Blog post by Simon Black, Florence Jaumotte, Prasad Ananthakrishnan |  With each passing year, the stark reality of a hotter planet becomes clearer and the ensuing risks to the global economy intensify. But as the world is waking up to the scale of the climate crisis, geopolitical tensions and fragmentation risks are undermining our ability to coordinate global actions to solve this planetary problem. Eight years on from the Paris Agreement, policies remain insufficient to stabilize temperatures and avoid the...

From tomorrow to 1 December the Commission is hosting a high-level conference in Vilnius, Lithuania on the green recovery in Ukraine. Commissioner Virginijus Sinkevičius will represent the Commission and stress the commitment for a continued cooperation with and assistance to Ukraine in its sustainable reconstruction efforts. Commissioners Wopke Hoekstra and Iliana Ivanova will participate in the event via video messages. Comprising a policy and a business segment, the conference aims to take stock of the challenges ahead and discuss with...

Central bank digital currencies can improve payment systems as well as financial inclusion—if they are appropriately designed. If not, they could pose risks. While not all countries may see an immediate case to deploy a CBDC, many countries are exploring CBDCs so they will have the option to introduce one in the future if it becomes pertinent for them. Benefits are more likely to come in time, following the policies pursued by countries and the private sector’s response, as well...

The European economy has lost momentum this year against the background of a high cost of living, weak external demand and monetary tightening. While economic activity is expected to gradually recover going forward, the European Commission's Autumn Forecast revises EU GDP growth down compared to its summer projections. Inflation is estimated to have dropped to a two-year low in the euro area in October and is set to continue declining over the forecast horizon. Growth has lost momentum, but a...

On November 17, Parliament and Council reached a provisional agreement on revising EU procedures and control measures for waste shipments. The agreed law aims to protect the environment and human health more effectively, while contributing to achieve the EU’s climate neutrality, circular economy and zero pollution goals. Strengthening the rules governing exports of waste outside the EU EU exports of certain non-hazardous wastes and mixtures of non-hazardous wastes for recovery (i. e. to be used for other purposes) will be allowed...

On 16 November, EU Commissioner for Climate Action, Wopke Hoekstra met China's Special Envoy on Climate Change, Xie Zhenhua, in Beijing, to prepare for the COP28 UN Climate Change Conference in Dubai. In a frank and constructive exchange, they agreed to increase cooperation on tackling the climate crisis, which no single country can solve on its own. Both parties wholeheartedly underlined that climate science shows the urgency of action in this decade to meet the targets of the Paris Agreement....

Keynote address of Kristalina Georgieva, Managing Director at Singapore Fintech Festival |  President Tharman, excellencies, distinguished guests: good morning! It’s a pleasure to be in Singapore again. And it’s an honor to join you this morning at this impressive forum to take stock of how far we’ve come and set the course for the future. There is no better place to look into this future than Singapore — a place where fintech flourishes and where this festival brings the unlimited...

The ECB Blog looked at how communication has become a key factor for the transmission of a central bank’s policies in a recent post. Central banks exercise a profound influence on what occurs in the economy through what they say. While banks and financial institutions hang on to their every word as decisions affect financing conditions and the economy, the wider public – which is certainly not less affected by monetary policy decisions - follows the communication of central banks indirectly,...