A creature is formed of clay. A puppet becomes a boy. A monster rises in a lab. A computer takes over a spaceship. And all manner of robots serve or control us. For generations we’ve told ourselves stories, using themes of magic and science, about inanimate things that we bring to life or imbue with power beyond human capacity. Is it any wonder that we can be primed to accept what marketers say about new tools and devices that...

A new kind of multilateral platform could improve cross-border payments, leveraging technological innovations for public policy objectives Crypto assets have been more of a disappointment than a revolution for many users, and global bodies like the IMF and the Financial Stability Board urge tighter regulation. Some of the rapidly evolving technology behind crypto, however, may ultimately hold greater promise. The private sector keeps innovating and customizing financial services. But the public sector too should leverage technology to upgrade its payment infrastructure and...

Check against delivery. Let me start by stressing the historical nature of this meeting. The three of us standing here today – Ukraine, North Atlantic Treaty Organisation (NATO) and the European Union. Standing here today for the first time in this constellation of three is a clear demonstration of our unity to continue supporting Ukraine. We have done it since day one. Since the first day of the Russian invasion against Ukraine, the European Union and NATO have been standing together...

The announcement of the launch of the FTC’s Office of Technology is an important next-step development in the agency’s commitment to protecting consumers in the digital marketplace. As we look forward to the challenges the Office of Technology will take on, it’s an opportune time to look back at the ground-breaking work of the Bureau of Consumer Protection’s Office of Technology Research and Investigation (OTECH), which will bring its experience and expertise to the newly-formed Office of Technology. Established in...

The US Federal Reserve has been raising interest rates to restore price stability and to bring balance to the labor market. The demand for new hires is exceeding the supply of available workers in the US, as the unemployment rate has fallen to its lowest level in over 50 years, and this has contributed to higher inflation. To help bring the economy back into balance, IMF analysis shows that staying the course and keeping interest rates elevated this year...

Dow Lecture by Philip R. Lane, Member of the Executive Board of the ECB, at the National Institute of Economic and Social Research | London, 16 February 2023 | Introduction It is an honour to deliver this year’s Dow Lecture. Christopher Dow had a distinguished career as an applied macroeconomist, both in the United Kingdom (at the Bank of England, the Treasury and here at NIESR) and internationally (as OECD Chief Economist from 1963 to 1973). Moreover, he extensively analysed my...

Speech by Fabio Panetta, Member of the Executive Board of the ECB, at an event organised by the Centre for European Reform, the Delegation of the European Union to the United Kingdom and the ECB Representative Office in London | London, 16 February 2023 | It is a pleasure to be with you here in London today. The energy shock stemming from Russia’s aggression against Ukraine has prolonged and aggravated a sequence of unprecedented supply shocks. These shocks, combined with the...

Most countries in the world agreed on a major tax reform in 2021. Now it’s time to follow through with implementation. The international tax system—shaped by the League of Nations in April 1923—has come under intense pressure in recent years. Globalization, digitalization, and tax competition have made it increasingly hard for countries to raise revenue from multinational companies in an effective, fair, and efficient manner. Following a decade of debate, 138 countries recently agreed to the first major overhaul of...