The three European Supervisory Authorities (EBA, EIOPA and ESMA) published today a joint report in response to the European Commission’s February 2021 Call for Advice on Digital Finance. The proposals put forward aim at maintaining a high level of consumer protection and addressing risks arising from the transformation of value chains, platformisation and the emergence of new ‘mixed-activity groups’ i.e. groups combining financial and non-financial activities. The ESAs note that the use of innovative technologies in the EU financial sector...

The Financial Sector Assessment Program is a key pillar of IMF surveillance. FSAPs can help make financial systems more resilient. In doing so, they consider country-specific features and tailor their analysis. The IMF assesses advanced economies itself and evaluates others jointly with the World Bank. Many countries entered the pandemic with strong bank capital and supervisory frameworks. Nonetheless, as economies recover from the pandemic, uncertainties remain regarding the underlying state of banks and other intermediaries. This year’s assessments address seven economies with...

Monetary policy statement by Christine Lagarde, President of the ECB, and Luis de Guindos, Vice-President of the ECB | Frankfurt am Main, 3 February 2022 | Good afternoon, the Vice-President and I welcome you to our press conference. The euro area economy is continuing to recover and the labour market is improving further, helped by ample policy support. But growth is likely to remain subdued in the first quarter, as the current pandemic wave is still weighing on economic activity. Shortages...

Today, the Commission is presenting a new Standardisation Strategy outlining our approach to standards within the Single Market as well as globally. The Strategy is accompanied by a proposal for an amendment to the Regulation on standardisation, a report on its implementation, and the 2022 annual Union work programme for European standardisation. This new Strategy aims to strengthen the EU's global competitiveness, to enable a resilient, green and digital economy and to enshrine democratic values in technology applications. Standards are...

We are jointly committed to Europe's energy security and sustainability and to accelerating the global transition to clean energy. We also share the objective of ensuring the energy security of Ukraine and the progressive integration of Ukraine with the EU gas and electricity markets. The EU and the United States cooperate closely on energy policy, decarbonisation and security of supply in the U.S.-EU Energy Council. The EU's and the United States' commitments to meet the goals of the Paris Agreement,...

The chart of the week shows how surging energy costs have boosted inflation, especially in Europe, after fossil-fuel prices nearly doubled in the past year. Rising food prices have also helped to boost inflation. Meanwhile, continuing supply chain disruptions, clogged ports, logistics strains and strong demand for merchandise have broadened these price pressures, especially in the United States. Higher imported goods prices have contributed to inflation in some regions, including Latin America and the Caribbean. Inflation is likely to remain elevated....