By: Era Dabla-Norris, Raphael Lam, Francisco Roch Prudent anchors, corrective mechanisms, and supportive institutions can help countries comply with their fiscal rules and commit to sound public finances Countries have increasingly adopted fiscal rules and frameworks that aim to give clarity and predictability to government spending. But these rules have not been as effective in keeping deficits and debt within their intended limits. As we show in a new report, about 40 percent of advanced economies and nearly two-thirds of emerging markets exceed...

State launches New Renewable Energy Solicitation Directive Prioritizes Shovel-Ready Projects Eligible for Federal Tax Credits To Save New Yorkers Money As part of New York’s all-of-the-above energy strategy, Governor Kathy Hochul today announced a coordinated set of actions to accelerate the deployment and construction of reliable and clean energy across New York State that will help stabilize energy prices. Recognizing the near-term need for power to meet increasing electricity demand as well as economic development needs and the importance of adapting...

By Claudia Mann Good statistics are accurate, timely, consistent and comparable. Only then can they be the unbiased reality check needed for responsible decision-making. The ECB blog looks back at past mistakes and what Europe has learned from them. We are often asked: how independent are European statistics, really? Following recent international headlines, this question has gained new momentum. To answer it, let me take you back to Europe’s own “deficit drama” in statistics, explain how it was resolved, and illustrate...

The European Commission is taking action against several EU Member States that have failed to notify the Commission of measures they have adopted to transpose EU Directives into their national laws. The deadline to transpose these Directives has expired recently. The Commission is sending a letter of formal notice to these Member States, giving them two months to reply and complete the transposition of the Directives. If they fail to do so, the Commission may pass to a next...

Member states’ representatives (Coreper) approved today the Council’s positions on several Commission proposals which form part of the so-called ‘Omnibus IV’ legislative package and contain two main elements: • two proposals (directive and regulation) on digitalisation and common specifications aiming to digitalise existing physical requirements by implementing the ‘digital by default’ principle and introduce a procedure for the Commission to draw up common specifications in a number of legal acts, and • two proposals (directive and regulation) aiming to extend certain mitigation and support measures available...

By Elena Bobeica, Gerrit Koester and Christiane Nickel While overall inflation has normalised and currently lies at the ECB’s 2% medium-term target, food inflation is higher. To put a meal on the table, consumers pay roughly a third more than before the pandemic. This ECB Blog looks at the causes and consequences for monetary policy. Inflation has come down a lot in the euro area – from a peak of 10.6% in October 2022 to 2.0% recently. At the same time,...

Leading AI developers are taking significant steps to make their systems more robust and secure, according to a new OECD report.  How are AI developers managing risks? Insights from responses to the reporting framework of the Hiroshima AI Process Code of Conduct analyses voluntary transparency reporting under the G7 Hiroshima AI Process from technology and telecommunications companies as well as advisory, research, and educational institutions, including Anthropic, Google, Microsoft, NTT, OpenAI, Salesforce and Fujitsu. The analysis shows that many organisations are developing...

A high-level delegation of the European Union (EU) leaders will participate in the 80th session of the United Nations General Assembly (UNGA) in New York from 21-30 September. The focus of EU engagement will be to uphold the rules and principles of the UN Charter, including those of sovereignty and territorial integrity, political independence and self-determination. The delegation to the 80th session will include President of the European Council António Costa, who will address the UN General Assembly on behalf of...