The European Commission has today adopted a joint (High Representative-Commission) proposal for a new package of measures to maintain and strengthen the effectiveness of the EU's six wide-ranging and unprecedented packages of sanctions against Russia. Today's “maintenance and alignment” package clarifies a number of provisions to strengthen legal certainty for operators and enforcement by Member States. It also further aligns the EU's sanctions with those of our allies and partners, in particular in the G7. Importantly, the package reiterates the...

Implementation of the international tax reform agreement to ensure multinational enterprises pay a fair share of tax wherever they operate is progressing, according to an OECD report delivered to G20 finance ministers and central bank governors ahead of their meeting in Indonesia later this week. According to the OECD Secretary-General Tax Report, Members of the OECD/G20 Inclusive Framework on BEPS have concentrated on the practical implementation of the landmark agreement to reform international tax arrangements reached by over 135 countries...

Speech by Vice Chair Lael Brainard at Bank of England Conference, London, United Kingdom on July 08, 2022 | Recent volatility has exposed serious vulnerabilities in the crypto financial system.1 While touted as a fundamental break from traditional finance, the crypto financial system turns out to be susceptible to the same risks that are all too familiar from traditional finance, such as leverage, settlement, opacity, and maturity and liquidity transformation. As we work to future-proof our financial stability agenda, it...

Russia’s invasion of Ukraine highlights the crisis and opportunity of the energy transition It is hard to look at a crisis like Russia’s invasion of Ukraine and see a moment of opportunity. We—to say nothing of Ukrainians—are still very much in a crisis, and a compounding one at that, with potential long-lasting economic and political consequences. It is similarly clear that talk of “opportunity” cuts both ways. Vested interests are often the ones that benefit the most from swift political action,...

The European Commission welcomes the decision by Canada to return a natural gas pipeline turbine to Germany after its repair, for use in the Nord Stream 1 pipeline. With the return of this part, one of the excuses being used by Russia for reduced gas flows has been removed. The Commission has been in close contact with both Germany and Canada on this issue, and with Siemens, to ensure that we were well informed of the situation. The Commission continues...

Among the most sensitive categories of data collected by connected devices are a person’s precise location and information about their health. Smartphones, connected cars, wearable fitness trackers, “smart home” products, and even the browser you’re reading this on are capable of directly observing or deriving sensitive information about users. Standing alone, these data points may pose an incalculable risk to personal privacy. Now consider the unprecedented intrusion when these connected devices and technology companies collect that data combine it,...

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...