Consistent with the Principles for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in January 2022, all Committee participants agreed to the following plans for significantly reducing the Federal Reserve's securities holdings. The Committee intends to reduce the Federal Reserve's securities holdings over time in a predictable manner primarily by adjusting the amounts reinvested of principal payments received from securities held in the System Open Market Account (SOMA). Beginning on June 1, principal payments from...

Reflections on Monetary Policy in 2021 | Speech by Governor Christopher J. Waller at the 2022 Hoover Institution Monetary Conference, Stanford, California | I want to thank the organizers for inviting me to speak here today. The discussion has focused on the following question: "How did the Fed get so far behind the curve?" My response is to relate how my view of the economy changed over the course of 2021 and how that evolving view shaped my policy position....

"Check against delivery" Madam President, dear Roberta, Honourable Members, Next week, we will mark Europe Day. The 72nd birthday of our Union. This Europe Day will be all about the Union of the future – how we make it stronger, more resilient, closer to its people. But the answer to all of these questions, we cannot give alone. The answer is also given in Ukraine. It is given in Kharkiv, where Ukrainian first responders venture into the combat zone to help those...

The European Commission has today proposed a debt-equity bias reduction allowance, or DEBRA, to help businesses access the financing they need and to become more resilient. This measure will support businesses by introducing an allowance that will grant to equity the same tax treatment as debt. The proposal stipulates that increases in a taxpayer's equity from one tax year to the next will be deductible from its taxable base, similarly to what happens to debt. This initiative is part of...

Today, the European Commission has adopted a reform of the current EU rules on Distance Marketing of Consumer Financial Services, which govern financial services sold at a distance. The Proposal will strengthen consumer rights and foster the cross-border provision of financial services in the single market. This market has significantly evolved in light of the overall digitalisation of the sector and the new types of financial services that have been developed since the rules were first introduced in 2002....

Today, EU Member States, with the support of the European Commission and ENISA, the EU Agency for Cybersecurity, published a report on the cybersecurity of Open RAN. This new type of 5G network architecture will in the coming years provide an alternative way of deploying the radio access part of 5G networks based on open interfaces. This marks another major step in the coordinated work at EU level on the cybersecurity of 5G networks, demonstrating a strong determination to...

Daily average borrowing turnover in the unsecured segment decreased from €138 billion in the first maintenance period of 2022 to €137 billion in the second maintenance period of 2022 Weighted average overnight rate on borrowing transactions in the unsecured segment remained stable at -0.56% for the wholesale sector and decreased from -0.57% to -0.58% for the interbank sector Daily average borrowing turnover in the secured segment decreased from €429 billion to €404 billion, with a weighted average overnight...

The European Committee of the Regions and European Commission held the 4th meeting of the Broadband Platform on 6 May, focusing on ways to improve the digital infrastructure in the European Union by adding the concept of digital cohesion to the ones of social, economic and territorial cohesion recognised by the Treaties. The Covid-19 pandemic and the worsening geopolitical context caused by the Russian invasion of Ukraine have shown how important technology and digital tools are to help citizens to...