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  • MIL-OSI United Nations: Committee on the Elimination of Racial Discrimination Closes One Hundred and Fifteenth Session, Issues Concluding Observations on Reports of Gabon, Kyrgyzstan, Mauritius, Republic of Korea and Ukraine

    Source: United Nations – Geneva

    The Committee on the Elimination of Racial Discrimination this afternoon closed its one hundred and fifteenth session, during which it reviewed the reports of Gabon, Kyrgyzstan, Mauritius, Republic of Korea and Ukraine.

    Chinsung Chung, Committee Rapporteur, said that the Committee’s concluding observations for the five country reviews conducted during the session were available on the session’s webpage.  The Committee thanked the State party delegations that participated in dialogues; the national human rights institutions of Ukraine and the Republic of Korea for submitting written reports and providing updates during the session; and the various civil society representatives who contributed essential information to the reviews.

    Ms. Chung said that this year was the sixtieth anniversary of the International Convention on the Elimination of All Forms of Racial Discrimination.  During the yearlong campaign, the Committee would highlight the achievements made in the last 60 years and identify effective and concrete ways to overcome structural and emerging challenges in making the Convention’s goal – a world free of racial discrimination – a reality.  Information on the anniversary was available on the webpage for the campaign.

    At the opening meeting of the session, Ms. Chung reported, Antti Korkeakivi, Representative of the Secretary-General and Chief of the Human Rights Treaties Branch of the Office of the United Nations High Commissioner for Human Rights, gave a speech highlighting the Committee’s important work and its contributions to promoting and protecting the human rights of all people without discrimination.  He underlined that the sixtieth anniversary of the Convention was an opportunity to explore avenues to generate greater political will and concrete action to fight against racial discrimination.

    Mr. Korkeakivi recognised the negative impact of the United Nations’ liquidity crisis on the planning and implementation of the work of all Committees, as the holding of the next sessions for this year was still uncertain.  He confirmed that the Office of the High Commissioner was doing its utmost to ensure that the treaty bodies could implement their mandates.  Nevertheless, all indications pointed to a continuation of the difficult liquidity situation for the foreseeable future. 

    During the one hundred and fifteenth session, Ms. Chung said, the Committee reviewed follow-up reports for Croatia, Germany, Morocco, Uruguay and Tajikistan.  The Committee thanked these States parties for their reports and invited them to duly consider its recommendations and include the steps taken to implement them in their next periodic reports.

    The Committee pursued its work toward the elaboration of its joint general recommendations 38 and 39 with the Committee on the Protection of the Rights of All Migrant Workers and Members of their Families on eradicating xenophobia towards migrants and others perceived as such.

    Ms. Chung said the Committee also discussed the development of a general recommendation on reparations for the injustices of the transatlantic trade in enslaved Africans, their treatment as chattel, and the ongoing harms to people of African descent, holding a half-day of general discussion on 25 April 2025 as part of this process.  Two expert panels examined legal frameworks for reparations and the lasting effects of slavery, including systemic racism and institutional responsibility. Drawing on these discussions and over 60 written submissions, the Committee would now begin drafting the general recommendation, which would be shared for public input before adoption. Further information was available on the Committee’s webpage.

    Further, Ms. Chung reported, the Committee considered 16 submissions under its early warning and urgent action procedure and endorsed 13 letters to States parties assessed in this procedure.  It also considered four cases under the individual complaints procedure. It declared admissible one case against Germany and discontinued three other cases.

    Ms. Chung also provided an update on the follow-up procedure to the Ad-Hoc Conciliation Commission report published in August 2024 on the inter-State communication submitted by the State of Palestine against Israel under article 11 of the Convention.  Today, 9 May, the Committee issued a statement on the catastrophic humanitarian crisis in the occupied Palestinian territory, acting under its follow-up and early warning and urgent action procedure.

    On 24 April, Ms. Chung said, the Committee held a meeting with States parties.  The Committee thanked all States parties’ representatives who contributed to this event and appreciated that it was well attended.  Earlier today, the Committee also held a meeting with civil society organizations.  In addition, during the session, the Committee heard a report on follow-up to article 13 of the Convention and adopted an updated version of its Rules of Procedure, which would be made available shortly.

    In closing remarks, Michal Balcerzak, Committee Chairperson, said this had been a very productive session.  He thanked the Committee Experts, who had all contributed significantly to the Committee’s work throughout the session, and to working towards the Committee’s mandate of the elimination of all forms of racial discrimination wherever it occurred.  He also thanked all other persons who had contributed to the smooth execution of the Committee’s work.

    Summaries of the public meetings of the Committee can be found here, while webcasts of the public meetings can be found here.  Other documents related to the session can be found here.

    Due to the current financial situation, the dates of the second sessions of some treaty bodies are not yet confirmed. The next session of the Committee is scheduled take place between 11 and 29 August 2025, with the reports of Burundi, Guatemala, Maldives, New Zealand, Sweden and Tunisia scheduled for review. All information, including the proposed programme of work, will be available on the session webpage.

    ___________

    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.

     

    CERD25.009E

    MIL OSI United Nations News –

  • MIL-OSI Video: SDG 16 Conference 2025 | United Nations

    Source: United Nations (Video News)

    The SDG 16 Conference 2025 on “Advancing Peace, Justice and Institutions for Sustainable Development” will be held on Monday, 12 May 2025 at United Nations Headquarters in New York. 

    High-Level Opening
    Panel 1: Stocktaking progress on SDG 16: Assessing achievements and challenges
    Presentation of the updated Rome Civil Society Declaration on SDG 16+
    The Permanent Mission of Italy to the United Nations, the United Nations Department of Economic and Social Affairs (UN DESA) and the International Development Law Organization (IDLO) are co-organizing the SDG 16 Conference 2025. In the context of the 80th anniversary of the United Nations and building on the outcomes of the previous five editions, the Conference will provide a platform for showcasing tangible examples of how investing in SDG 16 delivers measurable, practical dividends for governments and people, enabling them to achieve their development priorities. It will mobilize actions and partnerships while reflecting on how SDG 16 can accelerate progress on the 2030 Agenda and contribute to the implementation of the Pact for the Future. The Conference will also aim to bring insights into key intergovernmental events to be held in 2025.

    https://www.youtube.com/watch?v=mDHZjZzM_0Q

    MIL OSI Video –

  • MIL-OSI Video: Pope Leo XIV, Gaza & other topics – Daily Press Briefing | United Nations

    Source: United Nations (Video News)

    Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.

    Highlights:

    – Secretary-General
    – Pope Leo XIV
    – Occupied Palestinian Territory
    – Syria
    – Sudan
    – Democratic Republic of Congo
    – West and Central Africa
    – Haiti
    – Colombia
    – Costa Rica
    – Central Emergency Response Fund
    – International Days
    – Financial Contributions

    SECRETARY-GENERAL
    The Secretary-General just concluded chairing the bi-annual meeting of the Chief Executives Board and is now on his way back to New York.
    At this meeting of the UN leadership in Denmark, the gathered heads of the UN system committed to a stronger, more effective and efficient UN as the organization faces greater challenges and fewer resources. This is the aim of the UN80 initiative.
    On that note, on Monday at 11 am, the Secretary-General will deliver remarks to the General Assembly, updating them on his vision for UN80 and the work done so far. We will try to share these remarks with you early on Monday.

    POPE LEO XIV
    In a statement we issued yesterday, the Secretary-General extended his heartfelt congratulations to His Holiness Pope Leo XIV and Catholics around the world. 
    The election of a new Pope is a moment of profound spiritual significance for millions of faithful around the world, and it comes at a time of great global challenges. 
    Our world is in need of the strongest voices for peace, social justice, human dignity and compassion.
    The Secretary-General looks forward to building on the long legacy of cooperation between the United Nations and the Holy See – nurtured most recently by Pope Francis – to advance solidarity, foster reconciliation, and build a just and sustainable world for all.
    It is rooted in the first words of Pope Leo.  Despite the rich diversity of backgrounds and beliefs, people everywhere share a common goal: May peace be with all the world.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=09%20May%202025

    https://www.youtube.com/watch?v=pxXprRt4c8I

    MIL OSI Video –

  • MIL-OSI Economics: Isabel Schnabel: Keeping a steady hand in an unsteady world

    Source: European Central Bank

    Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at Hoover Monetary Policy Conference “Finishing the Job and New Challenges”, Stanford University

    Stanford, 10 May 2025

    Standard theory of monetary policy rests on a simple premise: a stable relationship between inflation and the output gap. This is the logic behind the Phillips curve, which, in its most common form, relates inflation to a measure of economic slack, expected inflation and supply shocks.[1]

    The relationship between output and inflation was already under scrutiny well before the pandemic.

    After the global financial crisis of 2008, inflation didn’t fall nearly as much as had been implied by conventional Phillips curve estimates. And once economies around the world recovered and unemployment fell, the bounce-back in inflation fell short of model predictions.

    This is why that episode is known as the period of “missing deflation” and “missing inflation”.[2]

    The situation changed fundamentally in the aftermath of the pandemic, when the relationship between inflation and the output gap proved to be much stronger than what would have been expected based on historical estimates. We observed a noticeably steeper Phillips curve across advanced economies, including the euro area (Slide 2).[3]

    In my remarks today, I would like to draw lessons from the instability of the Phillips curve over the past 20 years for the optimal conduct of monetary policy. I will argue that the evidence of a re-flattening of the Phillips curve after the long period of high inflation suggests that, in the euro area, the most appropriate policy response to the potential risks to price stability arising from fiscal expansion and protectionism is to keep a steady hand and maintain rates close to where they are today – that is, firmly in neutral territory.

    Monetary policy and the slope of the Phillips curve

    The slope of the Phillips curve has first-order implications for the conduct of monetary policy.

    If the curve is steep, as it appeared to be in recent years, monetary policy is highly effective in reducing inflation, with only a limited impact on growth and employment. The smaller “sacrifice ratio” suggests that central banks should react more forcefully to deviations of inflation from target, even when the economy is hit by a supply shock that pushes inflation up and output down.[4]

    A steep Phillips curve hence improves the trade-off facing central banks, weakening the case for “looking through”, as forceful policy action minimises the risks of inflation expectations unanchoring and of inflation becoming entrenched.[5]

    Policy prescriptions differ fundamentally if the Phillips curve is flat.

    In this case, a large policy impulse is required to move output sufficiently to generate aggregate price effects. It can then be optimal for policy to tolerate moderate deviations of inflation from target, as the cost of closing a small inflation gap relative to the target may exceed the benefits.

    This prescription holds in both directions.

    When inflation is above the target, a flat Phillips curve would require a sharp rise in policy rates to bring medium-term inflation down from, say, 2.3% to 2%. Such a course of action may imply a substantial rise in unemployment and may thus not be welfare-improving for society at large – a trade-off central banks may face during the last mile of disinflation.[6]

    The experience of the 2010s, when inflation was persistently below the target, demonstrates that the argument also holds in the opposite direction.

    If bringing inflation up from 1.7% to 2%, for example, requires purchasing a large fraction of outstanding government bonds and making potentially time-inconsistent promises about the future path of interest rates, then the central bank must consider carefully whether the benefits outweigh the costs, such as making losses in the future, market dysfunction, rising wealth inequality, financial instability and threats to its reputation.[7]

    The role of inflation expectations

    However, the ability to tolerate moderate deviations of inflation from target critically hinges on a firm anchoring of inflation expectations – that is, a low sensitivity of inflation expectations to realised inflation.

    If inflation expectations are well-anchored, policymakers can tolerate moderate deviations from target, as fluctuations in inflation tend to fade away. If, however, inflation expectations are at risk of unanchoring, central banks should act forcefully.[8]

    There are two challenges to this strategy.

    One is that the anchoring of inflation expectations is endogenous. Central banks themselves can cause an unanchoring if inaction in the face of price shocks is perceived as weakening its commitment to securing price stability.[9]

    History shows that it can be costly to reestablish the credibility of the nominal anchor once it has been lost. This is also because inflation expectations are path-dependent. Research shows that the experience of high inflation may raise the sensitivity of inflation expectations to new inflation surprises.[10]

    The other challenge is that different measures of inflation expectations often yield different results (Slide 3). As such, robust trends cannot easily be identified in real time, much like the slope of the Phillips curve.[11]

    Measures of inflation expectations can even point in opposite directions. Research from the early days of the pandemic showed that most consumers expected the pandemic to raise prices, contrary to the views held by professional forecasters at the time.[12]

    State-dependent pricing and tight labour markets can explain steeper Phillips curve and post-pandemic inflation surge

    The recent period of high inflation illustrates how sensitive policy conclusions can be to the assessment of the slope of the Phillips curve and to measures of inflation expectations that central banks use in their analysis.

    Two key theories have been proposed to explain the post-pandemic inflation surge.[13]

    The first relates to firms’ price-setting behaviour.

    Standard New Keynesian models assume that the probability of firms resetting their prices is constant over time. This is a fair description of aggregate price movements when inflation is low and aggregate shocks are small (Slide 4).

    However, the past few years have demonstrated that this “linear” relationship breaks down in the face of large shocks.[14] When marginal costs increase rapidly and threaten to erode profit margins, firms tend to raise their prices more frequently. As a result, the Phillips curve steepens.

    This feedback loop is strongly asymmetric.[15] It acts as an inflation accelerator when firms face positive demand or adverse cost-push shocks.[16] But it does little to firms’ pricing strategies in the face of disinflationary shocks due to downward price rigidities.

    This helps explain why inflation did not fall much when the pandemic broke out but increased sharply after the reopening of our economies (Slide 5).[17]

    The second theory relates to the tightness of the labour market.

    Downward nominal wage rigidity has been a key factor explaining the “missing deflation” in the aftermath of the global financial crisis.[18] If nominal wages do not fall, or fall only very slowly, firms’ marginal costs change only moderately, and hence disinflationary pressures face a natural lower bound, even if slack is large.

    But when the labour market is tight, wages are more flexible as firms outbid each other in securing their desired workforce.

    Benigno and Eggertsson show that this channel led to a non-linear inflation surge in the United States whenever the number of job vacancies exceeded the number of unemployed workers (Slide 6).[19] In the euro area, the threshold was lower, but the curve still exhibited strong signs of non-linearity.

    Rising near-term inflation expectations may have shifted the Phillips curve up

    New research for the United States, however, suggests that the evidence in favour of the second theory is not very robust.

    Specifically, the finding of non-linearity depends critically on which measure is used to control for inflation expectations: non-linearity holds when controlling for expectations of professional forecasters, but it disappears once inflation expectations of households and firms are considered.[20]

    In other words, it is conceivable that the Phillips curve did not become steeper but rather shifted upwards as inflation expectations rose.[21] Non-linearity has also been rejected recently using a similar approach based on regional data for the euro area.[22]

    Moreover, the expectations that are relevant for such an upward shift are not necessarily the longer-term expectations that central banks typically pay most attention to.

    These have remained remarkably stable over the past few years (Slide 7).

    Rather, inflation expectations over the near term, such as the next 12 months, may be more important in driving macroeconomic outcomes.

    Bernanke and Blanchard, for example, show that one-year-ahead inflation expectations explain a significant share of the recent marked rise in nominal wages, and hence inflation, in the United States.[23] Similar evidence has been found for the euro area and other advanced economies.[24]

    Again, there appears to be an asymmetry: the risks that the Phillips curve shifts downwards are substantially lower. Research shows that consumers tend to respond more to inflationary than disinflationary news, as households value increases in their purchasing power and as they pay less attention to inflation when it is low.[25]

    The impact of tariffs on inflation in the euro area

    Understanding the reasons behind the recent inflation surge is not only important from a conceptual perspective. It also matters for setting monetary policy today, as we are once again confronted with historically large shocks.

    For central banks, this is a difficult environment to navigate.

    Memories of high inflation are still fresh after a long period of sharply rising prices. And just as during the pandemic, there is considerable uncertainty about how firms and households are going to respond to shocks that are largely outside the historical empirical range.

    Ultimately, the impact of current shocks on prices and wages, and hence the appropriate monetary policy response, will depend on the shape and location of the Phillips curve.

    Monetary policy should focus on the medium term and underlying inflation

    Let me illustrate this by looking at the euro area.

    Given the lags in policy transmission, the relevant horizon for monetary policy is the medium term. The past few years, however, demonstrated that inflation forecasting at times of large structural shocks is inherently difficult and plagued by large uncertainty.

    For this reason, the ECB and other central banks have increasingly turned to a data-dependent approach to monetary policy, where the observed dynamics of underlying inflation and the strength of monetary transmission are used to cross-check the inflation projections.[26]

    This approach remains valid today.[27] But data dependence is not in contrast to being forward-looking.

    In the current situation, the high level of economic uncertainty, together with the sharp fall in energy prices and a stronger euro exchange rate, will likely dampen headline inflation in the short run, potentially pushing it below our 2% target.

    The question is whether these developments provide meaningful signals about the net impact of current shocks on medium-term inflation.

    During the pandemic, for example, a strong appreciation of the euro against the US dollar, by nearly 14% over seven months, and a marked decline in energy prices were followed by a historical inflation surge.

    Data dependency hence requires examining the potential channels through which current shocks could affect underlying inflation over the medium term.

    In the euro area, there are two main forces that could have the size and persistence to pull underlying inflation sustainably away from our 2% medium-term target.

    One is fiscal policy, which is set to expand on a scale unseen outside periods of deep economic contraction.

    Germany has eased its constitutional debt brake for defence-related spending, and has committed to spending €500 billion, or more than 10% of GDP, on infrastructure and the green transition over the next 12 years. In addition, the European Commission has invited Member States to activate the national escape clause to accommodate increased defence expenditure across the EU.

    The impact of these measures on inflation will depend on how they are implemented, especially their impact on the supply side of the economy. But on balance, the fiscal impulse is likely to put upward pressure on underlying inflation over the medium term.

    Global fragmentation is the second force that could have a lasting impact on prices and wages.

    As we speak, the scale and scope of tariffs, the extent of retaliation as well as how financial markets respond to these developments all remain highly uncertain.

    Ongoing negotiations are a sign that mutually beneficial agreements may still be reached. An ideal outcome – the “zero-for-zero” tariff agreement advocated by the European Commission – could even boost growth and employment on both sides of the Atlantic.

    However, should these negotiations fail, the euro area will simultaneously face adverse supply and demand shocks, as the EU has announced that it will retaliate against higher tariffs.

    Similar to the pandemic, assessing the relative strength of these forces is inherently difficult. Overall, however, there are risks that a lasting and meaningful increase in tariffs will reinforce the upward pressure on underlying inflation arising from higher fiscal spending over the medium term.

    To see this, it is useful to look at the factors driving the macroeconomic propagation of tariffs.

    Euro area foreign demand may prove resilient, with limited effects on inflation

    The severity of the negative demand shock will depend on two factors.

    One is the hit to economic activity in the United States and to global demand from raising tariffs across the board. Under the 2 April tariff rates, the United States will face a supply shock of historic proportions. Inflation is poised to rise, real incomes to fall and unemployment to increase. Retaliatory tariffs would weaken the economy further.

    So even in the absence of demand reallocation, foreign demand can be expected to decline if there is a broad increase in tariffs. The depth and persistence of this decline will also depend on other policies, such as tax and spending cuts and deregulation.

    And it will crucially depend on the final outcome of tariff negotiations, which is likely to be far less severe than the 2 April announcement.

    The second factor affecting the severity of the demand shock relates to the degree of demand reallocation – that is, the elasticity of substitution between foreign and domestic products. This elasticity is highly uncertain and varies across industries, products and countries.[28]

    However, a robust finding in the literature is that products that are more differentiated tend to be relatively price-inelastic, as they are more difficult to substitute.

    This has great relevance for the euro area, where the bulk of exports to the United States comprise pharmaceuticals, machinery, vehicles and chemicals. These goods are typically highly differentiated (Slide 8, left-hand side).

    For instance, the supply of machines for producing semiconductors is basically monopolised by one Dutch company. Similarly, banknotes in the United States are overwhelmingly printed using machinery from a single German manufacturer.

    These and other machines are not easy to replace in the short run, giving euro area exporters leverage to pass higher costs on to foreign importers and limiting the hit to foreign demand.

    In addition, trade diversion may benefit euro area exports.

    Should prohibitive tariffs on Chinese imports remain in place, they will measurably raise the euro area’s price competitiveness in the US market. This can be expected to stimulate demand for euro area goods if there are no alternatives in the United States itself, especially as the number of industries in which both Chinese and euro area firms have comparative advantages has increased measurably over the past two decades (Slide 8, right-hand side).[29]

    New research corroborates this view.[30] It finds that the euro area stands to win in relative terms from a global trade war, as its net exports to the world will rise rather than fall as global demand is reallocated across the global network, offsetting the hit to domestic consumption.[31]

    In other words, for as long as tariffs are not prohibitive to trade and the uncertainty paralysing activity fades, aggregate euro area foreign demand may prove relatively resilient under a range of potential tariff outcomes.

    The recent appreciation of the euro does not refute this view.

    The euro has gone through two distinct phases since the US presidential election in November last year. It first depreciated in nominal effective terms by 3% until mid-February, before starting to appreciate. So, in net terms, the euro is trading just 2.6% above last year’s average.

    In addition, as most exports to the United States are invoiced in US dollars, the pass-through of changes in the exchange rate to import prices tends to be moderate – by recent estimates just about one-fifth.[32] And potential losses in price competitiveness in third countries are in part compensated by lower import costs, as euro area exports have, on average, a large import content.

    This price inelasticity is also reflected in recent surveys, with manufacturing firms reporting an expansion in output for the first time in more than two years (Slide 9). Also, fewer firms are reporting falling export orders.

    Even if part of these developments may reflect frontloading by firms, it is remarkable how resilient sentiment has remained in the face of the extraordinary increase in economic uncertainty.

    Supply shock puts upward pressure on inflation, reinforced by global supply chains

    The downward effects on inflation caused by lower demand are likely to be offset, partly or even fully, by the supply shock hitting the euro area through retaliatory tariffs imposed by the EU and other economies.

    The strength of this supply shock also depends on two factors.

    One is the extent to which firms pass higher tariffs on to consumers.

    In the United States, evidence from the 2018 tariff increase suggests that, in most cases, the pass-through to import prices was de facto complete.[33] At the same time, many firms chose to absorb part of the increase in import prices in their profit margins, thereby limiting the increase in consumer price inflation, at least in the short run.[34]

    Whether firms will respond similarly to a renewed rise in tariffs in the current environment is uncertain.

    On the one hand, the recent appreciation of the euro, if persistent, provides some margin for euro area firms to buffer cost increases from retaliatory tariffs. On the other hand, profit margins have already been squeezed by high wage growth and a sluggish economy, and the post-pandemic inflation surge may have lowered the bar for firms to pass higher costs on to consumers.

    Overall, recent surveys of companies in the United States and the euro area suggest that they plan to gradually pass higher tariffs on to consumers over the coming years.[35]

    In addition, in order to compensate for the hit to input costs, firms also tend to raise the prices of goods not directly affected by tariffs. There is evidence that retailers broadly adjust price markups even if only a subset of wholesale prices change.[36]

    The second, and related, factor determining the strength of the supply shock relates to global value chains.

    Unlike during the wave of protectionism in the 1930s, today the dominant share of international trade, about 70%, reflects multinational firms distributing production across countries and along the value chain to minimise costs. In this process, parts and components often cross borders many times.

    Prohibitive tariffs between the United States and China are already disrupting supply chains. Shipments of goods are declining, potentially causing future shortages of critical intermediate goods that could reverberate across the world.

    While current conditions are very different from those seen during the pandemic, when supply chain disruptions were a main factor driving the surge in inflation, the impact of tariffs is likely to be amplified as the increase in firms’ marginal costs propagates through the production network.

    ECB staff analysis shows that, even if the EU does not retaliate, higher production costs transmitted through global value chains could more than offset the disinflationary pressure coming from lower foreign demand, making tariffs inflationary overall (Slide 10, left-hand side).[37]

    These effects will become stronger with full retaliation, including intermediate goods. So far, the EU’s retaliatory measures have disproportionately targeted final consumer goods, such as beverages, food and home appliances – precisely to avoid broader cost effects being transmitted through value chains (Slide 10, right-hand side).

    But if the trade conflict intensifies, the scale of retaliation will widen and increasingly include intermediate goods, as these account for nearly 70% of euro area imports from the United States.

    In other words, retaliatory tariffs on intermediate goods would constitute a much broader cost-push shock for euro area firms, reminiscent of the post-pandemic supply chain disruptions.[38]

    It is possible that these effects will be mitigated by China redirecting goods originally destined for the United States towards the euro area and other economies at a discount.

    In practice, however, this mitigation channel is likely to be contained. India, for example, has already raised temporary tariffs on China to curb a surge in imports. Similarly, the European Commission has repeatedly clarified that it intends to protect euro area firms against dumping prices should imports from China rise significantly in response to the evolving trade conflict with the United States.[39]

    Policy implications

    How, then, should the ECB respond to the current shocks?

    The lessons from the post-pandemic surge in inflation suggest that, from today’s perspective, the appropriate course of action is to keep rates close to where they are today – that is, firmly in neutral territory.

    A “steady hand” policy provides the best insurance against a wide range of potential outcomes. In other words, it is robust to many contingencies.

    Specifically, it avoids reacting excessively to volatility in headline inflation at a time when domestic inflation remains sticky and new forces are putting upward pressure on underlying inflation over the medium term. Given lags in policy transmission, an accommodative policy stance could amplify risks to medium-term price stability.

    This steady hand policy also avoids overreacting to concerns that tariffs may destabilise inflation expectations once again.

    In recent months, households’ short-term inflation expectations have reversed and started rising again. According to the ECB’s Consumer Expectations Survey, expectations for inflation one year ahead increased to 2.9% in March from their trough of 2.4% in September 2024 (Slide 11, left-hand side). Qualitative inflation expectations, as measured by the European Commission, even rose to levels last seen in late 2022 (Slide 11, right-hand side).

    Currently, there are no indications that this rise is persistent, or that inflation expectations are at risk of unanchoring.

    Hence, we can afford to look through the rise in short-term inflation expectations. This could change if we see clear signs of a strong and front-loaded pass-through of potential tariff increases – something that could bring us back to the steep part of the Phillips curve. So far, however, evidence suggests that firms have notably slowed the frequency with which they revise their prices.

    A steady hand policy also addresses risks of a more substantial decline in aggregate demand in response to the trade conflict.

    If tight labour markets were the main culprit for the recent steepening of the Phillips curve, risks of a sharp decline in inflation caused by a rise in unemployment are much more moderate today.

    The reason for this is that in both the United States and the euro area, the vacancy-to-unemployment ratio has fallen markedly and is now at a level that suggests that labour markets are much more balanced (Slide 12).

    We are thus likely to be operating close to, or at, the flat part of the Phillips curve where a change in unemployment has only limited effects on underlying inflation, in stark contrast to the high inflation period.[40]

    We would only need to react more forcefully to the tariff shock if we observed a sharp deterioration in labour market conditions or an unanchoring of inflation expectations to the downside.

    Both seem unlikely at the current juncture.

    Despite the number of vacancies declining, the euro area labour market has proven resilient, with unemployment at a record low. And most measures of medium-term inflation expectations remain tilted to the upside, including those of professional forecasters (Slide 13).

    Conclusion

    My main message today, and with this I would like to conclude, is therefore simple: now is the time to keep a steady hand.

    In the current environment of elevated volatility, the ECB needs to remain focused on the medium term. Given long and variable transmission lags, reacting to short-term developments could result in the peak impact of our policy only unfolding when the current disinflationary forces have passed.

    Over the medium term, risks to euro area inflation are likely tilted to the upside, reflecting both the increase in fiscal spending and the risks of renewed cost-push shocks from tariffs propagating through global value chains.

    Therefore, from today’s perspective, an accommodative monetary policy stance would be inappropriate, also because recent inflation data suggest that past shocks may unwind more slowly than previously anticipated.

    By keeping interest rates near their current levels, we can be confident that monetary policy is neither excessively holding back growth and employment, nor stimulating it. We are thus in a good place to evaluate the likely future evolution of the economy and to take action if risks materialise that threaten price stability.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Committee marks 30th anniversary of Agreement on Import Licensing Procedures

    Source: World Trade Organization

    To mark the anniversary, the WTO Secretariat made a presentation on the history of import licensing in the General Agreement on Tariffs and Trade (GATT) and the WTO, as well as the Committee’s role in overseeing implementation of the Agreement on Import Licensing Procedures. Several former Chairpersons also shared their reflections and experiences from their time in office in video remarks presented to the meeting.

    Import licensing refers to administrative procedures requiring the submission of an application or other documentation to relevant authorities as a prior condition for importing goods into a country. These procedures can be either automatic or non-automatic.

    The Agreement aims to ensure that import licensing systems are transparent, predictable and do not create unnecessary barriers to trade. Members are required to publish all rules and information concerning import licensing procedures to enable traders to understand them and ensure that these remain neutral and no more administratively burdensome than necessary. 

    In its presentation, the Secretariat noted that, over the past 30 years, WTO members have submitted nearly 2,500 notifications related to import licensing measures. The Committee had held 60 formal meetings, during which more than 350 questions and replies were exchanged and a total of 176 new and recurring trade concerns were raised.

    The Committee has also worked to enhance transparency and compliance, including by clarifying notification requirements and developing improved notification templates for import licensing legislation. It has also overseen the creation of a public website and database on licensing procedures notified by members as well as an online Notification Portal and Database for all notification requirements under the Agreement.

    Notifications

    The Chair of the Committee, Tyesha Turner of Jamaica, informed members that since the last Committee meeting in November 2024, a total of 38 notifications had been received under various provisions of the Agreement. The Chair emphasized that members have to notify their import licensing regulations and changes to these regulations within 60 days of publication.

    In addition, 19 notifications were submitted under Article 7.3 of the Agreement (which mandates members to complete the annual questionnaire on import licensing procedures promptly and in full) since the last Committee meeting, the Chair said.

    The Chair noted that 21 WTO members have yet to submit a single reply to the annual questionnaire since joining the WTO, and 13 members have never submitted any notification under the Agreement. While these figures have seen only marginal changes in recent years, she encouraged members to consider engaging with their notification obligations and to seek support from the Secretariat where needed.

    Specific trade concerns

    The Committee addressed a record 12 trade concerns at the 8 May meeting, covering the import licensing regimes of various products:

    • Egypt’s import licensing requirements for certain agricultural and processed products, raised by the European Union;
    • India’s quality control for plywood and wooden flush door shutters, raised by Indonesia;
    • India’s importation of pneumatic tyres, raised by Indonesia, Chinese Taipei and Thailand;
    • India’s import of viscose staple fibre, raised by Indonesia;
    • India’s import licensing measures on personal computers, tablets and other electronic products, raised by Japan;
    • Indonesia’s commodity balancing mechanism, raised by the European Union and Japan;
    • Indonesia’s import licensing regime for certain textile products, raised by the European Union and Japan;
    • Indonesia’s compulsory registration by importers of steel products, raised by Japan;
    • Indonesia’s import restriction on air conditioners, raised by Japan;
    • Indonesia’s importer registration requests for agricultural, food and drink products, raised by the United Kingdom;
    • Mongolia’s new import licensing requirements for alcoholic beverages, raised by the United Kingdom;
    • Türkiye’s import restrictions on two wheelers, raised by India.

    Next meeting

    The Chair said the next Committee meeting is tentatively scheduled for 10 October 2025.

    Share

    MIL OSI Economics –

  • MIL-OSI Banking: Isabel Schnabel: Keeping a steady hand in an unsteady world

    Source: European Central Bank

    Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at Hoover Monetary Policy Conference “Finishing the Job and New Challenges”, Stanford University

    Stanford, 10 May 2025

    Standard theory of monetary policy rests on a simple premise: a stable relationship between inflation and the output gap. This is the logic behind the Phillips curve, which, in its most common form, relates inflation to a measure of economic slack, expected inflation and supply shocks.[1]

    The relationship between output and inflation was already under scrutiny well before the pandemic.

    After the global financial crisis of 2008, inflation didn’t fall nearly as much as had been implied by conventional Phillips curve estimates. And once economies around the world recovered and unemployment fell, the bounce-back in inflation fell short of model predictions.

    This is why that episode is known as the period of “missing deflation” and “missing inflation”.[2]

    The situation changed fundamentally in the aftermath of the pandemic, when the relationship between inflation and the output gap proved to be much stronger than what would have been expected based on historical estimates. We observed a noticeably steeper Phillips curve across advanced economies, including the euro area (Slide 2).[3]

    In my remarks today, I would like to draw lessons from the instability of the Phillips curve over the past 20 years for the optimal conduct of monetary policy. I will argue that the evidence of a re-flattening of the Phillips curve after the long period of high inflation suggests that, in the euro area, the most appropriate policy response to the potential risks to price stability arising from fiscal expansion and protectionism is to keep a steady hand and maintain rates close to where they are today – that is, firmly in neutral territory.

    Monetary policy and the slope of the Phillips curve

    The slope of the Phillips curve has first-order implications for the conduct of monetary policy.

    If the curve is steep, as it appeared to be in recent years, monetary policy is highly effective in reducing inflation, with only a limited impact on growth and employment. The smaller “sacrifice ratio” suggests that central banks should react more forcefully to deviations of inflation from target, even when the economy is hit by a supply shock that pushes inflation up and output down.[4]

    A steep Phillips curve hence improves the trade-off facing central banks, weakening the case for “looking through”, as forceful policy action minimises the risks of inflation expectations unanchoring and of inflation becoming entrenched.[5]

    Policy prescriptions differ fundamentally if the Phillips curve is flat.

    In this case, a large policy impulse is required to move output sufficiently to generate aggregate price effects. It can then be optimal for policy to tolerate moderate deviations of inflation from target, as the cost of closing a small inflation gap relative to the target may exceed the benefits.

    This prescription holds in both directions.

    When inflation is above the target, a flat Phillips curve would require a sharp rise in policy rates to bring medium-term inflation down from, say, 2.3% to 2%. Such a course of action may imply a substantial rise in unemployment and may thus not be welfare-improving for society at large – a trade-off central banks may face during the last mile of disinflation.[6]

    The experience of the 2010s, when inflation was persistently below the target, demonstrates that the argument also holds in the opposite direction.

    If bringing inflation up from 1.7% to 2%, for example, requires purchasing a large fraction of outstanding government bonds and making potentially time-inconsistent promises about the future path of interest rates, then the central bank must consider carefully whether the benefits outweigh the costs, such as making losses in the future, market dysfunction, rising wealth inequality, financial instability and threats to its reputation.[7]

    The role of inflation expectations

    However, the ability to tolerate moderate deviations of inflation from target critically hinges on a firm anchoring of inflation expectations – that is, a low sensitivity of inflation expectations to realised inflation.

    If inflation expectations are well-anchored, policymakers can tolerate moderate deviations from target, as fluctuations in inflation tend to fade away. If, however, inflation expectations are at risk of unanchoring, central banks should act forcefully.[8]

    There are two challenges to this strategy.

    One is that the anchoring of inflation expectations is endogenous. Central banks themselves can cause an unanchoring if inaction in the face of price shocks is perceived as weakening its commitment to securing price stability.[9]

    History shows that it can be costly to reestablish the credibility of the nominal anchor once it has been lost. This is also because inflation expectations are path-dependent. Research shows that the experience of high inflation may raise the sensitivity of inflation expectations to new inflation surprises.[10]

    The other challenge is that different measures of inflation expectations often yield different results (Slide 3). As such, robust trends cannot easily be identified in real time, much like the slope of the Phillips curve.[11]

    Measures of inflation expectations can even point in opposite directions. Research from the early days of the pandemic showed that most consumers expected the pandemic to raise prices, contrary to the views held by professional forecasters at the time.[12]

    State-dependent pricing and tight labour markets can explain steeper Phillips curve and post-pandemic inflation surge

    The recent period of high inflation illustrates how sensitive policy conclusions can be to the assessment of the slope of the Phillips curve and to measures of inflation expectations that central banks use in their analysis.

    Two key theories have been proposed to explain the post-pandemic inflation surge.[13]

    The first relates to firms’ price-setting behaviour.

    Standard New Keynesian models assume that the probability of firms resetting their prices is constant over time. This is a fair description of aggregate price movements when inflation is low and aggregate shocks are small (Slide 4).

    However, the past few years have demonstrated that this “linear” relationship breaks down in the face of large shocks.[14] When marginal costs increase rapidly and threaten to erode profit margins, firms tend to raise their prices more frequently. As a result, the Phillips curve steepens.

    This feedback loop is strongly asymmetric.[15] It acts as an inflation accelerator when firms face positive demand or adverse cost-push shocks.[16] But it does little to firms’ pricing strategies in the face of disinflationary shocks due to downward price rigidities.

    This helps explain why inflation did not fall much when the pandemic broke out but increased sharply after the reopening of our economies (Slide 5).[17]

    The second theory relates to the tightness of the labour market.

    Downward nominal wage rigidity has been a key factor explaining the “missing deflation” in the aftermath of the global financial crisis.[18] If nominal wages do not fall, or fall only very slowly, firms’ marginal costs change only moderately, and hence disinflationary pressures face a natural lower bound, even if slack is large.

    But when the labour market is tight, wages are more flexible as firms outbid each other in securing their desired workforce.

    Benigno and Eggertsson show that this channel led to a non-linear inflation surge in the United States whenever the number of job vacancies exceeded the number of unemployed workers (Slide 6).[19] In the euro area, the threshold was lower, but the curve still exhibited strong signs of non-linearity.

    Rising near-term inflation expectations may have shifted the Phillips curve up

    New research for the United States, however, suggests that the evidence in favour of the second theory is not very robust.

    Specifically, the finding of non-linearity depends critically on which measure is used to control for inflation expectations: non-linearity holds when controlling for expectations of professional forecasters, but it disappears once inflation expectations of households and firms are considered.[20]

    In other words, it is conceivable that the Phillips curve did not become steeper but rather shifted upwards as inflation expectations rose.[21] Non-linearity has also been rejected recently using a similar approach based on regional data for the euro area.[22]

    Moreover, the expectations that are relevant for such an upward shift are not necessarily the longer-term expectations that central banks typically pay most attention to.

    These have remained remarkably stable over the past few years (Slide 7).

    Rather, inflation expectations over the near term, such as the next 12 months, may be more important in driving macroeconomic outcomes.

    Bernanke and Blanchard, for example, show that one-year-ahead inflation expectations explain a significant share of the recent marked rise in nominal wages, and hence inflation, in the United States.[23] Similar evidence has been found for the euro area and other advanced economies.[24]

    Again, there appears to be an asymmetry: the risks that the Phillips curve shifts downwards are substantially lower. Research shows that consumers tend to respond more to inflationary than disinflationary news, as households value increases in their purchasing power and as they pay less attention to inflation when it is low.[25]

    The impact of tariffs on inflation in the euro area

    Understanding the reasons behind the recent inflation surge is not only important from a conceptual perspective. It also matters for setting monetary policy today, as we are once again confronted with historically large shocks.

    For central banks, this is a difficult environment to navigate.

    Memories of high inflation are still fresh after a long period of sharply rising prices. And just as during the pandemic, there is considerable uncertainty about how firms and households are going to respond to shocks that are largely outside the historical empirical range.

    Ultimately, the impact of current shocks on prices and wages, and hence the appropriate monetary policy response, will depend on the shape and location of the Phillips curve.

    Monetary policy should focus on the medium term and underlying inflation

    Let me illustrate this by looking at the euro area.

    Given the lags in policy transmission, the relevant horizon for monetary policy is the medium term. The past few years, however, demonstrated that inflation forecasting at times of large structural shocks is inherently difficult and plagued by large uncertainty.

    For this reason, the ECB and other central banks have increasingly turned to a data-dependent approach to monetary policy, where the observed dynamics of underlying inflation and the strength of monetary transmission are used to cross-check the inflation projections.[26]

    This approach remains valid today.[27] But data dependence is not in contrast to being forward-looking.

    In the current situation, the high level of economic uncertainty, together with the sharp fall in energy prices and a stronger euro exchange rate, will likely dampen headline inflation in the short run, potentially pushing it below our 2% target.

    The question is whether these developments provide meaningful signals about the net impact of current shocks on medium-term inflation.

    During the pandemic, for example, a strong appreciation of the euro against the US dollar, by nearly 14% over seven months, and a marked decline in energy prices were followed by a historical inflation surge.

    Data dependency hence requires examining the potential channels through which current shocks could affect underlying inflation over the medium term.

    In the euro area, there are two main forces that could have the size and persistence to pull underlying inflation sustainably away from our 2% medium-term target.

    One is fiscal policy, which is set to expand on a scale unseen outside periods of deep economic contraction.

    Germany has eased its constitutional debt brake for defence-related spending, and has committed to spending €500 billion, or more than 10% of GDP, on infrastructure and the green transition over the next 12 years. In addition, the European Commission has invited Member States to activate the national escape clause to accommodate increased defence expenditure across the EU.

    The impact of these measures on inflation will depend on how they are implemented, especially their impact on the supply side of the economy. But on balance, the fiscal impulse is likely to put upward pressure on underlying inflation over the medium term.

    Global fragmentation is the second force that could have a lasting impact on prices and wages.

    As we speak, the scale and scope of tariffs, the extent of retaliation as well as how financial markets respond to these developments all remain highly uncertain.

    Ongoing negotiations are a sign that mutually beneficial agreements may still be reached. An ideal outcome – the “zero-for-zero” tariff agreement advocated by the European Commission – could even boost growth and employment on both sides of the Atlantic.

    However, should these negotiations fail, the euro area will simultaneously face adverse supply and demand shocks, as the EU has announced that it will retaliate against higher tariffs.

    Similar to the pandemic, assessing the relative strength of these forces is inherently difficult. Overall, however, there are risks that a lasting and meaningful increase in tariffs will reinforce the upward pressure on underlying inflation arising from higher fiscal spending over the medium term.

    To see this, it is useful to look at the factors driving the macroeconomic propagation of tariffs.

    Euro area foreign demand may prove resilient, with limited effects on inflation

    The severity of the negative demand shock will depend on two factors.

    One is the hit to economic activity in the United States and to global demand from raising tariffs across the board. Under the 2 April tariff rates, the United States will face a supply shock of historic proportions. Inflation is poised to rise, real incomes to fall and unemployment to increase. Retaliatory tariffs would weaken the economy further.

    So even in the absence of demand reallocation, foreign demand can be expected to decline if there is a broad increase in tariffs. The depth and persistence of this decline will also depend on other policies, such as tax and spending cuts and deregulation.

    And it will crucially depend on the final outcome of tariff negotiations, which is likely to be far less severe than the 2 April announcement.

    The second factor affecting the severity of the demand shock relates to the degree of demand reallocation – that is, the elasticity of substitution between foreign and domestic products. This elasticity is highly uncertain and varies across industries, products and countries.[28]

    However, a robust finding in the literature is that products that are more differentiated tend to be relatively price-inelastic, as they are more difficult to substitute.

    This has great relevance for the euro area, where the bulk of exports to the United States comprise pharmaceuticals, machinery, vehicles and chemicals. These goods are typically highly differentiated (Slide 8, left-hand side).

    For instance, the supply of machines for producing semiconductors is basically monopolised by one Dutch company. Similarly, banknotes in the United States are overwhelmingly printed using machinery from a single German manufacturer.

    These and other machines are not easy to replace in the short run, giving euro area exporters leverage to pass higher costs on to foreign importers and limiting the hit to foreign demand.

    In addition, trade diversion may benefit euro area exports.

    Should prohibitive tariffs on Chinese imports remain in place, they will measurably raise the euro area’s price competitiveness in the US market. This can be expected to stimulate demand for euro area goods if there are no alternatives in the United States itself, especially as the number of industries in which both Chinese and euro area firms have comparative advantages has increased measurably over the past two decades (Slide 8, right-hand side).[29]

    New research corroborates this view.[30] It finds that the euro area stands to win in relative terms from a global trade war, as its net exports to the world will rise rather than fall as global demand is reallocated across the global network, offsetting the hit to domestic consumption.[31]

    In other words, for as long as tariffs are not prohibitive to trade and the uncertainty paralysing activity fades, aggregate euro area foreign demand may prove relatively resilient under a range of potential tariff outcomes.

    The recent appreciation of the euro does not refute this view.

    The euro has gone through two distinct phases since the US presidential election in November last year. It first depreciated in nominal effective terms by 3% until mid-February, before starting to appreciate. So, in net terms, the euro is trading just 2.6% above last year’s average.

    In addition, as most exports to the United States are invoiced in US dollars, the pass-through of changes in the exchange rate to import prices tends to be moderate – by recent estimates just about one-fifth.[32] And potential losses in price competitiveness in third countries are in part compensated by lower import costs, as euro area exports have, on average, a large import content.

    This price inelasticity is also reflected in recent surveys, with manufacturing firms reporting an expansion in output for the first time in more than two years (Slide 9). Also, fewer firms are reporting falling export orders.

    Even if part of these developments may reflect frontloading by firms, it is remarkable how resilient sentiment has remained in the face of the extraordinary increase in economic uncertainty.

    Supply shock puts upward pressure on inflation, reinforced by global supply chains

    The downward effects on inflation caused by lower demand are likely to be offset, partly or even fully, by the supply shock hitting the euro area through retaliatory tariffs imposed by the EU and other economies.

    The strength of this supply shock also depends on two factors.

    One is the extent to which firms pass higher tariffs on to consumers.

    In the United States, evidence from the 2018 tariff increase suggests that, in most cases, the pass-through to import prices was de facto complete.[33] At the same time, many firms chose to absorb part of the increase in import prices in their profit margins, thereby limiting the increase in consumer price inflation, at least in the short run.[34]

    Whether firms will respond similarly to a renewed rise in tariffs in the current environment is uncertain.

    On the one hand, the recent appreciation of the euro, if persistent, provides some margin for euro area firms to buffer cost increases from retaliatory tariffs. On the other hand, profit margins have already been squeezed by high wage growth and a sluggish economy, and the post-pandemic inflation surge may have lowered the bar for firms to pass higher costs on to consumers.

    Overall, recent surveys of companies in the United States and the euro area suggest that they plan to gradually pass higher tariffs on to consumers over the coming years.[35]

    In addition, in order to compensate for the hit to input costs, firms also tend to raise the prices of goods not directly affected by tariffs. There is evidence that retailers broadly adjust price markups even if only a subset of wholesale prices change.[36]

    The second, and related, factor determining the strength of the supply shock relates to global value chains.

    Unlike during the wave of protectionism in the 1930s, today the dominant share of international trade, about 70%, reflects multinational firms distributing production across countries and along the value chain to minimise costs. In this process, parts and components often cross borders many times.

    Prohibitive tariffs between the United States and China are already disrupting supply chains. Shipments of goods are declining, potentially causing future shortages of critical intermediate goods that could reverberate across the world.

    While current conditions are very different from those seen during the pandemic, when supply chain disruptions were a main factor driving the surge in inflation, the impact of tariffs is likely to be amplified as the increase in firms’ marginal costs propagates through the production network.

    ECB staff analysis shows that, even if the EU does not retaliate, higher production costs transmitted through global value chains could more than offset the disinflationary pressure coming from lower foreign demand, making tariffs inflationary overall (Slide 10, left-hand side).[37]

    These effects will become stronger with full retaliation, including intermediate goods. So far, the EU’s retaliatory measures have disproportionately targeted final consumer goods, such as beverages, food and home appliances – precisely to avoid broader cost effects being transmitted through value chains (Slide 10, right-hand side).

    But if the trade conflict intensifies, the scale of retaliation will widen and increasingly include intermediate goods, as these account for nearly 70% of euro area imports from the United States.

    In other words, retaliatory tariffs on intermediate goods would constitute a much broader cost-push shock for euro area firms, reminiscent of the post-pandemic supply chain disruptions.[38]

    It is possible that these effects will be mitigated by China redirecting goods originally destined for the United States towards the euro area and other economies at a discount.

    In practice, however, this mitigation channel is likely to be contained. India, for example, has already raised temporary tariffs on China to curb a surge in imports. Similarly, the European Commission has repeatedly clarified that it intends to protect euro area firms against dumping prices should imports from China rise significantly in response to the evolving trade conflict with the United States.[39]

    Policy implications

    How, then, should the ECB respond to the current shocks?

    The lessons from the post-pandemic surge in inflation suggest that, from today’s perspective, the appropriate course of action is to keep rates close to where they are today – that is, firmly in neutral territory.

    A “steady hand” policy provides the best insurance against a wide range of potential outcomes. In other words, it is robust to many contingencies.

    Specifically, it avoids reacting excessively to volatility in headline inflation at a time when domestic inflation remains sticky and new forces are putting upward pressure on underlying inflation over the medium term. Given lags in policy transmission, an accommodative policy stance could amplify risks to medium-term price stability.

    This steady hand policy also avoids overreacting to concerns that tariffs may destabilise inflation expectations once again.

    In recent months, households’ short-term inflation expectations have reversed and started rising again. According to the ECB’s Consumer Expectations Survey, expectations for inflation one year ahead increased to 2.9% in March from their trough of 2.4% in September 2024 (Slide 11, left-hand side). Qualitative inflation expectations, as measured by the European Commission, even rose to levels last seen in late 2022 (Slide 11, right-hand side).

    Currently, there are no indications that this rise is persistent, or that inflation expectations are at risk of unanchoring.

    Hence, we can afford to look through the rise in short-term inflation expectations. This could change if we see clear signs of a strong and front-loaded pass-through of potential tariff increases – something that could bring us back to the steep part of the Phillips curve. So far, however, evidence suggests that firms have notably slowed the frequency with which they revise their prices.

    A steady hand policy also addresses risks of a more substantial decline in aggregate demand in response to the trade conflict.

    If tight labour markets were the main culprit for the recent steepening of the Phillips curve, risks of a sharp decline in inflation caused by a rise in unemployment are much more moderate today.

    The reason for this is that in both the United States and the euro area, the vacancy-to-unemployment ratio has fallen markedly and is now at a level that suggests that labour markets are much more balanced (Slide 12).

    We are thus likely to be operating close to, or at, the flat part of the Phillips curve where a change in unemployment has only limited effects on underlying inflation, in stark contrast to the high inflation period.[40]

    We would only need to react more forcefully to the tariff shock if we observed a sharp deterioration in labour market conditions or an unanchoring of inflation expectations to the downside.

    Both seem unlikely at the current juncture.

    Despite the number of vacancies declining, the euro area labour market has proven resilient, with unemployment at a record low. And most measures of medium-term inflation expectations remain tilted to the upside, including those of professional forecasters (Slide 13).

    Conclusion

    My main message today, and with this I would like to conclude, is therefore simple: now is the time to keep a steady hand.

    In the current environment of elevated volatility, the ECB needs to remain focused on the medium term. Given long and variable transmission lags, reacting to short-term developments could result in the peak impact of our policy only unfolding when the current disinflationary forces have passed.

    Over the medium term, risks to euro area inflation are likely tilted to the upside, reflecting both the increase in fiscal spending and the risks of renewed cost-push shocks from tariffs propagating through global value chains.

    Therefore, from today’s perspective, an accommodative monetary policy stance would be inappropriate, also because recent inflation data suggest that past shocks may unwind more slowly than previously anticipated.

    By keeping interest rates near their current levels, we can be confident that monetary policy is neither excessively holding back growth and employment, nor stimulating it. We are thus in a good place to evaluate the likely future evolution of the economy and to take action if risks materialise that threaten price stability.

    Thank you.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Tain Community survey to consider options for the future of the TRACC

    Source: Scotland – Highland Council

    The Highland Council is seeking views of the Tain Community on a range of options for the future of leisure services currently provided at the Tain Royal Academy Community Complex (TRACC).

    The TRACC facility is now 50 years old, and the building is reaching the end of its natural lifespan and would require substantial investment to continue operating in the future.

    An assessment has been made of potential options for the future of the TRACC building and five options are proposed for the local community to consider. A short survey has gone live today, and a series of engagement events are planned, to enable the views of the local community to be captured.  Members of the Tain community are encouraged to participate in the consultation process to ensure the views of the local community are understood which will assist in assessing the potential impact of each proposed option and support the decision making process for the future of TRACC.

    Currently there is no funding allocated in the Council’s capital programme for any of the five options contained within the survey.

    The new Tain Campus represents a £74m investment which will offer sports facilities that include a 4-court games hall, 2-court games hall, a dance studio, a full sized synthetic pitch, a full size grass pitch, a 7 aside synthetic pitch and 3 multi-use games areas.

    The TRACC facilities currently comprise of a 4-lane 20m swimming pool, fitness suite, 4-court games hall, two smaller sports halls, access to a full size synthetic pitch and two grass pitches.

    The survey is available here (https://www.highland.gov.uk/tracc) and the consultation will run for 12 weeks and close on 1 August 2025.

    9 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Reps. Ramirez & Lieu, Senator Durbin Meet with Business Owners, Call to Protect Diverse Small Businesses’ Funding

    Source: United States House of Representatives – Representative Delia Ramirez – Illinois (3rd District)

    CHICAGO, IL — Today,  Congresswoman Delia C. Ramirez (IL-03) hosted Senator Dick Durbin (D-IL), House Democrats Vice-Chair Congressman Ted Lieu (CA-36), and Cook County Commissioner Jessica Vásquez for a business crawl of the Milwaukee Avenue’s business corridor to commemorate National Small Business Week. During the crawl, the members of Congress heard directly from business owners about the impact that the Trump Administration’s funding cuts and service reductions will have on diverse small businesses and local economies. 

    After the announcement of Trump’s record-breaking proposed defunding of federal services and programs, the Members of Congress held a press conference to demand that the Administration restore the funding for diversity and equity programs and reopen the Small Business Administration (SBA) offices in jurisdictions that protect immigrants’ rights, and end the trade war. 

    “The Milwaukee Ave Business Corridor is not only a reminder of how our communities’ small businesses grow our local and national economies, but also of how interconnected they are to global markets. From Poland to Puerto Rico, from China to Colombia, countless immigrant families have chosen Milwaukee Avenue to set up shop and share their culture, cuisine, and craft,” said Congresswoman Ramirez. “While the Trump Administration turns its back on small business owners, I’m standing in coalition with Senator Durbin, Congressman Ted Lieu, Commissioner Jessica Vasquez, and local leaders and business owners to fight back for our local, diverse, equitable, and inclusive economies.”

    “Small businesses are the backbone of our communities and economies,” said Senator Durbin. “Illinois is home to more than 1.2 million small businesses, which should be something to celebrate this National Small Business Week. Instead, our local store owners, like the ones I was fortunate to visit today, find themselves facing worker shortages and chaos caused by Trump’s trade war. I’ll continue to do all I can, alongside members of the House like Representatives Ramirez and Lieu, to fight for our local businesses at the federal level and lower costs for the American people.”

    “Trump’s indiscriminate tariffs make no sense. Now, small businesses and consumers are paying more for food and products. We had a growing economy at the end of 2024. Unfortunately, Trump’s policies have led us to negative GDP growth,” said Congressman Lieu. “Today, we are here to highlight the difficulties small businesses are facing and to tell the Trump administration they need to stop the indiscriminate tariffs. They are hurting our economies, American consumers, and businesses. Thank you, Congresswoman Ramirez, for your representation.”

    During the crawl, the public officials visited multiple businesses, including Magnífico Coffee Roasters & Coffee Shop  (Colombian-owned family business), Friendship Chinese (Asian-American owned restaurant, Michelin-recommended), the RCM Studios (Black-owned recording studio), and Kurowski’s Sausage Shop (staple Polish market).

    For photos and videos of the event, CLICK HERE.

    For a live stream of the press conference, CLICK HERE.

    BACKGROUND:

    The Trump Administration’s 30% cuts to SBA are expected to negatively impact local communities’ access to Small Business Development Centers, reducing resources for local business owners. Under the Trump Administration, 15 SBA Entrepreneurial Development programs have been eliminated, including the Veterans’ Business Outreach Program, the National Women’s Business Council, and Women’s Business Centers. 

    More than 90% of small businesses rely on imported goods for everything from products to construction materials. Trump’s tariffs will raise prices for businesses and are expected to cost families an extra $3,800 a year. In a recent poll, 70% of small business owners said they believe the country is headed towards a recession.

    The Trump Administration’s anti-immigrant agenda is also affecting business. Beyond the persecution of immigrant workers, 1 in 5 businesses are started by immigrant families, including undocumented immigrants and mixed-status families. The Trump Administration’s decision to close the offices in sanctuary jurisdictions and limit the funding for immigrant businesses will hurt local economies. 

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: InvestHK promotes Hong Kong as Asia’s business launch pad in Eastern Europe and Middle East (with photo)

    Source: Hong Kong Government special administrative region

    InvestHK promotes Hong Kong as Asia’s business launch pad in Eastern Europe and Middle East (with photo)      
         Ms Lau said, “Hong Kong’s unique advantages as a global financial hub and Asia’s business launch pad make it the perfect partner for enterprises from Türkiye, Hungary and Egypt in expanding into the Mainland, the Association of Southeast Asian Nations (ASEAN) markets, and further in Asia and beyond. Anchored in the Belt and Road Initiative, we look forward to fostering collaboration and showcasing how Hong Kong can drive their success across the region.”
          
         She added that Hong Kong offers unmatched access to the Mainland and the Asia-Pacific region through initiatives such as the Greater Bay Area and its Free Trade Agreement with ASEAN. The city’s business-friendly environment, free capital movement and a robust innovation and technology ecosystem hosting nearly 10 000 companies from overseas and the Mainland, and close to 4 700 start-ups, empowers businesses to innovate and grow.
          
         Ms Lau will arrive in Istanbul tomorrow (May 11, Istanbul time) to engage with Turkish companies from various sectors which are interested in using Hong Kong as a springboard to grow across the Asia-Pacific region. She will speak at different events, including an Istanbul Chamber of Commerce Business Seminar, a Foreign Economic Relations Board of Türkiye Business Seminar, and meet with Turkish media to highlight Hong Kong’s business-friendly environment, which includes a low and simple tax regime, free capital flow, and a common law system under the “one country, two systems” principle.
          
         In 2024, Türkiye was Hong Kong’s 30th largest trading partner, with bilateral merchandise trade between the two places amounting to HK$16.6 billion. The Hong Kong–Türkiye comprehensive avoidance of double taxation agreement signed in 2024 enhances tax certainty, facilitating cross-border transactions.
          
         Since Türkiye’s inclusion in Hong Kong’s Dedicated Fund on Branding, Upgrading and Domestic Sales has supported Hong Kong companies expanding into the Turkish market. To further strengthen bilateral business ties, InvestHK set up a second office in Izmir in January 2025 to promote opportunities that Hong Kong offers to Turkish corporates seeking regional expansion. 
          
         On May 13 (Budapest time), Ms Lau will arrive in Budapest to meet major Hungarian companies keen on using Hong Kong as a regional hub for Asia-Pacific expansion. She will meet with media to update them on Hong Kong’s latest business environment and opportunities. Ms Lau will also attend the Guangdong-Hong Kong-Macao Greater Bay Area Economic and Trade Cooperation Conference in Hungary.
          
         In 2024, Hungary was Hong Kong’s 33rd largest trading partner and around 9.4 per cent (HK$9.4 billion) of the total merchandise trade between Hungary and the Mainland routed through Hong Kong. Hong Kong serves as a gateway for Hungarian businesses targeting Asian markets, leveraging its role as “super connector” under the Belt and Road Initiative, while Hungary benefits from Hong Kong’s open investment environment. Hungarian manufacturing, technology, and healthtech companies can tap Hong Kong’s vibrant innovation and technology ecosystem, backed by global capital and world-class universities, to grow in ASEAN and China’s Greater Bay Area.
          
         On May 17 (Cairo time), Ms Lau will visit Cairo to connect with global Egyptian businesses eager to establish operations in Hong Kong to seize Asia-Pacific opportunities. She will also attend the Guangdong-Hong Kong-Macao Greater Bay Area Economic and Trade Cooperation Conference in Cairo.
          
         In 2023, InvestHK signed a Memorandum of Understanding with the General Authority for Investment and Free Zones of the Arab Republic of Egypt, pledging mutual co-operation on investment promotion exchanges and support. In 2024, bilateral merchandise trade between Hong Kong and Egypt amounted to HK$2.1 billion, up 5.4 per cent over 2023.
    Issued at HKT 9:00

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Breaking: Pakistan Launches Military Operation Against India

    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

    Xinhua | 10. 05. 2025

    Keywords: Pakistan, started, operation, India, urgently, Saturday, official sources, continuous provocations, as a response, reported, Pakistan, started

    ISLAMABAD, May 10 (Xinhua) — Pakistan has launched a large-scale military operation in response to India’s continued provocations, official sources said Saturday.

    Source: Xinhua

    Breaking: Pakistan Launches Military Operation Against India Breaking: Pakistan Launches Military Operation Against India

    MIL OSI Russia News –

  • MIL-OSI China: Remember history to illuminate future — Xi attends Victory Day commemorations in Moscow

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

    Remember history to illuminate future — Xi attends Victory Day commemorations in Moscow

    Chinese President Xi Jinping, along with other leaders, lays flowers at the Tomb of the Unknown Soldier and observes a moment of silence, following the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. Leaders from more than 20 countries and international organizations are invited to the events. [Photo/Xinhua]

    MOSCOW, May 9 — Bouquet in hand before the Eternal Flame at the Red Square, Chinese President Xi Jinping joined Russian President Vladimir Putin and more than 20 other leaders to lay red flowers at the Tomb of the Unknown Soldier.

    The solemn ceremony marked a moment of remembrance and tribute to those who perished in the Soviet Union’s Great Patriotic War, as Russia celebrated the 80th anniversary of victory in that war on Friday.

    This year’s commemorations culminated in a grand military parade at the Red Square earlier in the day. At the main viewing stand, Xi and Putin sat side by side and talked from time to time.

    Chinese President Xi Jinping attends celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    Over 11,500 military personnel, including contingents from more than 10 countries, took part in the parade. Among them was the Guard of Honor of the Chinese People’s Liberation Army (PLA). Xi rose from his seat when the PLA unit passed through the square.

    In the parade’s “historical” segment, Russian service members, clad in uniforms from the era of the Soviet Union’s Great Patriotic War, carried vintage military flags and weapons, evoking memories of the years of resistance against Fascism.

    The Guard of Honor of the Chinese People’s Liberation Army (PLA) attend a grand parade marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    On the night of May 8, 1945, Germany signed the surrender document in Karlshorst, Berlin, marking the end of WWII in Europe. Meanwhile in Moscow, it was already May 9, which was designated by the Soviet Union and later Russia as “Victory Day.” Since 1995, Russia has been holding military parades and other commemorative events every year on May 9.

    “The Soviet Union took upon itself the most ferocious, merciless blows of the enemy,” Putin said in an address ahead of the parade. “We shall always remember that the opening of the Second Front in Europe after the decisive battles on the territory of the Soviet Union brought victory closer.”

    “We highly value the contribution to our common struggle of Allied soldiers, members of the resistance, the courageous people of China, all those who fought for a peaceful future,” Putin said.

    The Soviet Union was the principal theater of World War II in Europe, losing 27 million lives, while China was the main theater in Asia, suffering 35 million casualties in its resistance against the bulk of Japanese militarist forces. Together, the two countries served as the mainstay of resistance against Japanese militarism and German Nazism, making pivotal contributions to the victory in the World Anti-Fascist War.

    Eighty years ago, in the face of brutal aggression of militarism and Nazism, the Chinese and Russian peoples stood united, fighting side by side against a common enemy and writing a remarkable and heroic chapter in history, Xi said when he and Putin jointly met the press on Thursday after their talks at the Kremlin.

    Chinese President Xi Jinping and Russian President Vladimir Putin jointly meet the press after their talks at the Kremlin in Moscow, Russia, May 8, 2025. [Photo/Xinhua]

    This is the second time for Xi to attend Russia’s Victory Day celebrations after he traveled to Moscow upon the 70th anniversary 10 years ago. That same year, Putin also attended China’s Victory Day parade on Sept. 3 in Beijing to commemorate the victory of the Chinese People’s War of Resistance against Japanese Aggression and the World Anti-Fascist War.

    The past decade has been one of profound turbulence and transformation in the international landscape, Xi noted when meeting the press with Putin on Thursday.

    In the face of the changes of the world, of the times and of historical significance, China and Russia should keep a firm grasp on the development direction of bilateral ties and the general trend of the development of human society, Xi said, calling for greater joint efforts in safeguarding international fairness and justice.

    Ahead of his state visit to Russia, Xi published a signed article in Russian media titled “Learning from History to Build Together a Brighter Future.”

    “Indeed, historical memory and truth will not fade with the passage of time. They serve as inspirations that mirror the present and illuminate the future. We must learn from history, especially the hard lessons of the Second World War,” he wrote.

    MIL OSI China News –

  • MIL-OSI Russia: ​China Brings More Confidence to Global Economy

    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

    Leaders of multinational companies, taking into account the actual situation of scientific and technological innovation, social development and other aspects in China, hope to jointly explore new synergies in the fields of digital technology, artificial intelligence and healthcare.

    “I am very happy to be back in China. IKEA has been in China for 60 years, but we are thinking about the next 60 years,” Inter IKEA Group CEO Jon Abrahamsson Ring said recently, adding that long-term cooperation with China is important and that the development of Chinese renewable energy technologies is “very good,” which will contribute to IKEA’s future sustainable development.

    Sean Green, President and CEO of BMW Group China, noted that “Chinese consumers are on average around 20 years younger than Europeans.” BMW is addressing the digital needs of young Chinese consumers and is deepening strategic collaborations with Chinese technology companies, deeply integrating cloud-based interactive capabilities and personalized generative AI experiences so that vehicles can more seamlessly adapt to China’s smart city infrastructure in the future. André Hoffmann, Deputy Chairman of the Roche Group, noted that China’s healthcare needs, coupled with an aging society, are growing and will provide greater opportunities for innovative medicines to develop. He stressed that Roche looks forward to working closely with the Chinese government, healthcare providers and industry partners.

    Schneider Electric Group Chairman Jean-Pascal Tricoire said Schneider Electric is working with multiple Chinese suppliers to implement carbon-reducing practices. Its plant in Shanghai’s Putuo district has reduced its new product development cycle by 63% and increased its average production efficiency per person by 82%, setting a model for existing plants. By 2027, Amway plans to upgrade and improve more than 100 spaces where people can use its products to promote a healthy, quality lifestyle. The company will also undertake research projects such as building its own organic farms, anti-aging plant breeding, and space breeding…

    The rapidly growing Chinese market will continue to create new growth poles and bring more dynamism and confidence to the global economy. “The transformation of the Chinese mainland economy has opened up enormous opportunities for the world. Various breakthrough innovations are transforming the economic structure and driving economic growth,” said Hong Kong Stock Exchange Chairman Tang Jiacheng. “As a leading financial center in Asia, Hong Kong can provide important financial support for these innovations,” he added.

    Standing at a new historical turning point, the Chinese market has transformed from a uniform production base into a global source of innovation. Foreign-invested enterprises need to seize the breakthrough opportunities of “future technologies” such as artificial intelligence and quantum computing, and deeply develop “markets in third-tier cities and below” that are closely related to people’s social security.

    MIL OSI Russia News –

  • MIL-Evening Report: Tracing radiation through the Marshall Islands: Reflections from a veteran Greenpeace nuclear campaigner

    SPECIAL REPORT: By Shaun Burnie of Greenpeace

    We’ve visited Ground Zero. Not once, but three times. But for generations, before these locations were designated as such, they were the ancestral home to the people of the Marshall Islands.

    As part of a team of Greenpeace scientists and specialists from the Radiation Protection Advisers team, we have embarked on a six-week tour on board the Rainbow Warrior, sailing through one of the most disturbing chapters in human history: between 1946 and 1958, the United States detonated 67 nuclear bombs across the Marshall Islands — equivalent to 7200 Hiroshima explosions.

    During this period, testing nuclear weapons at the expense of wonderful ocean nations like the Marshall Islands was considered an acceptable practice, or as the US put it, “for the good of mankind”.

    Instead, the radioactive fallout left a deep and complex legacy — one that is both scientific and profoundly human, with communities displaced for generations.

    The Rainbow Warrior coming into port in Majuro, Marshall Islands. Between March and April 2025 it embarked on a six-week mission around the Pacific nation to elevate calls for nuclear and climate justice; and support independent scientific research into the impacts of decades-long nuclear weapons testing by the US government. Image: © Bianca Vitale/Greenpeace

    Between March and April, we travelled on the Greenpeace flagship vessel, the Rainbow Warrior, throughout the Marshall Islands, including to three northern atolls that bear the most severe scars of Cold War nuclear weapons testing:

    • Enewetak atoll, where, on Runit Island, stands a massive leaking concrete dome beneath which lies plutonium-contaminated waste, a result of a partial “clean-up” of some of the islands after the nuclear tests;
    • Bikini atoll, a place so beautiful, yet rendered uninhabitable by some of the most powerful nuclear detonations ever conducted; and
    • Rongelap atoll, where residents were exposed to radiation fallout and later convinced to return to contaminated land, part of what is now known as Project 4.1, a US medical experiment to test humans’  exposure to radiation.

    This isn’t fiction, nor the distant past. It’s a chapter of history still alive through the environment, the health of communities, and the data we’re collecting today.

    Each location we visit, each sample we take, adds to a clearer picture of some of the long-term impacts of nuclear testing—and highlights the importance of continuing to document, investigate, and attempt to understand and share these findings.

    These are our field notes from a journey through places that hold important lessons for science, justice, and global accountability.

    As part of the Marshall Islands ship tour, a group of Greenpeace scientists and independent radiation experts were in Rongelap to sample lagoon sediments and plants that could become food if people came back. Image: © Greenpeace/Chewy C. Lin

    Our mission: why are we here?
     With the permission and support of the Marshallese government, a group of Greenpeace science and radiation experts, together with independent scientists, are in the island nation to assess, investigate, and document the long-term environmental and radiological consequences of nuclear weapons testing in the Marshall Islands.

    Our mission is grounded in science. We’re conducting field sampling and radiological surveys to gather data on what radioactivity remains in the environment — isotopes such as caesium-137, strontium-90 and plutonium-239/240. These substances are released during nuclear explosions and can linger in the environment for decades, posing serious health risks, such as increased risk of cancers in organs and bones.

    But this work is not only about radiation measurements, it is also about bearing witness.

    We are here in solidarity with Marshallese communities who continue to live with the consequences of decisions made decades ago, without their consent and far from the public eye.

    Stop 1: Enewetak Atoll — the dome that shouldn’t exist

    The Runit Dome with the Greenpeace ship Rainbow Warrior in the background. Image: © Greenpeace/Chewy C. Lin

    At the far western edge of the Marshall Islands is Enewetak. The name might not ring a bell for many, but this atoll was the site of 43 US nuclear detonations. Today, it houses what may be one of the most radioactive places in the world — the Runit Dome.

    Once a tropical paradise thick with coconut palms, Runit Island is capped by a massive concrete structure the size of a football field. Under this dome — cracked, weather-worn, and only 46 centimetres thick in some places — lies 85,000 cubic metres of radioactive waste. These substances are not only confined to the crater — they are also found across the island’s soil, rendering Runit Island uninhabitable for all time.

    The contrast between what it once was and what it has become is staggering. We took samples near the dome’s base, where rising sea levels now routinely flood the area.

    We collected coconut from the island, which will be processed and prepared in the Rainbow Warrior’s onboard laboratory. Crops such as coconut are a known vector for radioactive isotope transfer, and tracking levels in food sources is essential for understanding long-term environmental and health risks.

    The local consequences of this simple fact are deeply unjust. While some atolls in the Marshall Islands can harvest and sell coconut products, the people of Enewetak are prohibited from doing so because of radioactive contamination.

    They have lost not only their land and safety but also their ability to sustain themselves economically. The radioactive legacy has robbed them of income and opportunity.

    Measuring and collecting coconut samples. Image: © Greenpeace/Chewy C. Lin

    One of the most alarming details about this dome is that there is no lining beneath the structure — it is in direct contact with the environment, while containing some of the most hazardous long-lived substances ever to exist on planet Earth. It was never built to withstand flooding, sea level rise, and climate change.

    The scientific questions are urgent: how much of this material is already leaking into the lagoon? What are the exposure risks to marine ecosystems and local communities?

    We are here to help answer questions with new, independent data, but still, being in the craters and walking on this ground where nuclear Armageddon was unleashed is an emotional and surreal journey.

    Stop 2: Bikini — a nuclear catastrophe, labelled ‘for the good of mankind’

    Aerial shot of Bikini atoll, Marshall Islands. The Greenpeace ship, Rainbow Warrior can be seen in the upper left. Image: © Greenpeace/Chewy C. Lin

    Unlike Chernobyl or Fukushima, where communities were devastated by catastrophic accidents, Bikini tells a different story. This was not an accident.

    The nuclear destruction of Bikini was deliberate, calculated, and executed with full knowledge that entire ways of life were going to be destroyed.

    Bikini Atoll is incredibly beautiful and would look idyllic on any postcard. But we know what lies beneath: the site of 23 nuclear detonations, including Castle Bravo, the largest ever nuclear weapons test conducted by the United States.

    Castle Bravo alone released more than 1000 times the explosive yield of the Hiroshima bomb. The radioactive fallout massively contaminated nearby islands and their populations, together with thousands of US military personnel.

    Bikini’s former residents were forcibly relocated in 1946 before nuclear testing began, with promises of a safe return. But the atoll is still uninhabited, and most of the new generations of Bikinians have never seen their home island.

    As we stood deep in the forest next to a massive concrete blast bunker, reality hit hard — behind its narrow lead-glass viewing window, US military personnel once watched the evaporation of Bikini lagoon.

    Bikini Islanders board a landing craft vehicle personnel (LCVP) as they depart from Bikini Atoll in March 1946. Image: © United States Navy

    On our visit, we noticed there’s a spectral quality to Bikini. The homes of the Bikini islanders are long gone. In its place now stand a scattering of buildings left by the US Department of Energy: rusting canteens, rotting offices, sleeping quarters with peeling walls, and traces of the scientific experiments conducted here after the bombs fell.

    On dusty desks, we found radiation reports, notes detailing crop trials, and a notebook meticulously tracking the application of potassium to test plots of corn, alfalfa, lime, and native foods like coconut, pandanus, and banana. The potassium was intended to block the uptake of caesium-137, a radioactive isotope, by plant roots.

    The logic was simple: if these crops could be decontaminated, perhaps one day Bikini could be repopulated.

    We collected samples of coconuts and soil — key indicators of internal exposure risk if humans were to return. Bikini raises a stark question: What does “safe” mean, and who gets to decide?

    The US declared parts of Bikini habitable in 1970, only to evacuate people again eight years later after resettled families suffered from radiation exposure. The science is not abstract here. It is personal. It is human. It has real consequences.

    Stop 3: Rongelap — setting for Project 4.1

    The abandoned church on Rongelap atoll. Image: © Greenpeace/Chewy C. Lin

    The Rainbow Warrior arrived at the eastern side of Rongelap atoll, anchoring one mile from the centre of Rongelap Island, the church spire and roofs of “new” buildings reflecting the bright sun.

    n 1954, fallout from the Castle Bravo nuclear detonation on Bikini blanketed this atoll in radioactive ash — fine, white powder that children played in, thinking it was snow. The US government waited three days to evacuate residents, despite knowing the risks. The US government declared it safe to return to Rongelap in 1957 — but it was a severely contaminated environment. The very significant radiation exposure to the Rongelap population caused severe health impacts: thyroid cancers, birth defects such as “jellyfish babies”, miscarriages, and much more.

    In 1985, after a request to the US government to evacuate was dismissed, the Rongelap community asked Greenpeace to help relocate them from their ancestral lands. Using the first Rainbow Warrior, and over a period of 10 days and four trips, 350 residents collectively dismantled their homes, bringing everything with them — including livestock, and 100 metric tons of building material — where they resettled on the islands of Mejatto and Ebeye on Kwajalein atoll.

    It is a part of history that lives on in the minds of the Marshallese people we meet in this ship voyage — in the gratitude they still express, the pride in keeping the fight for justice, and in the pain of still not having a permanent, safe home.

    Greenpeace representatives and displaced Rongelap community come together on Mejatto, Marshall Islands to commemorate the 40 years since the Rainbow Warrior evacuated the island’s entire population in May 1985 due to the impacts of US nuclear weapons testing. Image: © Greenpeace/Chewy C. Lin

    Now, once again, we are standing on their island of Rongelap, walking past abandoned buildings and rusting equipment, some of it dating from the 1980s and 1990s — a period when the US Department of Energy launched a push to encourage resettlement declaring that the island was safe — a declaration that this time, the population welcomed with mistrust, not having access to independent scientific data and remembering the deceitful relocation of some decades before.

    Here, once again, we sample soil and fruits that could become food if people came back. It is essential to understand ongoing risks — especially for communities considering whether and how to return.

    This is not the end. It is just the beginning

    The team of Greenpeace scientists and independent radiation experts on Rongelap atoll, Marshall Islands, with the Rainbow Warrior in the background. Shaun Burnie (author of the article) is first on the left. Image: © Greenpeace/Chewy C. Lin

    Our scientific mission is to take measurements, collect samples, and document contamination. But that’s not all we’re bringing back.

    We carry with us the voices of the Marshallese who survived these tests and are still living with their consequences. We carry images of graves swallowed by tides near Runit Dome, stories of entire cultures displaced from their homelands, and measurements of radiation showing contamination still persists after many decades.

    There are 9700 nuclear warheads still held by military powers around the world – mostly in the United States and Russian arsenals. The Marshall Islands was one of the first nations to suffer the consequences of nuclear weapons — and the legacy persists today.

    We didn’t come to speak for the Marshallese. We came to listen, to bear witness, and to support their demand for justice. We plan to return next year, to follow up on our research and to make results available to the people of the Marshall Islands.

    And we will keep telling these stories — until justice is more than just a word.

    Kommol Tata (“thank you” in the beautiful Marshallese language) for following our journey.

    Shaun Burnie is a senior nuclear specialist at Greenpeace Ukraine and was part of the Rainbow Warrior team in the Marshall Islands. This article was first published by Greenpeace Aotearoa and is republished with permission.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Best No Credit Payday Loans For Fast Cash and Quick Approval

    Source: GlobeNewswire (MIL-OSI)

    Houston, May 09, 2025 (GLOBE NEWSWIRE) —

    In This Article, You’ll Discover:

    • Why no-credit payday loans have become essential financial tools in 2025
    • The specific pain points of borrowers who are denied access to traditional lending
    • How fast cash loans with quick approval can bridge the gap in urgent financial situations?
    • A deep dive into how MoneyMutual connects borrowers with trusted lenders in minutes
    • What makes MoneyMutual one of the best options for instant payday loans online
    • Step-by-step guidance on the loan application process, from form submission to fund disbursement
    • Key eligibility requirements and what documents are typically needed
    • A comparison between payday loans and other fast cash solutions
    • Consumer testimonials, reviews, and social proof of effectiveness
    • Financial literacy tips and how to borrow responsibly to avoid debt cycles
    • Important pricing and fee disclaimers, with reminders to check the official website for the most accurate information

    TL;DR – Executive Summary

    In today’s economy, many consumers face urgent financial needs but lack access to traditional loans due to poor or no credit history. This article explores the best no credit payday loans for fast cash and quick approval, offering a comprehensive look at how services like MoneyMutual deliver emergency funding—often with same-day approval and no credit checks required.

    You’ll learn why fast cash loans with no credit check are reshaping short-term borrowing in 2025 and how online payday loans with instant approval work. We break down the benefits of choosing MoneyMutual for quick approvals, outline key eligibility criteria, and guide you through the process step-by-step.

    With embedded financial literacy guidance, comparisons to other loan options, and real user experiences, this long-form article is your complete guide to no credit check payday loans—emphasizing responsible borrowing, transparency, and fast solutions. Pricing information is included with a reminder to verify the latest terms directly on the official MoneyMutual website, as rates and availability may change at any time.

    Introduction: When Bills Can’t Wait

    Life doesn’t always wait for payday. From sudden car repairs to medical bills that can’t be postponed, many Americans find themselves in urgent need of cash, but without the credit score or savings to fall back on. In today’s economy, traditional lending systems are often out of reach for people with low or no credit history. This creates a harsh reality: when emergencies hit, the very people who need money the most are frequently denied access to it.

    That’s where no-credit-payday loans come into play. These financial lifelines provide fast cash with quick approval, even for those with poor credit scores or no credit history at all. They are designed to offer emergency cash loans without the red tape, helping consumers stay afloat during unexpected hardships.

    The Realities of Financial Exclusion

    Not everyone has a family member or friend to borrow from. And even fewer people have the pristine credit needed to qualify for traditional personal loans. Credit cards may already be maxed out, and banks can take days—or even weeks—to process applications. Meanwhile, expenses are piling up.

    As a result, more borrowers are turning to instant payday loans online and same-day payday loans with no credit check to fill the gap. These are typically small, short-term loans offered through online payday loan platforms like MoneyMutual, which serve as a bridge to trusted lenders.

    The Rise of Fintech and Digital Lending

    Thanks to fintech innovations, lenders now have the tools to evaluate borrowers beyond just credit scores. By leveraging secure data analytics and mobile-first applications, platforms like MoneyMutual allow users to apply for loans in just minutes. Many applicants receive instant approvals and may have funds deposited as quickly as the next business day.

    Disclaimer: Payday loans are not long-term financial solutions. If you’re experiencing long-term financial distress, consult a certified financial advisor or local support agency.

    Understanding the Reader’s Pain Points

    The stress of unpaid bills, eviction notices, or emergency medical procedures is overwhelming. When every hour counts, navigating complex loan forms and waiting on credit approvals can feel like torture. That’s why understanding options like quick approval payday loans and no credit check loans online is essential.

    This article will walk you through everything you need to know about finding the best no-credit payday loans for fast cash and quick approval in 2025. From how the process works to why MoneyMutual stands out among other payday loan providers, you’ll gain the clarity needed to make an informed and confident decision.

    The Financial Struggles No One Talks About

    Financial emergencies often come without warning—a broken furnace in the winter, a car that won’t start before work, or a medical bill that’s due immediately. For many Americans, these events trigger not just anxiety but a frantic search for funding that won’t penalize them for past mistakes or the absence of a formal credit history.

    While traditional lenders maintain rigid standards around creditworthiness, millions of people today are shut out from accessing even small amounts of emergency credit. The truth is, having poor or no credit can feel like being locked out of the financial system entirely.

    The Realities of Credit Inequality

    Credit scores were designed to measure risk, but over time, they’ve come to determine far more—access to housing, employment opportunities, and personal dignity. Many hardworking individuals fall through the cracks because of past financial hardship, medical expenses, or simply a lack of credit activity. The result is a population that is financially vulnerable and underserved.

    This is where no-credit-payday loans make a meaningful difference. These short-term financial tools allow borrowers to gain fast access to emergency cash without undergoing traditional credit checks. Unlike conventional banks that rely on legacy systems, payday lenders working through modern digital platforms assess a borrower’s ability to repay based on real-time income and job status.

    Disclaimer: Payday loans are not long-term financial planning tools. Always consider alternatives and speak with a financial advisor for ongoing financial issues.

    Emergency Cash Loans: Why They Matter Now More Than Ever

    In 2025, more than half of Americans report living paycheck to paycheck. Inflation, unpredictable job markets, and the rising cost of living all contribute to mounting financial pressure. When faced with a crisis, those without access to mainstream credit are left to choose between late fees, overdraft charges, or worse—missing a rent payment or losing access to utilities.

    Emergency cash loans with no credit check are designed for these exact moments. They provide near-immediate funding to cover essential costs, buying borrowers the time they need to regain financial control. When sourced from trusted platforms like MoneyMutual, these loans can be both fast and reliable.

    The Emotional Weight of Financial Insecurity

    The numbers don’t tell the whole story. Financial distress often triggers emotional strain, including anxiety, sleeplessness, and feelings of hopelessness. While this article does not provide medical advice, it’s important to recognize that financial stress can negatively impact physical and mental well-being. Anyone feeling overwhelmed should consider seeking guidance from a licensed counselor or community health resource.

    In this context, the speed and simplicity of payday loans for bad credit, especially those offered by fintech payday loan platforms, can provide relief not just financially, but emotionally. The sense of agency restored by quick funding and clear terms can be a critical part of navigating difficult life circumstances.

    The Limitations of Traditional Lending

    Mainstream financial institutions are built to serve the already-privileged: salaried workers with extensive credit histories, collateral, and high credit scores. For everyone else—gig workers, self-employed individuals, or those recovering from financial hardship—traditional options may be unrealistic.

    Loans from brick-and-mortar banks can take days or weeks to process. By the time you’re approved (if you’re approved at all), the emergency has worsened. By contrast, online payday loans with instant approval aim to fund within 24 hours. Many borrowers complete a secure online application in minutes and receive offers in real time.

    Note: Approval timeframes and loan amounts vary by lender. Loan decisions are made solely at the lender’s discretion.

    Digital Lending and Financial Inclusion

    Today’s digital lending platforms are designed to be mobile-first, accessible, and transparent. They bring the power of financial inclusion to people who might otherwise be ignored by the traditional system. These platforms assess borrower profiles using alternative data such as income frequency, employment status, and bank account activity rather than outdated credit metrics alone.

    By expanding eligibility and improving access, services like MoneyMutual help democratize finance, providing access to fast cash loans with no credit check for people who need immediate relief.

    Need emergency cash now? Apply with MoneyMutual in minutes—no credit check, no fees, just fast access to funds. Start your free request today!

    Why Money Mutual Stands Out in 2025

    Among the many options available for short-term lending, MoneyMutual continues to stand out as one of the most trusted platforms for connecting borrowers with fast cash loans, especially those with no or poor credit. In a landscape cluttered with questionable lenders and opaque terms, MoneyMutual provides something increasingly rare: a transparent, secure, and user-first approach to short-term borrowing.

    With over 2 million users and a streamlined application process that takes just minutes, MoneyMutual is widely considered one of the best no-credit payday loan options for Americans seeking quick approval and instant online access to cash.

    A Brief Look at Who They Are

    MoneyMutual is not a direct lender. Instead, it operates as a lending marketplace, matching borrowers with a vetted network of more than 60 short-term lenders. This network ensures that applicants have access to multiple offers that fit their specific needs and financial circumstances, without wasting time applying individually to dozens of companies.

    This model enhances borrower choice, boosts competition among lenders, and often results in more favorable terms and faster funding.

    The Key Features That Define MoneyMutual

    Fast Application Process

    The loan request form on MoneyMutual’s platform can be completed in less than five minutes. Unlike traditional lenders, there are no lengthy credit applications or invasive documentation required. This mobile-first payday loan application system was designed with convenience and speed in mind.

    Once submitted, the request is automatically matched with lenders. Borrowers typically begin receiving offers within minutes.

    No Credit Checks Required

    MoneyMutual specializes in connecting applicants with no credit check payday loans. Instead of evaluating traditional credit reports, lenders on the platform assess other risk factors like income level, employment status, and recent banking activity.

    This approach opens the door for individuals who may have been rejected elsewhere due to low FICO scores, thin credit files, or past financial mistakes.

    Same-Day Approval Potential

    While funding timeframes vary, many lenders in the MoneyMutual network offer online payday loans with instant approval. Qualified applicants can sometimes receive funds as soon as the next business day. This makes it one of the leading platforms for same-day payday loans with no credit check—a critical need for those facing financial emergencies.

    Note: The Timing of approval and funding is determined by the individual lender, and not guaranteed by MoneyMutual.

    Wide Range of Loan Amounts

    Depending on the lender match, borrowers may be eligible to request loan amounts ranging from $200 to $5,000. This range is broader than what many other payday platforms offer, giving consumers flexibility whether they’re covering a small utility bill or an urgent medical expense.

    Disclaimer: This article does not offer medical advice. If you’re dealing with a medical emergency, seek professional care. Payday loans are not a substitute for health insurance or financial planning.

    Security and Data Privacy

    All data transmitted through MoneyMutual’s site is encrypted and securely processed. The company states clearly that it does not sell or misuse user information. This level of digital lending security is essential in 2025, as concerns about data breaches and identity theft continue to rise.

    The company uses SSL encryption and works only with lenders who adhere to industry-standard privacy and data protection protocols.

    Facing a financial crunch? Get matched with payday lenders today through MoneyMutual—no credit required, fast approval, secure process. Apply now!

    How It Works — A Step-by-Step Overview

    1. Complete the Secure Loan Request Form: Enter basic information such as name, address, employment details, and monthly income. The form is mobile-optimized for speed and ease.
    2. Get Matched With a Lender: Within seconds, MoneyMutual runs your profile against its network of over 60 trusted lenders.
    3. Review Your Offer(s): If matched, you’ll be redirected to the lender’s site to review their terms. This may include the loan amount, repayment schedule, and fees.
    4. Accept and Receive Funds: If you accept an offer, the lender may deposit funds directly into your account, sometimes as soon as the next business day.
    5. Repay Based on Agreement: Repayment terms vary by lender, and most operate with automatic debit options. Always read the fine print and understand any rollover penalties or interest caps.

    Disclaimer: The loan terms, including interest rates, fees, and repayment schedules, are set by each lender individually. MoneyMutual does not influence or guarantee specific terms.

    Eligibility Criteria

    To apply through MoneyMutual, you must meet the following minimum qualifications:

    • Be at least 18 years of age
    • Be a U.S. citizen or permanent resident
    • Have a minimum monthly income of $800
    • Possess an active checking account
    • Have a valid email address and a working phone number

    These baseline requirements are standard among direct lender payday loans and ensure that borrowers are equipped to manage short-term repayment.

    Why Borrowers Choose MoneyMutual

    • Speed: Applications take minutes, and offers are returned almost instantly
    • Access: No credit checks allow more people to qualify
    • Options: A network of lenders means multiple loan offers, not just one
    • Security: The platform is encrypted and follows modern compliance practices
    • Transparency: There are no hidden fees to submit a loan request through the platform

    Not a One-Size-Fits-All Solution

    It’s important to understand that while MoneyMutual offers quick approval payday loans, they are still a form of short-term borrowing. Interest rates may be high, and rollovers can lead to long-term debt if not managed properly. The service is designed for urgent, short-term needs, not ongoing financial support.

    Disclaimer: Payday loans should not be used as a long-term solution to recurring financial challenges. Consult a certified financial advisor for personalized assistance.

    Don’t let bad credit stop you. Find same-day payday loans with MoneyMutual’s trusted lenders—apply now and get funded as soon as tomorrow!

    A Step-by-Step Guide to Applying Through MoneyMutual

    Applying for a payday loan can often feel like navigating a maze, especially when you’re under pressure. But with MoneyMutual, the process is designed to be fast, transparent, and accessible from any device. Whether you’re on your phone during your lunch break or using a laptop at home, the mobile-first payday loan application experience is built for ease.

    Here’s a breakdown of how online payday loans with instant approval work through MoneyMutual’s trusted lending marketplace.

    Step 1: Complete the Secure Loan Request Form

    Start by visiting the MoneyMutual website and accessing their loan request form. The form asks for basic personal and financial information, such as:

    • Your full name and contact information
    • Employment status and monthly income
    • Bank account routing and checking account details
    • How much money do you need (typically between $200 and $5,000)

    This form takes less than five minutes to fill out and is fully encrypted to protect your personal data. You won’t be asked for a credit score—this is a no credit check payday loan platform, so your FICO score won’t be the barrier it often is with traditional loans.

    Note: While MoneyMutual does not run a credit check, some partner lenders may perform alternative assessments to verify income or banking history.

    Step 2: Automated Matching With Lenders

    Once you submit your information, MoneyMutual instantly processes your request and scans its network of over 60 payday lenders. These lenders compete to offer fast cash loans with no credit check, which increases the odds of approval and allows you to receive multiple offers.

    You’ll be redirected to a lender’s site if a match is made. Here, you can review the quick approval payday loan terms directly, including:

    • Loan amount
    • Repayment schedule
    • Associated fees or interest rates
    • Fine print and rollover policies

    Step 3: Review, Accept, and Sign the Loan Agreement

    Once redirected, you’ll have the chance to read through the offer details provided by the lender. This step is critical—take your time to evaluate whether the loan amount and repayment terms fit your current budget.

    If you agree to the terms, you can sign the contract electronically. After signing, the lender will begin processing your funding.

    Disclaimer: The APR and repayment terms will vary by lender. Be sure to read all terms carefully before accepting any agreement. MoneyMutual does not guarantee approval, and all final lending decisions are made by individual lenders.

    Step 4: Receive Your Funds (Usually by the Next Business Day)

    Most approved borrowers receive funds within one business day. Some lenders even offer same-day payday loans with no credit check, depending on your bank and the time of approval.

    Your money will be deposited directly into the checking account you provided during the application process. This fast, direct deposit setup is one of the key reasons why MoneyMutual is preferred by those needing emergency cash loans quickly.

    Note: While most funds are deposited within 24 hours, actual timing will depend on the lender and your bank’s processing policies.

    Step 5: Repayment as Agreed

    Repayment is typically structured around your next payday, though terms vary. Most lenders offer automatic withdrawals from your checking account on the agreed-upon date, helping reduce the risk of missed payments.

    Many payday loan lenders also allow early repayment without penalty—something worth considering if your financial situation improves quickly.

    What You Need to Apply

    To qualify for a loan through MoneyMutual, you must meet these minimum eligibility criteria:

    • Be 18 years of age or older
    • Be a U.S. citizen or legal resident
    • Have a verifiable monthly income of at least $800
    • Own an active checking account
    • Provide a working phone number and a valid email address

    These basic requirements are significantly more accessible than traditional bank loan prerequisites, making MoneyMutual one of the more inclusive options for payday loans for bad credit.

    Application Best Practices

    Before you apply, keep the following tips in mind to help ensure a smooth experience:

    • Double-check your bank account and income information for accuracy
    • Make sure your phone and email are active—you’ll need to confirm lender communication quickly
    • Only request what you need—borrowing more can increase financial strain and repayment challenges

    Disclaimer: Borrow responsibly. Payday loans are intended for short-term use. Relying on them as a recurring solution may result in long-term debt. Seek alternative resources if financial hardship is ongoing.

    Bills piling up? Apply for a no credit payday loan in 5 minutes with MoneyMutual—get quick offers from real lenders without any pressure. Start now!

    Real Stories: How MoneyMutual Has Helped Everyday Borrowers

    In the world of short-term lending, reputation matters. While many platforms make big promises, very few deliver on them consistently. What sets MoneyMutual apart isn’t just the speed or convenience—it’s the real-life impact experienced by borrowers across the country. From parents covering emergency bills to gig workers facing income gaps, the platform has served as a trusted online lending marketplace for those who need help fast.

    Fast, Reliable, and Stress-Free

    Many customers highlight how MoneyMutual’s no-credit payday loans offered a stress-free alternative when traditional banks wouldn’t even consider their application. With online payday loans and instant approval, users say they were able to apply during a lunch break and see real offers before the end of the day.

    “I was nervous at first, but the process was quick and easy. I had funds in my account the next day and didn’t have to worry about my credit score.” — Jennifer H., California.

    These testimonials emphasize the platform’s fast cash loans with no credit check, giving people access to funds without weeks of waiting or the frustration of being declined for outdated reasons.

    Serving Those Often Ignored

    Another recurring theme among user experiences is that MoneyMutual delivers for people with bad credit or no credit at all—a population that’s often left out of traditional financial systems.

    “I’d been denied everywhere because of a few bad years. MoneyMutual got me matched with a lender who helped me pay my utility bill and avoid shutoff.” — David R., Georgia.

    The ability to receive same-day payday loans with no credit check has made a meaningful difference in the lives of users who needed a fast solution in critical situations.

    Transparent and Secure

    Many reviewers also praise the transparency and ease of the process. The ability to compare offers from multiple lenders within a secure environment makes borrowers feel informed and in control.

    “I didn’t feel pressured. Everything was laid out clearly, and I was able to pick the lender that worked best for my needs.” — Linda M., Michigan.

    These positive experiences reflect how MoneyMutual has positioned itself as a top choice for payday loans for bad credit in 2025.

    Disclaimer: Individual experiences may vary. All loans are subject to lender approval, and terms will differ by offer. Always review the full agreement before accepting any loan.

    How MoneyMutual Compares to Other Fast Cash Options

    When time is short and financial stress is high, choosing the right loan provider matters more than ever. While many options exist for fast cash, few deliver the balance of accessibility, speed, and security that MoneyMutual offers. Here’s how it compares to traditional banks, peer-to-peer lending platforms, and other payday loan providers in 2025.

    Traditional Banks and Credit Unions

    For borrowers with strong credit, traditional banks and credit unions offer some of the lowest interest rates and long-term repayment options. However, they require a detailed credit history, documented employment, and extensive paperwork. Loan approvals typically take days or even weeks—making them impractical for emergency needs. They also tend to limit or deny access for those with poor credit, which eliminates many of the individuals who need help the most.

    MoneyMutual, by contrast, focuses on fast cash loans with no credit check, allowing people who are financially underserved to find relief without the long wait.

    Peer-to-Peer Lending Platforms

    Platforms like LendingClub and Prosper allow borrowers to apply for loans that are funded by individual investors instead of banks. While these options are more flexible than traditional loans, they still often require a soft or hard credit check and can take multiple days to process. They also lack the immediacy and urgency that same-day payday loans with no credit check provide.

    In urgent situations, the speed and simplicity of online payday loans with instant approval, like those found through MoneyMutual, better serve borrowers who can’t afford to wait.

    Single Payday Loan Providers

    Many online payday loan sites function as single-lender operations, meaning they offer just one loan product with no comparison to others. These websites often have limited transparency, vague terms, and minimal support. The borrower has no real ability to compare lenders or negotiate better offers. Security can also be an issue, as some sites lack strong encryption or consumer protection policies.

    In contrast, MoneyMutual operates as a trusted online lending marketplace, giving borrowers access to a broad network of over 60 lenders. This competition drives faster approvals and potentially more favorable loan terms.

    Why MoneyMutual Leads in 2025

    MoneyMutual sets itself apart by offering a unique combination of features that are especially valuable in today’s economic climate:

    • No credit check required – Unlike banks or P2P platforms, you can apply without worrying about your FICO score.
    • Instant matching – Once you submit the online form, you’re matched in real-time with multiple lenders, increasing your chances of approval.
    • Speed of funding – Many borrowers receive funds within 24 hours, depending on their lender and bank.
    • Transparent process – There are no upfront fees to apply, and the application takes just a few minutes to complete on any device.
    • Secure and encrypted – Your information is protected using industry-standard encryption throughout the process.
    • Inclusive requirements – You only need to be 18+, a U.S. resident, have a $800+ monthly income, and an active checking account to apply.

    For anyone seeking the best no-credit payday loans, MoneyMutual offers a streamlined solution that balances speed with trust and accessibility.

    Disclaimer: Individual lenders set their own loan terms, rates, and fees. MoneyMutual is not a lender and does not guarantee loan approval. Borrowers are encouraged to review all loan details thoroughly before accepting any offer.

    Denied by banks? MoneyMutual connects you to payday loans with no credit check and fast deposits. Apply free now and see your options instantly!

    Financial Literacy Is Your Best Defense

    While no credit payday loans can provide much-needed relief in urgent financial situations, they are not meant to be used as a long-term solution. Understanding the risks, benefits, and strategies for responsible borrowing is just as critical as finding the right lender. That’s why this section focuses on promoting financial literacy—an essential skill set for navigating short-term loans wisely.

    What Are Payday Loans Really For?

    Payday loans for bad credit are designed to help cover short-term gaps in income, such as emergency bills, rent, or utilities—until your next paycheck. They can be incredibly helpful when used as intended. However, borrowing without a clear repayment plan or using payday loans repeatedly can lead to a cycle of debt that becomes difficult to escape.

    MoneyMutual connects users to lenders who offer transparency and fast cash loans with no credit check, but it’s still up to the borrower to use these tools wisely. These loans are a temporary bridge, not a permanent crutch.

    Disclaimer: Payday loans are not a form of long-term credit. If you’re consistently relying on payday lending to manage ongoing expenses, consult a certified credit counselor or nonprofit financial assistance organization.

    Borrowing Responsibly: Practical Tips

    Here are key principles to follow when considering direct lender payday loans or using services like MoneyMutual:

    1. Borrow Only What You Need: It’s tempting to accept the maximum loan offer, but always borrow based on your ability to repay, not on what’s available. Requesting more than necessary can increase repayment pressure and the interest owed.
    2. Understand the Full Cost: Before agreeing to any loan, make sure you understand the total amount you’ll repay—including fees, APR, and any penalties for late or missed payments. If anything seems unclear, ask the lender for clarification before signing.
    3. Avoid Loan Rollovers: Some lenders offer rollovers—extending your loan by paying a fee—but these can compound quickly, leading to escalating debt. Try to repay your loan on the original due date whenever possible.
    4. Check the Lender’s Credentials: If you’re matched with a lender through MoneyMutual’s trusted online lending marketplace, you can feel more secure knowing that the platform only works with verified, compliant partners. Still, you should always read the lender’s privacy policy, contact information, and loan disclosures.
    5. Create a Repayment Plan: Set calendar reminders and review your budget to ensure you’re prepared to repay the loan on time. Missing payments can lead to additional fees, overdrafts, and credit implications—even if your initial approval didn’t require a credit check.
    6. Consider Alternatives When Appropriate: Before applying, explore other resources such as borrowing from a credit union, negotiating payment extensions with service providers, or tapping into community assistance programs. These options may offer more flexibility or lower costs, depending on your circumstances.

    Building Better Habits Post-Borrowing

    After resolving your immediate financial need with a fast cash loan, take steps to improve your long-term stability. Start by tracking expenses, setting aside savings where possible, and using tools or apps that support financial planning. Increasing your financial literacy empowers you to avoid repeat borrowing and establish more durable financial independence.

    Platforms like MoneyMutual offer crucial access to online payday loans with instant approval, but they work best when borrowers use them with a long-term strategy in mind. Remember, these loans are one part of a broader financial toolkit, not a standalone solution.

    Disclaimer: Always compare multiple loan options and seek third-party advice if you’re unsure about repayment terms. Responsible borrowing ensures that fast access to cash today doesn’t become a larger problem tomorrow.

    When cash can’t wait, MoneyMutual delivers. Apply now for fast payday loans—no credit check, no hidden fees, just real offers in minutes!

    Understanding the Costs of No Credit Payday Loans

    One of the most important aspects of using no-credit payday loans responsibly is having a clear understanding of the costs involved. Although platforms like Money Mutual offer access to fast cash loans with no credit check, the fees and interest rates can vary significantly depending on the lender you’re matched with.

    Because MoneyMutual is a trusted online lending marketplace, not a direct lender, it doesn’t control the terms of the loans offered through its platform. Instead, it connects you with reputable lenders who disclose all pricing details upfront. Still, it’s your responsibility to carefully review and understand all terms before accepting any loan agreement.

    Typical Fees and Interest Rates

    The total cost of your payday loan depends on the lender’s terms, your loan amount, the duration of the loan, and your state of residence (since payday lending regulations vary by state). Here are some general fee guidelines:

    • APR ranges for payday loans can be high—sometimes between 200% and 700% on an annualized basis. However, payday loans are usually short-term (often two weeks), so the total dollar cost may be smaller than it sounds annually.
    • Flat fees may also apply, such as $10 to $30 per $100 borrowed, depending on the lender and your state regulations.
    • Late fees or rollover charges can occur if you’re unable to repay the loan on time. Some lenders allow rollovers for an additional fee, which can quickly increase your total repayment amount.

    Disclaimer: These figures are general estimates. Individual lenders determine actual fees, rates, and repayment schedules. Always read the full loan disclosure and consult the lender’s terms before proceeding.

    No Fees to Use the Platform

    It’s free to submit a loan request through MoneyMutual. You won’t be charged to apply, review lender offers, or decline a loan. The platform earns from lenders—not borrowers—which adds a layer of transparency for users seeking payday loans for bad credit without being penalized up front.

    Always Compare Terms

    When you’re matched with a lender, take time to compare offers and confirm:

    • The total amount you’ll owe
    • Payment due date
    • Whether early repayment is allowed without penalty
    • What happens in case of late payment or insufficient funds

    Disclaimer: Pricing is determined solely by individual lenders and may change without notice. Always check the official website or lender’s terms directly for the most up-to-date pricing information before making a decision.

    Urgent expense? No credit? No problem. MoneyMutual connects you to lenders fast with zero cost to apply. Get started now and breathe easier!

    Who Stands Behind Money Mutual?

    In the world of short-term lending, trust is everything. With thousands of loan sites claiming to offer fast cash with no credit check, it’s critical to understand who you’re dealing with and what kind of support is available if something goes wrong.

    MoneyMutual has been operating for over a decade and is widely recognized as a trusted online lending marketplace. Its reputation is built not only on the volume of satisfied users—over two million Americans have used the platform—but also on its commitment to transparency, security, and customer care.

    While MoneyMutual is not a lender itself, it plays a critical role in connecting users with payday loans for bad credit and online payday loans with instant approval, all while maintaining a secure and compliant process.

    Support Availability

    MoneyMutual provides basic customer support through its official website, typically via an online contact form or email. While they do not offer live phone support for loan inquiries (since the actual loans are handled by individual lenders), they do respond to platform-related questions and technical issues.

    If you encounter a problem with a specific lender you’re matched with—such as a dispute over loan terms, repayment timing, or disbursement—you should reach out directly to that lender using the contact information provided in your loan agreement.

    Business Integrity and Consumer Confidence

    MoneyMutual clearly states that it does not guarantee approval and does not influence the lender’s decision-making process. This transparency is one reason why it’s viewed as a credible and secure choice for people seeking no credit payday loans through a centralized and secure platform.

    If you’re ever unsure about the legitimacy of a lender or the safety of your information, you can rest easier knowing that MoneyMutual’s site is encrypted and operates with compliance standards aimed at protecting users.

    What You Should Know About Refunds and Loan Terms

    Because MoneyMutual is not a lender, but rather a trusted online lending marketplace, the company does not issue loans, charge borrowers fees to use its platform, or collect repayment on behalf of any lender. As a result, it does not offer refunds or warranties—those are entirely at the discretion of the individual lender you choose to work with.

    Understanding this distinction is important when considering no credit payday loans. While MoneyMutual provides a secure path to explore offers, all loan terms—including refund policies, cancellation rights, and repayment schedules—are governed by the lender whose offer you accept.

    Refund Policies Are Lender-Specific

    Some lenders may offer short grace periods or allow you to cancel the loan before disbursement, but this is not guaranteed. Once a loan is approved and funded, it typically enters into a binding agreement. Borrowers must refer to their loan contract to understand refund rights, fees, penalties, and the process for disputing charges or reporting repayment issues.

    No Platform Warranty or Guarantees

    MoneyMutual does not guarantee that every applicant will receive a loan offer. Nor does it promise favorable terms, minimum fees, or loan approval timeframes. Its role is to facilitate the introduction between borrower and lender based on your submitted information.

    Borrowers are encouraged to take time reviewing all offers to ensure that the terms align with their financial needs and repayment ability. This is especially important when seeking payday loans for bad credit, where interest rates and fees can vary significantly between lenders.

    Final Thoughts: Reclaiming Control With the Right Lending Option

    Financial emergencies are stressful enough. The added barrier of poor or no credit history can make urgent needs feel impossible to meet. That’s why the availability of no credit payday loans—especially those facilitated by platforms like MoneyMutual—is so important in 2025. They offer a fast, flexible option for individuals who are often overlooked by traditional lenders, without requiring perfect credit scores or lengthy approval processes.

    With just a few minutes and a mobile device, borrowers can access a trusted online lending marketplace that connects them to more than 60 lenders offering fast cash loans with no credit check. Whether you need to cover a utility bill, rent payment, or emergency expense, online payday loans with instant approval provide a financial safety net at a time when speed matters most.

    Making Informed, Responsible Choices

    While services like MoneyMutual are powerful tools for bridging short-term gaps, they are not long-term solutions. Borrowers are encouraged to read all terms carefully, understand their repayment responsibilities, and use these loans for immediate needs—not for recurring expenses.

    The real power in the best no credit payday loans is the sense of control they can restore in the middle of a financial crisis. Used wisely, they can help prevent service disconnections, avoid costly late fees, and protect your livelihood from temporary disruptions.

    One Final Note on Pricing

    Loan terms, fees, and interest rates vary by lender. While MoneyMutual does not charge borrowers to use its platform, each individual lender sets their own pricing structure. Offers should be reviewed in full prior to acceptance.

    Disclaimer: Always verify current pricing and repayment terms directly with the lender. Pricing is subject to change at any time. Visit the official MoneyMutual website or the lender’s portal for the most up-to-date information.

    Need funds now with bad credit? Submit your payday loan request with MoneyMutual—secure, quick, and free to use. Get matched today!

    Frequently Asked Questions (FAQs)

    What are no credit payday loans?

    No credit payday loans are short-term loans designed for individuals who need fast access to cash but have poor or no credit history. Unlike traditional bank loans, these loans typically do not require a hard credit check, making them more accessible to a wider range of borrowers. They’re most often used for emergency expenses and repaid by the borrower’s next payday.

    How fast can I get approved for a payday loan online?

    Many online payday loans offer instant approval, meaning you may receive a decision within minutes of submitting your application. If approved, funds are typically deposited into your bank account by the next business day, depending on the lender and your bank’s processing times.

    Can I get a payday loan with bad credit?

    Yes, payday loans for bad credit are specifically designed for borrowers who have low or no credit scores. Lenders in platforms like MoneyMutual’s trusted online lending marketplace often base approval on income and employment history instead of traditional credit reports.

    Is it safe to apply for a no credit payday loan online?

    When using a trusted online lending marketplace like MoneyMutual, your information is encrypted and securely transmitted to reputable lenders. Be sure to apply only through verified platforms with a strong reputation and clear privacy policies to protect your personal and financial data.

    How much can I borrow with a payday loan?

    Loan amounts typically range from $200 to $5,000 depending on the lender, your income, and state regulations. Always borrow only what you need and can comfortably repay on time to avoid excessive fees.

    Do payday loans have fees or high interest rates?

    Yes, most no credit payday loans have higher interest rates than traditional loans. Lenders may charge flat fees per $100 borrowed or APRs ranging from 200% to 700%. Make sure to review all terms before accepting any loan offer.

    Disclaimer: Loan fees and APRs vary by lender and state. Always check the lender’s terms and verify current rates on the official website. Pricing is subject to change at any time.

    Can I get a same-day payday loan?

    Some lenders offer same-day payday loans with no credit check, but funding timelines depend on the time you apply and your bank’s policies. Most loans are funded within 24 hours if approved during business hours.

    What are the requirements to apply for a payday loan through MoneyMutual?

    To qualify, you must:

    • Be at least 18 years old
    • Be a U.S. citizen or legal resident
    • Have a minimum monthly income of $800
    • Own an active checking account
    • Provide a working phone number and valid email address

    Will applying for a payday loan affect my credit score?

    Submitting a loan request through MoneyMutual does not impact your credit score. However, if a lender performs a soft or hard inquiry after connecting with you directly, there may be a minor credit impact. Late repayment may also be reported to credit agencies depending on the lender’s policy.

    What if I can’t repay the loan on time?

    Failure to repay on time can result in additional fees, rollover charges, or collections. Some lenders may offer extensions, but it’s important to communicate directly with them. Fast cash loans with no credit check should only be used if you’re confident in your ability to repay by the due date.

    Low on cash before payday? MoneyMutual gives you fast access to trusted payday loan offers—no credit score needed. Apply now in 5 minutes!

    • Company: MoneyMutual
    • Address: 2510 E. Sunset Rd. Ste 6, #85 Las Vegas NV, 89120
    • Email: customerservice@moneymutual.com
    • Phone Support: 844-276-2063

    Disclaimer

    Legal Disclaimer and Affiliate Disclosure

    This article is for informational purposes only and does not constitute financial, legal, or professional advice. Readers are strongly encouraged to perform their own research and consult with a licensed financial advisor, credit counselor, or qualified professional before making any financial decisions.

    The content presented herein reflects publicly available information and/or the opinions of the authors and contributors at the time of publication. While every effort has been made to ensure the accuracy and reliability of the information, no representation or warranty is made, express or implied, regarding the completeness, timeliness, or accuracy of the content. In the event of typographical errors, outdated information, or inconsistencies, neither the authors nor the publishers shall be held liable for any damages or outcomes resulting from the use or misuse of this content.

    Any products, services, companies, or platforms referenced, including third-party loan providers, are subject to change at the discretion of their respective owners or operators. Readers should verify all pricing, terms, conditions, and policies directly with the source. Loan terms, interest rates, and fees are set by individual lenders and may vary by jurisdiction and borrower profile. Approval is not guaranteed. Late or missed payments may result in additional fees or credit consequences depending on the lender’s terms.

    This publication may contain affiliate links. This means that if a reader clicks on a link and applies for or purchases a product or service, the publisher may earn a commission at no additional cost to the reader. Such relationships do not influence the editorial content, which is created independently and objectively to ensure accuracy and transparency.

    Neither the publisher, the authors, the editors, nor any affiliated syndication partners are responsible for any financial losses, liabilities, or adverse consequences arising directly or indirectly from the information provided herein. This article is not endorsed, sponsored, or affiliated with any government agency or regulatory body.

    By reading, sharing, or syndicating this article, all parties acknowledge and accept these terms and waive any claim of liability against the publishers or distribution networks.

    The MIL Network –

  • MIL-OSI Russia: China hopes to work with Slovakia and other countries to confront challenges and uphold international fairness and justice – Xi Jinping

    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, May 9 (Xinhua) — China hopes to work with Slovakia and other countries to address challenges through unity and cooperation and uphold international fairness and justice, Chinese President Xi Jinping said on Friday.

    The Chinese leader expressed hope that Slovakia will play an active role in promoting the positive and progressive development of China-EU relations.

    Xi Jinping made the relevant statements during a meeting with Slovakian Prime Minister Robert Fico on the sidelines of celebrations marking the 80th anniversary of the Soviet Union’s victory in the Great Patriotic War.

    The Chinese President pointed out that promoting the comprehensive, deep and high-level development of China-Slovakia relations meets the fundamental interests of the peoples of the two countries and is in line with the historical trend of open cooperation and mutual benefit.

    Noting that the important consensus reached by the leaders of the two countries during R. Fico’s visit to China in November 2024 is being actively implemented, Xi Jinping stated that the Chinese-Slovak strategic partnership relations are entering the “fast lane”.

    According to Xi Jinping, the two sides should consistently deepen traditional friendship, increase high-level exchanges, firmly support each other, expand mutually beneficial cooperation, promote high-quality cooperation within the framework of the Belt and Road, and promote the sustainable and long-term development of China-Slovakia and China-Europe ties.

    China welcomes Slovakia’s participation as a guest of honor at the 4th EXPO China – Central and Eastern European Countries and International Consumer Goods Fair, which will help increase the export of high-quality Slovak products to China, Xi Jinping noted. He added that China is pleased to see more Chinese enterprises investing in Slovakia and setting up business in the country.

    R. Fico, for his part, assured that deepening the Slovak-Chinese strategic partnership is one of the main priorities of his country’s foreign policy.

    According to him, Slovakia intends to firmly adhere to the one-China policy, actively promote friendly and mutually beneficial cooperation with China, expand trade and investment cooperation, strengthen cultural and humanitarian exchanges, contributing to new progress in bilateral relations.

    Noting that healthy and stable relations between the European Union and China are in the common interests of both sides, R. Fico stressed that Slovakia seeks to promote the development of European-Chinese relations.

    According to the Prime Minister, Slovakia supports major initiatives put forward by China, such as the creation of a community with a shared future for mankind, and highly values China’s position and constructive role in issues such as Ukraine and the Middle East.

    Slovakia expects to work together with China to uphold multilateralism, protect free trade rules, and safeguard the stability of global production and distribution chains, added R. Fico. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Georgian Prime Minister Congratulates WWII Veterans on 80th Anniversary of Victory Over Fascism

    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

    Tbilisi, May 10 (Xinhua) — Georgian Prime Minister Irakli Kobakhidze on Friday paid tribute to those killed in the Great Patriotic War and laid a wreath at the bust of Georgian soldier Meliton Kantaria in the Veterans’ Recreation and Culture Park, the country’s government administration said.

    I. Kobakhidze congratulated the veterans of World War II who gathered in the park on the 80th anniversary of the victory over fascism.

    “We honor the memory of those who died during World War II. Fascism was a great evil, and the defeat of fascism is a very important event. I would like to congratulate all veterans on this day once again,” the head of government emphasized.

    The Prime Minister was at the Veterans’ Recreation and Culture Park together with Georgian President Mikheil Kavelashvili, Chairman of Parliament Shalva Papuashvili, Tbilisi Mayor Kakha Kaladze and other representatives of the executive and legislative branches.

    Around 300,000 Georgians died in the war, which lasted from 1941 to 1945. According to the latest data, 74 participants of the Second World War currently live in Georgia.

    This day is officially a non-working day in the country. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: Breaking: India Launches Missile Strikes on Three Air Bases in Pakistan

    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

    Xinhua | 10. 05. 2025

    Keywords: three airbases, india, struck, urgently, pakistan, class missiles, rawalpindi, khan, reported, representative, surface, noor, islamabad, india, launched, air

    ISLAMABAD, May 10 (Xinhua) — India fired air-to-surface missiles at three Pakistani air bases, including Nur Khan in Rawalpindi, near Islamabad, a Pakistani army spokesman said.

    Source: Xinhua

    Breaking: India launches missile strikes on three air bases in Pakistan Breaking: India launches missile strikes on three air bases in Pakistan

    MIL OSI Russia News –

  • MIL-OSI USA: WEEK 16 WINS: President Trump Advances America’s New Golden Age

    US Senate News:

    Source: The White House
    This week, President Donald J. Trump advanced his America First agenda with remarkable successes that bolster the economy, enhance national security, and promote global stability. From a landmark trade agreement to bold steps to secure our borders and skies, President Trump is delivering results that matter to every American.
    Here is a non-comprehensive list of wins in week 16:
    President Trump announced a “breakthrough” trade deal with the United Kingdom that expands market access, curbs non-tariff barriers, and levels the playing field for American exporters.
    National Cattlemen’s Beef Association: “President Trump has delivered a tremendous win for American family farmers and ranchers … Thank you, President Trump, for fighting for American cattle producers.”
    National Corn Growers Association: “This is great news. We applaud President Trump and his administration for brokering this deal.”
    International Dairy Foods Association: “On behalf of America’s dairy processors and producers, IDFA applauds President Trump’s announcement today that the United States and the United Kingdom have reached the terms for a significant trade deal between our two markets that promises to expand access for U.S. agricultural goods, reduce tariffs, and remove barriers to trade.”

    President Donald J. Trump’s relentless pursuit of manufacturing dominance spurred onshoring and additional U.S. investment.
    The Wall Street Journal: Trump’s Tariffs Are Lifting Some U.S. Manufacturers
    The Washington Post: This U.S. manufacturer doesn’t mind Trump’s tariffs at all
    Bristol Myers Squibb announced a $40 billion investment over the next five years in its research, development, technology, and U.S.-based manufacturing operations.
    Gilead Sciences announced an $11 billion boost to its planned U.S.-based manufacturing investment.
    Invenergy announced a $1.7 billion investment in U.S. electric transmission.
    Merck Animal Health announced an $895 million investment to expand their manufacturing operation in Kansas.
    Wistron Corp., a Taiwanese electronics manufacturer and AI server maker, announced $455 million in additional U.S. investment.
    Lego announced a $366 million investment to build a new distribution center in Prince George County, Virginia.
    Hotpack, a Dubai-based maker of food packaging materials and related products, announced a $100 million investment to establish its first U.S. manufacturing facility in Edison, New Jersey.

    The Trump Administration unveiled a plan to completely overhaul the nation’s air traffic control system, building on the unprecedented actions already taken to secure America’s skies and improve air travel.
    American Airlines CEO Robert Isom: “This plan from President Trump and Secretary Duffy is absolutely the best opportunity that we’ve had in decades to do something about our outdated air traffic control infrastructure and build a best-in-class system that our country deserves.”
    Delta Air Lines CEO Ed Bastian: “I want to especially thank Secretary Duffy and the Administration for gathering us all here today and taking such a strong approach to overhauling our air traffic control system in the U.S.”
    United Airlines CEO Scott Kirby: “This really is an historic day — a day I have been looking forward to my entire career when I felt like we have turned the corner and are on the path to give the United States the best-in-class air traffic control system that the citizens of the United States deserve.”
    Southwest Airlines CEO Bob Jordan: “I cannot say enough thanks to Secretary Duffy, to the administration, to President Trump for the stellar leadership to bring everyone together on this problem.”

    President Trump continued to secure our borders, rid our communities of illegal immigrant criminals, and keep Americans safe.
    President Trump announced plans to house America’s most ruthless, violent criminals at Alcatraz prison.
    President Trump established “Project Homecoming” to encourage illegal immigrants to voluntarily depart the U.S.
    The Department of Justice announced the takedown of a massive drug and weapons trafficking organization in New Mexico, operated by the Sinaloa cartel — resulting in the largest fentanyl seizure in our nation’s history and the arrests of six high-level cartel members illegally in the U.S.
    The Department of Justice announced that 115 children were rescued and 205 child sex predators were arrested in just five days as part of Operation Restore Justice.
    The Department of Homeland Security announced it will offer financial assistance and stipends for illegal immigrants voluntarily returning to their home country via the CBP Home App — saving taxpayers as much as $1 million per illegal alien family in long-term costs of welfare and public support.
    Breitbart: Southern Border Migrant Apprehensions Continue Record-Shattering Decline
    Fox News: Daycare in wealthy enclave shutters after housing fugitive child predator arrested by ICE
    The percentage of Americans “who worry a great deal” about crime has fallen by ten points over last year.

    President Trump continued to pursue peace through strength around the world.
    President Trump announced a ceasefire with Houthi terrorists in Yemen, restoring freedom of navigation in the Red Sea for U.S.-flagged ships.
    The Department of the Treasury targeted a third teapot refinery for facilitating the delivery of Iranian oil as part of President Trump’s broad and aggressive maximum pressure campaign.
    The Department of State designated Haitian gangs as foreign terrorist organizations.
    The Department of State announced all hostages held by the Maduro regime at the Argentinian Embassy in Caracas, Venezuela, were rescued and brought safely to the U.S.

    A new survey showed 70% of farmers expect the President Trump’s tariffs to strengthen the agricultural economy in the long-term.
    President Trump announced his first wave of judicial nominations.
    President Trump ended federal funding for dangerous gain-of-function research in foreign countries.
    President Trump ended the racist and discriminatory Biden-era “Digital Equity Act,” which provided billions in handouts based on race.
    President Trump announced new tariffs on movies produced in foreign countries in an effort to boost the American film industry.
    President Trump signed an Executive Order to restore a robust domestic manufacturing base for prescription drugs and promote domestic production of critical medicines.
    President Trump eliminated useless water pressure standards that make household appliances less effective and more expensive.
    President Trump signed an Executive Order to provide better care to veterans, improve accountability for such care, and establish a National Center for Warrior Independence for homeless veterans.
    President Trump signed an Executive Order to ease the regulatory burden on Americans and ensure no one is transformed into a criminal for violating a regulation they have no reason to know exists.
    President Trump directed his administration to expeditiously implement the most effective mechanisms, barriers, and other measures to prevent the migration and expansion of invasive carp in the Great Lakes Basin and the surrounding region.
    President Trump directed the Office of the Federal Register to speed up publishing time and decrease costs, enabling agencies to more quickly and effectively restore freedom through President Trump’s deregulatory agenda.
    President Trump officially declared May 8 as “Victory Day for World War II” in commemoration of the unmatched might, strength, and power of the American Armed Forces.
    The Department of Education continued their rigorous oversight of secondary and higher education institutions to ensure compliance with federal law.
    The Department of Education opened an investigation into the Saratoga Springs City School District in New York for Title IX violations relating to male participation in female sports and occupation of female facilities.
    The Department of Education informed Harvard University that the federal government will no longer award new grants to the university amid their failure to uphold federal law.
    The Department of Education opened a formal foreign funding investigation into the University of Pennsylvania after a review of the university’s foreign reports revealed inaccurate and incomplete disclosures.
    The Department of Education initiated a Title IX investigation into Western Carolina University amid allegations the school failed to ensure sex-separated intimate spaces.
    The Task Force to Combat Anti-Semitism announced a review of recent incidents of anti-Semitic violence at the University of Washington and its affiliates.

    The Department of Education resumed collections for student borrowers in default following a five-year pause and reminded institutions of their obligations to support student loan borrowers.
    The Department of Education directed states to maximize parental options for choosing the safest school setting for their children.
    The Department of Justice opened an investigation into a recent policy by Hennepin County, Minnesota, to consider race in plea deals.
    The Department of the Treasury announced a fast-track process to facilitate greater investment in U.S. businesses from ally and partner sources.
    The Department of Energy announced new policies to limit indirect costs of certain grant funding, which is projected to save taxpayers more than $935 million per year.
    The Department of Energy halted the Biden-era ban on fossil fuels in federal buildings, ensuring they’re utilizing the most efficient power available to lower taxpayer costs and curb regulatory overreach.
    The Department of State closed its “Office of Palestinian Affairs,” a Biden-era creation that encouraged Israel not to respond to the October 7 terrorist attacks.
    The Department of Health and Human Services warned medical schools that DEI admissions or employment practices violate federal law and must be eliminated, or the institution risks its federal funding.
    The National Institutes of Health announced all beagle experiments on its campus have been terminated.
    The Department of Agriculture announced the removal of hazardous fuels — such as dead or downed trees — that pose wildfire threats to communities, critical infrastructure, and recreation areas.
    The Department of Agriculture announced enhanced enforcement for making sure states are appropriately and lawfully preserving SNAP benefits for only eligible Americans.
    The Department of Housing and Urban Development, in collaboration with First Lady Melania Trump, announced an investment in a new program to prevent homelessness in Americans aging out of the foster care system.
    The Department of Labor recovered more than $1.4 million in back wages for more than 2,600 employees after finding a California company had failed to pay its employees proper rates.
    The Department of Labor announced additional funding to support disaster-relief jobs and continue employment training for Tennesseans and Floridians affected by last year’s tropical storms.
    The Department of Transportation terminated $54 million in woke, radical grant funding.
    The Office of the Director of National Intelligence released an additional 60,000 documents related to the assassination of Senator Robert F. Kennedy.
    The Supreme Court ruled the Trump administration can enforce its ban on individuals with gender dysphoria serving in the military, boosting efforts to restore a military focused on readiness rather than woke gender ideology.
    President Trump announced Washington, D.C., will host the NFL Draft in 2027.
    The House of Representatives passed a bill to codify President Trump’s “Gulf of America” Executive Order.

    MIL OSI USA News –

  • MIL-OSI USA: Cook, Opening Remarks on Productivity Dynamics

    Source: US State of New York Federal Reserve

    Good afternoon. Thank you for moderating, Peter. It is an honor to be with you today, and it is always great to be back at Stanford and at the Hoover Institution. I spent several formative years of my career here, including as a National Fellow, and always enjoy returning. And it is a privilege to share the panel with Dr. Schnabel, and Presidents Musalem and Hammack. I look forward to our discussion.1
    Before that, I would like to briefly discuss a topic I see as critical to the future path of the economy: productivity growth. Productivity growth has been surprisingly strong in recent years, and this has influenced my view of the appropriate stance of monetary policy. I will also explore two ongoing developments that are likely to influence productivity growth moving forward: changes to trade policy and the wider adoption of artificial intelligence (AI). Productivity dynamics are something I have long studied closely and will continue to pay careful attention to as I consider the appropriate stance of monetary policy.
    It is helpful to start by looking back about three years to the middle of 2022. At that point, the global economy had largely reopened after pandemic closures, a historic amount of federal support had been deployed, and unemployment was falling toward a half-century low. But supply disruptions persisted, and the 12-month inflation rate reached its peak at over 7 percent. The challenge for Federal Reserve policymakers was clear: Move inflation back toward its 2 percent target while maintaining the health of the labor market. The Federal Open Market Committee (FOMC), which I joined that year, began to raise the federal funds rate from near zero, ultimately reaching just above 5 percent by mid-2023. Many forecasters predicted that a recession in 2023 was more likely than not. And yet, one did not materialize. Instead, inflation came down considerably, while unemployment remained low. How did this unusual and welcome outcome happen?
    Two notable factors were the unwinding of pandemic-era conditions that previously constrained the supply of both goods and labor in conjunction with restrictive monetary policy that contributed to a moderation in aggregate demand. Today, I would like to call attention to a third factor: a greater-than-usual increase in productivity during the pandemic recovery.
    Prior to the pandemic, from 2007 to 2019, productivity growth in the business sector averaged 1.5 percent annually. In the past five years productivity growth accelerated to 2 percent. While some of the productivity gains may reflect situations unique to the reopening of the economy, it is notable that the level of productivity, as measured by output per hour, remained above trend throughout 2023 and 2024.2 This increase in productivity was partially driven by pandemic labor shortages themselves. When it was difficult to find employees, as many Americans retired or stepped out of the labor force, many businesses innovated. For example, restaurants adopted online ordering apps and retailers accelerated the implementation of self-checkout systems.3 These changes improved efficiency and contributed to an expansion in potential gross domestic product (GDP). As a result, price pressures eased from their peak while demand remained strong.
    Improved productivity is widely beneficial to the economy. It allows workers to receive pay raises without companies needing to further increase prices and helps ensure consumers have access to the products and services they demand. Furthermore, and particularly relevant to me as a monetary policymaker, a rise in potential output lessens the need to use monetary policy to slow demand. This effect is good for the obvious reason that it allows for increasing economic growth without higher inflation. But importantly, it also lowers the risk of a policy overshoot that could cause the unemployment rate to rise.
    Now that I have reviewed the role that productivity growth played in the post-pandemic recovery, I would like to focus on two countervailing forces on productivity that I am currently studying. These are changes to trade policy and the growth of AI.
    I expect to see a drag on productivity in the near term stemming from the recent changes to trade policy and the related uncertainty, for several reasons. First, uncertainty around trade policy is likely to reduce business investment going forward. At this time, firms do not know the ultimate level and incidence of tariffs or their duration. Firms contemplating large investments might observe conditions that could hold under the paradox of thrift, wondering whether they could get a better deal if they just wait. Higher costs of imported materials and components could also cause firms to delay or scale back their investment plans. This reduction in capital formation can lead to slower technological innovation and adoption and decreased overall efficiency in production processes. Second, protectionist trade policies, while intended to support domestic industries, may inadvertently lead to a less competitive environment, if they prop up less efficient firms. And third, any supply-chain disruptions resulting from the policy changes would make production slower and less efficient. These disruptions can lead to inventory mismatches, production delays, and increased costs as firms scramble to find alternative suppliers or redesign their products to accommodate new input constraints. This set of disruptions could pose a particular challenge for monetary policymakers. A reduction in potential GDP means less slack in the economy, which, in turn, means greater inflationary pressure. According to the Taylor Principle, for which no explanation is needed at this conference, taming higher inflation requires a higher policy rate. I believe that keeping inflation expectations credibly anchored is essential. Therefore, all else equal, lower productivity could cause me to support keeping rates at a higher level for longer.
    The second ongoing economic development I see altering productivity is the rapidly expanding use of AI. I view this emerging technology as likely to have a significant positive effect on productivity growth. In fact, I see AI as poised to be at least as transformative as other general purpose technologies, such as the printing press, the steam engine, and the internet. With wider adoption of AI, we could have a surge in potential output.
    As I have discussed in several recent speeches, AI has the potential to revolutionize numerous sectors of our economy.4 We already see AI assistants boosting productivity in customer service, software development, and medical diagnosis. AI’s ability to process and analyze vast amounts of data could lead to breakthroughs in scientific research and innovation, resulting in an increased arrival rate of new ideas, further amplifying its effect on productivity.
    Of course, an AI productivity boom would come with its own set of challenges. If potential output expands too rapidly, it could leave slack in the economy and the labor market. Moreover, the productivity gains from AI may not be uniform across all sectors, job types, or tasks, leading to a transitional period as the labor market adjusts. Despite these challenges, I am optimistic about AI and its potential to drive significant productivity growth in the coming years.
    To summarize, I see an important role for productivity growth to play in assisting FOMC policymakers to achieve our dual-mandate goals. This dynamic played out, alongside other factors, in recent years when inflation eased from historic highs while the labor market remained solid. Two currently unfolding economic events are likely to influence productivity growth in the coming years—specifically, changes to trade policy and the expansion of AI. Those two developments may prove to run counter to each other, but it is too soon to predict precisely. I will be closely monitoring developments in this space. I look forward to engaging with those studying this topic including, I am sure, many in this room.
    Thank you. I look forward to the discussion.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. For additional discussion, see the box “Labor Productivity since the Start of the Pandemic” in Board of Governors of the Federal Reserve System (2025), Monetary Policy Report (PDF) (Washington: Board of Governors, February), pp. 18–20. Return to text
    3. See Austan Goolsbee, Chad Syverson, Rebecca Goldgof, and Joe Tatarka (2025), “The Curious Surge of Productivity in U.S. Restaurants,” NBER Working Paper Series 33555 (Cambridge, Mass.: National Bureau of Economic Research, March). Return to text
    4. See Lisa D. Cook (2024), “Artificial Intelligence, Big Data, and the Path Ahead for Productivity,” speech delivered at “Technology-Enabled Disruption: Implications of AI, Big Data, and Remote Work,” a conference organized by the Federal Reserve Banks of Atlanta, Boston, and Richmond, held in Atlanta, Georgia, October 1. Return to text

    MIL OSI USA News –

  • MIL-OSI China: Xi urges China, Myanmar to keep advancing key projects of economic corridor

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

    Chinese President Xi Jinping meets with Myanmar leader Min Aung Hlaing on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MOSCOW, May 9 — Chinese President Xi Jinping on Friday urged China and Myanmar to deepen strategic cooperation and keep advancing the construction of key projects of the China-Myanmar Economic Corridor.

    Xi made the remarks while meeting with Myanmar leader Min Aung Hlaing on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War.

    China and Myanmar belong to a community with a shared future that shares weal and woe and supports each other, Xi said, adding that the Five Principles of Peaceful Coexistence and the Bandung Spirit, jointly advocated by China and Myanmar, have grown even stronger over time, with their contemporary value becoming increasingly prominent.

    Noting that this year marks the 75th anniversary of diplomatic relations between the two countries, Xi said China will seek an amicable, secure and prosperous neighborhood, follow the principles of amity, sincerity, mutual benefit and inclusiveness, and share weal and woe with its neighbors.

    China will work with Myanmar to deepen the building of a community with a shared future, advance high-quality Belt and Road cooperation, and implement the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative, bringing greater benefits to the people of the two countries, Xi said.

    Xi recalled that not long ago, a strong earthquake hit Mandalay, Myanmar, causing significant casualties and property damage, saying that China was the first to dispatch rescue teams and provide emergency humanitarian supplies, and stands ready to continue offering assistance to support Myanmar in rebuilding.

    The Chinese side supports Myanmar in pursuing a development path suited to its national conditions, safeguarding its sovereignty, independence, territorial integrity and national stability, and steadily advancing its domestic political agenda, Xi said.

    Xi said it is hoped that Myanmar will take concrete measures to ensure the safety of Chinese personnel, institutions and projects in Myanmar, and intensify efforts to combat cross-border crimes such as online gambling and telecom fraud.

    He urged the two sides to jointly uphold the UN-centered international system and the international order underpinned by international law, and safeguard the legitimate rights and interests of developing countries.

    For his part, Min Aung Hlaing said that after Myanmar was struck by the earthquake, China immediately extended sincere condolences, and was the first to provide disaster relief assistance to his country, demonstrating the “Paukphaw” (fraternal) friendship and solidarity in times of hardship towards Myanmar, which the people of Myanmar will forever remember.

    Under the strong leadership of President Xi, China has achieved remarkable progress in advancing Chinese modernization, Min Aung Hlaing said, adding that Myanmar highly values its relations with China and will always be a friendly neighbor that China can trust.

    Min Aung Hlaing said that Myanmar is committed to advancing cooperation with China in areas such as economy and trade, as well as energy, and will make every effort to ensure the safety of Chinese projects and personnel in Myanmar.

    Myanmar highly appreciates the three global initiatives proposed by China and the vision of building a community with a shared future with neighboring countries, and stands ready to work with China to address common challenges, he added.

    Chinese President Xi Jinping meets with Myanmar leader Min Aung Hlaing on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Xi calls for advancing building of China-Serbia community with shared future

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

    Chinese President Xi Jinping meets with Serbian President Aleksandar Vucic on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MOSCOW, May 9 — Chinese President Xi Jinping said on Friday that China and Serbia should carry forward the ironclad friendship, boost mutually beneficial cooperation and advance the high-quality building of a China-Serbia community with a shared future.

    Xi made the remarks while meeting with Serbian President Aleksandar Vucic on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War.

    Noting his successful state visit to Serbia in May last year, Xi said that over the past year, the building of a China-Serbia community with a shared future in a new era has got off to a good start and the achievements are obvious to all.

    As profound changes unseen in a century continue to unfold across the world amid multiple overlapping risks and challenges, China and Serbia should maintain strategic resolve and concentrate on managing their own affairs well, Xi said.

    China is ready to deepen strategic communication with Serbia, enhance mutual support, strengthen cooperation in trade and investment, continue supporting the construction and operation of relevant projects, give full play to their demonstrative effect, and achieve more outcomes that deliver mutual benefit and win-win results, Xi said.

    Xi stressed that 80 years ago, the peoples of China and Serbia made important contributions to the victory on the Asian and European battlefields in the World Anti-Fascist War, respectively.

    China is ready to work with all countries in the world, including Serbia, to unite and cooperate to meet challenges, jointly safeguard world peace and international fairness and justice, safeguard the achievements of economic globalization, and promote the building of a community with a shared future for mankind, Xi said.

    For his part, Vucic said that China is Serbia’s most precious friend, consistently offering selfless support and assistance to help Serbia develop its economy and improve the well-being of its people.

    Serbia firmly adheres to the one-China principle and always believes that Taiwan is an inalienable part of China’s territory, he said.

    Serbia is ready to expand economic and trade exchanges with China, Vucic said, adding that his country welcomes more Chinese enterprises to invest and do business in Serbia, and will provide a favorable business environment for them.

    It is hoped that China will actively participate in the 2027 Belgrade Specialized Expo, he said.

    Vucic commends China’s steadfast support for multilateralism, noting that China’s visions and actions have bolstered the international community’s courage and confidence in safeguarding common interests.

    Serbia stands ready to unite with China in addressing the challenges posed by unilateralism and protectionism, Vucic added.

    Chinese President Xi Jinping meets with Serbian President Aleksandar Vucic on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Xi says China to firmly support Venezuela in safeguarding sovereignty, social stability

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

    Xi says China to firmly support Venezuela in safeguarding sovereignty, social stability

    Chinese President Xi Jinping meets with Venezuelan President Nicolas Maduro on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MOSCOW, May 9 — Chinese President Xi Jinping said here on Friday that China and Venezuela are good partners of mutual trust and common development, and China will, as always, firmly support Venezuela in safeguarding sovereignty, national dignity and social stability.

    Xi made the remarks while meeting with Venezuelan President Nicolas Maduro on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War.

    Noting that China and Venezuela have forged an ironclad friendship amid the changing international situation, Xi said that since the two countries elevated the bilateral relations to an all-weather strategic partnership in 2023, exchanges across various sectors and at all levels have been vigorous, bilateral trade has grown continuously, new progress has been made in investment cooperation and people-to-people exchanges, and friendship between the two sides has become increasingly popular among the two peoples.

    Xi said China has always viewed and developed relations with Venezuela from a strategic and long-term perspective, and is willing to enhance the exchange of governance experiences with Venezuela, continue to deepen practical cooperation in various areas and take bilateral ties to new heights, so as to better benefit the two peoples.

    China is ready to work with Venezuela and other Latin American countries to firmly uphold the UN-centered international system and the international order underpinned by international law, and promote the steady and sustained progress in building a community with a shared future between China and Latin America and the Caribbean, Xi said.

    For his part, Maduro said China is a great friend of Venezuela, expressing his gratitude for China’s longstanding and selfless support in helping his country safeguard national sovereignty and advance economic and social development.

    Venezuela is looking forward to strengthening its all-weather strategic partnership with China, and deepening cooperation in trade, energy, agriculture, science and technology, education and other fields for more tangible results, so as to better benefit the two peoples, he said.

    Noting that Xi’s vision of building a community with a shared future for mankind has opened up bright prospects for world peace and development, Maduro said Venezuela is willing to strengthen coordination and cooperation with China to uphold multilateralism, defend international fairness and justice, and safeguard the common interests of the international community. 

    Chinese President Xi Jinping meets with Venezuelan President Nicolas Maduro on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Xi says China supports Cuba in safeguarding sovereignty, opposing foreign interference

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

    Xi says China supports Cuba in safeguarding sovereignty, opposing foreign interference

    Chinese President Xi Jinping meets with Cuban President Miguel Diaz-Canel on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MOSCOW, May 9 — Chinese President Xi Jinping said here Friday that China firmly supports Cuba in safeguarding its national sovereignty, and opposing foreign interference and blockade.

    Xi made the remarks while meeting with Cuban President Miguel Diaz-Canel on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War.

    The Chinese side also supports Cuba’s efforts to promote economic and social development, said Xi, adding that the two sides, both as important members of the Global South, should enhance coordination and cooperation within such frameworks as the BRICS and the China-CELAC (Community of Latin American and Caribbean States) Forum, oppose power politics and unilateral bullying, and safeguard international fairness and justice.

    Xi recalled that he has met with Diaz-Canel on many occasions in recent years, saying that they have jointly led China-Cuba relations into a new stage featuring deeper political mutual trust, closer strategic coordination and more solid popular support.

    This year marks the 65th anniversary of diplomatic ties between China and Cuba, Xi said, adding that China is willing to further consolidate the ironclad friendship with Cuba, build a closer China-Cuba community with a shared future, and set an example of solidarity and cooperation among socialist countries and sincere mutual assistance among developing countries.

    Xi called on both sides to promote steady progress in exchanges at all levels and cooperation in various fields, and ensure that high-level political mutual trust always remains a distinct feature of relations between the two ruling parties and the two countries.

    For his part, Diaz-Canel said Cuba and China are close friends and brothers, adding that his country appreciates China’s long-term strong support for Cuba’s economic and social development.

    The Cuban side, he said, firmly abides by the one-China principle, and is ready to strengthen mutually beneficial cooperation with China, enhance friendly people-to-people exchanges, promote coordination and cooperation in international and regional affairs, and deepen the efforts of the building of a community with a shared future, so as to promote a greater development of bilateral relations.

    He also said that Cuba supports the three major global initiatives proposed by China, and is willing to work with China to jointly oppose unilateralism and protectionism, and to safeguard the common interests of the international community.

    Chinese President Xi Jinping meets with Cuban President Miguel Diaz-Canel on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Xi says China ready to work with Slovakia to address challenges, safeguard int’l justice

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

    Xi says China ready to work with Slovakia to address challenges, safeguard int’l justice

    Chinese President Xi Jinping meets with Slovak Prime Minister Robert Fico on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MOSCOW, May 9 — Chinese President Xi Jinping said here on Friday that China stands ready to work with Slovakia and other countries to jointly address challenges through solidarity and cooperation, and safeguard international fairness and justice.

    It is hoped that Slovakia will actively contribute to the steady development and progress of China-European Union (EU) relations, Xi said.

    Xi made the remarks while meeting with Slovak Prime Minister Robert Fico on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War.

    Xi pointed out that promoting all-round, in-depth and high-level development of China-Slovakia relations serves the fundamental interests of the two peoples and aligns with the historical trend of open cooperation and mutual benefit.

    Noting that the important consensus reached by the two leaders during Fico’s visit to China last November is being actively implemented, Xi said that the China-Slovakia strategic partnership is entering the “fast lane.”

    Xi said the two sides should continue to deepen traditional friendship, maintain close high-level exchanges, firmly support each other, expand mutually beneficial cooperation, advance high-quality Belt and Road cooperation, and promote the steady and sustained growth of China-Slovakia and China-EU relations.

    China welcomes Slovakia’s participation as the guest country of honor at the fourth China-Central and Eastern European Countries Expo & International Consumer Goods Fair, which will help boost exports of high-quality Slovak products to China, Xi said, adding that China is glad to see more Chinese enterprises invest and do business in Slovakia.

    For his part, Fico said that deepening the Slovakia-China strategic partnership is among the top priorities of Slovakia’s foreign policy.

    Slovakia will firmly adhere to the one-China policy, actively advance friendly and mutually beneficial cooperation with China, enhance trade and investment collaboration, strengthen people-to-people and cultural exchanges, and promote greater development of bilateral relations, he said.

    Noting that a healthy and stable EU-China relationship serves the common interests of both sides, Fico said Slovakia is committed to promoting the development of EU-China relations.

    Slovakia supports major initiatives proposed by China, such as building a community with a shared future for mankind, and appreciates China’s positions on and constructive role in issues related to Ukraine and the Middle East, he added.

    The Slovak side stands ready to join efforts with China to uphold multilateralism, safeguard free trade rules, and maintain the stability of global industrial and supply chains, Fico said.

    Chinese President Xi Jinping meets with Slovak Prime Minister Robert Fico on the sidelines of the celebrations marking the 80th anniversary of the victory in the Soviet Union’s Great Patriotic War in Moscow, Russia, May 9, 2025. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI Europe: Isabel Schnabel: Keeping a steady hand in an unsteady world

    Source: European Central Bank

    Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at Hoover Monetary Policy Conference “Finishing the Job and New Challenges”, Stanford University

    Stanford, 10 May 2025

    Standard theory of monetary policy rests on a simple premise: a stable relationship between inflation and the output gap. This is the logic behind the Phillips curve, which, in its most common form, relates inflation to a measure of economic slack, expected inflation and supply shocks.[1]

    The relationship between output and inflation was already under scrutiny well before the pandemic.

    After the global financial crisis of 2008, inflation didn’t fall nearly as much as had been implied by conventional Phillips curve estimates. And once economies around the world recovered and unemployment fell, the bounce-back in inflation fell short of model predictions.

    This is why that episode is known as the period of “missing deflation” and “missing inflation”.[2]

    The situation changed fundamentally in the aftermath of the pandemic, when the relationship between inflation and the output gap proved to be much stronger than what would have been expected based on historical estimates. We observed a noticeably steeper Phillips curve across advanced economies, including the euro area (Slide 2).[3]

    In my remarks today, I would like to draw lessons from the instability of the Phillips curve over the past 20 years for the optimal conduct of monetary policy. I will argue that the evidence of a re-flattening of the Phillips curve after the long period of high inflation suggests that, in the euro area, the most appropriate policy response to the potential risks to price stability arising from fiscal expansion and protectionism is to keep a steady hand and maintain rates close to where they are today – that is, firmly in neutral territory.

    Monetary policy and the slope of the Phillips curve

    The slope of the Phillips curve has first-order implications for the conduct of monetary policy.

    If the curve is steep, as it appeared to be in recent years, monetary policy is highly effective in reducing inflation, with only a limited impact on growth and employment. The smaller “sacrifice ratio” suggests that central banks should react more forcefully to deviations of inflation from target, even when the economy is hit by a supply shock that pushes inflation up and output down.[4]

    A steep Phillips curve hence improves the trade-off facing central banks, weakening the case for “looking through”, as forceful policy action minimises the risks of inflation expectations unanchoring and of inflation becoming entrenched.[5]

    Policy prescriptions differ fundamentally if the Phillips curve is flat.

    In this case, a large policy impulse is required to move output sufficiently to generate aggregate price effects. It can then be optimal for policy to tolerate moderate deviations of inflation from target, as the cost of closing a small inflation gap relative to the target may exceed the benefits.

    This prescription holds in both directions.

    When inflation is above the target, a flat Phillips curve would require a sharp rise in policy rates to bring medium-term inflation down from, say, 2.3% to 2%. Such a course of action may imply a substantial rise in unemployment and may thus not be welfare-improving for society at large – a trade-off central banks may face during the last mile of disinflation.[6]

    The experience of the 2010s, when inflation was persistently below the target, demonstrates that the argument also holds in the opposite direction.

    If bringing inflation up from 1.7% to 2%, for example, requires purchasing a large fraction of outstanding government bonds and making potentially time-inconsistent promises about the future path of interest rates, then the central bank must consider carefully whether the benefits outweigh the costs, such as making losses in the future, market dysfunction, rising wealth inequality, financial instability and threats to its reputation.[7]

    The role of inflation expectations

    However, the ability to tolerate moderate deviations of inflation from target critically hinges on a firm anchoring of inflation expectations – that is, a low sensitivity of inflation expectations to realised inflation.

    If inflation expectations are well-anchored, policymakers can tolerate moderate deviations from target, as fluctuations in inflation tend to fade away. If, however, inflation expectations are at risk of unanchoring, central banks should act forcefully.[8]

    There are two challenges to this strategy.

    One is that the anchoring of inflation expectations is endogenous. Central banks themselves can cause an unanchoring if inaction in the face of price shocks is perceived as weakening its commitment to securing price stability.[9]

    History shows that it can be costly to reestablish the credibility of the nominal anchor once it has been lost. This is also because inflation expectations are path-dependent. Research shows that the experience of high inflation may raise the sensitivity of inflation expectations to new inflation surprises.[10]

    The other challenge is that different measures of inflation expectations often yield different results (Slide 3). As such, robust trends cannot easily be identified in real time, much like the slope of the Phillips curve.[11]

    Measures of inflation expectations can even point in opposite directions. Research from the early days of the pandemic showed that most consumers expected the pandemic to raise prices, contrary to the views held by professional forecasters at the time.[12]

    State-dependent pricing and tight labour markets can explain steeper Phillips curve and post-pandemic inflation surge

    The recent period of high inflation illustrates how sensitive policy conclusions can be to the assessment of the slope of the Phillips curve and to measures of inflation expectations that central banks use in their analysis.

    Two key theories have been proposed to explain the post-pandemic inflation surge.[13]

    The first relates to firms’ price-setting behaviour.

    Standard New Keynesian models assume that the probability of firms resetting their prices is constant over time. This is a fair description of aggregate price movements when inflation is low and aggregate shocks are small (Slide 4).

    However, the past few years have demonstrated that this “linear” relationship breaks down in the face of large shocks.[14] When marginal costs increase rapidly and threaten to erode profit margins, firms tend to raise their prices more frequently. As a result, the Phillips curve steepens.

    This feedback loop is strongly asymmetric.[15] It acts as an inflation accelerator when firms face positive demand or adverse cost-push shocks.[16] But it does little to firms’ pricing strategies in the face of disinflationary shocks due to downward price rigidities.

    This helps explain why inflation did not fall much when the pandemic broke out but increased sharply after the reopening of our economies (Slide 5).[17]

    The second theory relates to the tightness of the labour market.

    Downward nominal wage rigidity has been a key factor explaining the “missing deflation” in the aftermath of the global financial crisis.[18] If nominal wages do not fall, or fall only very slowly, firms’ marginal costs change only moderately, and hence disinflationary pressures face a natural lower bound, even if slack is large.

    But when the labour market is tight, wages are more flexible as firms outbid each other in securing their desired workforce.

    Benigno and Eggertsson show that this channel led to a non-linear inflation surge in the United States whenever the number of job vacancies exceeded the number of unemployed workers (Slide 6).[19] In the euro area, the threshold was lower, but the curve still exhibited strong signs of non-linearity.

    Rising near-term inflation expectations may have shifted the Phillips curve up

    New research for the United States, however, suggests that the evidence in favour of the second theory is not very robust.

    Specifically, the finding of non-linearity depends critically on which measure is used to control for inflation expectations: non-linearity holds when controlling for expectations of professional forecasters, but it disappears once inflation expectations of households and firms are considered.[20]

    In other words, it is conceivable that the Phillips curve did not become steeper but rather shifted upwards as inflation expectations rose.[21] Non-linearity has also been rejected recently using a similar approach based on regional data for the euro area.[22]

    Moreover, the expectations that are relevant for such an upward shift are not necessarily the longer-term expectations that central banks typically pay most attention to.

    These have remained remarkably stable over the past few years (Slide 7).

    Rather, inflation expectations over the near term, such as the next 12 months, may be more important in driving macroeconomic outcomes.

    Bernanke and Blanchard, for example, show that one-year-ahead inflation expectations explain a significant share of the recent marked rise in nominal wages, and hence inflation, in the United States.[23] Similar evidence has been found for the euro area and other advanced economies.[24]

    Again, there appears to be an asymmetry: the risks that the Phillips curve shifts downwards are substantially lower. Research shows that consumers tend to respond more to inflationary than disinflationary news, as households value increases in their purchasing power and as they pay less attention to inflation when it is low.[25]

    The impact of tariffs on inflation in the euro area

    Understanding the reasons behind the recent inflation surge is not only important from a conceptual perspective. It also matters for setting monetary policy today, as we are once again confronted with historically large shocks.

    For central banks, this is a difficult environment to navigate.

    Memories of high inflation are still fresh after a long period of sharply rising prices. And just as during the pandemic, there is considerable uncertainty about how firms and households are going to respond to shocks that are largely outside the historical empirical range.

    Ultimately, the impact of current shocks on prices and wages, and hence the appropriate monetary policy response, will depend on the shape and location of the Phillips curve.

    Monetary policy should focus on the medium term and underlying inflation

    Let me illustrate this by looking at the euro area.

    Given the lags in policy transmission, the relevant horizon for monetary policy is the medium term. The past few years, however, demonstrated that inflation forecasting at times of large structural shocks is inherently difficult and plagued by large uncertainty.

    For this reason, the ECB and other central banks have increasingly turned to a data-dependent approach to monetary policy, where the observed dynamics of underlying inflation and the strength of monetary transmission are used to cross-check the inflation projections.[26]

    This approach remains valid today.[27] But data dependence is not in contrast to being forward-looking.

    In the current situation, the high level of economic uncertainty, together with the sharp fall in energy prices and a stronger euro exchange rate, will likely dampen headline inflation in the short run, potentially pushing it below our 2% target.

    The question is whether these developments provide meaningful signals about the net impact of current shocks on medium-term inflation.

    During the pandemic, for example, a strong appreciation of the euro against the US dollar, by nearly 14% over seven months, and a marked decline in energy prices were followed by a historical inflation surge.

    Data dependency hence requires examining the potential channels through which current shocks could affect underlying inflation over the medium term.

    In the euro area, there are two main forces that could have the size and persistence to pull underlying inflation sustainably away from our 2% medium-term target.

    One is fiscal policy, which is set to expand on a scale unseen outside periods of deep economic contraction.

    Germany has eased its constitutional debt brake for defence-related spending, and has committed to spending €500 billion, or more than 10% of GDP, on infrastructure and the green transition over the next 12 years. In addition, the European Commission has invited Member States to activate the national escape clause to accommodate increased defence expenditure across the EU.

    The impact of these measures on inflation will depend on how they are implemented, especially their impact on the supply side of the economy. But on balance, the fiscal impulse is likely to put upward pressure on underlying inflation over the medium term.

    Global fragmentation is the second force that could have a lasting impact on prices and wages.

    As we speak, the scale and scope of tariffs, the extent of retaliation as well as how financial markets respond to these developments all remain highly uncertain.

    Ongoing negotiations are a sign that mutually beneficial agreements may still be reached. An ideal outcome – the “zero-for-zero” tariff agreement advocated by the European Commission – could even boost growth and employment on both sides of the Atlantic.

    However, should these negotiations fail, the euro area will simultaneously face adverse supply and demand shocks, as the EU has announced that it will retaliate against higher tariffs.

    Similar to the pandemic, assessing the relative strength of these forces is inherently difficult. Overall, however, there are risks that a lasting and meaningful increase in tariffs will reinforce the upward pressure on underlying inflation arising from higher fiscal spending over the medium term.

    To see this, it is useful to look at the factors driving the macroeconomic propagation of tariffs.

    Euro area foreign demand may prove resilient, with limited effects on inflation

    The severity of the negative demand shock will depend on two factors.

    One is the hit to economic activity in the United States and to global demand from raising tariffs across the board. Under the 2 April tariff rates, the United States will face a supply shock of historic proportions. Inflation is poised to rise, real incomes to fall and unemployment to increase. Retaliatory tariffs would weaken the economy further.

    So even in the absence of demand reallocation, foreign demand can be expected to decline if there is a broad increase in tariffs. The depth and persistence of this decline will also depend on other policies, such as tax and spending cuts and deregulation.

    And it will crucially depend on the final outcome of tariff negotiations, which is likely to be far less severe than the 2 April announcement.

    The second factor affecting the severity of the demand shock relates to the degree of demand reallocation – that is, the elasticity of substitution between foreign and domestic products. This elasticity is highly uncertain and varies across industries, products and countries.[28]

    However, a robust finding in the literature is that products that are more differentiated tend to be relatively price-inelastic, as they are more difficult to substitute.

    This has great relevance for the euro area, where the bulk of exports to the United States comprise pharmaceuticals, machinery, vehicles and chemicals. These goods are typically highly differentiated (Slide 8, left-hand side).

    For instance, the supply of machines for producing semiconductors is basically monopolised by one Dutch company. Similarly, banknotes in the United States are overwhelmingly printed using machinery from a single German manufacturer.

    These and other machines are not easy to replace in the short run, giving euro area exporters leverage to pass higher costs on to foreign importers and limiting the hit to foreign demand.

    In addition, trade diversion may benefit euro area exports.

    Should prohibitive tariffs on Chinese imports remain in place, they will measurably raise the euro area’s price competitiveness in the US market. This can be expected to stimulate demand for euro area goods if there are no alternatives in the United States itself, especially as the number of industries in which both Chinese and euro area firms have comparative advantages has increased measurably over the past two decades (Slide 8, right-hand side).[29]

    New research corroborates this view.[30] It finds that the euro area stands to win in relative terms from a global trade war, as its net exports to the world will rise rather than fall as global demand is reallocated across the global network, offsetting the hit to domestic consumption.[31]

    In other words, for as long as tariffs are not prohibitive to trade and the uncertainty paralysing activity fades, aggregate euro area foreign demand may prove relatively resilient under a range of potential tariff outcomes.

    The recent appreciation of the euro does not refute this view.

    The euro has gone through two distinct phases since the US presidential election in November last year. It first depreciated in nominal effective terms by 3% until mid-February, before starting to appreciate. So, in net terms, the euro is trading just 2.6% above last year’s average.

    In addition, as most exports to the United States are invoiced in US dollars, the pass-through of changes in the exchange rate to import prices tends to be moderate – by recent estimates just about one-fifth.[32] And potential losses in price competitiveness in third countries are in part compensated by lower import costs, as euro area exports have, on average, a large import content.

    This price inelasticity is also reflected in recent surveys, with manufacturing firms reporting an expansion in output for the first time in more than two years (Slide 9). Also, fewer firms are reporting falling export orders.

    Even if part of these developments may reflect frontloading by firms, it is remarkable how resilient sentiment has remained in the face of the extraordinary increase in economic uncertainty.

    Supply shock puts upward pressure on inflation, reinforced by global supply chains

    The downward effects on inflation caused by lower demand are likely to be offset, partly or even fully, by the supply shock hitting the euro area through retaliatory tariffs imposed by the EU and other economies.

    The strength of this supply shock also depends on two factors.

    One is the extent to which firms pass higher tariffs on to consumers.

    In the United States, evidence from the 2018 tariff increase suggests that, in most cases, the pass-through to import prices was de facto complete.[33] At the same time, many firms chose to absorb part of the increase in import prices in their profit margins, thereby limiting the increase in consumer price inflation, at least in the short run.[34]

    Whether firms will respond similarly to a renewed rise in tariffs in the current environment is uncertain.

    On the one hand, the recent appreciation of the euro, if persistent, provides some margin for euro area firms to buffer cost increases from retaliatory tariffs. On the other hand, profit margins have already been squeezed by high wage growth and a sluggish economy, and the post-pandemic inflation surge may have lowered the bar for firms to pass higher costs on to consumers.

    Overall, recent surveys of companies in the United States and the euro area suggest that they plan to gradually pass higher tariffs on to consumers over the coming years.[35]

    In addition, in order to compensate for the hit to input costs, firms also tend to raise the prices of goods not directly affected by tariffs. There is evidence that retailers broadly adjust price markups even if only a subset of wholesale prices change.[36]

    The second, and related, factor determining the strength of the supply shock relates to global value chains.

    Unlike during the wave of protectionism in the 1930s, today the dominant share of international trade, about 70%, reflects multinational firms distributing production across countries and along the value chain to minimise costs. In this process, parts and components often cross borders many times.

    Prohibitive tariffs between the United States and China are already disrupting supply chains. Shipments of goods are declining, potentially causing future shortages of critical intermediate goods that could reverberate across the world.

    While current conditions are very different from those seen during the pandemic, when supply chain disruptions were a main factor driving the surge in inflation, the impact of tariffs is likely to be amplified as the increase in firms’ marginal costs propagates through the production network.

    ECB staff analysis shows that, even if the EU does not retaliate, higher production costs transmitted through global value chains could more than offset the disinflationary pressure coming from lower foreign demand, making tariffs inflationary overall (Slide 10, left-hand side).[37]

    These effects will become stronger with full retaliation, including intermediate goods. So far, the EU’s retaliatory measures have disproportionately targeted final consumer goods, such as beverages, food and home appliances – precisely to avoid broader cost effects being transmitted through value chains (Slide 10, right-hand side).

    But if the trade conflict intensifies, the scale of retaliation will widen and increasingly include intermediate goods, as these account for nearly 70% of euro area imports from the United States.

    In other words, retaliatory tariffs on intermediate goods would constitute a much broader cost-push shock for euro area firms, reminiscent of the post-pandemic supply chain disruptions.[38]

    It is possible that these effects will be mitigated by China redirecting goods originally destined for the United States towards the euro area and other economies at a discount.

    In practice, however, this mitigation channel is likely to be contained. India, for example, has already raised temporary tariffs on China to curb a surge in imports. Similarly, the European Commission has repeatedly clarified that it intends to protect euro area firms against dumping prices should imports from China rise significantly in response to the evolving trade conflict with the United States.[39]

    Policy implications

    How, then, should the ECB respond to the current shocks?

    The lessons from the post-pandemic surge in inflation suggest that, from today’s perspective, the appropriate course of action is to keep rates close to where they are today – that is, firmly in neutral territory.

    A “steady hand” policy provides the best insurance against a wide range of potential outcomes. In other words, it is robust to many contingencies.

    Specifically, it avoids reacting excessively to volatility in headline inflation at a time when domestic inflation remains sticky and new forces are putting upward pressure on underlying inflation over the medium term. Given lags in policy transmission, an accommodative policy stance could amplify risks to medium-term price stability.

    This steady hand policy also avoids overreacting to concerns that tariffs may destabilise inflation expectations once again.

    In recent months, households’ short-term inflation expectations have reversed and started rising again. According to the ECB’s Consumer Expectations Survey, expectations for inflation one year ahead increased to 2.9% in March from their trough of 2.4% in September 2024 (Slide 11, left-hand side). Qualitative inflation expectations, as measured by the European Commission, even rose to levels last seen in late 2022 (Slide 11, right-hand side).

    Currently, there are no indications that this rise is persistent, or that inflation expectations are at risk of unanchoring.

    Hence, we can afford to look through the rise in short-term inflation expectations. This could change if we see clear signs of a strong and front-loaded pass-through of potential tariff increases – something that could bring us back to the steep part of the Phillips curve. So far, however, evidence suggests that firms have notably slowed the frequency with which they revise their prices.

    A steady hand policy also addresses risks of a more substantial decline in aggregate demand in response to the trade conflict.

    If tight labour markets were the main culprit for the recent steepening of the Phillips curve, risks of a sharp decline in inflation caused by a rise in unemployment are much more moderate today.

    The reason for this is that in both the United States and the euro area, the vacancy-to-unemployment ratio has fallen markedly and is now at a level that suggests that labour markets are much more balanced (Slide 12).

    We are thus likely to be operating close to, or at, the flat part of the Phillips curve where a change in unemployment has only limited effects on underlying inflation, in stark contrast to the high inflation period.[40]

    We would only need to react more forcefully to the tariff shock if we observed a sharp deterioration in labour market conditions or an unanchoring of inflation expectations to the downside.

    Both seem unlikely at the current juncture.

    Despite the number of vacancies declining, the euro area labour market has proven resilient, with unemployment at a record low. And most measures of medium-term inflation expectations remain tilted to the upside, including those of professional forecasters (Slide 13).

    Conclusion

    My main message today, and with this I would like to conclude, is therefore simple: now is the time to keep a steady hand.

    In the current environment of elevated volatility, the ECB needs to remain focused on the medium term. Given long and variable transmission lags, reacting to short-term developments could result in the peak impact of our policy only unfolding when the current disinflationary forces have passed.

    Over the medium term, risks to euro area inflation are likely tilted to the upside, reflecting both the increase in fiscal spending and the risks of renewed cost-push shocks from tariffs propagating through global value chains.

    Therefore, from today’s perspective, an accommodative monetary policy stance would be inappropriate, also because recent inflation data suggest that past shocks may unwind more slowly than previously anticipated.

    By keeping interest rates near their current levels, we can be confident that monetary policy is neither excessively holding back growth and employment, nor stimulating it. We are thus in a good place to evaluate the likely future evolution of the economy and to take action if risks materialise that threaten price stability.

    Thank you.

    MIL OSI Europe News –

  • MIL-OSI Canada: G7 Foreign Ministers’ statement on India and Pakistan

    Source: Government of Canada News

    May 9, 2025 – Ottawa, Ontario – Global Affairs Canada

    We, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America and the High Representative of the European Union, strongly condemn the egregious terrorist attack in Pahalgam on April 22 and urge maximum restraint from both India and Pakistan. Further military escalation poses a serious threat to regional stability. We are deeply concerned for the safety of civilians on both sides.

    We call for immediate de-escalation and encourage both countries to engage in direct dialogue towards a peaceful outcome. We continue to monitor events closely and express our support for a swift and lasting diplomatic resolution.

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: Speech by FS at Inauguration Ceremony of Von Neumann Institute, Hong Kong University of Science and Technology (English only) (with photo/video)

    Source: Hong Kong Government special administrative region

    Following is the speech by the Financial Secretary, Mr Paul Chan, at the Inauguration Ceremony of Von Neumann Institute, the Hong Kong University of Science and Technology (HKUST) today (May 9):

    Consul General (Consul General of Hungary in Hong Kong, Dr Pál Kertész), Harry (the Council Chairman of the HKUST, Professor Harry Shum), Nancy (the President of the HKUST, Professor Nancy Ip), Professor Jia (the Director of Von Neumann Institute, HKUST, Professor Jiaya Jia), Clara (the Chief Executive Officer of Hong Kong Investment Corporation, Ms Clara Chan), distinguished guests, ladies and gentlemen,

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Xi Jinping Calls on China, Myanmar to Steadily Push Forward Key Projects of China-Myanmar Economic Corridor

    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, May 9 (Xinhua) — Chinese President Xi Jinping on Friday called on China and Myanmar to deepen strategic cooperation and steadily advance the implementation of key projects of the China-Myanmar Economic Corridor.

    Xi Jinping made the statement during a meeting with Myanmar leader Min Aung Hlaing on the sidelines of celebrations marking the 80th anniversary of the Soviet Union’s victory in the Great Patriotic War.

    The Chinese President emphasized that China and Myanmar are members of a community with a shared future, sharing joys and sorrows and supporting each other. According to him, the Five Principles of Peaceful Coexistence and the “Bandung Spirit” that China and Myanmar jointly uphold have not lost their relevance over time, and their contemporary significance is becoming increasingly visible.

    Recalling that this year marks the 75th anniversary of the establishment of diplomatic relations between the two countries, Xi Jinping assured that China will firmly adhere to the concept and strategy of a friendly, secure and prosperous neighborhood, benevolence, sincerity, mutual benefit, inclusiveness and common destiny.

    China will work with Myanmar to deepen the building of a community with a shared future, advance high-quality cooperation under the Belt and Road Initiative, and implement the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative, which will bring greater benefits to the peoples of both countries, Xi promised.

    He recalled that not long ago a strong earthquake occurred in Myanmar’s Mandalay, which led to large casualties and significant material damage, and noted that China was the first to send rescue teams and provide emergency humanitarian aid. China is ready to continue to provide assistance to Myanmar in its recovery from the disaster, the Chinese leader added.

    The Chinese side, Xi Jinping continued, supports Myanmar in following a development path that suits its national conditions, in protecting its sovereignty, independence, territorial integrity and national stability, and in confidently advancing its domestic political agenda.

    The Chinese president expressed hope that Myanmar will take concrete measures to ensure the safety of Chinese personnel, institutions and projects on its territory, and step up efforts to combat cross-border crimes such as online gambling and telecom fraud.

    Xi called on the parties to jointly uphold the international system with the UN at its core and the international order based on international law, and safeguard the legitimate rights and interests of developing countries.

    Min Aung Hlaing, for his part, noted that after the powerful earthquake in Myanmar, China immediately expressed sincere condolences and was the first to provide assistance in eliminating the consequences of the disaster, demonstrating fraternal friendship and readiness to lend a helping hand in difficult times. The people of Myanmar will always remember this, Min Aung Hlaing assured.

    Under the wise leadership of President Xi Jinping, China has made remarkable progress in advancing Chinese-style modernization, he said, adding that Myanmar attaches great importance to its relations with China and will always be a friendly neighbor that China can trust.

    Min Aung Hlaing said Myanmar is committed to advancing cooperation with China in areas such as economy, trade and energy, and will make every effort to ensure the safety of Chinese projects and personnel on its territory.

    Myanmar highly values the three global initiatives proposed by China and the concept of building a community of shared destiny with neighboring countries, and hopes to work with China to address common challenges, the Myanmar leader added. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: China supports Cuba in defending sovereignty and resisting foreign interference: Xi Jinping

    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, May 9 (Xinhua) — China firmly supports Cuba in defending its national sovereignty and opposing foreign interference and blockade, Chinese President Xi Jinping said in the Russian capital on Friday.

    Xi Jinping made the statement during a meeting with Cuban President Miguel Diaz-Canel on the sidelines of celebrations marking the 80th anniversary of the Soviet Union’s victory in the Great Patriotic War.

    As the Chinese President noted, the Chinese side also supports Cuba’s efforts to promote socio-economic development. The two countries, as important members of the Global South, should strengthen coordination and cooperation within such structures as BRICS and the China-CELAC Forum (Community of Latin American and Caribbean States), oppose power politics and unilateral bullying, and uphold international fairness and justice, the Chinese leader stressed.

    Xi Jinping recalled that in recent years, he has met with M. Diaz-Canel on several occasions and together they have brought China-Cuba relations to a new stage, characterized by deeper political mutual trust, closer strategic cooperation and stronger popular support.

    This year marks the 65th anniversary of the establishment of diplomatic relations between China and Cuba, Xi said, adding that China is willing to further strengthen the ironclad friendship with Cuba, build a closer China-Cuba community with a shared future, and set a model for solidarity and cooperation among socialist countries and sincere mutual assistance among developing countries.

    Xi called on the two sides to promote steady progress in exchanges at all levels and cooperation in various fields, ensuring that high-level political mutual trust always remains the hallmark of inter-party and inter-state relations.

    M. Diaz-Canel, for his part, stated that Cuba and China are close friends and brothers, stressing that his country is grateful to China for its long-term and strong support for Cuban socio-economic development.

    According to the President, Cuba strictly adheres to the one-China principle and is ready to strengthen mutually beneficial cooperation with China, enhance friendly exchanges between the peoples, intensify coordination and cooperation in international and regional affairs, deepen the construction of a community with a shared future, and promote further progress in bilateral relations.

    Cuba supports the three major global initiatives put forward by China and hopes to work together with China to resist unilateralism and protectionism, defending the common interests of the international community, added M. Diaz-Canel. –0–

    MIL OSI Russia News –

  • MIL-OSI Russia: China Will Always Firmly Support Venezuela in Safeguarding Sovereignty, National Dignity, and Social Stability: Xi Jinping

    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, May 9 (Xinhua) — China and Venezuela are reliable partners who trust each other and develop together. China will always firmly support Venezuela in safeguarding its sovereignty, national dignity and social stability, Chinese President Xi Jinping said in Moscow on Friday.

    Xi Jinping made the statement during a meeting with Venezuelan President Nicolas Maduro on the sidelines of celebrations marking the 80th anniversary of the Soviet Union’s victory in the Great Patriotic War.

    Pointing out that amid the changing international situation, China and Venezuela have established an unbreakable friendship, Xi Jinping said that since the two countries upgraded their bilateral relations to an all-weather strategic partnership in 2023, they have enjoyed lively exchanges in all fields and at all levels, bilateral trade has steadily expanded, new progress has been made in investment cooperation and cultural and people-to-people exchanges, and the China-Venezuela friendship has been deeply rooted in the hearts of the two peoples.

    Xi Jinping noted that China always views and develops relations with Venezuela from a strategic height and a long-term perspective, and is committed to expanding exchanges of experience in governance, steadily deepening practical cooperation in various fields, and continuously elevating bilateral ties to new heights so as to bring greater benefits to the peoples of both countries.

    China hopes to work with Venezuela and other Latin American countries to firmly uphold the international system with the UN at its core and the international order based on international law, and promote sustainable and long-term progress in building a community with a shared future for China and Latin American and Caribbean countries, the Chinese president added.

    N. Maduro, for his part, noted that China is a great friend of Venezuela and expressed gratitude for the constant and selfless support that the PRC provides to his country in defending national sovereignty and socio-economic development.

    Venezuela hopes to strengthen its all-weather strategic partnership with China and deepen cooperation in areas such as trade, energy, agriculture, science, technology and education to achieve new tangible results and bring greater benefits to the peoples of the two countries, the president said.

    Noting that Xi Jinping’s concept of building a community with a shared future for mankind opens up bright prospects for peace and development throughout the world, N. Maduro stressed that Venezuela is ready to strengthen coordination and cooperation with China to consistently pursue multilateralism, uphold international fairness and justice, and protect the common interests of the international community. –0–

    MIL OSI Russia News –