Today, the Council approved conclusions on climate finance ahead of the United Nations framework convention on climate change (UNFCCC) meeting in Baku, Azerbaijan, from 11 to 22 November 2024 (COP 29). In its conclusions, the Council underlines that the EU and its member states are committed to the current goal of developed countries to collectively mobilise $100 billion per year in climate finance until 2025. This goal was met for the first time in 2022. The Council also highlights its strong...

Nine out of ten consumers have been affected by “dark commercial patterns” - manipulative online design tactics such as countdown timers, hidden fees, and subscription traps that influence consumer behaviour and often lead to unintended purchases or privacy compromises. These deceptive practices are widespread on websites and apps, posing significant risks to consumers worldwide. The findings are part of a new OECD survey conducted with over 35 000 respondents across 20 countries. They were presented during the OECD Consumer Policy Ministerial...

Keynote speech by Piero Cipollone, Member of the Executive Board of the ECB, at the Bundesbank Symposium on the Future of Payments   Frankfurt am Main, 7 October 2024 The foundations of the financial system as we know it today can be traced back to 14th-century Italy, when double-entry bookkeeping was introduced, along with nostro and vostro accounts to facilitate the settlement of foreign trades across separate, independent ledgers. Although today’s financial markets are highly complex and sophisticated, the fundamental practice of bookkeeping across ledgers has...

The global economy is turning the corner as growth remained resilient through the first half of 2024, with declining inflation, though significant risks remain, according to the OECD’s latest Interim Economic Outlook. With robust growth in trade, improvements in real incomes and a more accommodative monetary policy in many economies, the Outlook projects global growth persevering at 3.2% in 2024 and 2025, after 3.1% in 2023. Inflation is projected to be back to central bank targets in most G20 economies by the...

The adoption of artificial intelligence in the financial sector presents significant opportunities for efficiency and value creation, but it also introduces potential risks that must be addressed. On 22 May 2024, the Organisation for Economic Co-operation and Development (OECD) and the Financial Stability Board (FSB) held a roundtable with experts from the public and private sectors and with academics to analyse trends and use cases of artificial intelligence (AI) in finance. Roundtable participants discussed opportunities and risks and shared emerging...

Easing the burden on lower-income households is not only socially fair, but also economically efficient Poor households in Germany and France pay up to $2 more per ton of emitted carbon dioxide than their higher-income compatriots. That is because products and services that wealthier people are likelier to consume—such as imported goods and travel outside the European Union—are exempt from carbon pricing. In other words, carbon pricing is regressive, meaning the poor pay proportionally more than the rich, as a...

CHIPS Investment Expected to Nearly Double U.S. Production Capacity of Sensor and Power Chips at Bloomington, Minnesota Manufacturing Facility Today, as part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of Commerce announced its first award under the CHIPS Incentives Program’s Funding Opportunity for Commercial Fabrication Facilities of up to $123 million in direct funding to Polar Semiconductor (Polar). The award follows the previously signed preliminary memorandum of terms and the completion of the Department’s due diligence....

WASHINGTON – On September 25, 2024, under the United States-European Union Trade and Technology Council (TTC), the Office of the United States Trade Representative, the United States Department of Labor, and the European Commission held a virtual meeting of the transatlantic tripartite Trade and Labor Dialogue (TALD). During the meeting, government officials briefed stakeholders, including labor unions and businesses, on the progress made by the United States and the European Commission on the “TALD Social Partner Joint Statement on Transatlantic Forced...