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U.S. Fed Speech | Full Employment in the New Monetary Policy Framework

Speech by Governor Lael Brainard at the Inaugural Mike McCracken Lecture on Full Employment Sponsored by the Canadian Association for Business Economics (via webcast) |

I want to thank the Canadian Association for Business Economics for inviting me to join you today, particularly president Bonnie Lemcke and past president Armine Yalnizyan. It is a pleasure to be here with Carolyn Wilkins.

I am honored to deliver the inaugural Mike McCracken Lecture on Full Employment.1 Widely known for his criti...

Euro banknote counterfeiting at historically low level in 2020

  • 460,000 counterfeit euro banknotes withdrawn from circulation in 2020, a historically low level in proportion to banknotes in circulation
  • About two thirds of the total were €20 and €50 banknotes
  • Euro banknotes continue to be a trusted and safe means of payment
  • All euro banknotes can be verified using the “feel, look and tilt” method

Some 460,000 counterfeit euro banknotes were withdrawn from circulation in 2020 (220,000 in the second half of the year), a decrease of 17.7% when compared with 2019...

Results of the ECB Survey of Professional Forecasters in the first quarter of 2021

  • Shorter-term inflation expectations largely unchanged; longer-term inflation expectations unchanged at 1.7%
  • Opposing revisions to real GDP growth outlook, with near-term forecasts revised down but stronger rebound envisaged thereafter
  • Unemployment rate expectations revised down across all horizons

Respondents to the European Central Bank (ECB) Survey of Professional Forecasters (SPF) for the first quarter of 2021 reported point forecasts for annual HICP inflation averaging 0.9%, 1.3% and 1.5% fo...

EU tax haven blacklist is not catching the worst offenders

  • Criterion to judge if a country’s tax system is fair or not needs to be widened
  • Countries should not be removed from the blacklist if they only make symbolic tweaks
  • A 0% tax rate policy should automatically lead to being placed on the blacklist
  • List has to be formalised through a legally binding instrument by end 2021

MEPs adopted a resolution pushing for the system used to draw up the EU list of tax havens to be changed, as it is currently “confusing and ineffective”.

The EU’s list of tax haven...

‘Right to disconnect’ should be an EU-wide fundamental right, MEPs say

  • ‘Always on’ culture leads to increased risk of depression, anxiety and burnout
  • EU law to define minimum requirements for remote working
  • No repercussions for workers who exercise their ‘right to disconnect’

Parliament calls for an EU law that grants workers the right to digitally disconnect from work without facing negative repercussions.

In their legislative initiative that passed with 472 votes in favour, 126 against and 83 abstentions, MEPs call on the Commission to propose a law that enables ...

Monetary policy: Latest ECB press conference

Christine Lagarde, President of the ECB and Luis de Guindos, Vice-President of the ECB | Frankfurt am Main, 21 January 2021 |

Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis.

The start of vaccination campaigns across the euro area is an important milestone in the resolution of the ...

ECB | January 2021 euro area bank lending survey

  • Credit standards tightened for loans to enterprises and households
  • Firms’ demand for loans continued to decline, while demand for housing loans increased
  • Government guarantees on loans to firms supported bank lending conditions

Credit standards – i.e. banks’ internal guidelines or loan approval criteria – tightened across all loan categories, namely loans to enterprisesloans to households for house purchase and consumer credit and other lending to households in the fourth quarter of 2020, acco...

IMF | What the Continued Global Uncertainty Means for You

Global uncertainty reached unprecedented levels at the beginning of the COVID-19 outbreak and remains elevated. The World Uncertainty Index—a quarterly measure of global economic and policy uncertainty covering 143 countries—shows that although uncertainty has come down by about 60 percent from the peak observed at the onset of the COVID-19 pandemic in the first quarter of 2020, it remains about 50 percent above its historical average during the 1996–2010 period.

‘Uncertainty in systemic econom...

European Commission reorganises the “Task Force for Relations with the United Kingdom” into the “Service for the EU-UK Agreements”

The conclusion of the EU-UK Trade and Cooperation Agreement on 24 December 2020 means that the very successful mandate of the Task Force for Relations with the United Kingdom (UKTF) will come to an end. The UKTF will cease to exist on 1 March 2021.

To support the efficient and rigorous implementation and monitoring of the Agreements with the UK, the European Commission has decided to establish a new Service for the EU-UK Agreements (UKS). The UKS will be part of the presidential services’ Secret...

ECB digital euro consultation ends with record level of public feedback

  • Over 8,000 responses received in online survey
  • Privacy, security and pan-European reach ranked highest in European citizens’ preferences
  • Detailed analysis to be published in spring, ahead of decision on project launch

The European Central Bank (ECB) concluded its public consultation on the digital euro yesterday and will now analyse in detail the large number of responses. 8,221 citizens, firms and industry associations submitted responses to an online questionnaire, a record for ECB public cons...