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This note is prepared in view of a regular public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 20 March 2023. The briefing (i) provides a European per-spective on recent US bank failures; (ii) provides summary of the risk outlook and the picking up of corporate insolvencies; (iii) describes the risks building up in housing markets; (iv) summarises the ongoing continuing work on the macroprudential policy toolkit for cyber resilience ...

The annual meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) are an opportunity for stakeholders to discuss issues of global concern, including the world economic outlook, financial stability, poverty eradication, economic development, and aid effectiveness. During this year's meeting, from 10 to 16 October in Washington DC, discussions will revolve around climate change and Russia's war on Ukraine.

Multilateralism lies at the core of the EU’s identity and of its engagement with the world. Both the 2003 European Security Strategy and the 2016 Global Strategy emphasised the importance of a rules-based global order with multilateralism as its key principle and the United Nations (UN) at its core, and made its promotion part of the EU’s strategic goals. Yet, in spite of widespread acknowledgement of the achievements of the multilateral international order established after the Second World War, ...

The International Bank for Reconstruction and Development, nowadays known as the World Bank, was conceived to help rebuild European countries devastated by the Second World War. Since then, through various reforms, its mission has evolved and its scope and staff increased significantly. Nowadays, the World Bank Group consists of five institutions (IBRD, IDA, IFC, MIGA and ICSID), each with a particular mode of organisation and a specific scope and mission. The institution and its role have evolved ...

The EU's trade policy does not exist in a vacuum. On the one hand, it is affected by international standard and rule-setting. On the other hand, the EU is itself an influential actor shaping the international trade agenda by participating in the work of international organisations and fora. This short note focuses on the World Bank.

Many of the rules, norms, principles and practices that are central to EU trade and investment policy today have been influenced by a wide range of different types of international organisations (IOs). This influence occurs through formal rulemaking, voluntary codes of conduct or standards, the provision of technical and scientific expertise or the dissemination of research and best practice. The influence is pervasive and decisions taken years ago in IOs can shape EU trade policy today. With the ...

Although relatively recent, South Korea's engagement in the activities of the main international political and economic governance institutions has helped to forge and enhance the country's profile as a more influential player in global affairs.

Infrastructure investments are an important element in international economic cooperation. Besides bilateral agreements, European donor countries often use the institutional platform given by the World Bank or the International Monetary Fund (IMF) to negotiate the terms of financial assistance with recipient countries. However, the dominance of these Western development and investment institutions is challenged by China, which has launched the Asian Infrastructure Investment Bank (AIIB). While the ...

At this summer's summit held in Fortaleza, Brazil, the five countries which form the BRICS – Brazil, Russia, India, China and South Africa – agreed on the establishment of their own financial institutions: the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). The New Development Bank is to lend for infrastructure and sustainable-development purposes, both in BRICS countries and other developing and emerging economies. In this context, developing countries are looking for a ...

Water issues in Central Asia, which have proven contentious since the breakup of the Soviet Union, have attracted international attention with the World Bank's recent impact assessment condoning Tajikistan's plan to build an enormous dam. The Rogun Dam, under construction for decades, is strongly contested by downstream Uzbekistan. Tensions between energy-deprived Tajikistan and water-starved Uzbekistan – exacerbated by the region's endemically unsustainable resource management and growing competition ...