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....

I would like to thank Secretary General Guterres and H.E. K P Sharma Oli, Prime Minister of Nepal, for spearheading this important discussion on strengthening our multilateral system for a better tomorrow. The timing could not be more important—the choices we make this decade will be critical for determining our future. When we look into the future, it is important to first recognize where we are today. Let me start with the current state of the global economy. On the...

Yesterday's main takeaways from the College Members included President Ursula von der Leyen's speech at the Association of Small Island States Leaders' Meeting. You can read the full speech here. Furthermore, High Representative Josep Borrell chaired the informal meeting of EU Foreign Ministers. You can read the full press remarks at the press conference here. Commissioner Ylva Johansson hosted representatives from partner countries and international organisations to discuss migration and forced displacement. Commissioner Jutta Urpilainen signed a Declaration with the World Food Programme. Commissioner Kadri Simson delivered opening remarks at the Sustainability Summit. You can read the full...

The following is an address by former Italian Prime Minister Mario Draghi, ahead of his recent report titled "The future of European competitiveness – A competitiveness strategy for Europe." You can read the full report at the link below.   Dear Madame President, Dear Honourable Members of the European Parliament, Dear Executive Vice-President of the European Commission,   Let me start by saying that I’m very honoured to be invited to speak to you in this plenary today. And I would like to thank the President...

By Luca Nocciola and Alejandro Zamora-Pérez What factors could drive transactional demand for central bank digital currency (CBDC)? We analyse payment survey data to arrive at a framework for understanding the role of adoption frictions and design strategies in shaping CBDC demand. The results of our analysis show that, while consumers may initially prefer to use more traditional payment methods, a design tailored to their specific needs could significantly increase CBDC uptake. Raising awareness and capitalising on network effects could also boost...

Department of Commerce Announces Grants Across Nine States Highlight Thriving U.S. Semiconductor Industry Today, the Biden-Harris Administration awarded nearly $5 million to 17 small businesses across nine states under the Small Business Innovation Research (SBIR) Program. The SBIR Phase I awards will fund research projects to explore the technical merit or feasibility of an innovative idea or technology for developing a viable product or service for introduction in the commercial microelectronics marketplace. This is the first award for the CHIPS...

"Check against delivery" Today, I have met with the Conference of Presidents of the political groups in the European Parliament. In this meeting I have presented to the Parliament the planned structure of the new college, based on my political guidelines, on which we worked together; intensive weeks of negotiations with the Member States. I know that you are very interested in the structure but allow me to speak first about the content that defines the structure. Together, we have defined...