In 2022 the ECB conducted a climate risk stress test of the Eurosystem balance sheet as part of its action plan to include climate change considerations in its monetary policy strategy. The aims of this exercise were to (i) analyse the sensitivity of the Eurosystem’s financial risk profile to climate change; and (ii) enhance the Eurosystem’s climate risk assessment capabilities. The scope of the exercise covered a number of the Eurosystem’s monetary policy portfolios, namely its holdings of corporate...

Countries around the world are examining whether they should offer central bank money to the public not only as banknotes and coins, but also in digital form. The fact that the majority of central banks around the world have already started exploring the possibility of launching a state-owned digital currency comes as a response to the increased adoption of digital, contactless payments, cryptocurrencies and e-commerce, further accelerated by  Covid-19, b and also due to the possibilities offered by these digital...

The EU Commission welcomes the political agreement reached between the European Parliament and the Council to boost the number of publicly accessible electric recharging and hydrogen refuelling stations in particular across the European Union's main transport corridors and hubs. This is a landmark agreement that will enable the transition to zero-emission transport and contribute to our target of reducing net greenhouse gas emissions by at least 55% by 2030. The new Regulation for the deployment of alternative fuels infrastructure (AFIR)...

More than €1.1 billion in finance to be mobilised in sustainable projects, supported by €150 million in InvestEU guarantees Under the InvestEU programme, the European Bank for Reconstruction and Development (EBRD) and European Commission work together to help various EU countries in reaching their full green potential New investments to boost green and sustainable projects in the municipal, transport and energy sectors Funds to benefit Bulgaria, Croatia, Czechia, Estonia, Greece, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia On...

Big ships to gradually reduce greenhouse gas (GHG) emissions Containerships and passenger ships at major EU ports to use on shore power supply as of 2030 Ships fuel mix to have at least 2% of specific renewable fuels as of 2034 EU Parliament and Council reached a deal on cleaner maritime fuels, asking to cut ship emissions by 2% as of 2025 and by 80% as of 2050, to help the EU become climate neutral. A provisional agreement reached on...

Prenotification plans, continuity programs, automatic renewals, free-to-pay conversions. They’re all variations on the negative option theme. Under the right circumstances, those marketing methods can be convenient for consumers. But as decades of FTC law enforcement makes clear, when negative options are tainted with untruths, half-truths, and hidden strings, the impact on consumers can be, well, negative. That’s why the FTC is asking for public comment on proposed amendments to its Negative Option Rule designed to combat unfairness and deception. When...

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at a panel on “Global shocks, policy spillovers and geo-strategic risks: how to coordinate policies” at The ECB and its Watchers XXIII Conference | Frankfurt am Main, 22 March 2023 | We are still going through a sequence of global shocks that are disrupting economies around the world. In just three years we have seen a pandemic, severe supply chain disruptions, a war, an energy crisis and now...

On this note: be sure to check out the EACCNY's podcast series on the FUTURE OF TECHNOLOGY Digital technologies shielded labor and productivity from the pandemic, while lagging countries accelerated the adoption of technology. However, digitalization gaps persist. As the world does its best to move on from the pandemic, one of the lasting legacies for many advanced economies has been greater adoption of digital technologies. Working from home is now common, and many companies have expanded online operations. And as the...