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New rules make household appliances more sustainable

In a continued effort to reduce Europe’s carbon footprint and to make energy bills cheaper for European consumers, the Commission today adopted new eco-design measures for products such as refrigerators, washing machines, dishwashers and televisions. Improving the ecodesign of products contributes to implementing the ‘Energy efficiency first’ principle of the EU’s Energy Union priority. For the first time the measures include requirements for repairability and recyclability, contributing to circular economy objectives by improving the life span, maintenance, re-use, upgrade, recyclability and waste handling of appliances.

European Commission Vice-President for Jobs, Growth, Investment and Competitiveness Jyrki Katainen said: “Whether it is by fostering repairability or improving water consumption, intelligent eco-design makes us use our resources more efficiently, bringing clear economic and environmental benefits. Figures speak for themselves: these measures can save European households on average €150 per year and contribute to energy savings equal to annual energy consumption of Denmark by 2030. It is with concrete steps such as these that Europe as a whole is embracing the circular economy to the benefit of citizens, our environment and European businesses.”
European Commissioner for Climate Action and Energy, Miguel Arias Cañete said: “Together with smarter energy labels, our eco-design measures can save European consumers a lot of money, as well as help the EU reduce its greenhouse gas emissions. Eco-design is therefore a key element in the fight against climate change and a direct contribution to meeting the goals set in the Paris Agreement. As we move towards our long-term goal of a fully decarbonised EU by 2050, our energy efficiency and eco-design strategy will become ever more important”.
Commenting on the adoption of the measures, Monique Goyens, Director general of BEUC, the European Consumer Association, said: “The new repair requirements will help improve the lifetime of everyday appliances that currently fail too quickly. It is crucial we bin the current ‘throwaway’ trend, which depletes natural resources and empties consumers’ pockets. It is excellent news that consumers’ health will be better protected, thanks to fewer flickering light bulbs and the removal of harmful flame retardants in TV screens. The EU has started with five products that most consumers own at home and we strongly encourage legislators to make more product categories repairable.”
Paolo Falcioni, Director General of APPLiA, the European home industry appliance association, said: “The new, ambitious, ecodesign requirements on improving resource efficiency are a tool to ensure that all actors play by the same rules and advance the Circular Culture concept. Provided that market surveillance authorities could have enough resources and coordination to face new difficulties in verifying the compliance with the law.”
Chloé Fayole (Programme & Strategy Director at the environmental NGO ECOS) commented on behalf of the Coolproducts campaign, led by ECOS (European Environmental Citizens Organization) and the EEB (European Environmental Bureau): “Ecodesign continues to be a European success story, in terms of energy savings and now repairability of products. Giving Europeans the right to repair products they own is common sense, and we therefore welcome the decisions that the EU has made.”
The Commission estimates that these measures, together with the energy labels adopted on 11 March, will deliver 167 TWh of final energy savings per year by 2030. This is equivalent to the annual energy consumption of Denmark and corresponds to a reduction of over 46 million tonnes of CO2 equivalent. These measures can save European households on average €150 per year.
These savings come on top of those achieved by the existing eco-design and energy label requirements, which are expected to deliver yearly energy saving of around 150 Mtoe (million tonnes of oil equivalent) by 2020, roughly equivalent to the annual primary energy consumption of Italy.For consumers, this already means an average saving of up to €285 per year on their household energy bills.
Background
After a consultation process, the Commission has adopted 10 ecodesign implementing Regulations, setting out energy efficiency and other requirements for the following product groups: refrigerators; washing machines; dishwashers; electronic displays (including televisions); light sources and separate control gears; external power supplies; electric motors; refrigerators with a direct sales function (e.g. fridges in supermarkets, vending machines for cold drinks); power transformers; and welding equipment.
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OECD to launch new report on obesity and the economics of prevention – Thursday 10 October 2019

Overweight and obesity rates among adults continue to climb across OECD countries. Childhood and morbid obesity have gone from a rare event to a common occurrence. Obesity now poses an alarming burden on individuals, societies and economies in OECD countries and beyond.
A new OECD report, The Heavy Burden of Obesity – The Economics of Prevention, will be published at 11.00 a.m. Paris time on Thursday 10 October 2019, the day before World Obesity Day. It analyses the economic, social and health costs of the rising number of people who are obese or overweight. By linking its advanced microsimulation model with the OECD’s long-term projection model, this report estimates the impact of obesity on health expenditure and the wider economy in 52 countries to 2050. The analysis also shows how obesity not only reduces life expectancy but also damages pupils’ school performances, workforce productivity, and undermines economic growth.
The report, together with country notes for Australia, Canada, France, Germany, Italy, Mexico, Spain and the United Kingdom, will be available under embargo on Wednesday 9 October. Requests should be sent by e-mail to embargo@oecd.org. In asking to receive it under embargo, journalists undertake to respect the OECD’s embargo procedures.
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IMF Executive Board Selects Kristalina Georgieva as Managing Director

The Executive Board of the International Monetary Fund (IMF) today selected Kristalina Georgieva to serve as IMF Managing Director and Chair of the Executive Board for a five-year term starting on October 1, 2019. Ms. Georgieva, who succeeds Christine Lagarde, is the first person from an emerging market economy to lead the IMF since its inception in 1944.
The selection of Ms. Georgieva by the 24-member Executive Board representing the IMF’s 189 member countries brings to a conclusion the selection process initiated by the Executive Board on July 26, 2019 (see Press Release No. 19/302). Following interviews with Ms. Georgieva, Executive Directors selected her for the position, effective October 1.
The Managing Director is the chief of the IMF’s operating staff and Chair of the Executive Board. The Managing Director is assisted by four Deputy Managing Directors in the operation of the Fund, which serves its membership through about 2,700 staff.
Ms. Georgieva, a national of Bulgaria, has been the Chief Executive Officer of the World Bank since January 2017. From February 1, 2019 to April 8, 2019, she was the Interim President for the World Bank Group. Starting in 2010, she was at the European Commission, serving as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, then as Vice President for Budget and Human Resources. Ms. Georgieva has a Ph.D. in Economic Science and a M.A. in Political Economy and Sociology from the University of National and World Economy in Bulgaria, where she also taught from 1977 to 1991.
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EU-UN Spotlight Initiative: at the forefront of ending violence against women and girls

Today in the margins of the United Nations General Assembly in New York, the European Union and the United Nations are hosting a high level event on the EU-UN Spotlight Initiative – inviting all countries, leaders, civil society representatives and local ambassadors to join the movement and take action to end violence against women and girls.

Ahead of the event, High Representative/Vice-President Federica Mogherini said: “Violence against women is violence against the entire society – so the entire society must react to end it. The European Union is already by far the first investor in gender equality around the world, and together with our partners, we will continue to fight for women’s human rights.”
Commissioner for International Cooperation and Development Neven Mimica added: “Over the last two years Spotlight has become a genuine movement. Thanks to the many survivors, activists, advocates, government and community leaders who have joined the initiative we are pushing ahead to end gender-based violence in all its forms. And to make sure that every woman and every girl, everywhere, is safe and free to realise her full potential.”
Deputy Secretary-General, Amina Mohammed said: “The Spotlight Initiative in partnership with national governments will also be introducing new country programmes for Afghanistan, Belize, Grenada, Guyana, Haiti, Jamaica, Kyrgyzstan, Papua New Guinea, Samoa, Tajikistan, Timor-Leste and Vanuatu in 2020. With our expanded global footprint, we can scale-up our collective efforts on violence prevention, protection and the provision of high-quality services, alongside broader efforts to ensure women’s economic empowerment and participation in all aspects of society.”
Two years after its launch, the Spotlight Initiative’s activities are spanning the entire globe – thanks to the EU’s and UN’s engagement, and the support of partner governments and civil society at all levels. 13 countries have already started implementing Spotlight programmes, and around 2/3 of the European Union’s initial seed funding of €500 million have already been allocated.
In Africa, Spotlight aims to eliminate sexual and gender-based violence, including harmful practices. The programme worth €250 million is under implementation across Liberia, Malawi, Mali Mozambique, Niger, Nigeria, Uganda and Zimbabwe. It will also include a regional component to scale up existing initiatives on fighting female genital mutilation and child marriage and joint activities with the Africa Union.
In Asia, the Spotlight Initiative is focussing on ending female trafficking and labour exploitation. The “Safe and Fair” programme, worth €25 million and implemented through the International Labour Organization and UN Women, aims at ensuring that labour migration is safe and fair for all women in the ASEAN region. It focusses on countries of origin – Cambodia, Indonesia, Lao PDR, Myanmar, Philippines, Vietnam – and countries of destination – Brunei Darussalam, Malaysia, Singapore and Thailand.
Further, €32 million are devoted to projects addressing gender-based violence in “forgotten crises”. The initiative is now rolling out and includes activities in Yemen, Iraq and Palestine, Bangladesh, Cameroon, Sudan, Mali and Chad; Ghana, Liberia and Mali.
In Latin America, the €50 million initiative focuses on ending femicide, with targeted programmes in Argentina, El Salvador, Guatemala, Honduras and Mexico, and on empowering regional networks.
The Pacific regional Spotlight programme was launched last March with a budget of €50 million and focuses on ending domestic violence in the region.
This will be followed by actions to tackle family violence in the Caribbean region, supported by an envelope of €50 million; the countries selected are Haiti, Jamaica, Grenada, Belize, Guyana, and Trinidad and Tobago.
Background
Violence against women and girls still takes place every day, whether at home, at work, at school, in the street, or online. As many as 1 in 3 women worldwide have experienced physical or sexual violence at some point in their lives.
The European Union and the United Nations launched the Spotlight Initiative, a multi-year partnership to eliminate all forms of violence against women and girls (VAWG) in September 2017.
The EU has offered initial seed funding of €500 million inviting other donors and partners to join the Initiative to broaden its reach and scope.
Public participation, ambitious political action that are built on evidence-based policies, as well as increased resources and knowledge generation are all vital to the Initiative.
Compliments of the European Commission

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Human Traffickers’ ring busted in France and Bulgaria

An international criminal network involved in the trafficking of 167 people for labour exploitation was taken down by the national authorities of France and Bulgaria in several joint action days. One French and three Bulgarian suspects were arrested and heard in France, and numerous searches were carried out in Bulgaria. Eurojust, the EU’s Judicial Cooperation Unit, supported the simultaneous operations through real-time coordination of the national judicial and law enforcement authorities, and by setting up a joint investigation team (JIT). The JIT allowed the authorities to safely and rapidly exchange vital information on the national investigations, and agree on and implement a common strategy.

In February 2019, the Specialised Jurisdiction (JIRS) of Lyon undertook an investigation into an organised crime group (OCG) and its leaders, involved in trafficking in human beings for the purpose of labour exploitation, as well as in money laundering. At the same time, a parallel investigation into the same criminal gang was initiated by the Bulgarian Specialised Prosecutor’s Office. Due to the transnational dimension of the case, the Public Prosecutor of Lyon immediately referred the case to Eurojust to coordinate and advance the national investigations, leading to the successful joint action days.
The members of the criminal network, which is composed of Bulgarian and French nationals, used a Bulgarian recruitment agency to attract underprivileged Bulgarians to perform allegedly well-paid jobs as seasonal workers in French vineyards. The aspiring workers were also promised free accommodation and transport, the costs of which were unknowingly deducted from their salaries, along with other high charges. The victims of the gang ended up receiving only two thirds of their income, which was not even sufficient to finance their transport back to Bulgaria. The human traffickers are also suspected of using properties in France to launder their ill-gotten gains.
The operation mobilized more than 80 French investigators, as well as several Bulgarian police officers, with the support of Europol  providing analytical and operational support.
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Joint Press Statement from Commissioner Věra Jourová and Secretary of Commerce Wilbur Ross on the Third Annual EU-U.S. Privacy Shield Review

A joint statement following the third annual EU-US Privacy Shield review stressed the need for strong and credible enforcement of privacy rules to protect citizens and ensure trust in the digital economy.
Today, U.S. Secretary of Commerce Wilbur Ross and EU Commissioner for Justice, Consumers, and Gender Equality Věra Jourová made the following statement regarding the third annual joint review of the EU-U.S. Privacy Shield Framework:
“Senior officials from the United States Government, the European Commission, and EU data protection authorities gathered in Washington, DC on 12 and 13 September to conduct the third annual joint review of the EU-U.S. Privacy Shield Framework. The broad and senior level participation from both sides underscored the shared and longstanding commitment of the United States and the European Union to the Framework.
The U.S. Department of Commerce hosted the two-day review, which covered all aspects of the functioning of the Privacy Shield Framework from its administration and enforcement to broader U.S. legal developments regarding matters related to commercial data protection and national security data access. The review benefited from input from Privacy Shield participants and civil society stakeholders.
Privacy Shield ensures that participating companies and relevant government authorities provide a high level of protection for the personal data of EU individuals.  Since the Framework’s implementation on 1 August 2016, more than 5,000 companies have made public and legally enforceable pledges to protect data transferred from the EU in accordance with the Privacy Shield Principles.  The rapid and continued growth of the program demonstrates Privacy Shield’s vital role in protecting personal data and contributing to the $7.1 trillion economic relationship between the United States and Europe.
The EU and U.S. welcomed the appointment of several key U.S. officials with Privacy Shield responsibilities. The United States Senate confirmed two additional members to the independent, bipartisan U.S. Privacy and Civil Liberties Oversight Board, as well as Keith Krach, who in his Under Secretary role at the U.S. Department of State serves as the Privacy Shield Ombudsperson.
EU and U.S. officials both stressed the need for strong and credible enforcement of privacy rules to protect our citizens and ensure trust in the digital economy. As provided for in the Framework, the Department of Commerce will revoke the certification of companies that do not comply with Privacy Shield’s vigorous data protection requirements.
The European Commission will publish a report on the functioning of the Privacy Shield. This report will conclude this year’s review process.”
BackgroundOperational since 1 August 2016, the EU-US Privacy Shield protects personal data transferred from the EU to the U.S. for commercial purposes. It brings also legal clarity for businesses relying on the transmission of personal data across the Atlantic. By now, more than 5000 companies are certified under the Privacy Shield and thereby committing to comply with the data protection requirements.
As agreed at the time of its launch, the EU-US Privacy Shield is reviewed on a yearly basis, to assess that it continues to ensure an adequate level of protection of personal data. On 12 September 2019, Commissioner for Justice, Consumers and Gender Equality Věra Jourová, launched with the US Secretary of Commerce Wilbur Ross the discussions over the third annual review of the EU-U.S. Privacy Shield. The reports on the first and second review can be found here. The report of the third review will be made available at a later stage.
Download the full PDF here.
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Eurojust helps unravel massive trans-European pay-TV fraud

A multi-country action day coordinated by Eurojust in The Hague led to the dismantling of an international criminal network committing massive fraud with pay-TV, which shows organised crime expanding its illegal activities to large-scale violations of audiovisual copyright. The actions taken in this unique case in the European Union are the result of complex investigations conducted by prosecutors from Naples and Rome, with the support of judicial and police authorities from Bulgaria, Germany, Greece, France, and the Netherlands, as well as Eurojust. The damage caused by the criminal gang amounts to approximately €6.5 million, jeopardising the existence of many legal providers of pay-TV on the market.  More than 200 servers were taken offline in Germany, France and the Netherlands, and over 150 PayPal accounts of the criminals were blocked. Eurojust, the EU’s Judicial Cooperation Unit, set up its 100th coordination centre, since the first in 2011, to support on the spot the national authorities in swiftly disrupting the illicit activities. Today’s simultaneous operation led to the disruption of the signal for illegal pay-TV viewers in Europe, who benefitted from a subscription fee far below market value.

A press conference on the case was held at Eurojust today at 12:00. A link to the recording of the press conference is available here .
OUTCOME OF THE CROSS-BORDER INVESTIGATIONS
● A complex and very technical investigation into the organised crime group (OCG) was conducted by the Public Prosecutor Office (PPO) of Naples, supported by the Nucleo Speciale Tutela Privacy e Frodi Tecnologiche della Guardia di Finanza di Roma.
● Due to the transborder dimension of the criminal activities, a case was opened at Eurojust to advance the Italian investigation. A link was also discovered with another investigation conducted by the PPO of Rome, which was supported by the Polizia di Stato – Servizio Polizia Postale e delle Comunicazioni – Sezione Financial Cybercrime.
● Eurojust ensured quick information exchange with the other Member States involved, as well as the proper and fast execution of judicial orders, including several European Investigation Orders and freezing orders. During the action day, evidence, including servers, digital equipment, payment instruments, record sheets and other infrastructure (Load Balance) were seized. A total number of 22 suspects of different nationalities were identified.
ACTIVITIES OF THE CRIMINAL NETWORK
In 2015, the OCG started illegally re-broadcasting and selling pay-per-view products and services, similar to the ones offered by Sky Italia, Mediaset Premium, Netflix, Dazon, and Infinity in various Member States and third countries. The well-skilled criminals used the most sophisticated and efficient software for the fraud. Several retransmission stations were set up with special servers to disable the encryption of the original programmes and generate the illegal IPTV signal in violation of intellectual property law. The gang members offered to a wide audience of unknowing clients actual pay-tv programmes, cinematographic works and on-demand content at a very low price. The illegally obtained assets were subsequently transferred to foreign bank accounts.
The members of the OCG are suspected of having committed large-scale fraud, cybercrime and money laundering.
Photos: © Polizia di Stato (IT)

NATIONAL AUTHORITIES The following national authorities, among others, were involved in the investigations and the joint action day coordinated by EUROJUST:
Italy● PPO of Naples
● PPO of Rome
● State Police – Servizio Polizia Postale e delle Comunicazioni – Sezione Financial Cybercrime● Nucleo Speciale Tutela Privacy e Frodi Tecnologiche della Guardia di Finanza di Roma
Greece● Extradition and mutual legal assistance (MLA) Office of the Appeals PPO of Athens
● MLA Office of the Court of First Instance of Athens
● First Instance PPO of Athens
● Court of First Instance of Thessaloniki
● First Instance PPO of Thessaloniki
● Hellenic Police – Cybercrime Division
● Hellenic Police – Northern Greece Cybercrime Subdivision
Bulgaria● PPO of the Republic of Bulgaria
● Ministry of Interior of the Republic of Bulgaria
France● Direction Régionale de la Police Judiciaire de Lille● Parquet du Tribunal de Grande Instance de Lille
Germany● General Prosecutor’s Office of Frankfurt am Main – Zentralstelle zur Bekämpfung der Internetkriminalität● PPO of Wuppertal
● Hessian State Police
The Netherlands● International Cooperation Unit (IRC) of the PPO of The Hague and the National Police, The Hague
Compliments of Eurojust

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European Parliament gives green light to Christine Lagarde

Christine Lagarde obtained Parliament’s approval to be the ECB’s next President, in a plenary vote on Tuesday.

In the secret vote, MEPs voted 394 in favour, 206 against and 49 abstentions to recommend Ms Lagarde to head up the European Central Bank.
The European Parliament gives a non-binding opinion on whether or not a candidate is suitable to fill the role of President of the ECB, with the final decision taken by the European Council. She is due to replace the current incumbent, Mario Draghi on 1 November.
Earlier on Tuesday, the plenary held a debate on her suitability for the position.
Next steps
Ms Lagarde’s candidature will now be put on the agenda of October’s European Council summit.
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Committed to Accelerated Climate Action

Climate change is a defining challenge of our generation and the European Union (EU)  has been at the forefront of negotiating a multilateral framework to respond to this global challenge. In 2015, the EU diplomacy played a leading role in brokering the historic and global Paris Climate Agreement. 195 countries agreed on a simple goal: to hand over to future generations a healthier planet and more prosperous, modern and fair societies.

The EU has acted domestically with speed and decisiveness to put real actions behind the Paris Agreement commitments. Today, the EU has arguably the most comprehensive and ambitious legislative framework in place, underpinned by its long-standing democratic and inclusive decision-making process.
The rapidly changing climate is a global problem and it calls for global responsibility. We in Europe have claimed leadership in this and we assume it in full. We have acted, we continue to act, but to meet our long term temperature goals we know we must do more and act faster in cooperation with our partners.
The EU will therefore call for greater climate ambition at the Climate Action Summit in New-York (September 23rd) and throughout the Climate Diplomacy Week (September 24th-October 6th).

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IMF: Sluggish Global Growth Calls for Supportive Policies

By Gita Gopinath IMF
In our July update of the World Economic Outlook we are revising downward our projection for global growth to 3.2 percent in 2019 and 3.5 percent in 2020. While this is a modest revision of 0.1 percentage points for both years relative to our projections in April, it comes on top of previous significant downward revisions. The revision for 2019 reflects negative surprises for growth in emerging market and developing economies that offset positive surprises in some advanced economies.
Growth is projected to improve between 2019 and 2020. However, close to 70 percent of the increase relies on an improvement in the growth performance in stressed emerging market and developing economies and is therefore subject to high uncertainty.
Global growth is sluggish and precarious, but it does not have to be this way because some of this is self-inflicted. Dynamism in the global economy is being weighed down by prolonged policy uncertainty as trade tensions remain heightened despite the recent US-China trade truce, technology tensions have erupted threatening global technology supply chains, and the prospects of a no-deal Brexit have increased.
The negative consequences of policy uncertainty are visible in the diverging trends between the manufacturing and services sector, and the significant weakness in global trade. Manufacturing purchasing manager indices continue to decline alongside worsening business sentiment as businesses hold off on investment in the face of high uncertainty. Global trade growth, which moves closely with investment, has slowed significantly to 0.5 percent (year-on-year) in the first quarter of 2019, which is its slowest pace since 2012. On the other hand, the services sector is holding up and consumer sentiment is strong, as unemployment rates touch record lows and wage incomes rise in several countries.
Among advanced economies—the United States, Japan, the United Kingdom, and the euro area—grew faster than expected in the first quarter of 2019. However, some of the factors behind this—such as stronger inventory build-ups—are transitory and the growth momentum going forward is expected to be weaker, especially for countries reliant on external demand. Owing to first quarter upward revisions, especially for the United States, we are raising our projection for advanced economies slightly, by 0.1 percentage points, to 1.9 percent for 2019. Going forward, growth is projected to slow to 1.7 percent, as the effects of fiscal stimulus taper off in the United States and weak productivity growth and aging demographics dampen long-run prospects for advanced economies.
In emerging market and developing economies, growth is being revised down by 0.3 percentage points in 2019 to 4.1 percent and by 0.1 percentage points for 2020 to 4.7 percent. The downward revisions for 2019 are almost across the board for the major economies, though for varied reasons. In China, the slight revision downwards reflects, in part, the higher tariffs imposed by the United States in May, while the more significant revisions in India and Brazil reflect weaker-than-expected domestic demand.
For commodity exporters, supply disruptions, such as in Russia and Chile, and sanctions on Iran, have led to downward revisions despite a near-term strengthening in oil prices. The projected recovery in growth between 2019 and 2020 in emerging market and developing economies relies on improved growth outcomes in stressed economies such as Argentina, Turkey, Iran, and Venezuela, and therefore is subject to significant uncertainty.
Financial conditions in the United States and the euro area have further eased, as the US Federal Reserve and the European Central Bank adopted a more accommodative monetary policy stance. Emerging market and developing economies have benefited from monetary easing in major economies but have also faced volatile risk sentiment tied to trade tensions. On net, financial conditions are about the same for this group as in April. Low-income developing countries that previously received mainly stable foreign direct investment flows now receive significant volatile portfolio flows, as the search for yield in a low interest rate environment reaches frontier markets.
Increased downside risks
A major downside risk to the outlook remains an escalation of trade and technology tensions that can significantly disrupt global supply chains. The combined effect of tariffs imposed last year and potential tariffs envisaged in May between the United States and China could reduce the level of global GDP in 2020 by 0.5 percent. Further, a surprise and durable worsening of financial sentiment can expose financial vulnerabilities built up over years of low interest rates, while disinflationary pressures can lead to difficulties in debt servicing for borrowers. Other significant risks include a surprise slowdown in China, the lack of a recovery in the euro area, a no-deal Brexit, and escalation of geopolitical tensions.
With global growth subdued and downside risks dominating the outlook, the global economy remains at a delicate juncture. It is therefore essential that tariffs are not used to target bilateral trade balances or as a general-purpose tool to tackle international disagreements. To help resolve conflicts, the rules-based multilateral trading system should be strengthened and modernized to encompass areas such as digital services, subsidies, and technology transfer.
Policies to support growth
Monetary policy should remain accommodative especially where inflation is softening below target. But it needs to be accompanied by sound trade policies that would lift the outlook and reduce downside risks. With persistently low interest rates, macroprudential tools should be deployed to ensure that financial risks do not build up.
Fiscal policy should balance growth, equity, and sustainability concerns, including protecting society’s most vulnerable. Countries with fiscal space should invest in physical and social infrastructure to raise potential growth. In the event of a severe downturn, a synchronized move toward more accommodative fiscal policies should complement monetary easing, subject to country specific circumstances.
Lastly, the need for greater global cooperation is ever urgent. In addition to resolving trade and technology tensions, countries need to work together to address major issues such as climate change, international taxation, corruption, cybersecurity, and the opportunities and challenges of newly emerging digital payment technologies.

Compliments of the IMF – International Monetary Fund