Speech by Alfred Kammer, Director - European Department, IMF  |  Thank you, Dean Muštra, for your opening remarks and Governor Vujčić for the invitation to attend this year’s Regional Governors’ Meeting in Split. Today’s gathering comes two years after Russia’s invasion of Ukraine, a subsequent energy-price roller coaster, and the advent of a more fragmented global economy. Against this backdrop Europe has done well, because governments acted fast and decisively. Unemployment rates have remained low, inflation has declined sharply, and the EU announced a new...

Blog post by Tobias Adrian and Marc Dobler |  Almost a year ago, Credit Suisse, a globally systemic bank with $540 billion in assets and the second-largest Swiss lender, founded in 1856, failed and was sold to UBS. In the United States, Silicon Valley Bank, Signature Bank and First Republic Bank failed at around the same time amid Federal Reserve interest rate hikes to contain inflation. With a combined $440 billion of assets, these were the second, third, and fourth biggest bank resolutions since the...

Trainees all over the EU will benefit from better quality traineeships thanks to new Commission proposals. They will improve and enforce working conditions for trainees, and ensure everyone can do a traineeship regardless of their socio-economic background or disability, by: improving learning content ensuring fair pay helping trainees claim their labour rights recommending access to adequate social protection combatting regular jobs disguised as traineeships creating channels to report malpractice and poor working conditions promoting equal access to traineeship opportunities allowing...

Members of the OECD/G20 Inclusive Framework on BEPS (Inclusive Framework) continue to make steady progress in the implementation of the BEPS package to tackle international tax avoidance, as the OECD releases the latest peer review report assessing jurisdictions' efforts to prevent tax treaty shopping and other forms of treaty abuse under Action 6 of the OECD/G20 BEPS Project. A revised peer review document forming the basis of the assessment of the BEPS Action 6 minimum standard was also released today. The sixth peer review report on...

At a time of increased geopolitical tensions, the EU has continued to successfully tackle the issues that concern Europeans most in 2023, whilst remaining on track to deliver on the political priorities. That is according to the new edition of the EU General Report, which was published today. The report looks at how we have responded to emerging and existing global challenges, with our ongoing, steadfast support for Ukraine being the highlight. We have provided over €88 billion in financial,...

The European Commission has published a Communication on managing climate risks in Europe on March 13th. It sets out how the EU and its Member States can better anticipate, understand, and address growing climate risks. It further presents how they can prepare and implement policies that save lives, cut costs, and protect prosperity across the EU. The Communication responds to the first ever European Climate Risk Assessment (EUCRA), a scientific report by the European Environment Agency. Together, they are a...

Proposed Budget Supports Key Commerce Department Initiatives and Programs to Increase Access to Good Jobs, Strengthen Competitiveness in the 21st Century The Biden-Harris Administration submitted to Congress the President’s Budget for Fiscal Year 2025. Following historic progress made since the President took office—with nearly 15 million jobs created and inflation down two-thirds—President Biden’s 2025 Budget expands on the Department’s work as part of the Biden-Harris Administration’s Investing in America Agenda to promote access to good-paying jobs and equitable growth, bolster...

At the end of 2023, the total volume of sovereign and corporate bond debt stood at almost USD 100 trillion, similar in size to global GDP, says a new OECD report. The first OECD Global Debt Report 2024: Bond Markets in a High-Debt Environment released today shows the low interest rate environment post-2008 opened bond markets to a wider range of issuers, including lower rated governments and companies, expanding the riskier market segments and contributing to the rapid growth of the sustainable...