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ECB decides on detailed modalities for reducing asset purchase programme holdings

Retrieved on:

Saturday, February 4, 2023

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- PRESS RELEASE

Key Points:

- PRESS RELEASE
ECB decides on detailed modalities for reducing asset purchase programme holdings
2 February 2023
- ECB details modalities to reduce Eurosystem’s holdings of securities under the asset purchase programme through partial reinvestment, broadly in line with current practice under full reinvestment
- Governing Council decided on stronger tilting of corporate bond purchases during partial reinvestment, including in primary market, towards issuers with better climate performance
As communicated in December, from the beginning of March 2023, the asset purchase programme (APP) portfolio will decline at a measured and predictable pace, as the Eurosystem will not reinvest all of the principal payments from maturing securities.
On the basis of the December decision, the Governing Council today decided on the detailed modalities for reducing the Eurosystem’s holdings of securities under APP through the partial reinvestment of the principal payments from maturing securities.
The remaining reinvestment amounts will be allocated proportionally to the share of redemptions across each constituent programme of the APP, i.e.
the public sector purchase programme (PSPP), the asset-backed securities purchase programme (ABSPP), the third covered bond purchase programme (CBPP3) and the corporate sector purchase programme (CSPP).

New FOI resources to support public authorities

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Saturday, February 4, 2023

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We want to enhance the experience and outcomes for people making FOI requests and also support public authorities to be transparent and accountable about the decisions they make.

Key Points:

We want to enhance the experience and outcomes for people making FOI requests and also support public authorities to be transparent and accountable about the decisions they make.
We now have a new Upstream Regulation team in place to provide more help for public authorities dealing with FOI requests.
In order to provide the best support we can, our team has been establishing exactly what public authorities want help with and what they think that support should look like.
Once we have the results of the external research, we’ll be finalising our goals and programme of work to ensure we’re providing the best resources and support possible to public authorities.

Article - 30 years of EU single market: benefits and challenges (infographics)

Retrieved on:

Tuesday, January 17, 2023

The single market: bringing Europe together

Key Points:

The single market: bringing Europe together
One of the cornerstones of EU integration, the single market makes it possible for goods, services, capital and people to move across the bloc as freely as within a single country.
Benefits of the single market
Harmonisation and mutual recognition of standards allow businesses to sell their products to a market of more than 450 million.
EU citizens benefit from high product safety standards and can study, live, work and retire in any EU country.
The road ahead for the single market
Thirty years after its launch, the single market remains a work in progress.

Isabel Schnabel: Interview with Frankfurter Allgemeine Zeitung

Retrieved on:

Monday, January 16, 2023

That is why we are doing whatever is necessary to bring inflation back to our medium-term target of 2%.

Key Points:

That is why we are doing whatever is necessary to bring inflation back to our medium-term target of 2%.
In a speech that I gave in July 2021, I presented a series of indicators pointing towards a rise in inflation.
For a long time, we believed that many of the causes of inflation would vanish over time.
After the economy reopened, demand rapidly took off and met a relatively inelastic supply, exacerbated by supply chain disruptions.
*
Indeed, but many people underestimated the extent of it; they thought that the supply chain disruptions would be resolved more quickly.
It was especially concerning that these price increases gradually broadened across the entire basket of goods.
Not only energy prices rose steeply, but also core inflation, that is inflation stripped of the volatile prices for energy and food.
By that time, it was clear to everyone that inflation would be more persistent.
You have an academic background, you were a professor on the German Council of Economic Experts.
Unlike in the United States, however, the disruptions in the euro area were predominantly on the supply side.
That makes it harder for monetary policy, as it cannot directly remove the causes for the price increase.
But we are now seeing a whole series of such shocks, which raises the risk of second-round effects.
At the same time, the robust labour market, fiscal policy and the savings accumulated during the pandemic are supporting demand.
There was a concern that premature action by monetary policy might unnecessarily push the economy into another recession.
That is why we are applying flexibility in reinvesting redemptions coming due in the pandemic emergency purchase programme (PEPP).
*Since October the ECB has been taking climate criteria into account when reinvesting funds from its corporate bond purchases.
In order to counteract this, we now take into account climate criteria when reinvesting funds from maturing bonds.

Press release - Waste shipments: stricter rules to protect the environment and human health

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Thursday, December 1, 2022

According to the adopted text, the Commission would develop uniform criteria for the classification of waste to ensure that the rules are not circumvented by clearly distinguishing, for example, between used goods and waste.

Key Points:

According to the adopted text, the Commission would develop uniform criteria for the classification of waste to ensure that the rules are not circumvented by clearly distinguishing, for example, between used goods and waste.
The new rules would include digitalising the exchange of information and documents within the internal market.
Strengthening the rules governing exports of waste outside the EU
MEPs agree that EU exports of hazardous waste to non-OECD countries should be prohibited.
In 2020, EU exports of waste to non-EU countries reached 32.7 million tonnes, representing about 16% of global trade in waste.

The NIST Cybersecurity Framework and the FTC

Retrieved on:

Tuesday, November 29, 2022

We often get the question, If I comply with the NIST Cybersecurity Framework, am I complying with what the FTC requires?

Key Points:

We often get the question, If I comply with the NIST Cybersecurity Framework, am I complying with what the FTC requires?
In February 2013, President Obama issued Executive Order 13636, Improving Critical Infrastructure Cybersecurity, which called on the Department of Commerces National Institute of Standards and Technology (NIST) to develop a voluntary risk-based Cybersecurity Framework for the nations critical infrastructurethat is, a set of industry standards and best practices to help organizations identify, assess, and manage cybersecurity risks.
NIST issued the resulting Framework in February 2014.
The Framework provides organizations with a risk-based compilation of guidelines that can help them identify, implement, and improve cybersecurity practices.
The Framework does not introduce new standards or concepts; rather, it leverages and integrates cybersecurity practices that have been developed by organizations like NIST and the International Standardization Organization (ISO).
Identify helps organizations gain an understanding of how to manage cybersecurity risks to systems, assets, data, and capabilities.
Protect helps organizations develop the controls and safeguards necessary to protect against or deter cybersecurity threats.
The Framework breaks down each of these functions into additional categories and then provides helpful guidance.
As the Framework recognizes, theres no one-size-fits-all approach to managing cybersecurity risk.
But thats the benefit of the Framework: Its not a checklist, but rather a compilation of industry-leading cybersecurity practices that organizations should consider in building their own cybersecurity programs.
Section 5 of the FTC Act is the primary enforcement tool that the FTC relies on to prevent deceptive and unfair business practices in the area of data security.
Since 2001, the FTC has settled some 60 cases against companies the FTC alleges failed to provide reasonable protections for consumers personal information.
By identifying different risk management practices and defining different levels of implementation, the NIST Framework takes a similar approach to the FTCs long-standing Section 5 enforcement.
Many FTC cases highlight companies alleged failures to implement reasonable data security practices that the Framework emphasizes under the
Protect function.
FTC orders demonstrate the importance of this function, emphasizing how consumer interests should factor into a companys recovery plan.

Bruynzeel: 90% CO2 savings possible on buildings

Retrieved on:

Thursday, November 17, 2022

PANNINGEN, Netherlands, Nov. 17, 2022 /PRNewswire/ --According to the UN buildings are responsible for nearly 40% of annual CO2 emissions worldwide.

Key Points:

PANNINGEN, Netherlands, Nov. 17, 2022 /PRNewswire/ --According to the UN buildings are responsible for nearly 40% of annual CO2 emissions worldwide.
Bruynzeel's smart mobile storage systems can reduce the footprint of buildings by 50%.
Compared to new construction (or extensions), this can result in a 90% reduction of a building's CO2 emissions.
Bruynzeel is also working with partners in the steel industry to apply hydrogen-produced steel as soon as possible.

Societal Headwinds Are Undermining Women's Retirement Security

Retrieved on:

Thursday, November 17, 2022

LOS ANGELES, Nov. 17, 2022 /PRNewswire/ -- More than four in 10 working women (41 percent) expect to retire at age 70 or older or do not plan to retire, according to Emerging from the COVID-19 Pandemic: Women's Health, Money, and Retirement Preparations, a study released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in collaboration with Transamerica Institute®.

Key Points:

As part of TCRS' 22nd Annual Retirement Survey , the new study examines the retirement outlook of women workers and includes recommendations for women, employers, and policymakers to improve retirement security.
Many experienced negative employment impacts that could jeopardize both their short-term finances and future retirement," said Collinson.
Additionally, policymakers can implement further reforms to expand access to workplace retirement plans, increase incentives for employers to offer plans, and facilitate retirement savings among women.
They can expand their retirement, and health and welfare benefits offerings for all employees, including both full-time and part-time workers.

Maria Strandberg steps down as CFO at Castellum

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Thursday, November 17, 2022

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GOTHENBURG, Sweden, Nov. 17, 2022 /PRNewswire/ --Maria Strandberg has announced that she has decided to step down from her role as CFO at Castellum for new opportunities.

Key Points:

GOTHENBURG, Sweden, Nov. 17, 2022 /PRNewswire/ --Maria Strandberg has announced that she has decided to step down from her role as CFO at Castellum for new opportunities.
Maria Strandberg will remain in her role pending recruitment of a new CFO.
"I would like to thank Maria for her work at Castellum, especially for the great effort she put into integrating the accounting functions during the combination of Castellum and Kungsleden this year.
I wish Maria luck in her next assignment," says Rutger Arnhult, CEO Castellum AB.