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Transatlantic News
Transatlantic News
22
Aug
At “Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy,” an economic symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming
Over the course of this year, the U.S. economy has shown resilience in a context of sweeping changes in economic policy. In terms of the Fed's dual-mandate goals, the labor market remains near maximum employment, and inflation, though still somewhat elevated, has come down a great deal from its post-pandemic highs. At the same time,...
21
Aug
The EU and US have issued a Joint Statement establishing a framework for fair, balanced and mutually beneficial transatlantic trade and investment. This Joint Statement confirms and builds on the political agreement reached by President von der Leyen and President Trump on 27 July.
The Joint Statement sets out the commitment on both sides to work towards restoring stability and predictability in EU-US trade and investment, for the benefit of businesses and citizens. It is the first step in a...
21
Aug
General
What are the main aspects of the Joint Statement?
The Joint Statement defines the new parameters for the EU-US trade relationship and brings back an important measure of stability and predictability in transatlantic trade for the benefit of businesses, workers and consumers on both sides.
The key commitments on both sides include:
• Application across the board of a maximum, all-inclusive 15% tariff ceiling for EU products subject to reciprocal tariffs. No additional tariffs will apply for products which are already subject to...
21
Aug
Panel remarks by Christine Lagarde, President of the ECB, at the International Business Council of the World Economic Forum
The global economy is at a challenging juncture. But despite recent trade tensions and substantial uncertainty, global growth has remained broadly steady so far.
This resilience has been mainly driven by tariff-induced distortions of economic activity. In the first quarter of the year, for example, we saw strong global frontloading as importers boosted their inventories in anticipation of higher tariffs.
That has led...
21
Aug
The United States and the European Union are pleased to announce that they have agreed on a Framework on an Agreement on Reciprocal, Fair, and Balanced Trade (“Framework Agreement”). This Framework Agreement represents a concrete demonstration of our commitment to fair, balanced, and mutually beneficial trade and investment. This Framework Agreement will put our trade and investment relationship – one of the largest in the world – on a solid footing and will reinvigorate our economies’ reindustrialization. It reflects...
15
Aug
NEW YORK—The Federal Reserve and U.S. Treasury did not intervene in foreign exchange markets during the April – June 2025 quarter, the Federal Reserve Bank of New York said today in its quarterly report to the U.S. Congress.
The U.S. dollar, as measured by the Federal Reserve Board’s broad trade-weighted dollar index, depreciated 5.6 percent in Q2 2025, with a cumulative depreciation of 7.5 percent since the beginning of the year. Market contacts reported that the dollar’s depreciation was in...
12
Aug
By Pablo Anaya Longaric, Katharina Cera, Georgios Georgiadis and Christoph Kaufmann
Investors who sell off sovereign bonds in times of stress are commonly referred to as “vigilantes” as they punish governments for what they consider to be bad policy choices. This post finds that investment funds account for most net sales of sovereign bonds in such times.
Financial markets are sensitive to macroeconomic and political news, especially given the high debt levels in several euro area countries. On sovereign bond markets,...
12
Aug
But in most situations, productivity is the better path to prosperity
Competitiveness, Michael Porter remarked in The Competitive Advantage of Nations, his 1990 best-selling book, means different things to different people. As a member of US President Ronald Reagan’s competitiveness commission in the 1980s, the American economist met business leaders who believed it was about a global strategy to compete in world markets and members of Congress who thought it meant having a positive balance of trade. Today this commonly used...
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