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The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.3 billion in December, up $17.3 billion from $53.0 billion in November, revised.
December exports were $287.3 billion, $5.0 billion less than November exports. December imports were $357.6 billion, $12.3 billion more than November imports.
The December increase in the goods and services deficit reflected an increase in th...
Global trade flows were reshaped in 2025 following the introduction of new US tariffs. US import growth weakened sharply, reflecting a strong decline in imports from China. Meanwhile, Chinese exports have surprised to the upside overall, with broad-based growth across destinations outside the United States. A key question is whether this resilience reflects trade diversion in response to the US tariffs, i.e. the reallocation of exports originally destined for one market towards alternative mark...
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Diversification has become harder since 2020 as stocks and bonds tend to move in tandem during sharp selloffs, adding to financial stability concerns
Spreading investments across asset classes can reduce risk and smooth returns. The classic diversification between stocks and bonds worked historically because they moved in opposite directions. When stocks fell, investors sought safety in bonds. Bonds rallied, cushioning losses and stabilizing portfolios.
Since the start of the pandemic peri...
Stefano Scarpetta has been appointed as the next Chief Economist of the OECD. He will take up his duties on 1 April 2026.
Mr Scarpetta brings an outstanding international reputation as a leading economist, built over more than three decades of distinguished service. Since 2013, he has led the OECD Directorate for Employment, Labour and Social Affairs, where he oversaw landmark initiatives including the OECD Jobs Strategy and strengthened the Organisation’s capacity to assess the impact of ma...
Munich, 14 February 2026
It is a mark of how much our world has changed that a central banker speaks at the Munich Security Conference on supply chains.
A decade ago, this would have seemed like a category error. Today, everyone in this room recognises that trade is as much a security issue as an economic one.
Economic interdependence has deepened substantially in recent decades, creating intricate webs of cross-border trade flows. Where this was once seen as a source of stability, it is now a ...
Thank you, Madam President, dear Roberta,
Deputy-Minister Raouna, dear Marilena,
Honourable Members,
In the last plenary, we focused on the geopolitical shockwaves that Europe is facing and on our united response. But our power on the global stage depends greatly on our strength on the economic front. Competitiveness is not just the foundation of our prosperity but of our security, and ultimately of our democracies too. This is why competitiveness has been at the top of our agenda from day one. ...
The Council today formally approved new customs duty rules for items contained in small parcels entering the EU, largely via e-commerce. The new rules respond to the fact that such parcels currently enter the EU duty free, leading to unfair competition for EU sellers.
“As global e-commerce booms, EU customs rules must keep pace. Abolishing the out-of-date exemption for small parcels will help support EU business and shut down avenues for unscrupulous sellers. Now, we need to move forward decisiv...
Import tariffs imposed by other countries tend to lower euro area inflation and weaken growth. However, the sectors most exposed are also the most responsive to interest rate changes. This means that monetary policy can help offset disinflationary pressures and support activity.[1]
Tariffs are a tax on trade. The immediate impact falls on the country imposing them, as import prices rise and trade volumes fall. But trading partners can also be affected. On the one hand, higher import costs red...
Following a Wednesday afternoon meeting of the committee’s shadow rapporteurs (i.e. political group representatives responsible for work on the legislation linked to the implementation of the Turnberry deal), Bernd Lange (S&D, Germany) said: “A majority of shadow rapporteurs of the International Trade Committee have ...
The European Commission has sent a Statement of Objections to Meta, setting out its preliminary view that Meta breached EU antitrust rules by excluding third party Artificial Intelligence (‘AI’) assistants from accessing and interacting with users on WhatsApp. Meta’s conduct risks blocking competitors from entering or expanding in the rapidly growing market for AI assistants.
The Commission therefore intends to impose interim measures to prevent this policy change from causing serious and irrepa...
