Paris, 14 November 2020 | by Pedro Sánchez, President of the Spanish Government and Angel Gurría, Secretary-General of the OECD. You may view the OECD 60th anniversary Leaders’ Commemoration Event here | On 14 December this year, we are commemorating the 60th anniversary of the signature of the Convention establishing the Organisation for Economic Co-operation and Development (OECD). The OECD succeeded the Organisation for European Economic Co-operation (OEEC), which was created in 1948 to administer American and Canadian aid under the...

The Commodity Futures Trading Commission (CFTC) and the European Securities and Markets Authority (ESMA) today announced the signing of a new Memorandum of Understanding (MOU) regarding cooperation and the exchange of information with respect to certain registered derivatives clearing organizations established in the United States that are central counterparties (CCPs) recognized by ESMA under the European Market Infrastructure Regulation (EMIR). Through the MOU, ESMA and the CFTC express their desire for enhanced cooperation as to the larger U.S. CCPs operating in the European Union...

The Commission has announced today the first round of direct equity investment through the new European Innovation Council (EIC) Fund. 42 highly innovative start-ups and small and medium-sized businesses (SMEs) will together receive equity financing of around €178 million to develop and scale up breakthrough innovations in health, circular economy, advanced manufacturing and other areas. Among them, the French company CorWave is the first EU company in which the EIC Fund is investing. Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth said: “Europe...

A salient feature of the coronavirus (COVID-19) pandemic has been the sharp and deep decline in mobility, which has caused a slump in tourism, trade in travel services and consumption by non-residents. Lockdowns and social distancing measures led to strong declines in otherwise stable services consumption. This box takes stock of developments in the tourism sector, discusses how the impact of these developments on consumption has varied across countries and reviews the near-term prospects for a recovery in tourism and...

1 January 2021 | Assets (EUR millions) Balance Difference compared with last week due to i)transactions ii)quarter-end adjustments Totals/sub-totals may not add up, due to rounding i) ii) 1 Gold and gold receivables 536,542 0 −22,739 2 Claims on non-euro area residents denominated in foreign currency 347,179 1,313 −10,877 2.1 Receivables from the IMF 85,379 0 −1,700 2.2 Balances with banks and security investments, external loans and other external assets 261,800 1,314 −9,178 3 Claims on euro area residents denominated in foreign currency 23,437 −373 −726 4 Claims on non-euro area residents denominated in euro 14,337 1,375 −4 4.1 Balances with banks, security investments and loans 14,337 1,375 −4 4.2 Claims arising from the credit facility under ERM II 0 0 0 5 Lending to euro area credit institutions...

The COVID-19 health and economic crisis has once again focused attention on the fickleness of capital flows and the need to have an adequate policy toolkit to manage the risks that stem from these flows, while maximizing their benefits. A virtual workshop organized by the Bank of England, Banque de France, International Monetary Fund and the Organization for Economic Co-operation and Development (OECD) highlighted risks emerging from the changing landscape of global capital flows and the need for greater international efforts to...