Remarks by Kristalina Georgieva, IMF Managing Director at the Bank for International Settlement

Dear Fabio, dear Pablo, dear governors—thank you for inviting me here to share a few thoughts on the challenges faced by central banks as our stewards of monetary policy.

Over the past 20 years, we have seen the Great Moderation give way to the global financial crisis, followed by a long spell at the effective lower bound, followed by a succession of large shocks, from the pandemic to the war in the M...

Europe has plenty of world-class research, talent and creativity. However, too often ideas originating in Europe are turned into economic success by others, elsewhere. This is because European innovators face barriers here and find it difficult to bring their ideas to life. As a result, the Commission proposed a new European innovation act to help Europe’s most innovative ideas be developed, financed and scaled up in Europe.

To strengthen the EU innovation system, the proposal will address two m...

Surpluses and deficits reflect deeper choices about saving and investment across interconnected economies.

More than 80 years ago, John Maynard Keynes centered his work on the persistence of global imbalances. The great economist tried to resolve what he described as the “secular international problem” at the Bretton Woods conference in 1944 through an international clearinghouse. But the conference’s final agreement included only a weaker set of remedies.

Concern about imbalances has waxed and ...

Despite lower gas storage levels compared to previous years, the Member States and the Commission consider there is no immediate risk for security of gas supply in the EU. In a meeting of the Gas Coordination Group (GCG) this afternoon, experts from the Commission and Member States confirmed that while the situation on global energy markets remains exceptional and requires close monitoring, it also differs significantly from that of 2021/2022. Today, the EU is better prepared, thanks to increase...

Blog | US tech giants are increasingly tapping the euro area bond market to fund their investments. The ECB Blog investigates the consequences for this market and the potential for these developments to reshape it.

The Council today gave its final approval for an ambitious overhaul of the EU customs framework – the most comprehensive reform of its kind in decades.

The updated legislation gives the Union a more modern toolbox and innovative new instruments to better facilitate global trade, especially in e-commerce, collect customs duties more efficiently and tighten controls on non-compliant, dangerous or unsafe goods.

Managing the rise of e-commerce 

The updated union customs code clarifies that non-EU e-...

G20 merchandise trade accelerated in Q2 2026. Measured in current US dollars, quarter-on-quarter import growth rose markedly to 6.7%, from the 5.2% growth recorded in the previous quarter, reflecting strong increases in a number of G20 economies. G20 merchandise exports growth remained broadly flat at 5.9%. Preliminary estimates also point to an acceleration in services trade, with exports rising by 3.4% and imports by 2.5%, as compared to 2.0% and 1.5% respectively in Q1 2026 (Figures 1 and 3)....

 Asheville, N.C., United States: International Monetary Fund Managing Director Kristalina Georgieva delivered the following remarks at the G20 Finance Ministers and Central Bank Governors Meeting in Asheville, North Carolina:

“I would like to thank the Government of the United States for hosting this week’s G20 meeting, and Secretary Bessent and Chairman Warsh for their leadership in delivering a focused discussion on key global economic priorities.

During our discussions, there was a strong con...

Today, the Commission has designated ChatGPT as a Very Large Online Search Engine (VLOSE), as well as Reddit and Roblox as Very Large Online Platforms (VLOPs), under the Digital Services Act (DSA). These services declared that they reach at least 45 million average monthly users in the EU and thus meet the threshold for designation.

Following the notification of the designations, these services have four months, i.e. by January 2027, to comply with the additional DSA obligations for VLOPs and VL...

Blog | In a world of frequent shocks, central bank communications should anchor expectations by explaining how policy responds to changing conditions, rather than committing to a fixed path.

In a world of frequent and faster-moving shocks, where uncertainty is high and markets react instantly, central banks face a fundamental communications challenge: how to help the public understand monetary policy objectives while explaining how policy may evolve as economic conditions change. In this regard,...