Good afternoon, the Vice-President and I welcome you to our press conference. The Governing Council today decided to raise the three key ECB interest rates by 50 basis points and, based on the substantial upward revision to the inflation outlook, we expect to raise them further. In particular, we judge that interest rates will still have to rise significantly at a steady pace to reach levels that are sufficiently restrictive to ensure a timely return of inflation to our two...

"Why Bank Capital Matters" | Vice Chair for Supervision Michael S. Barr at the American Enterprise Institute, Washington, D.C. (virtual) | December 01, 2022 | In my first speech as Vice Chair for Supervision in September, I said that the Federal Reserve Board would soon engage in a holistic review of capital standards. My argument, then and now, is that our review of regulatory policy must be a periodic feature of bank oversight. Banking and the financial system continuously evolve,...

Today, the Commission is proposing new rules to strengthen the use of Advance Passenger Information (API) data. This proposal is one of the key actions identified in the EU Security Union Strategy. The EU continues its progress in strengthening its overall security architecture, which aims to enhance EU citizens' protection, as shown also in the Fifth Security Union Progress Report. The report highlights three years of solid progress in implementing the Security Union Strategy. It shows that significant steps...

The European Commission today proposed a series of measures to modernise and make the EU's Value-Added Tax (VAT) system work better for businesses and more resilient to fraud by embracing and promoting digitalisation. Today's proposal also aims to address challenges in the area of VAT raised by the development of the platform economy. Member States lost €93 billion in VAT revenues in 2020 according to the latest VAT Gap figures also published today. Conservative estimates suggest that one quarter of...

The weaker growth outlook and tighter monetary policy call for prudence in managing debt and conducting fiscal policy Global debt remained above pre-pandemic levels in 2021 even after posting the steepest decline in 70 years, underscoring the challenges for policymakers. Total public and private debt decreased in 2021 to the equivalent of 247 percent of global gross domestic product, falling by 10 percentage points from its peak level in 2020, according to the latest update of the IMF’s Global Debt...

Keynote speech by Fabio Panetta, Member of the Executive Board of the ECB, at the Insight Summit held at the London Business School | London, 7 December 2022 | It is a true pleasure to be back at the London Business School. I did my PhD here many years ago. As soon as I arrived, I found myself immersed in an environment where pioneering academic research and economic analysis were carried out in a friendly atmosphere. In those years I...

A post-pandemic recovery in tourism risks faltering as the global economy loses momentum amid the energy shock triggered by Russia’s war of aggression against Ukraine, high inflation and weakened household purchasing power, according to a new OECD report. OECD Tourism Trends and Policies 2022 says many countries saw a strong rebound in tourism in 2022 on the back of pent-up demand, household savings and travel vouchers. However, international tourism is now not expected to recover until 2024 or 2025, or...

The global economy is expected to slow further in the coming year as the massive and historic energy shock triggered by Russia’s war of aggression against Ukraine continues to spur inflationary pressures, sapping confidence and household purchasing power and increasing risks worldwide, according to the OECD’s latest Economic Outlook. The Outlook highlights the unusually imbalanced and fragile prospects for the global economy over the next two years. The global economy is projected to grow well below the outcomes expected before...