ECB

THREE HISTORIC CRICKET GROUNDS MAKE THE SWITCH TO LED LIGHTING

Retrieved on: 
Wednesday, June 19, 2024

Developed by Syracuse, NY-based M3 Innovation in partnership with specialist stadium lighting design manufacturer, Abacus Lighting, it is the first LED lighting solution designed specifically for cricket.

Key Points: 
  • Developed by Syracuse, NY-based M3 Innovation in partnership with specialist stadium lighting design manufacturer, Abacus Lighting, it is the first LED lighting solution designed specifically for cricket.
  • "Recognizing the unique lighting requirements of cricket grounds, we partnered with Abacus Lighting, to engineer the first-ever digital lighting system tailored specifically for cricket.
  • In early April, Lord's became the first UK men's Test Ground to transition to LED sports lighting.
  • MAKO and Abacus Lighting delivered the only LED lighting solution capable of meeting the strict standards, while maintaining the historic facility's existing infrastructure.

Keynote speech by Commissioner McGuinness at the European Financial Integration 2024 joint conference of the European Commission and the European Central Bank

Retrieved on: 
Tuesday, June 18, 2024

When I was a Member of the European Parliament, this was discussed, not advanced hugely, but we made some incremental progress.

Key Points: 
  • When I was a Member of the European Parliament, this was discussed, not advanced hugely, but we made some incremental progress.
  • Because citizens do know that there are barriers when it comes to accessing financial products in the single market.
  • Which frankly is one of the four freedoms that has yet to be fully in place in the European Union.
  • You can see from the Commission's European Financial Stability and Integration Review what's been done, because that will be presented this morning.

Christine Lagarde: Policymaking in a new risk environment

Retrieved on: 
Tuesday, June 18, 2024

After a brief review of the existing literature, it presents new evidence for the euro area.

Key Points: 
  • After a brief review of the existing literature, it presents new evidence for the euro area.
  • Overall, the results of this article point to moderate momentum in economic activity in the euro area in the near term.

Completing banking union and capital markets union is crucial, ECB report shows

Retrieved on: 
Tuesday, June 18, 2024

- PRESS RELEASE Completing banking union and capital markets union is crucial, ECB report shows 18 June 2024 - Disappointing progress in euro area financial integration since start of monetary union - Policies urgently needed to mobilise savings, develop euro area bond and equity markets A better integrated euro area internal market for financial services is necessary to secure European economic and financial resilience, the European Central Bank (ECB)’s latest report on Financial Integration and Structure in the Euro Area shows.

Key Points: 
  • - PRESS RELEASE Completing banking union and capital markets union is crucial, ECB report shows 18 June 2024 - Disappointing progress in euro area financial integration since start of monetary union - Policies urgently needed to mobilise savings, develop euro area bond and equity markets A better integrated euro area internal market for financial services is necessary to secure European economic and financial resilience, the European Central Bank (ECB)’s latest report on Financial Integration and Structure in the Euro Area shows.
  • Indicators of financial integration have declined significantly over the past two years, with no sizeable increases since the start of monetary union.
  • ECB staff will present the report on Financial Integration and Structure in the Euro Area on 18 June 2024 at the high-level conference on European financial integration.
  • Notes - The biennial ECB Financial Integration and Structure in the Euro Area report focuses on financial integration and selected policy issues, notably the European banking union and capital markets union.

Luis de Guindos: Strengthening European financial markets to ensure a more resilient future

Retrieved on: 
Tuesday, June 18, 2024

After a brief review of the existing literature, it presents new evidence for the euro area.

Key Points: 
  • After a brief review of the existing literature, it presents new evidence for the euro area.
  • Overall, the results of this article point to moderate momentum in economic activity in the euro area in the near term.

The impact of environmental regulation on clean innovation: are there crowding out effects?

Retrieved on: 
Tuesday, June 18, 2024
Carbon, Knowledge, Ignition, The Economic Journal, Journal of Economic Perspectives, Statistics, GHG, SOX, Gas, DeSantis, Paper, European Central Bank, A4, Hyperbolic functions, Research, Diffusion, Environment, Environmental policy, Wood, Meta-analysis, Research and development, IMF, SF6, BACH, Central bank, Uncertainty, Springer, Appetite, Sulfur dioxide, Energy policy, Observation, Carbon dioxide, Greenhouse, SSRN, Data mining, History, Incidence, Literature, CO2, A5, Patent, European Patent Convention, Gradient, Tax, IRF, Total, Furnace, International Monetary Fund, GDP, COVID-19, Patent Cooperation Treaty, Eurozone, Porter hypothesis, F23, Wiedemann, Hydraulics, Shock, International economics, Climate change, EPSM, A6, Bias, American Economic Association, File, Equity, Robustness, ArXiv, IP, CPC, Table, Walker, EPO, Regulatory economics, Employment, Information integration, Applied economics, Public expenditure, Journal of Economics, XGBoost, Calibration, Stata, Investment, Development, CH4, Country, Exercise, SBIR, Classification, A3, Nitrous oxide, Methane, Biophysical environment, F22, Machine learning, Atmosphere, EU ETS, Climate, LP, Gopinath, PM, F28, Technical report, Acid rain, NOx, Coal, Invention, Disclosure, Applied Energy, American Economic Review, Science policy, ETS, Proxy, Causality, Isambard Kingdom Brunel, SO2, Bank, Elasticity, World Bank, Howell, Legislation, Algorithm, EPST, Data, TFP, IPC, Plant, Hydrofluorocarbon, Public–private partnership, Database, Bellemare, International, Journal of Political Economy, Mining, Fabrizi, Fuel, Management, EPL, Environmental economics, Cycle, Air pollution, FE, ECB, Aggregation, ICT, Probability, NOX, ROA, Quarterly Journal, Interval (mathematics), Journal of Regulatory Economics, Quarterly Journal of Economics, Housing, F27, A9, NACE, Growth, Government, Combustion, American Economic Journal, Political economy, Medical classification, Palladium

Key Points: 

    Financial Integration and Structure in the Euro Area

    Retrieved on: 
    Tuesday, June 18, 2024
    Crypto, Issue, Chart, The Economic Journal, CBD, EIOPA, Journal, GHG, S15, European Central Bank, PDF, Central bank, Map, Single Resolution Board, Environment, Fintech, Unemployment, Use, Cross, United, Literacy in Bihar, Uncertainty, ESG, S18, GBS, NGEU, Covered bond, EBA, Market, History, Directive, Council, Financial Stability Board, Blog, Financial integration, IRC, Working paper, Policy, Total, Frankfurt, Capital, GDP, Government, Insurance, Speech, Eurozone, Conference, Comparable, EMU, IPO, Risk, TARGET, CRH, European Commission, CCP, CMU, Remuneration, FDI, CSRD, Literature, Friends, Next Generation EU, Equity, Face, MFI, Century, The Green Deal, Arm (company), COVID-19, Fahd of Saudi Arabia, Single, Aggregate, Nature, Investment, AAA, Capital Markets Union, EDIS, Private sector, Accounting, Committee, OJ, PEPP, OJ L, Green bond, Aggression, ARM, Risk management, Climate, Digital compass, Corporate sustainability, SRB, Financial Times, State, Movement, Public sector, Directorate, Initial public offering, ISSN, Reproduction, Flutter Entertainment, Disclosure, NBFI, Website, Pension, Smurfit Kappa, Congress, A.A, Fourth, ETF, Bank, SME, NUTS2, Legislation, Research, Data, House, Culture, ICPF, Employment, Interbank, Entrepreneurship, ESMA, Green Deal, Commission, Coronavirus, European Parliament, Civil service commission, OIS, HICP, EU Council, Bank for International Settlements, City, SURE, Direction, ECB, TARGET2, Securitization, BIS, Statistics, Growth, Quarterly Journal of Economics, MMF, TPI, Economic and monetary union, PSPP, CFI, Security (finance)

    Other factors, such as supply chain disruptions, adverse energy supply shocks and monetary tightening have also negatively contributed to the drop in automotive production.

    Key Points: 
    • Other factors, such as supply chain disruptions, adverse energy supply shocks and monetary tightening have also negatively contributed to the drop in automotive production.
    • Despite intensified foreign competition, the euro area automotive industry has defended its global positioning by focusing on profitable market segments.

    Will the euro area car sector recover?

    Retrieved on: 
    Tuesday, June 18, 2024

    Since the start of 2018 automotive production and exports in the euro area have both contracted by about 20%, while they have fared better in China, Japan, Korea and the United States.

    Key Points: 
    • Since the start of 2018 automotive production and exports in the euro area have both contracted by about 20%, while they have fared better in China, Japan, Korea and the United States.
    • Despite intensified foreign competition, the euro area automotive industry has defended its global positioning by focusing on profitable market segments.

    Productivity-enhancing reallocation during the Covid-19 pandemic

    Retrieved on: 
    Tuesday, June 18, 2024

    The focus is on the reallocation channel and productivity-enhancing reallocation of jobs, following Foster et al., 2016.

    Key Points: 
      • The focus is on the reallocation channel and productivity-enhancing reallocation of jobs, following Foster et al., 2016.
      • Our study builds upon prior research concerning the impact of crises on productivity growth and labour reallocation, contributing to the comparative analysis of Covid-19?s effects on productivity.
      • Were heightened levels of labour reallocation observed amidst the economic downturn of the pandemic?
      • Did the trajectory of productivity and reallocation amid the pandemic diverge from patterns observed during other crises?
      • Moreover, did the extensive policy interventions aimed at supporting firms during the pandemic adversely affect productivity and productivity-enhancing reallocation?
      • However, a longitudinal perspective reveals that productivity-enhancing reallocation, on average, exhibited somewhat subdued trends during the Covid-19 pandemic compared to the Great Recession.
      • In this paper, we ask what the impact of the pandemic was on labour reallocation and thereby on productivity.
      • The substantial policy measures that were taken to mitigate the shock of Covid-19 might have reduced productivity-enhancing reallocation.
      • We follow this line of research and contribute by studying productivityenhancing reallocation and job retention support in a much larger set of 11 European countries.
      • We apply the approach of Foster et al., 2016 by estimating productivity-enhancing reallocation as the sensitivity of a firm?s employment growth to its lagged relative productivity.
      • We take the approach of Foster et al., 2016 in this paper as it allows direct comparison of our results with many empirical papers on productivity-enhancing reallocation.
      • However, productivity-enhancing reallocation was somewhat weaker on average during the Covid-19 pandemic than during the Great Recession.
      • The relationship between the intensity of the job retention support and the change in productivity-enhancing reallocation is negative at the country level in 2020, suggesting that reallocation contributed less to productivity in countries that gave more widespread support for jobs.
      • After conditioning on participation, the relationship between firm productivity and relative support size is negative in all the sample countries.
      • Combining the results for participation in support with the size of the support and productivity-enhancing reallocation suggests that the countries that supported relatively more low-productive firms recorded lower increases in productivity-enhancing reallocation during the pandemic.
      • This means that the characteristics of the job retention support, and in particular its extent and effectiveness in targeting highproductivity firms, played a part in productivity-enhancing reallocation during the pandemic.
      • Our findings on the link between weaker productivity-enhancing reallocation in the pandemic and the potential role of job retention support are subject to many limitations.
      • We can provide the long-run comparative evidence on reallocation and productivity for only eight sample countries and estimate the targeting of the support for only five countries.
      • The estimates of the productivity-enhancing reallocation have occasionally large confidence bounds and changes in the reallocation pattern are rarely statistically significant.
      • Section 4.1 shows the results of productivity-enhancing reallocation, Section 4.2 connects the reallocation with pandemic job retention support and Section 4.3 provides details on the distribution of job retention support by firm productivity.
      • The decomposition of productivity growth shows a negative within-firm margin and a positive between-firm reallocation margin; see Figure 2.
      • We follow Baily et al., 1992 and decompose overall productivity growth into within-firm growth and the reallocation between firms3 .
      • The between-firm labour reallocation channel lifted aggregate productivity in the euro area by 1-3 percentage points in 2020.
      • Bloom et al., 2020 estimate that only half or two thirds of the contribution of between-firm reallocation to productivity came from inter-industry reallocation, so that intra-industry reallocation also played a substantial role.
      • Further analysis is needed to understand the role of within-sector reallocation and the extent of productivity-enhancing reallocation, and we conduct this analysis in the forthcoming sections.
      • The descriptive statistics of the variables used in the estimates of productivity-enhancing reallocation are shown in Table 1 and the size of sample firms in Table A2.
      • These results confirm that high-productivity firms had higher employment growth on average than low-productivity firms from 2015 to 2020, and the reallocation remained productivity-enhancing.
      • Supplementary estimates from an unbalanced panel of firms for 2015-2020 (Table A4) show a similar degree of productivity-enhancing reallocation.
      • The reallocation to productivity contributes more in other countries and is highest in 2015 to 2020 in Latvia, where it contributes 5.2 log points.
      • Back-of-the-envelope calculations show that the slow-down in reallocation is in the magnitude of half of the decline in aggregate productivity growth.
      • Observations R2 Firm size Sector Year Relprodi,t?1 ? Cycler,t Cycler,t Relprodi,t?1 EE Table 2: Productivity-enhancing reallocation, OLS model estimates for the balanced panel, 2015-2020 Next, we examine the cyclicality of productivity-enhancing reallocation, taking the increase in productivity-enhancing reallocation during the recessions as evidence of creative destruction or the cleansing effect.
      • While there ECB Working Paper Series No 2947 19 is only one country out of ten where the productivity-enhancing reallocation increased during the Covid-19 crisis7 .
      • Figure 3 suggests that the countries that supported more workers had a smaller increase in productivity-enhancing reallocation in 2020.
      • The design of the job retention support may also explain why the reaction of reallocation was different in different countries.
      • However, the intensity of support cannot explain the majority of the variation in crosscountry differences in productivity-enhancing reallocation.
      • The COVID-19 shock and productivityenhancing reallocation in Australia: Real-time evidence from Single Touch Payroll (OECD Economics Department Working Papers No.