dear Mr Zijlstra, Thank you for your letter regarding the potential costs of the digital euro project, which was passed on to me by Ms Aurore Lalucq, Chair of the Committee on Economic and Monetary Affairs, accompanied by a cover letter dated 9 October 2024. In your letter, you raise the question of how the digital euro could be cheaper for merchants than private alternatives. I would like to highlight that international card schemes currently account...

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15 Nov
Chapter News

ECB | Some like it hotter: the conditions for a cyclical recovery in euro area productivity

Contribution by Piero Cipollone, Member of the Executive Board of the ECB, to the Centre for European Reform’s annual economics conference on “A European path to higher economic growth” Thank you for inviting me to discuss whether a “hot” economy can drive productivity growth. A lot has been said recently about the structural reasons for the productivity gap between Europe and the United States, notably in Mario Draghi’s recent report. But this gap has worsened in the post-pandemic period, as productivity growth...

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14 Nov
Chapter News

EEAS | US: Speech by High Representative/Vice-President Josep Borrell at the EP plenary on transatlantic relations after the US Presidential elections

(Translated from Spanish) Opening remarks Madam President, ladies and gentlemen, Allow me to use Spanish to address you in this session that is as important as what will happen in our relations with the United States after the election of President Trump. An election that is not fortuitous, but rather demonstrates a profound political and cultural transformation in American society. a new relationship with politics, even a new relationship with the truth, because the truth seems to be excessively malleable. What...

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14 Nov
Chapter News

FSB | The Financial Stability Implications of Artificial Intelligence

The rapid adoption of AI in finance means that authorities should address information gaps for monitoring, assess the adequacy of current policy frameworks and enhance supervisory and regulatory capabilities. This report revisits the 2017 FSB report on AI and machine learning in financial services by taking stock of recent advancements, exploring use cases in the financial sector and drivers of adoption, as well as new potential benefits and AI-related financial sector vulnerabilities. In the past few years, technological advancements and increased computational power...

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14 Nov
Member News

GDLSK | CBP Issues Guidance on the Use of Isotopic Testing to Determine Origin

U.S Customs and Border Protection has published its first Isotopic Testing Guidance document, which can be accessed on the CBP website using the following link – https://www.cbp.gov/document/publications/isotopic-testing-guide . The Guidance  explains CBP’s perception of the role of isotopic testing in supply chain traceability and sets out recommended isotopic testing standards. As explained in the Guidance, isotopic testing is a scientific method that identifies the atomic structure of naturally occurring materials, or a “fingerprint” of the material, affected by local environmental conditions....

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13 Nov
Member News

EIB | Multilateral Development Banks to Boost Climate Finance

Multilateral development banks (MDBs) today issued a joint statement at COP29 in Baku outlining financial support and other measures for countries to achieve ambitious climate outcomes. MDBs estimate that by 2030, their annual collective climate financing for low- and middle-income countries will reach USD 120 billion, including USD 42 billion for adaptation, and MDBs aim to mobilize USD 65 billion from the private sector. For high-income countries, this annual collective climate financing is projected to reach USD 50 billion, including USD 7 billion...

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13 Nov
Chapter News

OECD | Progress in national climate policy efforts remains insufficient to achieve 2030 targets

A significant gap in policy ambition exists between globally agreed temperature goals and the emissions reductions of national climate targets, according to a new report on countries covered by the OECD’s International Programme for Action on Climate (IPAC). According to the 4th edition of the Climate Action Monitor, Nationally Determined Contributions (NDCs) currently commit to a collective reduction in greenhouse gas emissions of only 14% by 2030, compared to 2022 levels, in countries covered by IPAC which produce over 80% of...

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13 Nov
Chapter News

NY Fed | Household Debt Rose Modestly; Delinquency Rates Remain Elevated

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $147 billion (0.8%) in Q3 2024, to $17.94 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. It includes a one-page summary of key takeaways and their supporting data points. The New York Fed also issued an accompanying Liberty Street Economics blog post examining the evolution in...

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13 Nov
Chapter News

EXIM Bank | Export-Import Bank of the United States Marks 90th Anniversary with $8.4 Billion in FY24 Deals, Supporting 38,000 U.S. Jobs

Washington, DC – Today, Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis announced that in Fiscal Year 2024, EXIM authorized $8.4 billion in deals, supporting approximately 38,000 jobs across the country. Throughout FY24, EXIM authorized more than 1,400 transactions, and more than 85 percent of deals supported small businesses. Those transactions include $3 billion in support of the U.S. exporters facing competition from the People’s Republic of China (PRC), especially in transformational export areas like...

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12 Nov
Chapter News

ECB | Mind the gap: what it takes to finance a greener future

Complacency in fighting climate change and preserving biodiversity is endangering our economic survival. The longer we wait, the higher the costs will be. Christine Lagarde, President of the European Central Bank, warns of the growing gap between the commitments made and the investment needed. We’ve all heard it time and again: either we tackle climate change and safeguard nature, or we face the steep price of our inaction. And that price is rising by the day. Just consider the recent...

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