Almost half of all energy-related CO2 emissions in G20 economies are now covered by a carbon price, as several countries introduced or extended carbon taxes or emissions trading systems in the last few years. More needs to be done using the full range of policy tools, if countries are to match their long-term climate ambitions with outcomes, according to a new OECD report. Carbon Pricing in Times of COVID-19: What has changed in G20 economies? finds that G20 economies priced 49% of CO2 emissions...

They say that everything happens for a reason. When it comes to cybercrime, this seems to be an accurate statement. Criminals will target individuals with a very specific reason in mind: steal their money and their personal data. In order to do so, they look for any weak points of entry that they can use to implement their scams and extortion plans. One of the solutions to this threat lies within the field of crime prevention – the more...

The European Commission has today adopted a review of EU banking rules (the Capital Requirements Regulation and the Capital Requirements Directive). These new rules will ensure that EU banks become more resilient to potential future economic shocks, while contributing to Europe's recovery from the COVID-19 pandemic and the transition to climate neutrality. Today's package finalises the implementation of the Basel III agreement in the EU. This agreement was reached by the EU and its G20 partners in the Basel Committee...

The Commission adopted today its State of the Energy Union Reports for 2021, taking stock of the progress that the EU is making in delivering the clean energy transition, nearly two years after the launch of the European Green Deal. While there are a number of encouraging trends, greater efforts will be required to reach the 2030 goal of cutting net emissions by at least 55% and achieving climate neutrality by 2050, and the data will need to be analysed...

G20 should lead in sharing vaccine doses, helping developing countries financially, and committing to reaching net-zero carbon emissions by mid-century. When G20 leaders gather in Rome this weekend, they can take inspiration from the bold design of the meeting venue, known as La Nuvola. Just as the architect created a striking new space, global leaders must take bold action now to end the pandemic and create space for a more sustainable and inclusive economy. The good news is that the foundations for recovery remain strong,...

Global principles on data policy can help level the playing field while addressing financial stability and inclusion, competition, and privacy. Companies around the world are engaged in a digital data gold rush, panning the digital economy for our personal data, sifting flecks of it in online pools and streams of our preferences, choices, and locations. Data is the ultimate portable good, but moving it across borders requires countries to have coherent policies that build trust. Without global principles for managing...

Supply chain disruptions have become a major challenge for the global economy since the start of the pandemic. Shutdowns of factories in China in early 2020, lockdowns in several countries across the world, labor shortages, robust demand for tradable goods, disruptions to logistics networks, and capacity constraints have resulted in big increases in freight costs and delivery times. Our chart of the week shows suppliers’ delivery times in the United States and the European Union have hit record highs since late...

Speech by Governor Randal K. Quarles on the economic outlook at the 2021 Milken Institute Global Conference "Charting a New Course," Beverly Hills, California | Thank you to the Milken Institute for the opportunity to join you today. This morning I'd like to outline my view of current economic conditions and the economic outlook and then turn to the implications for monetary policy. In particular, with employment still well below its February 2020 peak, I will focus on how the...