Contribution by Piero Cipollone, Member of the Executive Board of the ECB, to the Centre for European Reform’s annual economics conference on “A European path to higher economic growth” Thank you for inviting me to discuss whether a “hot” economy can drive productivity growth. A lot has been said recently about the structural reasons for the productivity gap between Europe and the United States, notably in Mario Draghi’s recent report. But this gap has worsened in the post-pandemic period, as productivity growth...

(Translated from Spanish) Opening remarks Madam President, ladies and gentlemen, Allow me to use Spanish to address you in this session that is as important as what will happen in our relations with the United States after the election of President Trump. An election that is not fortuitous, but rather demonstrates a profound political and cultural transformation in American society. a new relationship with politics, even a new relationship with the truth, because the truth seems to be excessively malleable. What...

The rapid adoption of AI in finance means that authorities should address information gaps for monitoring, assess the adequacy of current policy frameworks and enhance supervisory and regulatory capabilities. This report revisits the 2017 FSB report on AI and machine learning in financial services by taking stock of recent advancements, exploring use cases in the financial sector and drivers of adoption, as well as new potential benefits and AI-related financial sector vulnerabilities. In the past few years, technological advancements and increased computational power...

A significant gap in policy ambition exists between globally agreed temperature goals and the emissions reductions of national climate targets, according to a new report on countries covered by the OECD’s International Programme for Action on Climate (IPAC). According to the 4th edition of the Climate Action Monitor, Nationally Determined Contributions (NDCs) currently commit to a collective reduction in greenhouse gas emissions of only 14% by 2030, compared to 2022 levels, in countries covered by IPAC which produce over 80% of...

NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $147 billion (0.8%) in Q3 2024, to $17.94 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. It includes a one-page summary of key takeaways and their supporting data points. The New York Fed also issued an accompanying Liberty Street Economics blog post examining the evolution in...

Washington, DC – Today, Export-Import Bank of the United States (EXIM) President and Chair Reta Jo Lewis announced that in Fiscal Year 2024, EXIM authorized $8.4 billion in deals, supporting approximately 38,000 jobs across the country. Throughout FY24, EXIM authorized more than 1,400 transactions, and more than 85 percent of deals supported small businesses. Those transactions include $3 billion in support of the U.S. exporters facing competition from the People’s Republic of China (PRC), especially in transformational export areas like...

Complacency in fighting climate change and preserving biodiversity is endangering our economic survival. The longer we wait, the higher the costs will be. Christine Lagarde, President of the European Central Bank, warns of the growing gap between the commitments made and the investment needed. We’ve all heard it time and again: either we tackle climate change and safeguard nature, or we face the steep price of our inaction. And that price is rising by the day. Just consider the recent...

The first seven proposals for artificial intelligence (AI) Factories have now been submitted under the EuroHPC Joint Undertaking (JU), which manages the call announced in September 2024. These AI Factories will create a thriving European ecosystem for training advanced AI models and developing AI solutions. They will be built around the EU's world-class network of  European High-Performance Computing (HPC) supercomputers and will be bringing together the key ingredients for success in AI: computing power, data and talent. The AI Factories will substantially increase the...