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Politics & Economy

Inflation continues to surge in the OCDE

Year-on-year inflation in the OECD rose to 10.3% in June 2022, compared with 9.7% in May. This represents the sharpest price increase since June 1988. About one-third of OECD countries recorded double-digit inflation. > Download the entire news release (graphs and table included - PDF) Food price inflation in the OECD continued to pick up strongly, reaching 13.3% in June 2022 compared with 12.6% in...

Inflation continues to surge

Year-on-year inflation in the OECD area climbed to 9.6% in the year to May 2022, compared with 9.2% in April. This represents the sharpest price increase since August 1988.​>>Download the entire news release (graphs and table included - PDF) Next publication date: 3 August 2022 - See all release dates Year-on-year inflation in the OECD as measured by the Consumer Price Index (CPI) rose to...

Europeans set defence and energy autonomy as key priorities for 2022

​A Eurobarometer released on 15 juni shows that European citizens support massively a common security and defence policy and expect the EU to phase out its dependency on Russian sources of energy. The survey also confirms the large support for the EU's response to the Russian aggression against Ukraine.​Background The “Special Eurobarometer” 526 – “Key challenges of our times - The EU in 2022”...

Belgium must continue reforms to sustain recovery and future growth

​OCDE (2022), OECD Economic Surveys: Belgium 2022, Éditions OCDE, Paris, https://doi.org/10.1787/01c0a8f0-en.​Economic Survey of Belgium (June 2022) ​Belgium’s recovery from the COVID-19 pandemic has been robust thanks to extensive policy support. However, the new shock from the war in Ukraine is exacerbating inflation, and supply and labour market shortages, highlighting the importance of boosting the resilience of the Belgian economy. Medium-term fiscal sustainability challenges should...

EU Digital COVID Certificate: Commission welcomes political agreement on one year extension

The European Commission welcomes the provisional political agreement reached today by the European Parliament and the Council on the extension of the EU Digital COVID Certificate by one year, following the Commission's proposal. The extension will allow persons to continue using their certificate to travel across the EU past the Regulation's initial expiry date of 30 June 2022. Commissioner for Justice, Didier Reynders, said: “Since...

The Price of War

The world is paying a heavy price for Russia’s war in Ukraine. It is a humanitarian disaster, killing thousands and forcing millions from their homes. The war has also triggered a cost-of-living crisis, affecting people worldwide. When coupled with China’s zero-COVID policy, the war has set the global economy on a course of slower growth and rising inflation - a situation not seen since the...

Euro area annual inflation up to 8.1%

Euro area annual inflation is expected to be 8.1% in May 2022, up from 7.4% in April according to a flash estimate from Eurostat, the statistical office of the European Union. Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in May (39.2%, compared with 37.5% in April), followed by food, alcohol & tobacco (7.5%, compared...

CEE company insolvencies on the rise

Insolvency trends in the Central and Eastern European (CEE) region have been subject to various economic conditions, support measures and legal changes over the last two years. Indeed, the Covid-19 pandemic that triggered the economic downturn and officially implemented lockdowns brought concerns not only for the macroeconomic activity but also the companies’ payment liquidity. In the pandemic year of 2020 growth in regional Central Europe...

A10-Point Plan to cut Oil Use by IEA

With Russia’s invasion of Ukraine resulting in lower supplies to oil markets ahead of peak demand season, IEA 10-Point Plan proposes actions to ease strains and price pain.​The new report also includes recommendations for decisions to be taken now by governments and citizens to transition from the short-term emergency actions included in the 10-Point Plan to sustained measures that would put countries’ oil demand into...

OECD countries advancing slowly on sustainable development targets by 2030

​The 2030 Agenda for Sustainable Development has an unprecedented ambition, but also confronts countries with an enormous challenge given the complex and integrated nature of the Agenda with its 17 Goals, underpinned by 169 Targets.​Despite progress made since the adoption of the 2030 Agenda for Sustainable Development and its 17 Goals (SDGs), OECD countries have met or are close to meeting only a quarter of...

Future of Europe: Conference Plenary ambitious proposals point to Treaty review

​The Conference Plenary concluded its work, with MEPs expressing their approval of the outcome and announcing that Parliament intends to kick-start EU reforms.​Conference Plenary adopts 325 proposals for wide-ranging reformsParliament’s delegation decided by broad majority to support the proposalsMEPs will, based on citizens’ demands, seek to formally initiate amending the Treaties Citizens’ feedback on proposals overwhelmingly positive, plea for swift follow-up ​At its final meeting,...

Governments Need Agile Fiscal Policies as Food and Fuel Prices Spike

Spending imperatives from pandemic and war meet high debt and tight budget constraints.Just as increasing vaccinations offered hope, Russia’s invasion of Ukraine disrupted the global economic recovery. One of the most visible global effects has been the acceleration of energy and food prices, triggering concerns about episodes of food shortages and increasing the risks of malnutrition and social unrest. World food prices surged by 33.6...

Russia-ukraine conflict: stagflation ahead

​The escalation of the conflict in Ukraine and the invasion of the latter by the Russian military on 24 February has triggered turmoil in the financial markets, and drastically increased uncertainty about the recovery of the global economy two years after the onset of the COVID-19 pandemic. With Russia being the world’s third-largest oil producer, the second-largest natural gas producer and among the top five...

Government support cushions tax revenues in OECD countries from the worst impacts of the COVID-19 crisis

The impact of the COVID-19 pandemic on tax revenues was less pronounced than during previous crises, in part due to government support measures introduced to support households and businesses, according to new OECD research published today. The 2021 edition of the OECD’s annual Revenue Statistics publication shows that the OECD average tax-to-GDP ratio has risen slightly to 33.5% in 2020, an increase of 0.1 percentage...

From NFRD to CSRD ...

On 21 April 2021, the Commission adopted a proposal for a Corporate Sustainability Reporting Directive (CSRD), which would amend the existing reporting requirements of the NFRD (Non-Financial Reporting Directive, 2014) Aims The proposal extends the scope to all large companies and all companies listed on regulated markets (except listed micro-enterprises) requires the audit (assurance) of reported information introduces more detailed reporting requirements, and...

Country & Sector risk barometer: Q1 2021 quarterly update

More than a year after the onset of the COVID-19 pandemic, uncertainties about its evolution continue to shape trends in the global economy. Despite the acceleration of the vaccination process, the prospects for a return to normalcy are both uneven and uncertain across industries and geographies. In our scenario, as in the previous quarter1, we assume that the economic recovery will gain momentum from the...

Europol publishes the European Union (EU) Serious and Organised Crime Threat Assessment, the EU SOCTA 2021.

The SOCTA, published by Europol every four years, presents a detailed analysis of the threat of serious and organised crime facing the EU. The SOCTA is a forward-looking assessment that identifies shifts in the serious and organised crime landscape.​Aims The SOCTA 2021 details the operations of criminal networks in the EU and how their criminal activities and business practices threaten to undermine our societies, economy...

Public consultations : review of the Communication on the Framework for State aid for research and development and innovation

Executive Vice-President Margrethe Vestager, in charge of competition policy, said: “We want to further simplify our existing State aid Framework to make it easier for Member States to support research, development and innovation, including by small and medium sized enterprises, while ensuring that possible competition distortions are kept to the minimum. We now invite stakeholders to share their views. All this to provide the right...

Hourly labour costs ranged from €6.5 to €45.8 across the EU Member States in 2020

In 2020, average hourly labour costs in the whole economy (excluding agriculture and public administration) were estimated to be €28.5 in the EU and €32.3 in the euro area, up compared to €27.7 and €31.4 respectively in 2019. These estimates come from data on labour costs levels published by Eurostat today. Lowest in Bulgaria, highest in Denmark The average hourly labour costs mask significant gaps...

A global economic recovery is in sight ...

A global economic recovery is in sight but a faster and more effective vaccination rollout across the world is critical, while respecting necessary health and social distancing measures, according to the OECD’s latest Interim Economic Outlook. With a global economic recovery in sight, a faster and more effective vaccination rollout across the world is critical, while respecting health and social distancing measures. The OECD’s Interim...