Crypto-assets and markets must be subject to effective regulation and oversight commensurate to the risks they pose, both at the domestic and international level. In February 2022, the FSB published a risk assessment on crypto-assets, which outlined its concerns over the rapid growth in crypto-assets. The recent turmoil in crypto-asset markets highlights their intrinsic volatility, structural vulnerabilities and increasing interconnectedness with the traditional financial system. In addition to imposing potentially large losses on investors and threatening market confidence arising from...

How much do people trust their government? And to what degree do a government’s competence and values influence trust in public institutions? To measure and better understand what drives people’s trust in public institutions, the OECD conducted the first cross-national survey of more than 50,000 people in 22 countries*, aimed at helping governments better understand where citizen confidence is wavering, where it remains solid and what needs to be done to close the gap. A report, Building Trust to Reinforce...

The ECB is taking action to reduce the carbon footprint in its portfolio and push banks to better manage climate and environmental risks. Within our mandate, we are incorporating climate change considerations into our monetary policy and banking supervision. Climate change matters for central banks. It is not only an existential threat to civilisation, it also entails severe risks for the economy. Floods, storms and wildfires have become more frequent. Extreme weather events damage infrastructure, destroy harvests and raise food...

ECB to account for climate change in its corporate bond purchases, collateral framework, disclosure requirements and risk management, in line with its climate action plan Measures aim to reduce financial risk related to climate change on the Eurosystem’s balance sheet, encourage transparency, and support the green transition of the economy Measures to be regularly reviewed to check that they are fit for purpose and aligned with the objectives of the Paris Agreement and the EU’s climate neutrality objectives The...

Today, the Commission adopted a New European Innovation Agenda to position Europe at the forefront of the new wave of deep tech innovation and start-ups. It will help Europe to develop new technologies to address the most pressing societal challenges, and to bring them on the market. The New European Innovation Agenda is designed to position Europe as a leading player on the global innovation scene. Europe wants to be the place where the best talent work hand in...

The European Commission has today proposed a new €1 billion macro-financial assistance (MFA) operation for Ukraine as the first part of the exceptional MFA package of up to €9 billion announced in the Commission's communication of 18 May 2022 and endorsed by the European Council of 23-24 June 2022. Today's proposal is part of the extraordinary effort by the EU, alongside the international community, to help Ukraine to address its immediate financial needs following the unprovoked and unjustified aggression by...

The Commission welcomes the adoption by the European Parliament of the Digital Services Act and Digital Markets Act, proposed by the Commission in December 2020. The Digital Services Package sets out a first comprehensive rulebook for the online platforms that we all depend on in our daily lives. These new rules will be applicable across the whole of the EU and will create a safer and more open digital space, grounded in respect for fundamental rights. Executive Vice-President for a Europe...