Russia’s unprovoked invasion of Ukraine marks the return of geopolitical risk to Europe. Here the ECB blog looks at how global stock markets reacted to this risk and what role time and distance have played Though much ink has been spilled trying to understand stock markets, there is limited evidence on how geopolitics shape their performance. Establishing links between stock market performance and geopolitical concerns is challenging, as geopolitical effects are difficult to identify. We look at the market reaction...

The High-Level Expert Group (HLEG) on scaling up sustainable finance in low and middle-income countries meets in Brussels today for the first time kick-starting their reflection on the challenges and opportunities of sustainable finance in partner countries with a view to providing recommendations to the Commission on how to scale up funding from the private sector. At a time when the multiple global crises are taking a heavy toll on the global economy, overturning years of progress towards the...

"Check against delivery" Good morning everyone, It is a real pleasure to be here, to be back in the city I have been very often, going back to the 1980s – that will tell you how old I am. I have seen it go through so many transformations, and one of the biggest experiences in my life is to see these transformations and to have met the incredible people who had the foresight to look for freedom and fight for freedom when...

The EU Council today formally adopted the decision to provide € 5 billion of additional macro-financial assistance (MFA) to Ukraine, as a matter of urgency. On 9 September, EU ministers for finance had agreed a statement in support of these additional €5 billion assistance for Ukraine at the informal Ecofin Council meeting in Prague. Today, this additional assistance was formally adopted, after the necessary formal steps were completed within just 11 days. This financial assistance complements other EU support to Ukraine...

Tax policy is playing a critical role as countries seek to promote economic recovery from the COVID-19 pandemic and respond to the impact of rapid increases in energy prices, according to a new OECD report. Tax Policy Reforms 2022 describes recent tax reforms across 71 countries and jurisdictions, including all OECD members and selected members of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting. The report finds that tax reforms - notably reductions in taxes on labour and more...

The European Commission adopted today a European Media Freedom Act, a novel set of rules to protect media pluralism and independence in the EU. The proposed Regulation includes, among others, safeguards against political interference in editorial decisions and against surveillance. It puts a focus on the independence and stable funding of public service media as well as on the transparency of media ownership and of the allocation of state advertising. It also sets out measures to protect independence of...

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Florian Schmidt on 15 September 2022 | Ms Schnabel, you come from Dortmund, a city of hard workers, or “Malocher” as they are referred to locally. How often do you think about these people in the context of high inflation? Many people are worried that they won’t be able to pay their energy bills. Some even struggle to pay for food at the end of the month...

The right rules could provide a safe space for innovation Crypto assets have been around for more than a decade, but it’s only now that efforts to regulate them have moved to the top of the policy agenda. This is partly because it’s only in the past few years that crypto assets have moved from being niche products in search of a purpose to having a more mainstream presence as speculative investments, hedges against weak currencies, and potential payment instruments. The...