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  • MIL-OSI Economics: Philip R. Lane: The euro area bond market

    Source: European Central Bank

    Keynote speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Government Borrowers Forum 2025

    Dublin, 11 June 2025

    I am grateful for the invitation to contribute to the Government Borrowers Forum. I will use my time to cover three topics.[1] First, I will briefly discuss last week’s monetary policy decision.[2] Second, I will describe some current features of the euro area bond market.[3] Third, I will outline some innovations that might expand the scope for euro-denominated bonds to serve as safe assets in global portfolios.

    Monetary policy

    At last week’s meeting, the Governing Council decided to lower the deposit facility rate (DFR) to two per cent. The baseline of the latest Eurosystem staff projections foresees inflation at 2.0 per cent in 2025, 1.6 per cent in 2026 and 2.0 per cent in 2027; output growth is foreseen at 0.9 per cent for 2025, 1.2 per cent in 2026 and 1.3 per cent in 2027. The lower inflation path in the June projections compared to the March projections reflects the significant movements in energy prices and the exchange rate in recent months. These relative price movements both have a direct impact on inflation but also an indirect impact via the impact of lower input costs and a lower cost of living on the dynamics of core inflation and wage inflation.

    The June projections were conditioned on a rate path that included a quarter-point reduction of the DFR in June: model-based optimal policy simulations and an array of monetary policy feedback rules indicated a cut was appropriate under the baseline and also constituted a robust decision, remaining appropriate across a range of alternative future paths for inflation and the economy. By supporting the pricing pressure needed to generate target-consistent inflation in the medium-term, this cut helps ensure that the projected negative inflation deviation over the next eighteen months remains temporary and does not convert into a longer-term deviation of inflation from the target. This cut also guards against any uncertainty about our reaction function by demonstrating that we are determined to make sure that inflation returns to target in the medium term. This helps to underpin inflation expectations and avoid an unwarranted tightening in financial conditions.

    The robustness of the decision is also indicated by a set of model-based optimal policy simulations conducted on various combinations of the scenarios discussed in the Eurosystem staff projections report, even when also factoring in upside scenarios for fiscal expenditure. A cut is also indicated by a broad range of monetary policy feedback rules. By contrast, leaving the DFR on hold at 2.25 per cent could have triggered an adverse repricing of the forward curve and a revision in inflation expectations that would risk generating a more pronounced and longer-lasting undershoot of the inflation target. In turn, if this risk materialised, a stronger monetary reaction would ultimately be required.

    Especially under current conditions of high uncertainty, it is essential to remain data dependent and take a meeting-by-meeting approach in making monetary policy decisions. Accordingly, the Governing Council does not pre-commit to any particular future rate path.

    The euro area bond market

    Chart 1

    Ten-year nominal OIS rate and GDP-weighted sovereign yield for the euro area

    (percentages per annum)

    Sources: LSEG and ECB calculations.

    Notes: The latest observations are for 10 June 2025.

    Let me now turn to a longer-run perspective by inspecting developments in the bond market. In the first two decades of the euro, nominal long-term interest rates in the euro area were, by and large, on a declining trend from the start of the currency bloc until the outbreak of the pandemic (Chart 1). The ten-year overnight index swap (OIS) rate, considered as the ten-year risk-free rate in the euro area, declined from 6 percent in early 2000 to -50 basis points in 2020, a trend matched by the 10-year GDP-weighted sovereign bond yield.[4] The economic recovery from the pandemic and the soaring energy prices in response to the Russian invasion in Ukraine caused surges in inflation which led to an increase of interest rates. The recent stability of these long-term rates suggests that markets have seen the euro area economy gradually moving towards a new long-term equilibrium following the peak of annual headline inflation in October 2022, as past shocks have faded.

    Chart 2

    Decomposition of the ten-year spot euro area OIS rate into term premium and expected rates

    (percentages per annum)

    Sources: LSEG and ECB calculations.

    Notes: The decomposition of the OIS rate into expected rates and term premia is based on two affine term structure models, with and without survey information on rate expectations[5], and a lower bound term structure model[6] incorporating survey information on rate expectations. The latest observations are for 10 June 2025.

    A term structure model makes it possible to decompose OIS rates into a term premium component and an expectations component. For the ten-year OIS rate, the expectations component reflects the expected average ECB policy rate over the next ten years and is affected by ECB’s policy decisions on interest rates and communication about the future policy path (e.g., in the form of explicit or implicit forward guidance). The term premium is a measure of the estimated compensation investors demand for being exposed to interest rate risk: the risk that the realised policy rate can be different from the expected rate.

    Chart 3

    Ten-year euro area OIS rate expectations and term premium component

    (percentages per annum)

    Sources: LSEG and ECB calculations.

    Notes: The decomposition of the OIS rate into expected rates and term premia is based on two affine term structure models, with and without survey information on rate expectations4, and a lower bound term structure model5 incorporating survey information on rate expectations. The latest observations are for 10 June 2025.

    The decline of long-term rates in the first two decades of the euro and the rapid increase in 2022 were driven by both the expectations component and the term premium (Charts 2 and 3). The premium was estimated to be largely positive in the early 2000s, understood as a sign that the euro area economy was mostly confronted with supply-side shocks. Starting with the European sovereign debt crisis, the euro area was more and more characterised as a demand-shock dominated economy, in which nominal bonds act as a hedge against future crises and thus investors started requiring a lower or even negative term premium as compensation to hold these assets.[7] The large-scale asset purchases of the ECB under the APP reinforced the downward pressure on the term premium. By buying sovereign bonds (and other assets), the ECB reduced the overall amount of duration risk that had to be borne by private investors, reducing the compensation for risk.[8] With demand and supply shocks becoming more balanced again and central banks around the world normalising their balance sheet holdings of sovereign bonds in recent years, the term premium estimate turned positive again in early 2022 and continued to inch up through the first half of 2023. As it became clear in the second half of 2023 that upside risk scenarios for inflation were less likely, the term premium fell back to some extent and has been fairly stable since.

    Different to the ten-year maturity, very long-term sovereign spreads did not experience the same pronounced negative trend. From the inception of the euro until 2014, the thirty-year euro area GDP-weighted sovereign yield fluctuated around 3 percent. The decline to levels below 2 percent after 2014 and around 0.5 percent in 2020 reflect declining nominal risk-free rates more generally but also coincide with the announcements of large-scale asset purchases (PSPP and PEPP). Likewise, the upward shift back to above 3 percent during 2022 occurred on the back of rising policy rates and normalising central bank balance sheets.

    Chart 4

    Ten-year sovereign bond spreads vs Germany

    (percentages per annum)

    Sources: LSEG and ECB calculations.

    Notes: The spread is the difference between individual countries’ 10-year sovereign yields and the 10-year yield on German Bunds. The latest observations are for 10 June 2025.

    In the run-up to the global financial crisis, sovereign yields in the euro area were very much aligned between countries and also with risk-free rates (Chart 4). With the onset of the global financial crisis and later the European sovereign debt crisis, sovereign spreads for more vulnerable countries soared as investors started to discriminate between euro area countries according to their perceived creditworthiness.

    On top of the efforts of European sovereigns to consolidate their public finances, President Draghi’s 2012 “whatever it takes” speech and the subsequent announcement of Outright Monetary Transaction (OMTs) marked a turning point in the euro area sovereign debt crisis. Sovereign spreads came down from their peaks but have kept some variation across countries ever since.

    The large-scale asset purchases under the APP and PEPP further compressed sovereign spreads. During the pandemic and the subsequent monetary policy tightening, the flexibility in PEPP and the creation of the Transmission Protection Instrument (TPI) supported avoiding fragmentation risks in sovereign bond markets. The extraordinary demand for sovereign bonds as collateral at the beginning of the hiking cycle, at a time when central bank holdings of these bonds were still high, resulted in the yields of German bonds, which are the most-preferred assets when it comes to collateral, declining far below the risk-free OIS rate in the course of 2022. These tensions eased as collateral scarcity reversed.[9]

    This year, bond yields and bond spreads in the euro area have been relatively stable, despite significant movements in some other bond markets. This can be interpreted as reflecting a balancing between two opposing forces: in essence, the typical positive spillover across bond markets has been offset by an international portfolio preference shift towards the euro and euro-denominated securities. This international portfolio preference shift is likely not uniform and is some mix of a pull back by European investors towards the domestic market and some rebalancing by global investors away from the dollar and towards the euro. More deeply, the stability of the euro bond market reflects a high conviction that euro area inflation is strongly anchored at the two per cent target and that the euro area business cycle should be relatively stable, such that the likely scale of cyclical interest rate movements is contained. It also reflects growing confidence that the scope for the materialisation of national or area-wide fiscal risks is quite contained, in view of the shared commitment to fiscal stability among the member countries and the demonstrated capacity to react jointly to fiscal tail events.[10]

    Chart 5

    Holdings of “Big-4” euro area government debt

    (percentage of total amounts outstanding)

    Sources: ECB Securities Holding Statistics and ECB calculations.

    Notes: The chart is based on all general government plus public agency debt in nominal terms. The breakdown is shown for euro area holding sectors, while all non-euro area holders are aggregated in the orange category in lack of more detailed information. ICPF stands for insurance corporations and pension funds. The “Big-4” countries include DE, FR, IT, ES. 2014 Q4 reflects the holdings before the onset of quantitative easing. 2022 Q4 reflects the peak of Eurosystem holdings at the end of net asset purchases.

    Latest observation: Q1 2025

    In understanding the dynamics of the bond market, it is also useful to examine the distribution of bond holdings across sectors. The largest euro-area holder sectors are banks, insurance corporations and pension funds (ICPF) and investment funds, while non-euro area foreign investors also are significant holders (Chart 5). The relative importance of the sectors differs between countries. Domestic banks and insurance corporations play a relatively larger role in countries like Italy and Spain, while non-euro area international investors hold relatively larger shares of debt issued by France or Germany.

    Since the start of the APP in early 2015, the Eurosystem increased its market share in euro area sovereign bonds from about 5 per cent of total outstanding debt to a peak of 33 per cent in late 2022. Net asset purchases by the Eurosystem were stopped in July 2022, while the full reinvestment of redemptions ceased at the end of that year: by Q1 2025, the Eurosystem share had declined to 25 per cent. The increase in Eurosystem holdings during the QE period was mirrored by falling holdings of banks and non-euro area foreign investors. The holding share of banks declined from 22 per cent in 2014 to 14 per cent at the end of 2022, while the share held by foreign investors fell from 35 per cent to 25 per cent over the same period.

    ICPFs have consistently held a significant share of the outstanding debt, especially at the long-end of the yield curve. Since 2022, following the end of full reinvestments under the APP, more price-sensitive sectors, such as banks, investment funds and private foreign investors, have regained some market share. Holdings by households have also shown some noticeable growth in sovereign bond holdings, driven primarily by Italian households.[11] In summary, the holdings statistics show that the bond market has smoothly adjusted to the end of quantitative easing. In particular, the rise in bond yields in 2022 was sufficient to attract a wide range of domestic and global investors to expand their holdings of euro-denominated bonds.[12]

    To gain further insight into the recent dynamics of the euro area bond market, it is helpful to look at recent portfolio flow data and bond issuance data. Market data on portfolio flows[13] highlights a repatriation of investment funds in bonds by domestic investors during March, April, and May, contrasting sharply with 2024 trends, while foreign fund inflows into euro area bonds during the same period surpassed the 2024 average (Chart 6). Simultaneously, EUR-denominated bond issuance by non-euro area corporations has surged in 2025, reaching nearly EUR 100 billion year-to-date compared to an average of EUR 32 billion over the same period in the past five years (Chart 7).

    Expanding the pool of safe assets

    These developments (stable bond yields, increased foreign holdings of euro-denominated bonds) have naturally led to renewed interest in the international role of the euro.[14]

    The euro ranks as the second largest reserve currency after the dollar. However, the current design of the euro area financial architecture results in an under-supply of the safe assets that play a special role in investor portfolios.[15] In particular, a safe asset should rise in relative value during stress episodes, thereby providing essential hedging services.

    Since the bund is the highest-rated large-country national bond in the euro area, it serves as the main de facto safe asset but the stock of bunds is too small relative to the size of the euro area or the global financial system to satiate the demand for euro-denominated safe assets. Especially in the context of much smaller and less volatile spreads (as shown in Chart 4), other national bonds also directionally contribute to the stock of safe assets. However, the remaining scope for relative price movements across these bonds means that the overall stock of national bonds does not sufficiently provide safe asset services.

    In principle, common bonds backed by the combined fiscal capacity of the EU member states are capable of providing safe-asset services. However, the current stock of such bonds is simply too small to foster the necessary liquidity and risk management services (derivative markets; repo markets) that are part and parcel of serving as a safe asset.[16]

    There are several ways to expand the stock of common bonds. Just as the Next Generation EU (NGEU) programme was financed by the issuance of common bonds jointly backed by the member states, the member countries could decide to finance investment European-wide public goods through more common debt.[17] From a public finance perspective, it is natural to match European-wide public goods with common debt, in order to align the financing with the area-wide benefits of such public goods. If a multi-year investment programme were announced, the global investor community would recognise that the stock of euro common bonds would climb incrementally over time.

    In addition, in order to meet more quickly and more decisively the rising global demand for euro-denominated safe assets, there are a number of options in generating a larger stock of safe assets from the current stock of national bonds. Recently, Olivier Blanchard and Ángel Ubide have proposed that the “blue bond/red bond” reform be re-examined.[18] Under this approach, each member country would ring fence a dedicated revenue stream (say a certain amount of indirect tax revenues) that could be used to service commonly-issued bonds. In turn, the proceeds of issuing blue bonds would be deployed to purchase a given amount of the national bonds of each participating member state. This mechanism would result in a larger stock of common bonds (blue bonds) and a lower stock of national bonds (red bonds).

    While this type of financial reform was originally proposed during the euro area sovereign debt crisis, the conditions today are far more favourable, especially if the scale of blue bond issuance were to be calibrated in a prudent manner in order to mitigate some of the identified concerns. In particular, the euro area financial architecture is now far more resilient, thanks to the significant institutional reforms that were introduced in the wake of the euro area crisis and the demonstrated track record of financial stability that has characterised Europe over the last decade. The list of reforms include: an increase in the capitalisation of the European banking system; the joint supervision of the banking system through the Single Supervisory Mechanism; the adoption of a comprehensive set of macroprudential measures at national and European levels; the implementation of the Single Resolution Mechanism; the narrowing of fiscal, financial and external imbalances; the fiscal backstops provided by the European Stability Mechanism; the common solidarity shown during the pandemic through the innovative NGEU programme; the demonstrated track record of the ECB in supplying liquidity in the event of market stress; and the expansion of the ECB policy toolkit (TPI, OMT) to address a range of liquidity tail risks. [19] In the context of the sovereign bond market, these reforms have contributed to less volatile and less dispersed bond returns.

    As emphasised in the Blanchard-Ubide proposal, there is an inherent trade off in the issuance of blue bonds. In one direction, a larger stock of blue bonds boosts liquidity and, if a critical mass is attained, also would trigger the fixed-cost investments need to build out ancillary financial products such as derivatives and repos. In the other direction, too-large a stock of blue bonds would require the ringfencing of national tax revenues at a scale that would be excessive in the context of the current European political configuration in which fiscal resources and political decision-making primarily remains at the national level. As emphasised in the Blanchard-Ubide proposal, this trade-off is best navigated by calibrating the stock of blue bonds at an appropriate level.

    In particular, the Blanchard-Ubide proposal gives the example of a stock of blue bonds corresponding to 25 per cent of GDP. Just to illustrate the scale of the required fiscal resources to back this level of issuance: if bond yields were on average in the range of two to four per cent, the servicing of blue bond debt would require ringfenced tax revenues in the range of a half per cent to one per cent of GDP. While this would constitute a significant shift in the current allocation of tax revenues between national and EU levels, this would still leave tax revenues predominantly at the national level (the ratio of tax revenues to GDP in the euro area ranges from around 20 to 40 per cent). The shared payoff would be the reduction in debt servicing costs generated by the safe asset services provided by an expanded stock of common debt.

    An alternative, possibly complementary, approach that could also deliver a larger stock of safe assets from the pool of national bonds is provided by the sovereign bond backed securities (SBBS) proposal.[20] The SBBS proposal envisages that financial intermediaries (whether public or private) could bundle a portfolio of national bonds and issue tranched securities, with the senior slice constituting a highly-safe asset. The SBBS proposal has been extensively studied (I chaired a 2017 ESRB report) and draft enabling legislation has been prepared by the European Commission.[21] Just as with the blue/red bond proposal, sufficient issuance scale would be needed in order to foster the market liquidity needed for the senior bonds to act as highly liquid safe assets.

    In summary, such structural changes in the design of the euro area bond market would foster stronger global demand for euro-denominated safe assets. A comprehensive strategy to expand the international role of the euro and underpin a European savings and investment union should include making progress on this front.

    MIL OSI Economics –

  • MIL-OSI Economics: International use of the euro broadly stable in 2024

    Source: European Central Bank

    11 June 2025

    • Euro’s share across various indicators of international currency use largely unchanged at around 19%
    • Emerging challenges include initiatives promoting global use of cryptocurrencies
    • Upholding rule of law essential for maintaining, and potentially increasing, global trust in the euro

    The international role of the euro remained broadly stable in 2024 and the euro held on to its position as the second most important currency globally. The share of the euro across various indicators of international currency use has been largely unchanged since Russia’s full-scale invasion of Ukraine, standing at around 19%. These are some of the main findings in the annual review of the Although current data indicate no significant changes in the international use of the euro, it is important to remain vigilant. Central banks continued to accumulate gold at a record pace and some countries have been actively exploring alternatives to traditional cross-border payment systems. There is evidence of a link between geopolitical alignments and shifts in invoicing currency patterns in global trade, particularly since Russia’s invasion of Ukraine. New challenges to the international role of the euro have also emerged, including initiatives that promote the global use of cryptocurrencies.

    This changing landscape underscores the importance for European policymakers of creating the necessary conditions to strengthen the global role of the euro, such as advancing the Savings and Investment Union to fully leverage European financial markets. Eliminating barriers within the European Union would enhance the depth and liquidity of euro funding markets. Moreover, accelerating progress on a digital euro is key for supporting a competitive and resilient European payment system. “The digital euro would contribute to Europe’s economic security and strengthen the international role of the euro,” said Executive Board member Piero Cipollone. The global appeal of the euro is also supported by the ECB’s initiatives to offer solutions for settling wholesale financial transactions recorded on distributed ledger technology platforms in central bank money and to improve cross-border payments between the euro area and other jurisdictions. In addition, the ECB’s euro liquidity lines to non-euro area central banks foster the use of the euro in global financial and commercial transactions.

    For media queries, please contact The international role of the euro remained broadly stable in 2024

    Composite index of the international role of the euro

    (percentages; at current and constant Q4 2024 exchange rates; four-quarter moving averages)

    Sources: Bank for International Settlements, International Monetary Fund (IMF), CLS Bank International, Ilzetzki, Reinhart and Rogoff (2019) and ECB staff calculations.
    Notes: Arithmetic average of the shares of the euro at constant (current) exchange rates in stocks of international bonds, loans by banks outside the euro area to borrowers outside the euro area, deposits with banks outside the euro area from creditors outside the euro area, global foreign exchange settlements, global foreign exchange reserves and global exchange rate regimes. Estimates of the share of the euro in global exchange rate regimes from 2010 onwards are based on IMF data; pre-2010 shares are estimated using data from Ilzetzki, E., Reinhart, C. and Rogoff, K., “Exchange Arrangements Entering the Twenty-First Century: Which Anchor will Hold?”, The Quarterly Journal of Economics, Vol. 134, Issue 2, May 2019, pp. 599-646. The latest observation is for the fourth quarter of 2024.

    MIL OSI Economics –

  • MIL-OSI Economics: ECB and People’s Bank of China sign Memorandum of Understanding on cooperation

    Source: European Central Bank

    11 June 2025

    On the occasion of her visit to Beijing, Christine Lagarde, President of the European Central Bank (ECB), and Pan Gongsheng, Governor of the People’s Bank of China, have signed a Memorandum of Understanding (MoU) on cooperation in the field of central banking.

    This MoU, which updates the previous MoU of 2008, includes a framework for the regular exchange of information, dialogue and technical cooperation between the two institutions.

    “It is important that we sustain global cooperation, and I am pleased to sign this MoU together with Governor Pan as a sign of our continued dialogue with the People’s Bank of China,” ECB President Christine Lagarde said.

    For media queries, please contact Paul Gordon, tel.: +49 172 253 5723.

    MIL OSI Economics –

  • MIL-OSI Economics: New data release: ECB wage tracker indicates decline in negotiated wage growth over course of year

    Source: European Central Bank

    11 June 2025

    • ECB wage tracker updated with wage agreements signed up to mid-May 2025
    • Forward-looking information confirms negotiated wage growth set to ease over course of year, consistent with data published following April 2025 Governing Council meeting

    The European Central Bank (ECB) wage tracker, which only covers active collective bargaining agreements, indicates negotiated wage growth with smoothed one-off payments of 4.7% in 2024 (based on an average coverage of 48.8% of employees in participating countries), and 3.1% in 2025 (based on an average coverage of 47.4%). The ECB wage tracker with unsmoothed one-off payments indicates an average negotiated wage growth level of 4.9% in 2024 and 2.9% in 2025. The downward trend of the forward-looking wage tracker for the remainder of 2025 partly reflects the mechanical impact of large one-off payments (that were paid in 2024 but drop out in 2025) and the front-loaded nature of wage increases in some sectors in 2024. The wage tracker excluding one-off payments indicates growth of 4.2% in 2024 and 3.8% in 2025. See Chart 1 and Table 1 for further details.

    The ECB wage tracker may be subject to revisions, and the forward-looking part should not be interpreted as a forecast, as it only captures the information that is available for the active collective bargaining agreements. It should also be noted that the ECB wage tracker does not track the indicator of negotiated wage growth precisely and therefore deviations are to be expected over time.

    For a more comprehensive assessment of wage developments in the euro area, please refer to the June 2025 Eurosystem staff macroeconomic projections for the euro area, which indicate a yearly growth rate of compensation per employee in the euro area of 3.2% in 2025, with a quarterly profile of 3.5% in the first quarter, 3.4% in the second quarter, 3.1% in Q3 in the third quarter, and of 2.8% in the fourth quarter.

    The ECB publishes four wage tracker indicators for the aggregate of seven participating euro area countries on the ECB Data Portal.

    Chart 1

    ECB wage tracker: forward-looking signals for negotiated wages and revisions to previous data release

    2023-25

    Revisions to previous data release

    (left-hand scale: yearly growth rates, percentages; right-hand scale: percentage share of employees)

    (percentage points)

    Sources: ECB calculations based on data on collective bargaining agreements signed up to mid-May 2025 provided by the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, the Oesterreichische Nationalbank, the Dutch employers’ association AWVN and Eurostat. The indicator of negotiated wage growth is calculated using data from the Deutsche Bundesbank, the Ministerio de Empleo y Seguridad Social, the Centraal Bureau voor de Statistiek, Statistik Austria, the Istituto Nazionale di Statistica (ISTAT), the Banque de France and Haver Analytics.

    Notes: Dashed lines denote forward-looking information up to December 2025.

    What do the four different indicators show?

    • The headline ECB wage tracker shows negotiated wage growth that includes collectively agreed one-off payments, such as those related to inflation compensation, bonuses or back-dated pay, which are smoothed over 12 months.
    • The ECB wage tracker excluding one-off payments reflects the extent of structural (or permanent) negotiated wage increases.
    • The ECB wage tracker with unsmoothed one-off payments is constructed using a methodology that, both in terms of data sources and statistical methodology, is conceptually similar to, but not necessarily the same as, that used for the ECB indicator of negotiated wage growth.
    • The share of employees covered is the percentage of employees across the participating countries that are directly covered by ECB wage tracker data. This indicator provides information on the representativeness of the underlying (negotiated) wage growth signals obtained from the set of wage tracker indicators for the aggregate of the participating countries. Employee coverage differs across countries and within each country over time (further details are provided in Table 2).

    Table 1

    ECB wage tracker summary

    (percentages)

    ECB wage tracker

    Coverage

    Headline indicator

    Excluding one-off payments

    With unsmoothed one-off payments

    Share of employees (%)

    2013-2023

    2.0

    1.9

    2.0

    49.1

    2024

    4.7

    4.2

    4.9

    48.8

    2025

    3.1

    3.8

    2.9

    47.4

    2024 Q1

    4.1

    3.7

    5.2

    49.0

    2024 Q2

    4.4

    3.9

    3.4

    49.0

    2024 Q3

    5.1

    4.5

    6.8

    48.7

    2024 Q4

    5.4

    4.7

    4.3

    48.4

    2025 Q1

    4.6

    4.5

    2.5

    49.6

    Apr-25

    4.1

    4.5

    4.2

    49.6

    May-25

    3.8

    4.2

    4.0

    49.5

    Jun-25

    3.9

    4.1

    3.9

    47.1

    Jul-25

    2.7

    3.7

    1.0

    46.5

    Aug-25

    2.1

    3.5

    2.1

    46.4

    Sep-25

    2.0

    3.4

    3.1

    46.2

    2025 Q4

    1.7

    3.1

    2.9

    44.7

    Sources: ECB calculations based on data provided by the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, the Oesterreichische Nationalbank, the Dutch employers’ association AWVN and Eurostat.

    Notes: ECB wage tracker indicators reflect yearly growth in negotiated wages as a percentage. Coverage is defined as the share of employees in the participating countries as a percentage. Rows with values in italics and bold refer to the forward-looking aspect of the respective indicators.

    Table 2

    Employee coverage by country

    (share of employees in each country, percentages)

    Germany

    Greece

    Spain

    France

    Italy

    Netherlands

    Austria

    Euro area

    2013-2023

    41.7

    10.0

    61.1

    51.8

    48.7

    64.2

    56.7

    49.1

    2024 Q1

    43.4

    16.0

    57.1

    48.5

    48.2

    62.7

    78.6

    49.0

    2024 Q2

    43.7

    15.9

    56.5

    48.5

    48.1

    62.5

    77.8

    49.0

    2024 Q3

    43.9

    15.8

    54.9

    48.4

    47.9

    62.2

    77.8

    48.7

    2024 Q4

    43.5

    15.7

    53.7

    48.5

    47.8

    62.0

    77.8

    48.4

    2025 Q1

    44.0

    19.3

    53.4

    53.7

    47.8

    61.3

    76.2

    49.6

    2025 Q2

    44.8

    16.1

    52.4

    53.3

    43.5

    60.5

    73.1

    48.7

    2025 Q3

    43.9

    8.6

    51.1

    52.9

    35.6

    58.3

    71.4

    46.4

    2025 Q4

    43.2

    8.2

    50.7

    48.5

    35.5

    54.7

    66.5

    44.7

    Sources: ECB, the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, the Oesterreichische Nationalbank, the Dutch employers’ association AWVN and Eurostat.
    Notes: The euro area aggregate comprises the seven participating wage tracker countries. The coverage shows the relative strength of wage signals for each country and the euro area. The historical average is calculated from January 2016 to December 2023 for Greece and from February 2020 to December 2023 for Austria. For the other countries, it is calculated from January 2013 to December 2023. Rows with values in italics and bold refer to the forward-looking aspect of the respective indicators.

    For media queries, please contact Benoit Deeg, tel.: +491721683704

    Notes:

    • The ECB wage tracker is the result of a Eurosystem partnership currently comprising the European Central Bank and seven euro area national central banks: the Deutsche Bundesbank, the Bank of Greece, the Banco de España, the Banque de France, the Banca d’Italia, De Nederlandsche Bank, and the Oesterreichische Nationalbank. It is based on a highly granular database of active collective bargaining agreements for Germany, Greece, Spain, France, Italy, the Netherlands and Austria. The wage tracker is one of many sources that can help assess wage pressures in the euro area.
    • The wage tracker methodology uses a double aggregation approach. First, it aggregates the highly granular information on collective bargaining agreements and constructs the wage tracker indicators at the country-level using information on the employee coverage for each country. Second, it uses this information to construct the aggregate for the euro area using time-varying weights based on the total compensation of employees among the participating countries.
    • Given that the forward-looking nature of the tracker is dependent on the underlying collective bargaining agreements database, the wage signals should always be considered conditional on the information available at any given point in time and thus subject to revisions.
    • The results in this press release do not represent the views of the ECB’s decision-making bodies.

    MIL OSI Economics –

  • MIL-OSI Economics: Christine Lagarde: Drawing a common map: sustaining global cooperation in a fragmenting world

    Source: European Central Bank

    Speech by Christine Lagarde, President of the ECB, at the People’s Bank of China in Beijing

    Beijing, 11 June 2025

    It is a pleasure to be back here in Beijing.

    Some years ago, I spoke about how a changing world was creating a new global map of economic relations.[1]

    Maps have always reflected the society in which they are produced. But in rare instances, they can also capture historical moments when two societies meet at the crossroads.

    This was evident in the late 1500s during the Ming Dynasty, when Matteo Ricci, a European Jesuit, travelled to China. There Ricci went on to work with Chinese scholars to create a hybrid map that integrated European geographical knowledge with Chinese cartographic tradition.[2]

    The result of this cooperation – called the Kunyu Wanguo Quantu, or “Map of Ten Thousand Countries” – was historically unprecedented. And the encounter came to symbolise China’s openness to the world.

    In the modern era, we saw a similar moment when China entered the World Trade Organization (WTO) in 2001. The country’s accession to the WTO signified its integration into the international economy and its openness to global trade.

    China’s entry into the WTO went on to reshape the global map of economic relations at a time of rapid trade growth, bringing significant benefits to countries across the world – particularly here in China.

    Since that time, the global economy has changed dramatically. In recent years, trade tensions have emerged and a geopolitically charged landscape is making international cooperation increasingly difficult.

    Yet the emergence of tensions in the international economic system is a recurring pattern across modern economic history.

    Over the last century, frictions have surfaced under a range of international configurations – from the inter-war gold exchange standard, to the post-war Bretton Woods system, to the subsequent era of floating exchange rates and free capital flows.

    While each system was unique, two common lessons cut across this history.

    First, one-sided adjustments to resolve global frictions have often fallen short, regardless of whether deficit or surplus countries carry the burden. In fact, they can bring with them either unpredictable or costly consequences.

    Such adjustments can be especially problematic when trade policies are used as a substitute for macroeconomic policies in addressing the root causes.

    And second, in the event that tensions do emerge, durable strategic and economic alliances have proven critical in preventing tail risks from materialising.

    In contrast to eras when ties of cooperation were weak, alliances have ultimately helped to prevent a broader surge in protectionism or a systemic fragmentation of trade.

    These two lessons have implications for today. Frictions are increasingly emerging between regions whose geopolitical interests may not be fully aligned. At the same time, however, these regions are more deeply economically integrated than ever before.

    The upshot is that while the incentive to cooperate is reduced, the costs of not doing so are now amplified.

    So the stakes are high.

    If we are to avoid inferior outcomes, we all must work towards sustaining global cooperation in a fragmenting world.

    Tensions across history

    If we look at the history of the international economic system over the past century, we can broadly divide it into three periods.

    In the first period, the inter-war years, major economies were tied together by the gold exchange standard – a regime of fixed exchange rates, with currencies linked to gold either directly or indirectly.

    But unlike the pre-war era, when the United Kingdom played a dominant global role[3], there was no global hegemon. Nor were there impactful international organisations to enforce rules or coordinate policies.

    The system’s flaws quickly became apparent.[4] Exchange rate misalignments caused persistent tensions between surplus and deficit countries. Yet the burden of adjustment fell overwhelmingly on the deficit side.

    Facing outflows of gold, deficit countries were forced into harsh deflation. Meanwhile, surplus countries faced little pressure to reflate. By 1932, two surplus countries accounted for over 60% of the world share of gold reserves.[5]

    One-sided adjustments failed to resolve the underlying problems. And without strong alliances to contain tail risks, tensions escalated. Countries turned to trade measures in an attempt to reduce imbalances in the system – but protectionism offered no sustainable solution.

    In fact, if current account positions narrowed at all, it was only because of the fall-off in world trade and output. The volume of global trade fell by around one-quarter between 1929 and 1933[6], with one study attributing nearly half of this fall to higher trade barriers.[7] World output declined by almost 30% in this period.[8]

    During the Second World War, leaders took the lessons to heart. They laid the groundwork for what became the Bretton Woods system in the early post-war era: a framework of fixed exchange rates and capital controls.

    This marked the beginning of the second period.

    The new regime was anchored by the US dollar’s convertibility into gold, with the International Monetary Fund acting as a referee. Trade flourished during this era. Between 1950 and 1973[9], world trade expanded at an average rate of over 8% per year.[10]

    But again, frictions emerged.

    In particular, the United States had shifted from initially running balance of payments surpluses to persistent deficits. At the heart of this shift was the role of the US dollar as the world’s reserve currency and source of liquidity for global trade.

    While US deficits provided the world with vital dollar liquidity, those very same deficits strained the dollar’s gold convertibility at USD 35 per ounce, threatening confidence in the system.

    By the late 1960s, foreign holdings of US dollars – amounting to almost USD 50 billion – were roughly five times the size of US gold reserves.[11]

    Ultimately, these tensions proved unsustainable as the United States was unwilling to sacrifice domestic policy goals – which generated fiscal deficits – for its external commitments.

    The Bretton Woods system ended abruptly in 1971, when President Nixon unilaterally suspended the US dollar’s convertibility into gold and imposed a 10% surcharge on imports.

    The goal behind the surcharge was to force US trading partners to revalue their currencies against the dollar, which was perceived as being overvalued.[12] As in earlier periods, this was a one-sided adjustment – though now aimed at shifting the burden onto surplus countries.

    Crucially, however, the downfall of Bretton Woods unfolded within the context of the Cold War. Countries operating under the system were not just trading partners – they were allies.

    And so, everyone had a strong geopolitical incentive to pick up the pieces and forge new cooperative agreements that could facilitate trade relationships, even in moments of pronounced volatility.

    We saw this several months after the “Nixon Shock”, when Western countries negotiated the Smithsonian Agreement.

    This agreement was a temporary fix to maintain an international system of fixed exchange rates. It devalued the US dollar by over 12% against the currencies of its major trading partners and removed President Nixon’s surcharge.[13]

    And we saw a strong geopolitical incentive at work again with the Plaza Accord in the 1980s – an era of floating exchange rates and free capital flows – when deficit and surplus countries in the Group of Five[14] sat down to try and resolve tensions.

    Of course, neither agreement ultimately succeeded in addressing the root causes of tensions. But critically, the risk of a broader turn toward protectionism – which was rising at several points[15] – never materialised.

    The contrast is telling.

    Both the inter-war and post-war eras revealed that one-sided adjustments cannot sustainably resolve economic frictions – whether on the deficit or surplus side.

    Yet the post-war system proved far more resilient, because the countries within it had deeper strategic reasons to cooperate.

    Frictions threatening global trade today

    In recent decades, we have been moving into a third period.

    Since the end of the Cold War, we have seen the rapid expansion of truly global trade.

    Trade in goods and services has risen roughly fivefold to over USD 30 trillion.[16] Trade as a share of global GDP has increased from around 38% to nearly 60%.[17] And countries have become much more integrated through global supply chains. At the end of the Cold War, these chains accounted for around two-fifths of global trade.[18] Today, they account for over two-thirds.[19]

    Yet this globalisation has unfolded in a world where – increasingly – not all nations are bound by the same security guarantees or strategic alliances. In 1985 just 90 countries were party to the General Agreement on Tariffs and Trade. Today, its successor – the WTO – counts 166 members, representing 98% of global trade.[20]

    There is no doubt that this new era has amplified the benefits of trade.

    Some originally lower-income countries have experienced remarkable gains – none more so than China.

    Since joining the WTO, China’s GDP per capita has increased roughly twelvefold.[21] The welfare impact has been equally profound: almost 800 million people in China have been lifted out of poverty, accounting for nearly three-quarters of global poverty reduction in recent decades.[22]

    Advanced economies, too, have benefited, albeit unevenly. While some industries and jobs have faced pressure from heightened import competition[23], consumers have enjoyed lower prices and greater choice. And for firms able to climb the value chain, the rewards have been substantial – especially in Europe.

    Today, EU exports to the rest of the world generate more than €2.5 trillion in value added – nearly one-fifth of the EU’s total – and support over 31 million jobs.[24]

    But the weakening alignment between trade relationships and security alliances has left the global system more exposed – a vulnerability now playing out in real time.

    According to the International Monetary Fund, trade restrictions across goods, services and investments have tripled since 2019 alone.[25] And in recent months, we have seen tariff levels imposed that would have been unimaginable just a few years ago.

    This fragmentation is being driven by two forces.

    The first is geopolitical realignment. As I have outlined in recent years, geopolitical tensions are playing an increasingly decisive role in reshaping the global economy.[26] Countries are reconfiguring trade relationships and supply chains to reflect national security priorities, rather than economic efficiency alone.

    The second force is the growing perception of unfair trade – often linked to widening current account positions.

    Current account surpluses and deficits are not inherently problematic, particularly when they reflect structural factors such as comparative advantage or demographic trends.

    But these imbalances become more contentious when they do not resolve over time and create the perception that they are being sustained by policy choices – whether through the blocking of macroeconomic adjustment mechanisms or a lack of respect for global rules.

    Indeed, while in recent decades the persistence of current account positions has remained fairly constant, the dispersion of those positions – that is, how widely surpluses and deficits are spread across countries – has shifted significantly.

    In the mid-1990s current account deficits and surpluses were similarly dispersed within their respective groups: both were relatively evenly distributed among several countries.[27]

    Today, that balance has changed. Deficits have become far more concentrated, with just a few countries accounting for the bulk of global deficits. In contrast, surpluses have become somewhat more dispersed, spread across a wider range of countries.

    These developments have recently led to coercive trade policies and risk fragmenting global supply chains.

    Making global trade sustainable

    Given national security considerations and the experience during the pandemic, a certain degree of de-risking is here to stay. Few countries are willing to remain dependent on others for strategic industries.

    But it does not follow that we must forfeit the broader benefits of trade – so long as we are willing to absorb the lessons of history. Let me draw two conclusions for the current situation.

    First, coercive trade policies are not a sustainable solution to today’s trade tensions.

    To the extent that protectionism addresses imbalances, it is not by resolving their root causes, but by eroding the foundations of global prosperity.

    And with countries now deeply integrated through global supply chains – yet no longer as geopolitically aligned as in the past – this risk is greater than ever. Coercive trade policies are far more likely to provoke retaliation and lead to outcomes that are mutually damaging.

    The shared risks we face are underscored by ECB analysis. Our staff find that if global trade were to fragment into competing blocs, world trade would contract significantly, with every major economy worse off.[28]

    This leads me to the second conclusion: if we are serious about preserving our prosperity, we must pursue cooperative solutions – even in the face of geopolitical differences. And that means both surplus and deficit countries must take responsibility and play their part.

    All countries should examine how their structural and fiscal policies can be adjusted to reduce their own role in fuelling trade tensions.

    Indeed, both supply-side and demand-side dynamics have contributed to dispersion of current accounts positions we see today.

    On the supply side, we have witnessed a sharp rise in the use of industrial policies aimed at boosting domestic capacity. Since 2014, subsidy-related interventions that distort global trade have more than tripled globally. [29]

    Notably, this trend is now being driven as much by emerging markets as by advanced economies. In 2021, domestic subsidies accounted for two-thirds of all trade-related policies in the average G20 emerging market, consistently outpacing the share seen in advanced G20 economies.[30]

    On the demand side, global demand generation has become more concentrated, especially in the United States. A decade ago, the United States accounted for less than 30% of demand generated by G20 countries. Today, that share has risen to nearly 35%.

    This increasing imbalance in demand reflects not only excess saving in some parts of the world, but also excess dissaving in others, especially by the public sector.

    Of course, none of us can determine the actions of others. But we can control our own contribution.

    Doing so would not only serve the collective interest – by helping to ease pressure on the global system – but also the domestic interest, by setting our own economies on a more sustainable path.

    We can also lead by example by continuing to respect global rules – or even improving on them. This helps build trust and creates the foundation for reciprocal actions.

    That means upholding the multilateral framework which has so greatly benefited our economies. And it means working with like-minded partners to forge bilateral and regional agreements rooted in mutual benefit and full WTO compatibility.[31]

    Central banks, in line with their respective mandates, can also play a role.

    We can stand firm as pillars of international cooperation in an era when such cooperation is hard to come by. And we can continue to deliver stability-oriented policies in a world marked by rising volatility and instability.

    Conclusion

    Let me conclude.

    In a fragmenting world, regions need to work together to sustain global trade – which has delivered prosperity in recent decades.

    Of course, given the geopolitical landscape, that will be a harder challenge today than it has been in the past. But as Confucius once observed, “Virtue is not left to stand alone. He who practices it will have neighbours”.

    Today, to make history, we must learn from history. We must absorb the lessons of the past – and act on them – to prevent a mutually damaging escalation of tensions.

    In doing so, we all can draw a new map for global cooperation.

    We have done it before. And we can do it again.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Secretary-General of ASEAN participates in the Oslo Forum 2025 in Oslo, Norway

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, participated in the Oslo Forum 2025, held in Oslo, Norway, on 11 June 2025, where he delivered remarks on “Derisking disorder: Asia’s playbook for conflict prevention and management.”
    The post Secretary-General of ASEAN participates in the Oslo Forum 2025 in Oslo, Norway appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI Video: UK Disorder in Ballymena | Lords urgent question

    Source: United Kingdom UK House of Lords (video statements)

    Lord Caine asks an urgent question in the Lords chamber on the current disorder in Ballymena.

    Catch-up on House of Lords business:

    Watch live events: https://parliamentlive.tv/Lords
    Read the latest news: https://www.parliament.uk/lords/

    Stay up to date with the House of Lords on social media:

    • X: https://twitter.com/UKHouseofLords
    • Bluesky: https://bsky.app/profile/houseoflords.parliament.uk
    • Instagram: https://www.instagram.com/UKHouseofLords/
    • Facebook: https://www.facebook.com/UKHouseofLords
    • Flickr: https://flickr.com/photos/ukhouseoflords/albums
    • LinkedIn: https://www.linkedin.com/company/the-house-of-lords
    • Threads: https://www.threads.net/@UKHouseOfLords

    #HouseOfLords #UKParliament

    https://www.youtube.com/watch?v=Sdi2qAiMn7Q

    MIL OSI Video –

  • MIL-OSI Russia: Zhu Fenglian: Mainland China Will Not Allow Taiwan Separatists to Profit from Mainland

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    BEIJING, June 11 (Xinhua) — The Chinese mainland will never allow people who support “Taiwan independence” on the one hand to make money on the mainland on the other, Zhu Fenglian, spokesperson for the Taiwan Affairs Office of the State Council, said Wednesday.

    Zhu Fenglian made the statement in response to recent comments by die-hard Taiwanese separatist Shen Boyang about the punishments imposed by mainland China on companies linked to him. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Mainland China vows to continue fighting cyber attacks launched by Taiwanese organisation

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    BEIJING, June 11 (Xinhua) — The Chinese mainland on Wednesday vowed to step up its fight against cyber attacks carried out by an organization backed by Taiwan’s Democratic Progressive Party (DPP) administration.

    Zhu Fenglian, spokesperson for the Taiwan Affairs Office of the State Council, made the remarks at a press conference in response to a question about a wanted list released in early June by police in Guangzhou City, Guangdong Province, southern China.

    The list contains the names of 20 people suspected of involvement in cyber attacks organized by Taiwan’s Information, Communications and Electronic Force Command (ICEFCOM).

    Zhu Fenglian said the recent actions by mainland Chinese law enforcement agencies to ensure public security constitute a decisive response to separatist forces advocating “Taiwan independence” and specifically target ICEFCOM’s illegal activities.

    The evidence that the DPP administration is organizing frequent and indiscriminate cyberattacks on mainland China’s network infrastructure through ICEFCOM is “clear and irrefutable,” she said.

    She reiterated that both sides of the Taiwan Strait belong to one China and that Taiwan is an inalienable part of China. “Anyone who jeopardizes national sovereignty, security or development interests will face legal consequences,” she added.

    Zhu Fenglian said legal measures will be taken against the illegal activities of the DPP administration, including cyber attacks carried out in collusion with external forces.

    “We will continue to take effective measures in accordance with the law to bring those responsible to justice. We will not be lenient with them,” she said. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: 5.8 magnitude earthquake hits off coast of Taiwan

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    BEIJING, June 11 (Xinhua) — An earthquake with a magnitude of 5.8 jolted offshore Taitung County, Taiwan Island at 7 p.m. on Wednesday, the China Earthquake Networks Center (CENC) said.

    According to CENC, the epicenter of the tremors was located at 23.33 degrees north latitude and 121.72 degrees east longitude. The earthquake’s source was located at a depth of 20 kilometers. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Over 7,000 Taiwanese Public Representatives to Attend 17th Taiwan Straits Forum

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    BEIJING, June 11 (Xinhua) — More than 7,000 Taiwanese representatives will attend the 17th Taiwan Strait Forum to open Sunday in east China’s Fujian Province, State Council Taiwan Affairs Office spokesperson Zhu Fenglian said Wednesday.

    The main theme of the upcoming forum, according to her, will be “expanding exchanges between people and deepening integration development.”

    The forum’s participants will include representatives of political parties, trade unions and youth organisations, as well as professionals from various industries and members of religious communities, she added.

    The main conference of the upcoming forum is scheduled to be held on June 15, and the main venue of the forum is the city of Xiamen. The forum will host 56 different events. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: South Korea halts loudspeaker broadcasts in border area with North Korea

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    SEOUL, June 11 (Xinhua) — The Republic of Korea (ROK) has stopped broadcasting propaganda from loudspeakers in the area bordering the DPRK, the ROK Defense Ministry said Wednesday.

    The ministry said in a statement that the suspension of the broadcast was a step toward fulfilling President Lee Jae-myung’s promise to restore trust in inter-Korean relations and peace on the Korean Peninsula.

    Seoul stopped broadcasting anti-North Korean loudspeakers on Wednesday afternoon, media reported.

    Lee Jae-myung, who took office on June 4, vowed during the election campaign to halt the broadcasts, which were resumed last June in retaliation for balloons filled with garbage and manure sent from North Korea. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Arab League Secretary General welcomes Western sanctions against Israeli ministers

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    CAIRO, June 11 (Xinhua) — Arab League Secretary-General Ahmed Abu al-Gheit on Wednesday welcomed the joint decision of five Western countries to impose sanctions on two Israeli ministers.

    Israel’s National Security Minister Itamar Ben-Gvir and Finance Minister Bezalel Smotrich have been banned from entering Australia, Canada, New Zealand, Norway and the United Kingdom for repeatedly inciting violence against Palestinians in the West Bank, the five countries’ foreign ministers announced Tuesday.

    In a statement issued by the Arab League on Wednesday, Abu al-Gheit called the ban “important” because it holds officials in the occupying government accountable for engaging in “clear incitement to violence” and condoning Israeli settlers who attack Palestinians in the West Bank with impunity.

    According to the Secretary-General, the sanctions expose the criminal actions of far-right government officials who have committed war crimes and large-scale violations of international humanitarian law in the West Bank and Gaza Strip.

    The move is an important step towards changing the international position on war crimes against Palestinians and taking practical steps to hold those responsible accountable, the statement said. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Russia and the US are conducting a dialogue to eliminate irritants in bilateral relations – press secretary of the Russian president

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    Moscow, June 11 (Xinhua) — Moscow and Washington are directly interacting to eliminate irritants in bilateral relations, Russian presidential press secretary Dmitry Peskov said at a briefing on Wednesday.

    “Russia and the United States are directly in contact to eliminate irritants in bilateral relations,” TASS quotes him as saying.

    According to D. Peskov, there are many “blockages” in Russian-American relations, but the dialogue between the countries continues. “And of course, one can hardly hope for any quick results. But it is precisely this kind of complex, step-by-step work that has begun and will continue,” he noted.

    The Kremlin spokesman noted that the third round of consultations between Russia and the United States on bilateral issues, planned for Moscow, will be carried out through diplomatic agencies.

    “As you can see, the dialogue continues. All this is being carried out by diplomatic agencies within the framework of the understandings that were reached between President /of Russia Vladimir/ Putin and President /of the USA Donald/ Trump,” D. Peskov emphasized. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Kyrgyzstan approves National Development Program for the Country until 2030

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    BISHKEK, June 11 /Xinhua/ — Kyrgyzstan has approved the National Development Program for the country until 2030. The corresponding decree was signed by President Sadyr Japarov, the press service of the country’s Ministry of Economy and Commerce reported on Tuesday.

    “The program was approved in order to continue the course of large-scale reforms and ensure the country’s sustainable development in the context of new global and regional challenges,” the statement said.

    As noted, the program is a strategic document aimed at improving the well-being of citizens, achieving inclusive economic growth and ensuring social justice.

    The key targets of the program are as follows: increasing GDP per capita to USD 4,500, maintaining GDP at a level of at least USD 30 billion, and the average annual GDP growth rate at 8%, the country’s entry into the top 30 countries in achieving the Sustainable Development Goals, improving the country’s ranking in the Human Development Index by 10 positions, maintaining unemployment at a level of no more than 5%, the volume of investment in fixed capital to GDP in 2030 should be at least 20%, and the size of the state external debt should be maintained at a level of up to 60% of GDP.

    The program focuses on four strategic development vectors: industrialization, agriculture and tourism, green energy, and turning Kyrgyzstan into a regional hub.

    The program also provides for reform of public administration and strategic planning, digitalization of the economy and services, development of human capital, support for small and medium-sized businesses, ensuring macroeconomic stability, measures for adaptation to climate change and increasing the resilience of ecosystems. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: China’s Vice Premier Calls on US to Resolve Trade Disputes with China Through Dialogue and Cooperation

    Translation. Region: Russian Federal

    Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

    Source: People’s Republic of China – State Council News

    LONDON, June 11 (Xinhua) — The United States should resolve trade disputes with China through equal dialogue and win-win cooperation, Chinese Vice Premier He Lifeng said at the first meeting of the China-U.S. Economic and Trade Consultations Mechanism held in London from Monday to Tuesday.

    The Chinese side reaffirms that the United States should work with China to match its words with deeds, demonstrate sincerity in fulfilling commitments and concrete efforts to implement consensus, so as to jointly uphold the hard-won results of the dialogue, he said.

    During the talks, both sides held frank and in-depth talks and exchanged views on trade and economic issues of mutual interest.

    The two sides reached an agreement in principle to implement the important consensus reached by the two heads of state during their telephone conversation on June 5 and the framework measures to consolidate the results of the trade and economic negotiations in Geneva, and made new progress in finding approaches to each other’s trade and economic concerns.

    Calling the meeting an important consultation held under the guidance of the strategic consensus reached by the two heads of state on June 5, He Lifeng said Beijing’s position on China-US economic and trade issues is clear and consistent.

    Noting that the essence of China-US trade and economic relations lies in mutual benefit and win-win cooperation, the vice premier said that cooperation between Beijing and Washington in trade and economic spheres is beneficial to both sides, while confrontation is detrimental to both sides.

    There are no winners in trade wars, he said, adding that China does not seek conflict but is not afraid of it either.

    He called on the United States to resolve trade disputes with China through equal dialogue and win-win cooperation, adding that while China sincerely holds trade and economic consultations, it also has its own principles.

    Next, the two sides should, in accordance with the important consensus reached by the two heads of state during the phone call, make better use of the China-US trade consultation mechanism and make efforts to strengthen consensus, reduce misunderstandings and enhance cooperation, he said.

    The two sides should maintain communication and consultation and promote stable and sustainable growth of economic and trade relations so as to bring more certainty and stability to the world economy, He Lifeng added.

    The US side said the meeting achieved positive results and further stabilized bilateral trade and economic relations, adding that Washington will follow the same direction as Beijing to jointly implement the consensus reached at the meeting.

    The American side was represented at the meeting by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamison Greer. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial News: Terms of Provision of Permanent Loans

    Translation. Region: Russian Federal

    Source: Central Bank of Russia (2) –

    Terms of provision of standing loans by the Bank of Russia (except overnight loans) as of 16.06.2025:

    Type of loans Loan term Rate (% per annum)
    Primary Liquidity Facility Loans 1-30 21
    Additional Liquidity Facility Loans 1-180 21.75

    The deadline for accepting applications for a loan from the Bank of Russia sent to:

    electronically using personal accounts** 20:25*** day of loan provision
    on paper (if it is technically impossible to send it in electronic form)* 17:00 on the day of the loan

    * local time

    ** Moscow time

    *** In case of extension of the end time of the settlement period of the regular session of the payment system of the Bank of Russia, the time for accepting applications for a loan from the Bank of Russia is also extended, but not more than until 20:55

    Data available from 11/15/2011 to 06/16/2025.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial News: Russian Universities Launch Curriculums in Behavioural Economics and Economic Psychology

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    Master’s programs, as well as research tracks, online courses, and continuing education programs will start this fall. Graduates will build models and predict people’s economic behavior taking into account the influence of cognitive biases, and assess the risks of business decisions or regulatory initiatives.

    The pilot project is being carried out by the Bank of Russia, the Ministry of Education and Science of Russia, the Ministry of Finance of Russia and Rosfinmonitoring. Six leading Russian universities have joined it: Lomonosov Moscow State University, the Financial University under the Government of the Russian Federation, the National Research University Higher School of Economics, the New Economic School, St. Petersburg State University and Tomsk State University.

    “The trick of this project is its diversity: the pilot participants are different, the formats are different, and the approaches are different too. Already in the process, in practice, we will understand what is most in demand among both students and employers. We want a strong scientific school of behavioral economics to emerge as a result, so that a community of specialists in this field will appear, where those who research and those who need this research will interact,” said Mikhail Mamuta, Head of the Service for the Protection of Consumer Rights and Ensuring the Availability of Financial Services of the Bank of Russia.

    Representatives of the largest banks, financial companies and marketplaces, relevant ministries and departments took part in the discussion of educational programs. Companies are ready to assist in training personnel, accept students for internships, go to universities and analyze real situations of relationships between organizations and consumers.

    The pilot was created to work out the interaction between educational institutions and employers. Based on its results, a decision will be made on how and in what format to develop this project in the higher education system.

    Preview photo: Lightspring / Shutterstock / Fotodom

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 24703

    MIL OSI Russia News –

  • MIL-OSI Russia: The government has expanded the number of categories of citizens who can be members of housing cooperatives

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Document

    Resolution of June 9, 2025 No. 855

    Participants in the special military operation who have the status of combat veterans, as well as participants in repelling the armed invasion of Ukrainian formations into Russian border regions, have received the right to become members of housing construction cooperatives (HCC). A resolution on this has been signed.

    The list of categories of citizens who can be accepted as members of housing and construction cooperatives was approved in 2012. Until now, it included 11 categories of citizens, including large families, employees of state research centers, federal state educational organizations, state academies of sciences, employees of defense industry organizations, employees of internal affairs agencies and employees of the Russian National Guard who have special police ranks.

    A housing cooperative is one of the forms of citizen participation in housing construction. People who establish a cooperative accept members of the housing cooperative, collect share contributions from them, and use the proceeds to build a house.

    The advantage of a housing cooperative is that shareholders can directly search for contractors, monitor the construction progress and control how their money is spent. At the same time, the final cost of the apartment is usually lower than the market price, since shareholders pay for construction work without an intermediary bank.

    The signed document introduces changes toGovernment Resolution of February 9, 2012 No. 108.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI United Nations: Human Rights Council to Hold its Fifty-Ninth Regular Session from 16 June to 9 July 2025

    Source: United Nations – Geneva

    The United Nations Human Rights Council will hold its fifty-ninth regular session from 16 June to 9 July 2025 at the Palais des Nations in Geneva. 

    The session will open at 10 a.m. on Monday, 16 June under the presidency of Ambassador Jürg Lauber of Switzerland.  The opening will be addressed by the United Nations High Commissioner for Human Rights, Volker Türk, who will present his annual report.  The Council will be meeting in room XX of the Palais des Nations.

    Over almost four weeks, the Council will consider more than 60 reports presented by the Secretariat of the United Nations and the High Commissioner for Human Rights, human rights experts and other investigative bodies on numerous topics and relevant to the situation of human rights in more than 40 countries.  In total, the Council will hold 32 interactive dialogues. 

    During the session, the Council will hold interactive dialogues with the High Commissioner on his annual report under agenda item two; on the Bolivarian Republic of Venezuela under agenda item four; and on Ukraine and Colombia under agenda item 10. 

    The Council will hold enhanced interactive dialogues under agenda item two with  the Special Rapporteur on the situation of human rights in Afghanistan and on the oral update of the Fact-Finding Mission on the human rights situation in the eastern Democratic Republic of the Congo.  Under agenda item four, the Council will hold an enhanced interactive dialogue with the High Commissioner on the situation of human rights in Myanmar, with the participation of the Special Rapporteur on the situation of human rights in Myanmar.

    On climate change, the Council will hold its annual panel on the adverse impacts of climate change on human rights, followed by an interactive dialogue with the Special Rapporteur on climate change. The Council will also hold its annual panel on technical cooperation and capacity-building. 

    Under agenda item three, the Council will hold its annual panel discussion on women’s rights, and a panel on safe drinking water and sanitation.  It will also hold interactive dialogues on summary executions, freedom of expression, peaceful assembly, transnational corporations, education, health, leprosy (Hansen’s disease), sexual orientation and gender identity, migrants, internally displaced persons, prevention of genocide, trafficking, extreme poverty, discrimination against women and girls, violence against women and girls, judges and lawyers, and international solidarity.   

    The Council will also hear the presentation of the Secretary-General’s interim report on the temporarily occupied Autonomous Republic of Crimea and the city of Sevastopol, Ukraine, under agenda item 10. Further, it will hold interactive dialogues with the Special Rapporteur on the situation of human rights in Eritrea and the Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem and in Israel, under agenda item two; and with the Special Rapporteur on the situation of human rights in Belarus and the Special Rapporteur on the situation of human rights in Burundi under agenda item four. The Council will also hear oral updates from the Fact-Finding Mission for Sudan under agenda item two and from the Commission of Inquiry on Syria under agenda item four. 

    Additionally, the Council will hold interactive dialogues under agenda item seven with the Special Rapporteur on the situation of human rights in the Palestinian territories occupied since 1967, and under agenda item nine with the Special Rapporteur on contemporary forms of racism, racial discrimination, xenophobia and related intolerance.  Under agenda item 10, it will hold an interactive dialogue with the Independent Expert on the situation of human rights in the Central African Republic. 

    The final outcomes of the Universal Periodic Review of 14 States will also be considered, namely those of Italy, El Salvador, Gambia, the Plurinational State of Bolivia, Fiji, San Marino, Kazakhstan, Angola, the Islamic Republic of Iran, Madagascar, Iraq, Slovenia, Egypt, and Bosnia and Herzegovina.

    A detailed agenda and further information on the fifty-ninth session can be found on the session’s web page.  Reports to be presented are available here. All meetings of this session are broadcast on UN Web TV. 

    First Week of the Session

    The fifty-ninth regular session will open on Monday, 16 June under the presidency of Ambassador Jürg Lauber. After the opening, the Council will begin considerations under agenda item two, and the High Commissioner for Human Rights, Volker Türk, will present his annual report.  Subsequently, the Council will hold an enhanced interactive dialogue with the Special Rapporteur on the situation of human rights in Afghanistan, and an interactive dialogue with the Special Rapporteur on the situation of human rights in Eritrea. This will be followed by an enhanced interactive dialogue on the oral update of the Fact-Finding Mission on the human rights situation in the eastern Democratic Republic of the Congo. 

    On Tuesday, 17 June, the Council will hold an interactive dialogue on the High Commissioner’s annual report, followed by an interactive dialogue with the Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem and in Israel.  At the end of the day, it will hear the presentation of an oral update by the Independent International Fact-Finding Mission for Sudan. 

    On Wednesday, 18 June, the Council will commence discussions under agenda item three on the promotion and protection of all human rights, holding interactive dialogues with the Special Rapporteur on extrajudicial, summary or arbitrary executions, the Special Rapporteur on the promotion and protection of the right to freedom of opinion and expression, and the Special Rapporteur on freedom of peaceful assembly and of association, which will conclude on Thursday, 19 June. This will be followed by interactive dialogues with the Working Group on the issue of human rights and transnational corporations and other business enterprises, the Special Rapporteur on the right to education, and the Special Rapporteur on the right of everyone to the enjoyment of the highest attainable standard of physical and mental health. 

    On Friday, 20 June, the Council will hold interactive dialogues with the Special Rapporteur on the elimination of discrimination against persons affected by leprosy (Hansen’s disease) and their family members, the Independent Expert on protection against violence and discrimination based on sexual orientation and gender identity, the Special Rapporteur on the human rights of migrants, and the Special Rapporteur on the human rights of internally displaced persons. 

    Second Week of the Session

    In its second week, the Council will conclude its interactive dialogue with the Special Rapporteur on the human rights of internally displaced persons on Monday, 23 June.  It will then hold interactive dialogues with the Special Advisor on the Prevention of Genocide, the Special Rapporteur on trafficking in persons, especially women and children, and the Special Rapporteur on extreme poverty and human rights.

    The Council will start Tuesday, 24 June, with the first part of its annual discussion on women’s rights, focusing on gender-based violence against women and girls in conflict, post-conflict and humanitarian settings.  This will be followed by an interactive dialogue with the Working Group on discrimination against women and girls.  In the afternoon, the second part of the annual discussion on women’s rights will be held, focusing on the commemoration of the International Day of Women in Diplomacy and on overcoming barriers to women’s leadership in peace processes.

    On Wednesday, 25 June, the Council will hold interactive dialogues with the Special Rapporteur on violence against women and girls, its causes and consequences, the Special Rapporteur on the independence of judges and lawyers, and the Independent Expert on human rights and international solidarity. 

    The Council will start Thursday, 26 June, with a panel discussion on the realisation of the human rights to safe drinking water and sanitation, followed by the presentation of reports under agenda item three.  In the afternoon, it will start its consideration of reports under agenda item four on human rights situations that require the Council’s attention, hearing the presentation of an oral update by the Independent International Commission of Inquiry on the Syrian Arab Republic, followed by interactive dialogues with the Special Rapporteur on the situation of human rights in Belarus, and on the oral update of the Special Rapporteur on the situation of human rights in Burundi. 

    On Friday, 27 June, the Council will hold an enhanced interactive dialogue on the report of the High Commissioner on the situation of human rights in Myanmar, and the oral update of the Special Rapporteur on the situation of human rights in Myanmar.  This will be followed by an interactive dialogue on the High Commissioner’s report on the situation of human rights in the Bolivarian Republic of Venezuela, and the presentation of the High Commissioner’s oral update on the situation of human rights in Nicaragua.

    Third Week of the Session

    The Council will begin its third week on Monday, 30 June, with its annual panel discussion on the adverse impacts of climate change on human rights, focusing on facilitating just transitions in the context of addressing the impacts of climate change on human rights.  This will be followed by an interactive dialogue with the Special Rapporteur on the promotion and protection of human rights in the context of climate change.  It will then hear the presentation of the report of the Working Group on the issue of human rights and transnational corporations and other business enterprises on the thirteenth session of the Forum on Business and Human Rights under agenda item five on human rights bodies and mechanisms.

    The Council will next start its consideration under item six of the outcomes of the Universal Periodic Review of Italy, El Salvador, Gambia, the Plurinational State of Bolivia, Fiji, San Marino, Kazakhstan, Angola, the Islamic Republic of Iran, Madagascar, Iraq, Slovenia, Egypt, Bosnia and Herzegovina, which will conclude at the end of the day on Wednesday, 2 July. 

    On Thursday, 3 July, the Council will hold an interactive dialogue with the Special Rapporteur on the situation of human rights in the Palestinian territories occupied since 1967, under agenda item seven on the human rights situation in Palestine and other occupied Arab territories.  This will be followed by an interactive dialogue with the Special Rapporteur on contemporary forms of racism, racial discrimination, xenophobia and related intolerance, under agenda item nine on racism, racial discrimination, xenophobia and related forms of intolerance. 

    In the afternoon, the Council will begin discussions under item 10 on technical assistance and capacity-building, with interactive dialogues on the oral presentation of the High Commissioner regarding his Office’s periodic report on the situation of human rights in Ukraine, and on the interim report of the Secretary-General on the situation of human rights in the temporarily occupied Autonomous Republic of Crimea and the city of Sevastopol, Ukraine.  This will be followed by an interactive dialogue on the High Commissioner’s report on the enhancement of technical assistance and capacity-building to assist Colombia in the implementation of the recommendations made by the Commission for the Clarification of Truth, Coexistence and Non-Repetition. 

    On Friday, 4 July, the Council will hold its annual panel discussion on technical cooperation and capacity-building, focusing on the role of technical cooperation and capacity-building in strengthening national structures which play a role in promoting and safeguarding human rights, particularly national human rights institutions and national mechanisms for implementation, reporting and follow-up. 

    This will be followed by an interactive dialogue on the oral update of the Independent Expert on the situation of human rights in the Central African Republic.

    In the afternoon, the Council will hear the presentation of the report of the High Commissioner relating to cooperation with Georgia.  It will then start taking action on draft resolutions and decisions. 

    Fourth Week of the Session

    The final week of the Council will be devoted to taking action on draft resolutions and decisions and the appointment of a member of the Expert Mechanism on the Right to Development and a member of the Working Group on arbitrary detention.  The session will conclude on Wednesday, 9 July.

    The Human Rights Council

    The Human Rights Council is an inter-governmental body within the United Nations system, made up of 47 States, which is responsible for strengthening the promotion and protection of human rights around the globe.  The Council was created by the United Nations General Assembly on 15 March 2006 with the main purpose of addressing situations of human rights violations and making recommendations on them.

    The composition of the Human Rights Council at its fifty-ninth session is as follows: Albania (2026); Algeria (2025); Bangladesh (2025); Belgium (2025); Benin (2027); Bolivia (2027); Brazil (2026); Bulgaria (2026); Burundi (2026); Chile (2025); China (2026); Colombia (2027); Costa Rica (2025); Côte d’Ivoire (2026); Cuba (2026); Cyprus (2027); Czechia (2027); Democratic Republic of the Congo (2027); Dominican Republic (2026); Ethiopia (2027); France (2026); Gambia (2027); Georgia (2025); Germany (2025); Ghana (2026); Iceland (2027); Indonesia (2026); Japan (2026); Kenya (2027); Kuwait (2026); Kyrgyzstan (2025); Malawi (2026); Maldives (2025); Marshall Islands (2027); Mexico (2027); Morocco (2025); Netherlands (2026); North Macedonia (2027); Qatar (2027); Republic of Korea (2027); Romania (2025); South Africa (2025); Spain (2027); Sudan (2025); Switzerland (2027); Thailand (2027); and Viet Nam (2025).

    The term of membership of each State expires in the year indicated in parentheses.

    The President of the Human Rights Council in 2025 is Jürg Lauber (Switzerland).  The four Vice-Presidents are Tareq Md Ariful Islam (Bangladesh), Razvan Rusu (Romania), Claudia Puentes Julio (Chile), and Paul Empole Losoko Efambe (Democratic Republic of the Congo).  Mr. Efambe also serves as Rapporteur of the Geneva-based body. 

    The dates and venue of the fifty-ninth session are subject to change.

    Information on the fifty-ninth session can be found here, including the annotated agenda and the reports to be presented.

    For further information, please contact Pascal Sim (simp@un.org), Matthew Brown (matthew.brown@un.org) and David Díaz Martín (david.diazmartin@un.org)

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    HRC25.006E

    MIL OSI United Nations News –

  • MIL-OSI United Nations: EU and UNDRR reinforce partnership at Global Platform on Disaster Risk Reduction

    Source: UNISDR Disaster Risk Reduction

    The European Union (EU) and the United Nations Office for Disaster Risk Reduction (UNDRR) sent a clear message at the Global Platform for Disaster Risk Reduction: the time for deeper, faster action on resilience is now.   Both institutions reaffirmed their strategic partnership and commitment to joint work with key actors in Latin America and the Caribbean (LAC), a region increasingly exposed to disaster risks.

    A highlight was the Second High-Level Latin America and the Caribbean Policy Dialogue, held on the margins of the Global Platform for Disaster Risk Reduction.

    The Dialogue marked one year since the signing of a landmark Memorandum of Understanding (MoU) aimed at strengthening regional cooperation on disaster preparedness, response, and recovery. Co-signed by the EU, regional organizations, and several LAC countries—with UNDRR and CELAC as official witnesses—the MoU has become a blueprint for targeted, strategic action across three core pillars: response capacity, risk prevention, and knowledge exchange.

    “This MoU is more than a document—it’s a commitment to inclusive, results-driven cooperation,” said Kamal Kishore, UN Special Representative of the Secretary-General for Disaster Risk Reduction.

    “Today’s risks are more complex and unpredictable than ever, and they don’t respect borders. Recent hurricanes, floods, and wildfires on both sides of the Atlantic show why we need stronger coordination between our regions” said EU Commissioner Lahbib.

    According to the newly released 2025 Regional Assessment Report by UNDRR, more than 2,350 disaster events have struck the region since 2000, affecting over 320 million people. Despite this, DRR financing remains low, underscoring the critical role of international partnerships.

    Commissioner Lahbib also addressed the Ministerial Roundtable on Safe Schools Now at the Global Platform, highlighting new developments, “In the EU, we are reinforcing our disaster preparedness to protect the future of our children. We recently launched our new Preparedness Strategy that puts people at the heart of our preparedness.”  

    The roundtable galvanized international commitment to safeguarding schools from disaster risks, and called on all countries to endorse the Comprehensive School Safety Framework (CSSF) 2022–2030 by 2025, with full implementation by 2030, and make it a reality with a suite of tangible actions.  

    The EU Statement, given on behalf of the 27 Member States, emphasised “With just over five years remaining until the Sendai Framework’s 2030 deadline and amidst a challenging political landscape…The European Union remains steadfast in its commitment to support disaster risk reduction and resilience efforts both at home and abroad.”

    The EU also highlighted inclusive disaster preparedness as a top priority, focusing on vulnerable populations and ensuring no one is left behind.

    UNDRR looks forward to continued collaboration to advance disaster resilience globally, and to turn the Geneva Call to Action into reality.  

    MIL OSI United Nations News –

  • Piyush Goyal concludes successful visit to Switzerland, begins economic diplomacy in Sweden

    Source: Government of India

    Source: Government of India (4)

    Union Commerce and Industry Minister Piyush Goyal concluded a two-day official visit to Switzerland from June 9 to 10, and has commenced the Sweden leg of his European tour aimed at strengthening economic ties and fostering innovation-driven partnerships.

    The Switzerland visit focused on advancing India-Switzerland economic cooperation and operationalising the Trade and Economic Partnership Agreement (TEPA) signed earlier this year between India and the European Free Trade Association (EFTA). Goyal held high-level meetings with Swiss government officials and industry leaders to chart a roadmap for TEPA implementation and explore new opportunities for trade and investment.

    During the visit, Goyal met with Federal Councillor Guy Parmelin, Head of the Federal Department of Economic Affairs, Education and Research, and State Secretary Helene Budliger Artieda. Discussions centred on regulatory cooperation, skills development, innovation partnerships, and measures to facilitate faster investment decision-making.

    The minister also engaged with Swiss industry leaders across sectors including biotechnology, pharmaceuticals, healthcare, precision engineering, defence, and emerging technologies. In sectoral roundtables and bilateral meetings, Goyal highlighted India’s growing economic strength, policy stability, infrastructure expansion, and the government’s efforts to create a conducive ecosystem for global investors. Swiss companies welcomed India’s expanding domestic market and policy reforms, viewing the country as a key destination for growth and manufacturing.

    A key highlight was Goyal’s participation at the 18th Swissmem Industry Day held in Zurich, attended by over 1,000 delegates representing Switzerland’s mechanical, electrical, and metal industries. In his keynote address, the minister invited Swiss companies, including SMEs and deep-tech innovators, to scale up investments in India by leveraging TEPA. He emphasised India’s demographic advantage, engineering talent, and robust supply chains, encouraging Swiss industry to anchor research and development, establish manufacturing bases, and co-create technologies for emerging markets.

    An immediate outcome of the visit was the swift resolution of a facilitation request from Endress+Hauser, a global process automation firm with a presence in India. The company had raised concerns about land availability near its Maharashtra facility. The issue was resolved within hours through coordinated efforts by the minister and Indian authorities, demonstrating the government’s commitment to investor-friendly governance.

    Goyal also held one-on-one meetings with several Swiss companies exploring expansion strategies, localisation, talent development, and MSME linkages. Interest was especially strong in sectors such as advanced manufacturing, industrial automation, clean technology, and healthcare innovation.

    The minister was accompanied by a high-level delegation from Indian industry bodies including ASSOCHAM, CII, and FICCI, reflecting a whole-of-government and whole-of-industry approach to economic diplomacy. In a meeting with the Switzerland chapter of the Institute of Chartered Accountants of India, Goyal appreciated their contribution to enhancing India’s reputation for financial excellence.

    The visit concluded on a note of shared optimism, with Swiss stakeholders reaffirming confidence in India’s rise as a global economic powerhouse and welcoming the government’s collaborative and reform-oriented approach.

    Moving on to Sweden, Goyal will co-chair the 21st session of the Indo-Swedish Joint Commission for Economic, Industrial and Scientific Cooperation with Sweden’s Minister for International Development Cooperation and Foreign Trade, Benjamin Dousa.

    He is also scheduled to hold bilateral meetings with Benjamin Dousa and Håkan Jevrell, State Secretary to the Minister of Development Cooperation and Foreign Trade. These discussions aim to reinforce the strong economic relationship and identify new opportunities aligned with India’s long-term economic objectives.

    Key engagements will include an India-Sweden business leaders’ round table and meetings with leading Swedish companies such as Ericsson, Volvo Group, IKEA, Sandvik, Alfa Laval, and SAAB. The discussions will focus on sectors where Sweden excels, including advanced manufacturing, green technologies, and sustainable solutions.

    Goyal will also meet members of the Indian diaspora and address media interactions to strengthen people-to-people ties and communicate India’s vision for the bilateral partnership.

  • MIL-OSI United Kingdom: New business venture benefits from HOIL support – Remotely Operated Vehicles –The Future Of Underwater Operations?

    Source: Scotland – Highland Council

    Highland Opportunity (Investments) Limited, HOIL has recently provided Sgùrr Access and Marine Services Limited with loan assistance towards their start-up costs for a new business venture based in Kyle of Lochalsh.   HOIL, The Highland Council’s business loan company offers loan support to Highland based businesses and community organisations, who can benefit from straightforward loan conditions and a tailored offer to support their project. 

    Sgùrr Access and Marine Services Limited approached HOIL for a loan to support initial investment start-up costs for a new business venture.The loan funds provided were used to purchase specialised equipment to carry out Remotely Operated Vehicle (ROV) inspection services for the aquaculture and marine leisure sectors across Scotland, but particularly on the West Highland coast.

    Sgùrr Access and Marine Services Limited is a newly established company  which is based in Kyle of Lochalsh.  They provide ROV mooring and marine infrastructure inspection services as an alternative to commercial divers.  The use of ROV technology delivers cost-effective, enhanced safety and accurate inspection services, which are essential for aquaculture companies, mooring associations and local authorities managing marine infrastructure.

    Chair of HOIL, Councillor Paul Oldham, said: “I welcome this opportunity to help Sgùrr Access and Marine Services Limited get their business underway as it seems like they have found a good market to be able to service in a new way. I wish Lewis every success.

    “The Opportunity Fund from HOIL provides accessible and affordable finance for start-ups and growing businesses across the Highlands and is one of several funds we can use to help projects across the area.”

    Lewis MacLeod, Director of Sgurr Access and Marine Services Limited added: “The loan I received from HOIL was instrumental in helping me launch my ROV inspection business in the Highlands. I have  been able to invest in high-quality equipment and cover initial setup costs, which would have been difficult to fund on my own. Thanks to their early backing, I was able to get the business off the ground quickly and start delivering cost-effective, high-resolution inspection services to clients across Scotland.”

    To find out more about the support HOIL can provide businesses with visit here or email 

    11 Jun 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Prime Minister of the United Kingdom Sir Keir Starmer to visit Canada

    Source: Government of Canada – Prime Minister

    Today, the Prime Minister, Mark Carney, announced that the Prime Minister of the United Kingdom, Sir Keir Starmer, will visit Ottawa, Ontario, from June 14 to 15, 2025.

    Canada and the United Kingdom have shared history and enduring ties. Prime Minister Starmer’s visit will strengthen the long-standing economic and security partnership between the two nations – and deliver growth and prosperity for our peoples.

    The conversations between the leaders will carry forward into the 2025 G7 Leaders’ Summit in Kananaskis, Alberta.

    Associated Link

    MIL OSI Canada News –

  • MIL-OSI USA: Scott Statement on Trump Effectively Closing All Job Corps Centers

    Source: {United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

    Headline: Scott Statement on Trump Effectively Closing All Job Corps Centers

    As originally released by the Committee on Education and Workforce, Democrats

    WASHINGTON – Ranking Member Robert C. “Bobby” Scott (VA-03), House Committee on Education and Workforce, released the following statement after the Trump Administration ordered the effective closure of all Job Corps centers across the United States.

    “Once again, the Trump Administration is harming those most in need.  The Department of Labor sent notices to all 99 Job Corps centers with which it directly contracts, stating they are going to ‘pause’ operations.  Let’s be clear:  these are not pauses.  The Department is effectively closing all Job Corps centers.  Without new contracts, these centers will cease to operate and will have to kick at-risk youth off their campuses, many of whom are homeless or in foster care and have nowhere else to go.

    “Since its creation in 1964, Job Corps has trained over three million young Americans in trades such as welding, carpentry, and medical assistant training.  Job Corps trains young, low-income people, helps them find good-paying jobs, and provides housing for a population that would otherwise be without a home.  

    “The Administration should be working with Congress to advance a bipartisan reauthorization of the Workforce Innovation and Opportunity Act and improve Job Corps, not end the program altogether.  I urge the Trump Administration to reverse this decision and give at-risk youth the support they need to access well-paying, stable jobs that will strengthen our communities and the economy.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Scott Statement on Excessive Trump Administration Response in Los Angeles

    Source: {United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

    Headline: Scott Statement on Excessive Trump Administration Response in Los Angeles

    WASHINGTON, D.C. – Congressman Bobby Scott (VA-03) issued the following statement:

    “The American people have a constitutional right to peacefully assemble, and I unequivocally condemn all violence and destruction of property. However, President Trump has inflamed the situation in California. Los Angeles Police Chief Jim McDonnell has said the arrival of military forces ‘presents a significant logistical and operational challenge for those of us tasked with safeguarding this city.’ The actions by the Trump Administration are incompatible with federal law, have increased incidents of violence, and are risking civilian lives.”

    # # #

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: LCQ15: Development of pet-related industries

    Source: Hong Kong Government special administrative region

    LCQ15: Development of pet-related industries 
    Question:
     
    It has been reported that the number of households keeping pets has increased in recent years, with pet-related industries developing rapidly. However, there are views pointing out that Hong Kong still has room for improvement in veterinary medical care and pet-friendly public facilities, as well as in data management and policies regarding the pet industry. In this connection, will the Government inform this Council:
     
    (1) as it is learnt that a number of private shopping centres have introduced pet-inclusive facilities, such as pet accesses and pet rest areas, to attract spending from pet owners and thereby further unleash the potential of the pet economy, whether the Hong Kong Housing Authority will consider drawing on the relevant experience to implement pet-friendly measures in the shopping centres of the public housing estates under its purview; if so, of the details; if not, the reasons for that;
     
    (2) as it has been reported that public or charity-run veterinary organisations have been established one after another in Taiwan, such as in Taoyuan City and New Taipei City, to provide basic veterinary medical services at transparent charges, which not only enhance pet health protection but also boost the pet economy, whether the HKSAR Government has conducted studies or policy planning regarding the establishment of public or semi-public veterinary medical facilities; if so, of the details; if not, the reasons for that; and
     
    (3) as there are views that maintaining pet-related data can help understand the risks of pet epidemics and diseases, as well as the market structure and potential of the pet industry, whether the Government will establish a territory-wide pet data management platform to systematically collect relevant data, including the number of pets, breed distribution, keeping and vaccination records, and pet disease trends, so as to provide a scientific basis for the formulation of policies on pet-friendliness and developing the pet economy policies; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
    Having consulted the Housing Bureau, the reply to the question from the Hon Rock Chen is as follows:
     
    (1) As pet keeping has become increasingly common in Hong Kong, there has been more attention in society to bringing animals to enter different premises and use public facilities. In general, the Government needs to take into account different factors when considering whether to further relax existing arrangements, including the nature of individual facilities, whether ancillary facilities are in place and the degree of social acceptance, in order to achieve the policy objective of facilitating people and animals to co-exist harmoniously.
     
    The shopping centres under the Hong Kong Housing Authority (HA) are mainly “neighbourhood shopping centres” located in public housing estates/courts. These shopping centres provide local residents with shopping convenience, with the aim of catering for their basic needs in daily life. All along, guide dogs accompanying the visually impaired have been allowed to enter the HA’s shopping centres. The HA has further implemented some pet-friendly policies, such as allowing pets to enter shopping centres if they are placed in pet carrier bags or pet strollers and that no hygiene and environmental nuisance will be caused. The HA will keep in view the development and needs of the community for pet-friendly spaces and facilities, and design “neighbourhood shopping centres” that are in line with the actual situation.
     
    On the other hand, the Domain located in Yau Tong is a large-scale regional shopping centre under the HA. Coupled with spacious indoor space, outdoor activity areas, wide passageways and multiple entrances at different locations, it is more equipped with the requisites for development into a pet-friendly mall than typical “neighbourhood shopping centres” located in housing estates. The HA will review whether it is appropriate to further provide pet-friendly measures in the Domain, such as installing relevant human-pet friendly facilities to appeal to pet owners for boosting consumption and visitor flow.
     
    (2) The Agriculture, Fisheries and Conservation Department (AFCD) has been carrying out publicity and public education to remind the public to consider carefully before deciding to keep pets, to assess whether one could fulfil the duties of pet ownership in meeting the pets’ basic needs in diet, environment, daily care, healthcare, etc.
     
    On veterinary services, the Veterinary Surgeons Board of Hong Kong (VSB) established under the Veterinary Surgeons Registration Ordinance (Cap. 529), is currently responsible for the regulation, registration and disciplinary control of veterinary surgeons, so as to ensure a high standard of veterinary services in Hong Kong. The VSB learns about the overall veterinary services through data gathered in the regulation of the veterinary profession. The number of registered veterinary surgeons (RVS) has been consistently on the rise since 2015, from 823 in 2015 to 1 364 in April this year, representing an increase of 65 per cent. RVS comprises many specialties, such as small animal internal medicine and surgery, dermatology, cardiology, neurology and veterinary pathology, and therefore animal owners should be able to find appropriate veterinary services for their pets. To meet unexpected medical expenses, members of the public may also purchase pet insurance products available in the market as appropriate.
     
    Apart from private veterinarians, the City University of Hong Kong and some animal welfare organisations (such as the Hong Kong Society for the Prevention of Cruelty to Animals) also provide veterinary services and hence the Government currently has no plan to separately establish public medical facilities for pets.
     
    (3) To safeguard public health and prevent the spread of animal diseases, the AFCD monitors and regulates animal activities in accordance with the law, and assesses the risk of pet animal diseases. The AFCD regulates the import of live animals through a permit system under the Public Health (Animals and Birds) Regulations (Cap. 139A) and the Rabies Regulation (Cap. 421A), so as to prevent the introduction of animal diseases into Hong Kong. Furthermore, the AFCD regulates the local animal activities through various licences, for example, regulating the animal trading and dog breeding activities through the Animal Trader Licence and Dog Breeder Licence respectively under the Public Health (Animals and Birds) (Trading and Breeding) Regulations (Cap. 139B), and to require dog keepers to have their dogs vaccinated against rabies, implanted with a microchip, and to apply for a dog licence under the Rabies Regulation, for the prevention of rabies.
     
    The Government last conducted a Thematic Household Survey on pet ownership among households across Hong Kong in 2018. The AFCD and the Census and Statistics Department will conduct another survey later this year to gather the latest data on trends and preferences in pet ownership of Hong Kong families. These findings will assist the trade to learn about the latest trend of pet ownership, for their provision of products and services according to market demand.
    Issued at HKT 12:15

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ7: Draining pipe testing with dye powder

    Source: Hong Kong Government special administrative region

    LCQ7: Draining pipe testing with dye powder 
    Question:
     
    It has been reported that on February 15 this year, the water of Tuen Mun River turned red extensively, causing panic among members of the public. The Government’s initial investigation revealed that there was draining pipe testing with red dye powder. Upon arrival of the Government’s investigating officers at the scene, they found that the river water had resumed normal and no fish deaths were found. They collected water samples on the same day for testing and found that the water quality indicators remained normal as well. However, it is learnt that similar incidents also occurred on Lam Tsuen River in Tai Po and Shing Mun River in Tai Wai in August 2023 and November 2022 respectively, which have aroused widespread concern in the community. In this connection, will the Government inform this Council:
     
    (1) of the number of the aforesaid similar incidents in the past five years, as well as the government department(s) involved in the investigation of each incident, the average manpower involved, the time taken for the investigations and the public expenditure involved;
     
    (2) as there are views that although the test results have indicated that the aforesaid incident has not caused impact on the environment, water quality and fish for the time being, the incident has still caused panic among members of the public, whether the Government will take further actions to follow up the incident, so as to enhance protection for the public; and
     
    (3) whether the Government has formulated detailed guidelines on draining pipe testing with dye powder at present; if so, of the details, including whether non-compliance with the relevant guidelines will constitute any offence or attract penalty; if not, whether it will consider formulating the guidelines and enhancing the relevant notification mechanism, so as to avoid causing misunderstanding or panic among members of the public in the event of an incident?
     
    Reply:
     
    President,

    The reply to the question raised by the Hon Steven Ho is as follows:
     
    (1) and (2) In the past five years, the Environmental Protection Department (EPD) received a total of 21 cases of inquiries related to dye test. Upon receiving relevant complaints, the EPD will promptly dispatch personnel to conduct investigation on site, including measuring the dissolved oxygen content and pH level in the water, as well as collecting water samples for further testing to determine the cause of water coloration and whether pollution has occurred. The EPD will also check in the vicinity of the site concerned for any fish deaths or other unusual circumstances, and trace the source of pollution along the stormwater drains. Depending on individual circumstances, the Drainage Services Department (DSD) may also assist in the tracing investigation. If illegal discharges of wastewater are found, the EPD will take appropriate enforcement actions in accordance with the law. The investigation of water coloration incidents is part of the EPD’s integrated enforcement efforts and the duration of investigation may also vary depending on the location and scope of individual case. Therefore, there is no breakdown of the expenditure involved.
     
    To foster protection to the general public, the EPD will respond to inquiries from complainants and the media as soon as there are preliminary results of the investigation, in order to enhance information transparency and alleviate public concerns. Depending on individual circumstances, the EPD may also return to the site the day after collecting water samples to inspect whether there have been any changes and to further follow-up as required.
     
    (3) Conducting dye tests is an effective method to check the sewer systems for misconnections to stormwater drains or leakage. When the EPD personnel conduct tests to examine sewer misconnection issues, they will use the minimum amount of dye possible to reduce the impact on nearby rivers and bays.
     
    For the trades and private buildings, as well as housing estates, the EPD, the Buildings Department (BD), and the Food and Environmental Hygiene Department (FEHD) have developed relevant guidelines for dye tests for pipe testing respectively (which can be downloaded from the websites of the EPD, the BD and the FEHD). Through promotion and education, we also remind the trades, including property management companies and building contractors, about the precautions and pollution prevention measures associated with dye tests. These include strictly adhering to the recommendations of the dye manufacturers during testing, arranging for personnel supervision, and notifying the property management company of the testing site and nearby residents in advance to avoid giving rise to public concerns. The above guidelines are administrative measures. However, we must emphasise that the dye used is a biodegradable and non-toxic substance, and does not affect water quality. In this regard, conducting dye test does not violate the Water Pollution Control Ordinance (Cap. 358).
     
    Regarding the notification mechanism, we understand that dye test may lead to public misunderstanding. Therefore, the DSD will issue notifications on its website before conducting regular dye tests to inform the public about the arrangements for these dye tests. The purpose of these regular tests is to ensure the integrity of the submarine outfalls of sewage treatment plants. Since conducting dye tests on submarine outfalls requires a larger amount of dye and involves a wider area, it is more likely to attract public attention.
     
    Based on the complaint and specific circumstances of the case, the EPD occasionally needs to use dye tests to check on sewage misconnection issues or carry out enforcement actions. Yet these circumstances would involve a smaller amount of dye used and a smaller impact area which in general would not cause any impact.
    Issued at HKT 11:45

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  • MIL-OSI Asia-Pac: LCQ8: Public bicycle parking spaces

    Source: Hong Kong Government special administrative region

    LCQ8: Public bicycle parking spaces 

    YearThe joint operations and enforcement actions are conducted by relevant departments in accordance with established procedures and empowered by relevant legislations. More specifically, the TD and the HKPF will issue and post notices respectively regarding the temporary suspension of the relevant bicycle parking spaces at least 14 days prior to the joint operation. Since such areas are no longer designated public bicycle parking space during the suspension period, any bicycle parked there may be regarded as unauthorised occupation of government land. On the effective day of suspension (generally two days before the joint operation), the HKPF will cover the bicycle parking signage and close off the area. The relevant District Lands Office will post statutory notice on each bicycle still present within the operation area under the Land (Miscellaneous Provisions) Ordinance (Cap. 28) and post notices at appropriate places, requiring the persons concerned to remove the bicycles by a specific date (i.e. the day of operation); otherwise the bicycles will be removed. On the day of joint operation, the FEHD will assist in removing the remaining bicycles parked in the area with notices posted, and hand them over to the local District Lands Office for taking over and disposal; the persons concerned cannot get back the bicycles. The bicycle parking spaces will be re-opened for public use after the operation.

    The expenditures of joint operations are absorbed by the overall resources of the respective departments, and have not been separately identified.Issued at HKT 11:45

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  • MIL-OSI Asia-Pac: LCQ4: Quarantine arrangements for imported cats and dogs

    Source: Hong Kong Government special administrative region

         Following is a question by Professor the Hon Priscilla Leung and a reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (June 11):
     
    Question:

         The Agriculture, Fisheries and Conservation Department has updated the quarantine arrangements for cats and dogs this month. Cats and dogs imported from the Mainland that meet the relevant quarantine requirements (including obtaining satisfactory results from testing conducted by recognised laboratories on the Mainland and having an animal health certificate issued by Mainland official veterinarians) will have their quarantine period significantly reduced from the current 120 days to 30 days upon arrival in Hong Kong. In this connection, will the Government inform this Council: 
    Reply: 
         Rabies is a contagious disease that causes fatality to mammals (including humans) and no specific treatment is available at present. To prevent the introduction of animal diseases such as rabies into Hong Kong, the Agriculture, Fisheries and Conservation Department (AFCD) regulates the import of live animals through a permit system, and controls the import of cats and dogs under the Public Health (Animals and Birds) Regulations (Cap. 139A) and the Rabies Regulation (Cap. 421A) to protect public and animal health. Under effective control measures, Hong Kong has long been widely recognised as a rabies-free place by other places. Animals of Hong Kong generally face less stringent quarantine requirements when entering other places. 
     
         On the quarantine arrangements of imported cats and dogs, the AFCD classifies places into different groups according to different risk of rabies, with reference to information about the surveillance of animal diseases from the World Organisation for Animal Health. Group I and Group II places are respectively rabies-free places and places where rabies cases are few and under effective control. Since these places are considered of lower risk of rabies, the imported cats and dogs are exempted from quarantine upon fulfilling specified requirements. Places that do not meet the requirements of Group I or Group II, or where their situations cannot be determined, will be included in Group III. Cats and dogs imported from these places are required to undergo a quarantine of not less than 120 days before December 2024.
     
         Since December 2024, the AFCD has divided Group III into Group A and B according to the results of risk assessment. Quarantine period for cats and dogs of Group IIIA is significantly shortened from 120 days to 30 days upon their arrival in Hong Kong, provided that they meet the relevant quarantine requirements including that the animals must be vaccinated against rabies, conducted a valid rabies neutralising antibody titre test, had an animal health certificate issued or endorsed by a government veterinary officer of the place of export. The Macao Special Administrative Region, Lithuania and the Mainland have been included in Group IIIA successively. As regards Group IIIB places, since the risk of rabies is higher or uncertain, and the incubation period of rabies can be up to several months, the quarantine period for cats and dogs imported from those places is maintained at not less than 120 days.
     
         The reply to the question from Professor the Hon Priscilla Leung is as follows:
     
    (1) As mentioned just now, as long as cats and dogs imported from the newly added Group IIIA places (including the Mainland) meet the relevant quarantine requirements and hold an animal health certificate issued by an official veterinarian from the Mainland, the quarantine period upon arrival in Hong Kong will be significantly reduced from 120 days to 30 days. Because of this change, the cost of quarantine facilities that the owners of these cats and dogs have to pay has been greatly reduced to one-quarter of the previous cost, at the same time, the turnover rate of quarantine facilities will increase to four times than that of the past. The waiting time for quarantine facilities will be reduced correspondingly, and the usage effectiveness will be increased significantly.
     
         As regards the quarantine arrangements, the current international practice is to isolate cats and dogs in officially supervised quarantine facilities to ensure that the animals will not have direct or indirect contact with other animals during the quarantine period, so as to avoid the transmission of animal disease into the community. As the mortality rate of rabies is close to 100 per cent, and animals have the opportunity to come into contact with other people or animals when they are quarantined in private premises, this will bring to them higher risk. Hence from a risk management perspective, home quarantine arrangement is not appropriate. The Department will continue to make reference to the latest animal disease situation announced by the World Organisation for Animal Health, and timely optimise the quarantine requirements for imported cats and dogs, taking into account factors such as international practices, operational experience and risk assessment.
     
    (2) To facilitate animal owners to bring their pet cats and dogs to Hong Kong, the Government has not only optimised the quarantine requirements for cats and dogs, but also increased the number of quarantine facilities. The new quarantine facilities at the Kowloon Animal Management Centre under the AFCD have been put into service in May this year. The quarantine facilities provided for cats and dogs have increased from 21 and 20 to 34 and 30 respectively. Further, taking into account that the shortened quarantine period has increased the turnover speed to four times than that of the past, the handling capacity of the AFCD’s quarantine facilities could be increased by as much as six to seven times than that of the past. In addition, the AFCD encourages private animal welfare organisations to provide quarantine facilities for cats and dogs, and is reviewing the application of the Hong Kong Society for the Prevention of Cruelty to Animals (SPCA). It is expected that the quarantine facility will be put into service in the middle of this year. The Department will also provide information and assistance to other private animal welfare organisations interested in operating quarantine facilities for cats and dogs. On the basis of the above improvement measures, it is expected that the quarantine facilities will be able to meet the demand.
     
         As regards the number and testing quality of recognised Mainland laboratories, after discussions with the Mainland authorities and taking into account the regional distribution and level of recognition of the laboratories in the Mainland, the AFCD has recognised four Mainland laboratories in Beijing, Shanghai, Guangzhou and Changchun for conducting rabies antibody titre tests for cats and dogs. All four laboratories are recognised by the Mainland authorities and the European Union, hence the quality of testing is assured. The AFCD will closely monitor the situation and will discuss with the Mainland authorities to adjust the list of approved laboratories when necessary.
     
    (3) The Veterinary Surgeons Board of Hong Kong (VSB) is a statutory body established under the Veterinary Surgeons Registration Ordinance (Cap. 529), and is responsible for the regulation, registration and disciplinary control of veterinary surgeons, to ensure a high standard of veterinary services in Hong Kong. The VSB learns about the overall veterinary services through data gathered in the regulation of the veterinary profession.
     
         The number of registered veterinary surgeons (RVS) has been consistently on the rise since 2015, from 823 in 2015 to 1 364 in April this year, representing an increase of 65 per cent. Moreover, RVS comprises many specialties, such as small animal internal medicine and surgery, dermatology, cardiology, neurology and veterinary pathology. Apart from private veterinary clinics, the City University of Hong Kong and some animal welfare organisations, such as the SPCA, also provide veterinary services, therefore animal owners should be able to find appropriate veterinary services for their pets.
     
         Thank you, President.

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