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  • MIL-OSI Asia-Pac: Keynote speech by SJ at networking dinner of forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam (English only) (with photos)

    Source: Hong Kong Government special administrative region

         Following is the keynote speech by the Secretary for Justice, Mr Paul Lam, SC, at the networking dinner of the forum titled Hong Kong: The Common Law Gateway for Vietnamese Businesses to China and Beyond in Ho Chi Minh City, Vietnam, on September 24:
     
    Ladies and gentlemen,
     
         Good evening, xin chào buổi tối. Frankly speaking, I do not think I can do a better job than all the eminent speakers who have spoken before me. So I am not going to say something new. Instead, I wish to do a very quick recap to sum up the key and essential points made by various speakers so that you can have a few takeaways after today’s event.

         I prefer to do it by once again referring to the theme of our forum, “The Common Law Gateway for Vietnamese Businesses to China and Beyond”, but I wish to focus on a few key phrases and do it in the reverse order. So I would like to focus on China and beyond first.

         We are lawyers coming from Hong Kong. As I said in my opening remarks, obviously there have been very close relationships between Hong Kong and Vietnam. But the reason why we are here is not simply because of Hong Kong, it is about something much bigger than Hong Kong. That is our country, China, and beyond.

         A number of speakers have referred to a very important concept known as the Guangdong-Hong Kong-Macao Greater Bay Area. And I wish to emphasise again the importance of the Greater Bay Area. You have been told that the Greater Bay Area consists of the Guangdong Province, in particular the nine cities in Guangdong Province, plus Hong Kong and Macao. To give you some ideas, the size of Greater Bay Area is almost like Croatia, a mid-size European country, with population around 86 million, similar to the population of Germany. If you look at what cities are situated within the Greater Bay Area, we have three very important cities: Guangzhou, of course, which is the capital of the province of Guangdong, a very important city in the southern part of China. And then you have Shenzhen, I think some of our speakers have mentioned Shenzhen, which is the innovation and high-tech hub, where you have the headquarters of Tencent, the factories of BYD and Huawei. All the advanced technology or high-tech innovative things are happening in Shenzhen, which is just across the border. And then of course you have Hong Kong, which is the international financial and trade centre.

         Although there are different bay areas in the world, we have the Tokyo Bay area, the San Francisco Bay Area, but I venture to say that they cannot be compared to Hong Kong because in the Greater Bay Area, you have one country but three different jurisdictions, including Mainland China, Hong Kong, and also Macao which used to be ruled by the Portuguese. So it is a very special place with huge potential. Hong Kong may well be your final destination for your business and business venture. But it also may not be your final destination. Maybe you will find much more opportunities in the Greater Bay Area in China. And then in China, very often there would be investments and other business ventures with other countries. So it is really “China and beyond”.

         Now moving to “Gateway”. I just mentioned that perhaps you will be more interested not just about opportunities for business investment in Hong Kong, but also those offered in Mainland China. And of course you would agree with me that legal service would be important. But you may wonder, if I wish to invest in Mainland China or co-operate with a Mainland partner, why shouldn’t I simply instruct a Mainland lawyer? Why shouldn’t I simply engage the legal service offered by Mainland China? And why should I do it via Hong Kong, which seems to be a little bit indirect or a bit convoluted. And of course, all the speakers who have spoken this afternoon have provided some very good answers. One of the key characteristics of this particular gateway, or using Hong Kong as a gateway, is our common law character, our common law tradition. But again, as pointed out by one of the participants who raised a question at the end of the first session, Hong Kong is definitely not the only common law jurisdiction in this world which can play the role as a gateway for the provision of legal service. I think my friend mentioned Singapore. Why not Singapore? Singapore is definitely a common law jurisdiction. Even in ASEAN, within the Southeast Asia, we have Malaysia which is also a common law jurisdiction. So it is our duty to explain to you a little further.

         What is so special about Hong Kong? I hate to compare Hong Kong with Singapore, but because this question has been raised, I think I have to answer that question as if I were being asked to answer that question by a judge in the court. So I have to give a direct answer. But as a government official, I have to be as diplomatic as possible. The way I put it is that we can and we will offer something that only Hong Kong can offer. We can offer something that Singapore will not be able to do. It is because of six factors, as the sum total of these six factors that make Hong Kong truly unique and peculiar, unparalleled. So what are these six factors? Now, here comes my summary of what you have heard this afternoon.

         First, Hong Kong provides a very stable legal environment. Stable in the sense that Hong Kong is the only common law jurisdiction within China. It is the only common law jurisdiction in China, and it will remain to be the only common law jurisdiction within China. The reason is that the common law system practiced in Hong Kong has been guaranteed by a constitutional document, which is our Basic Law. You can describe it as a mini-constitution. Now, there have been some queries in the past on certain wordings in our constitutional document. Some people questioned whether the principle of “one country, two systems” or the common law system practiced in Hong Kong will continue after 2047, which is the 50th anniversary of the resumption of sovereignty by China of Hong Kong. But that uncertainty has been removed very clearly by the leaders of China, in particular President Xi Jinping. Back in 2022, on July 1 when he came to Hong Kong, he made a very important speech, a very short speech. What is most telling is that in his very short speech, he mentioned the common law system in Hong Kong twice. He said that the common law system is a core element of the “one country, two systems” principle, which is a very good policy that is going to last basically forever. So there should be no doubt whatsoever that not only the principle of “one country, two systems”, but also our common law system will continue. So the first point “stability” – it is very stable.

         The second point is that our system is also very reliable. Now, that goes to the question of the existence of a very reputable and respected judiciary. When it comes to a judicial or legal system, two factors will be of crucial importance. First, quality, quality of justice, whether judges are smart enough to deliver true justice. Second, integrity, whether judges are seen to be able to discharge their duty fairly and impartially. Now, I think the Judiciary in Hong Kong fulfills these two very important essential criteria.

         In terms of quality, as my friends said this afternoon, all the judges, they enjoy very high standing in the world. Our Court of Final Appeal, I should mention that the judgments delivered by the judges of the Court of Final Appeal, they were cited in other common jurisdictions from time to time. And we have foreign judges sitting as part-time judges in Hong Kong. I also remember that one of the speakers mentioned the World Justice Project Rule of Law Index, Hong Kong ranked the 23rd out of 142 jurisdictions in the world. And I think we ranked the sixth in East Asia and the Pacific region. Ahead of the United States, and if I recall correctly, Spain, another major economy in the world.

         When it comes to integrity, once again my friends have informed you that how judges in Hong Kong are appointed. They are appointed completely independently by an independent statutory body. It is not possible for the executive to interfere with the performance of the judges. It is not possible for the executive to fire or sack any judges. And in fact, I have to tell you a very embarrassing piece of information which nobody dares mention, that is the Government lost cases before the court quite often. So I think that is a very good indication that judges in Hong Kong do exercise the judicial function very impartially.

         But for your interest, I am sure you would be concerned whether Mainland parties, in particular state-owned enterprises, or very important, powerful business entities in Mainland China, would they enjoy any undue advantage when they engage in litigation against foreign parties in Hong Kong? Once again I am very sure that if you look at records, if you look at judgments, we have open judgments, you will see many cases which are decided entirely on merits. Sometimes state-owned enterprises or Mainland parties win, sometimes they lose. But there is not a single piece of evidence suggesting that in deciding these cases, the court in Hong Kong has taken into account any consideration other than the law and the evidence. And the best evidence is contained in our judgments, which you can inspect and you can read for yourself. So this is the second factor: very reliable.

         Third factor: very business friendly. You have to remember that we have a bilingual legal system. So both English and Chinese are official languages. It is not just a working language, it is the official language by which we write our statute. We also use English in court proceedings, and very often in arbitration proceedings. This is an international language that is familiar to people outside Hong Kong, just like I am using English to communicate with you, hoping that you would be able to understand what I am trying to say.

         The second point as to why business friendly is about the content of the law, the content of our substantive law, in particular when it comes to international commercial law, investment law. They are all very international in the sense that its content is substantially similar to the law that you find in other developed countries, for example, the United Kingdom, Australia, and New Zealand. So the principles of substantive law would be very familiar to the international business community, so it is business friendly.

         The third point is that the Hong Kong Government has been very proactive to make Hong Kong a more attractive place for investment and doing business. I can give you some examples. For example, we are very active in promoting the establishment of family office in Hong Kong to encourage people to invest money to set up family office, in particular, for very resourceful families. In order to make this initiative attractive, we have amended our revenue law, our tax law, to lower our tax rate if you wish to set up family offices in Hong Kong. Another example is that our listing rules, IPO initial public offerings, if you wish to raise finance by getting your company publicly listed, the Hong Kong Stock Exchange has introduced a new scheme, it’s called SPAC (Special Purpose Acquisition Companies). The idea is very simple. It enables a company without any track record but so long as it fulfills some sorts of requirement to ensure that the investors’ interest will be protected, it will get the chance to be listed in Hong Kong. So I mean we are very proactive in making it more convenient. One of the speakers have mentioned about the difficulty of entering into Hong Kong because of the visa requirement. But as I said in my welcoming remarks, we are relaxing the restrictions or the requirement gradually. So starting from October last year, for the talents, they will be able to come to Hong Kong very easily. And for business travellers and for tourists, you will be able to obtain multiple visas very conveniently. And lastly, when it comes to arbitration, we have actually introduced a pilot scheme. At the moment, the arrangement is that if you are engaged and involved in the arbitration, no matter in what capacity, say, as arbitrator, as counsel, appearing for either party as a witness or even a party, you will be exempted from the need to obtain any visa if you come to Hong Kong for such purposes. So I would say that the difficulty is more apparent than real. So that is the third factor, business friendly.

         The fourth factor: it is very safe and secure to use Hong Kong as a platform for doing business and investment. You must be concerned whether your money, your property can go into Hong Kong and leave Hong Kong easily and freely, and what happens when your property and money is in Hong Kong. Under our constitutional document Basic Law, we guarantee freedom of movement of funds, money and goods. So you can come anytime and your money can leave anytime. There is no exchange control, there is no improper expropriation, and when your money and your property is in Hong Kong, it is completely safeguarded by a stringent set of regulations, not just by statutes, but by other important statutory bodies like the Hong Kong Monetary Authority, the Securities and Futures Commission. There are very strict regulations to ensure that your investment and your property will be protected. And of course, the quality and integrity of the law enforcement agencies will be important. One strength of Hong Kong is that there is no question, no issue or any concern about corruption at all. Hong Kong is the cleanest place, one of the cleanest places in the world that you can find. If you look at the figures, I think Hong Kong ranks among the top five when it comes to the absence of corruption.

         I wish to share a piece of information just to substantiate my confidence in the integrity of the financial market. A piece of latest news is that a British think tank just announced the Global Financial Centres Index. And Hong Kong had climbed back to the third place after New York and London. And this time we are ahead of Singapore. In 2022 up to last year, Hong Kong ranked the fourth for different reasons, but this year we managed to overtake Singapore to reclaim the third place, which I think is a very pertinent place. It served as a very good evidence of the competence of the people in Hong Kong’s financial market. So this is the fourth factor.

         The fifth factor is that Hong Kong provides dual connectivity. It allows you to connect to the world on the one hand, and also connect to the Mainland at the same time. My friend already said that Hong Kong has important legal connections with the rest of the world, for example, arbitral awards can be enforced and recognised because of the New York Convention. We have entered into a lot of arrangements with other international organisations. Important legal bodies would have their headquarters and offices in Hong Kong. Now this is where Singapore cannot be compared to Hong Kong – we have very special mutual legal assistance arrangements with Mainland China, which is made possible purely because Hong Kong is a part of China, though we practice different legal systems.

         I simply wish to refresh your memory by highlighting one example, which is the arrangement concerning the possibility of granting interim injunction in arbitral proceedings. As business people, it is no use at all to you to spend a lot of money on arbitration if at the end of the day, what you get is a piece of paper. What is the most important is that you will be able to enjoy the fruit in case you succeed in arbitration. That means pending the conclusion of the arbitration proceedings, you need to have sufficient safeguard to ensure that the asset at stake will be protected. In addition, sometimes it would require the preservation of evidence to ensure that the merit of case can be fully reflected in the course of the proceedings. The special arrangement is that if you start arbitral proceedings in Hong Kong by using one of the designated arbitration institutions, then the Mainland court will be very willing to provide you with the assistance by giving you the interim injunction, which is very useful. I don’t remember the figure, but the success rate is over 90 per cent. So this is the connectivity factor.

         The last factor which is most important, and is evident by the quality of the speakers who have spoken before me, that is Hong Kong has an abundant supply of truly international legal talent. If you are using our legal service, if you instruct a Hong Kong lawyer, you are not simply enjoying Hong Kong legal service. You are engaging a global counsel. You are engaging and instructing a truly international lawyer. And again, I wish to repeat or perhaps add some figures to substantiate my point. You were told that we have a divided legal profession consisting of barristers and solicitors. I give you the numbers again. I would stand to be corrected. At the moment, I think there are around 1 600 barristers in Hong Kong, and among them 108 are Senior Counsel. We have three Senior Counsel here with us today. So in a small group of 15 persons, we already have three Senior Counsel – Queenie Lau, SC, Derek Chan, SC, and myself. And when it comes to solicitors, the figures are even more impressive. I think we have more than 13 000 solicitors in Hong Kong. And the important thing is that, look at the number of law firms, we have more than 920 law firms. Among these 900 law firms, around 351 have foreign offices. So they are not local law firms, they have presence in other jurisdictions. And I think 80 something have offices in Mainland China. And when we come to registered foreign law firms, there are 77. As for registered foreign lawyers who specialised or qualified in different jurisdictions, I think the number exceeds 1 400. You can tell from the composition, not just the quantity or the number, but the composition, a lot of them are associated one way or the other with law firms in other jurisdictions. Either they have their own presence in other jurisdictions, or they are closely related with some other very close law firms in other jurisdictions. So my point is, when you get the service of a Hong Kong lawyer, you are getting world service. You don’t need to go anywhere. So this is the last factor, which I believe is the most important factor.

         And the other thing is that, as mentioned by some of our friends, when it comes to legal service, it is not just the legal knowledge that matters. At the end of the day, legal service is about resolving people’s problem. You have to understand culture. You have to understand the people. When you are doing business involving a Mainland element, because one of the speakers asked what the criteria of picking arbitrator or mediator are if Mainland element is involved, I think the answer should go beyond the choice of arbitrator and mediator. It goes to the choice of lawyer in general. I think you need to find someone who is not simply good at law but understands human nature and business culture. A good lawyer is somebody who is able to communicate with you, who can explain very technical matters in a way that you can understand, who can understand the whole business environment, who can understand why in a different jurisdiction, why in a different culture, things are done in a certain way, documents are drafted in a particular manner, why certain words are used, what’s the magic, what’s the hidden message. It is important for lawyers to be able to decipher all these subtle points. In Hong Kong, most of us are not just bilingual because we are Chinese, we understand the Chinese culture, we understand how things are done and said, but at the same time, we are trained by the common law tradition. So we are going to be a perfect interpreter, helping you to understand each other, to ensure that nothing will be lost in translation. I think that is a very important point when it comes to the choice of legal service.

         So to sum up, six factors: it’s stable, it’s reliable, it’s business friendly, it’s secure, it provides dual connectivity, it provides abundant supply of truly international legal talent.

         Maybe Singapore enjoys one or two or even five of the factors before, but I’m quite sure that if you do a checklist, Singapore will not be able to have all the ticks in all the six boxes. So it is really the sum total of these six factors which makes Hong Kong so unique.

         The last thing that I would like to say is that I would like you to visualise, to have a sort of mental picture as to what I am saying. I would like to draw an analogy. The legal service of Hong Kong provides is just like a multi-storey building. In one single building, you have a food hall consisting different types of restaurants. We have Michelin three star restaurants, we have restaurants serving Vietnamese food, and we have restaurants serving Chinese food. The point is whatever you need, they will be available, in terms of price or whatever. And the food will be extremely hygienic and the quality will be very high. I think that’s the concept, that’s the main picture that I would like you to have after today’s event. Thank you.      

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – Support for far-right in Germany puts pressure on frontline countries – E-001735/2024

    Source: European Parliament

    Question for written answer  E-001735/2024
    to the Commission
    Rule 144
    Loucas Fourlas (PPE)

    The results of the recent elections in Germany are compelling the German Government to take measures that place additional migratory pressure on frontline countries such as Cyprus and Greece.

    The German Government’s new measures are at odds with the Pact on Migration. The reason is simple: the new, very strict unilateral measures effectively disregard the Pact on Migration, increasing migratory pressure on countries neighbouring Germany and on frontline countries.

    • 1.Can the Commission say what steps it is taking to ensure that Member States comply with the Pact on Migration?
    • 2.Furthermore, how is it ensuring that Member States do not take unilateral emergency measures, resulting in the unbalanced distribution of migrants and the risk that other Member States might follow suit?

    Submitted: 17.9.2024

    Last updated: 24 September 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Compatibility of internal border controls with the Schengen Borders Code – E-001719/2024

    Source: European Parliament

    Question for written answer  E-001719/2024
    to the Commission
    Rule 144
    Pascal Arimont (PPE)

    Temporary internal border controls have been allowed at all German borders since 16 September 2024. Following temporary border controls already in place at Germany’s borders with Austria, Switzerland, Czechia and Poland, the German Ministry of the Interior has ordered further temporary internal border controls to last six months at the country’s borders with Belgium, Luxembourg, the Netherlands, France and Denmark. It informed the Commission of the new border controls on 9 September 2024.

    • 1.Are these internal border controls in line with Article 25(2) of the Schengen Borders Code (Regulation (EU) 2016/399), according to which such controls may be introduced only as a last resort?
    • 2.Are these internal border controls consistent with the principles of necessity and proportionality set out in Article 26 of the Schengen Borders Code?
    • 3.How does the Commission intend to avoid a domino effect if other Member States decide to follow Germany, France, Austria, Sweden, Denmark, Italy and Slovenia and reintroduce their own border controls?

    Submitted: 16.9.2024

    Last updated: 24 September 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: G7 DFIs, MedAccess, EIB, and IFC Announce MoU for Surge Financing Initiative for Medical Countermeasures

    Source: European Investment Bank

    Today, participating G7 development finance institutions (DFIs), MedAccess, the European Investment Bank (EIB), and the International Finance Corporation (IFC) announced the signing of a memorandum of understanding (MoU) for the Surge Financing Initiative for Medical Countermeasures (MCMs). These DFIs are working closely with global and regional health organizations to establish the collaboration frameworks and innovative financing mechanisms needed to support a rapid and equitable pandemic response. Building on lessons from the COVID-19 pandemic, the initiative will focus on the procurement, production, and distribution of vaccines, therapeutics, diagnostics, and other MCMs for low- and lower-middle-income countries. The MoU builds on the Joint Statement of Collaboration announced at UNGA last year as well as the Chair Summary and Report that outlined collaboration and innovating financing options. This effort is a joint collaboration between participating G7 DFIs, MedAccess, EIB, and IFC, in accord with G7 Hiroshima Vision for Equitable Access to Medical Countermeasures launched at the 2023 Hiroshima Summit and reaffirmed at the 2024 Apulia Summit.

    The MoU was signed by the U.S. International Development Finance Corporation (DFC, USA), Cassa Depositi e Prestiti (CDP, Italy), British International Investment & MedAccess (UK), KfW & Germany’s Development Finance Institution DEG (Germany), AFD & Proparco (France), JICA (Japan), EIB (European Union), and IFC (World Bank Group). The MoU also has support from the Government of Canada and leading global and regional health organizations.  

    This work builds on ongoing collaboration across many DFIs on regional manufacturing in Africa. The ongoing Mpox public health emergency underscores the importance of this collaboration and need for surge financing. Leveraging this initiative, DFIs met with leading global health organizations including the World Health Organization, Africa Centres for Disease Control and Prevention (Africa CDC), Gavi, and the Coalition for Epidemic Preparedness Innovations (CEPI) on August 22, soon after Mpox was declared a public health emergency of international concern, to discuss response efforts and financing needs.

    “DFC is proud to support this first-of-its kind framework to ensure DFIs can act swiftly and cohesively to provide surge financing for life-saving products at the start of a health emergency. We expect to leverage this initiative for the Mpox response, working closely with our U.S. Government, development finance, and health partners More broadly, DFC’s investments in health services, supply chains, and technology all help bolster pandemic preparedness and health system resilience.” said DFC DCEO Nisha Biswal.

    “JICA believes this surge financing initiative will enhance coordination among development finance institutions and health organizations to achieve our commitment to work towards equitable access to safe, effective, quality-assured and affordable MCMs for health emergencies, which Japan announced as Chair of the 2023 G7 Summit in Hiroshima.   Leveraging this initiative and JICA’s own lessons learned from the COVID-19 pandemic, we will continue to support countries that have suffered from inequitable access to MCMs in the past,” said Chief Representative of JICA USA Office Satoko Tanaka.

    “IFC is proud to participate in this innovative framework to support medical countermeasure financing mechanisms, an important step for responding more effectively to future health crises. Collaboration between development finance institutions and global health partners is key to ensure coordinated efforts that strengthen healthcare systems and supply chains, enhancing pandemic preparedness.” said Vice President of Industries Mohamed Gouled.

    “DEG and KfW are committed to the UN Sustainable Development Goals, one of which is improving healthcare”, said Member of the DEG Management Board Monika Beck. “Therefore, we are delighted to support this initiative to provide financing for healthcare products during health emergencies, together with our trusted development finance partner institutions. We are convinced that it is essential to join forces to support improved access to critical health products when they are in short supply.”

    “Sustainable development is linked to equitable and rightful access to health and well-being. As CDP, we strongly support this initiative, which has been mentioned in the G7 Leaders’ final declaration last June at the Apulia Summit, that will foster the development of health systems across emerging economies, ensuring the foundation is laid for research, production, and distribution of essential medicines, diagnostic equipment, and vaccines. The COVID-19 pandemic underscored the critical need for every nation to be equipped with the tools to safeguard public health in times of crisis. Achieving the 2030 UN SDGs will require robust global collaboration, and we are proud to partner with G7 DFIs, the European Investment Bank, and the International Finance Corporation to help make this vision a reality.” said CDP Director of International Development Cooperation Paolo Lombardo.

    “The COVID-19 pandemic showed us the value of working together but also the need to coordinate our actions more closely,” said EIB Vice President Thomas Östros. “With joint efforts, we can multiply our impact and effectiveness, especially in meeting current challenges such as Mpox and in tackling future health emergencies. At the EIB, global health is a key priority, and we highly value this partnership.”

    “The MoU is an important step towards strengthening global health security and reducing the impact of future pandemics on vulnerable populations. This furthers our commitment, as the UK’s DFI, to invest in businesses that provide essential health services and products, including vaccines. It will ensure that future health crises can be mitigated to allow continued economic growth and social progress in low- and middle-income countries, said BII Chair Diana Layfield.

    “When critical health products are in short supply, fast and flexible capital can make the difference between life and death,“ said CEO of MedAccess Michael Anderson. “The COVID-19 pandemic showed how quickly global supply chains can grind to a halt when overwhelming demand meets scarce supply. This led to inequitable distribution of medical products, leaving millions of people at risk from the disease. Today’s announcement underlines our shared commitment to being prepared for future pandemics with the capital and financial tools to enable companies to meet large-scale, urgent demand for lifesaving products.”

    “A lesson learned from the COVID-19 crisis is that it is possible to mobilize significant public and private financial resources in turbulent times. Let’s use this experience of successful mobilization to anticipate effective pandemic preparedness. I believe this Memorandum of Understanding is one of the necessary steps towards better coordination among Public Development Banks to mobilize the private sector and demonstrates the catalytic power of joining forces for innovative financial instruments, as explored by Finance in Common and its Social Investment Coalition. Health is a common good, no one should be left behind in the face of a pandemic,” said Rémy Rioux, CEO of AFD Group (AFD, Proparco, and Expertise France) and Chairman of Finance in Common Summit in Paris.

    Background information

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances sound investment contributing to EU policy goals. The EIB’s activities focus on the following priority areas: climate and environment, development, innovation and skills, small and medium-sized businesses, infrastructure, and cohesion. The EIB works closely with other institutions and has provided total financing of more than € 42 billion for healthcare-related projects around the world since it started investing in the sector in 1997.  

    The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights. 

    MIL OSI Europe News –

  • MIL-OSI Translation: 24.09.2024 Export of arms and military equipment from Poland. Informe for 2023

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    Export of arms and military equipment from Poland. Informe for 202324.09.2024The Ministry of Foreign Affairs has prepared an annual report on the export of arms and military equipment for 2023. The data contained therein reflects the directions of activity of Polish arms exporters, which were largely influenced by the current security situation in Poland in the context of the ongoing war in Ukraine.

    Compared to the data for 2022, the value of actual exports and intra-EU transfers of arms and military equipment in 2023 increased by over 572 million euros and reached 1,753 million euros. This result largely shows the scale of supplies of arms and military equipment to Ukraine, which is fighting a defensive war. In the classification of recipients of products exported from Poland in terms of their value in 2023, the first place was taken by entities from Ukraine (approx. 81% of the export value), followed by the United States (7%) and Germany (1% each). Due to legal restrictions, the data for 2023 does not contain information on the permits issued, their value and the actual export of arms and military equipment transferred by the Polish authorities as a donation to Ukraine. We invite you to familiarize yourself with the content of the report, which is the fulfillment of Poland’s statutory obligation and international obligations regarding compliance with the principle of transparency of arms transfers. At the same time, it is an important source of knowledge on the principles of operation of the Polish system of export controls of goods, services and technologies of strategic importance to the security of the state.

    MaterialExport of arms and military equipment from Poland 2023 PLExport of arms and military equipment from Poland 2023_PL.pdf 1.32MB

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI USA: Statement from White  House Press Secretary Karine Jean-Pierre on President  Biden’s Travel to Germany and  Angola

    US Senate News:

    Source: The White House
    President Joseph R. Biden, Jr. will travel to Germany and Angola, from October 10 to 15. In Germany, President Biden will meet with German leaders to further strengthen the close bond the United States and Germany share as Allies and friends and coordinate on shared priorities. The President will reinforce the U.S. and German commitment to democracy and countering antisemitism and hatred, strengthen the enduring people-to-people ties between our countries, and advance cooperation on economics, trade, and technology.  He will also express his appreciation to Germany for supporting Ukraine’s defense against Russian aggression, hosting U.S. service members, and contributing to the security of the United States, Germany, and the entire NATO Alliance. On October 13-15, President Biden will travel to Luanda, Angola, where he will meet with President João Lourenço of Angola to discuss increased collaboration on shared priorities, including bolstering our economic partnerships that keep our companies competitive and protect workers; celebrating a signature project of the G7’s Partnership for Global Infrastructure and Investment (PGI), which advances our joint vision for Africa’s first trans-continental open-access rail network that starts in Lobito and ultimately will connect the Atlantic Ocean to the Indian Ocean; strengthening democracy and civic engagement; intensifying action on climate security and the clean energy transition; and enhancing peace and security. The President’s visit to Luanda celebrates the evolution of the U.S.-Angola relationship, underscores the United States’ continued commitment to African partners, and demonstrates how collaborating to solve shared challenges delivers for the people of the United States and across the African continent.

    MIL OSI USA News –

  • MIL-OSI: The Eclipse Foundation Launches the Open Regulatory Compliance Working Group to Help Open Source Participants Navigate Global Regulations

    Source: GlobeNewswire (MIL-OSI)

    BRUSSELS, Sept. 24, 2024 (GLOBE NEWSWIRE) — The Eclipse Foundation, one of the world’s largest open source foundations, has announced the formation of the Open Regulatory Compliance Working Group (ORC WG). This pioneering initiative aims to support participants across the global open source community—including developers, enterprises, industries, and open source foundations—in navigating and adhering to evolving regulatory frameworks. Additionally, the working group will work closely with governments and regulatory bodies to enhance their understanding of the unique open source development model. Supported by prominent open source foundations and global technology leaders, this collaborative effort is dedicated to advancing the open source model in an increasingly regulated software supply chain.

    “Given the impact of software technology on the global economy, it is unsurprising that governments worldwide are enacting new regulations to safeguard privacy, security, and accessibility,” said Mike Milinkovich, executive director of the Eclipse Foundation.“The Open Regulatory Compliance Working Group was created to bridge the gap between regulatory authorities and the open source ecosystem, ensuring organisations and developers can leverage open source technologies while remaining compliant with evolving global regulations.”

    The newly established working group is committed to formalising industry best practices and offering essential resources to help organisations navigate regulatory requirements across multiple jurisdictions. Additionally, it aims to assist government entities in providing greater legal certainty to the open source ecosystem and software supply chain.

    Through collaboration and guidance, the group seeks to elevate software quality and security in open source projects. Backed by the Eclipse Foundation’s strong commitment to open source supply chain security, the working group leverages a team of expert security professionals and rigorous processes. As a CVE Numbering Authority, the Eclipse Foundation plays a key role in effective vulnerability management, ensuring that security remains a top priority for all contributors, projects, and users within the ecosystem.

    While the Open Regulatory Compliance Working Group is chartered to address compliance with open source-impacting requirements in general, its immediate focus is the European Cyber Resilience Act (CRA). With the CRA rapidly approaching implementation, the working group’s immediate efforts are centred on ensuring compliance with this new legislation.

    Current Initiatives:

    1. Process Specifications: Development of cybersecurity process specifications and best practices aligned with the requirements of the CRA.
    2. Collaboration with European Authorities: The working group actively engages with the various European institutions to understand legislative timelines and produce timely compliance materials, with a primary focus on the CRA.
    3. Formalising Standards Participation: Having secured formal liaison status with the European Committee for Standardization (CEN) and the European Committee for Electrotechnical Standardization (CENELEC), the working group is actively pursuing working relationships with other European and National Standards Organizations to expand its contribution on regulatory standards.
    4. Community and Industry Education: A series of webinars with European Commission staff aims to keep the open source community informed about the EU’s legislative process. Recordings and materials, including sessions like “How to Read the CRA” led by Enzo Ribagnac, Associate Director for European Policy at Eclipse Foundation, are available here.
    5. Centralised Information Hub: The working group is developing a central resource to house all relevant CRA-related content, including webinars, glossaries, flowcharts, and FAQs to inform EU guidelines.

    Collaborative Engagement:

    The working group has garnered significant support from a broad range of open source organisations and private companies. As of the date of this announcement, participant organisations include: Apache Software Foundation (ASF), Blender Foundation, Robert Bosch GmbH, CodeDay, The Document Foundation, FreeBSD Foundation, iJUG, Lunatech, Matrix.org Foundation, Mercedes-Benz Tech Innovation GmbH, Nokia, NLnet Labs, Obeo, Open Elements, OpenForum Europe, OpenInfra Foundation, Open Source Initiative (OSI), Open Source Robotics Foundation (OSRF), OWASP, Payara Services, The PHP Foundation, Python Software Foundation, Rust Foundation, SCANOSS, Siemens, and Software Heritage.

    For more information on joining the Open Regulatory Compliance Working Group, visit the participation page.

    Member Quotes:

    Apache Software Foundation (ASF)
    “The CRA will impact open source users and producers alike. Legislators will benefit from the brain trust of open source organisations that Eclipse has brought together to ensure that the legislation is crafted in a way that protects all parties. The Apache Software Foundation is committed to safeguarding our digital future by addressing the multifaceted challenges of cybersecurity in the open source ecosystem, and cooperating with and implementing the CRA.” – David Nalley, President of the Apache Software Foundation

    Bosch
    “Bosch supports the EU Cyber Resilience Act (CRA) as a harmonised cybersecurity framework, but also recognizes the crucial role of open-source software (OSS) in its supply chain. Thus, it is vital to regulate the use of OSS in a reasonable way. This requires new processes for OSS due diligence, developed through close collaboration between OSS stewards and manufacturers. We welcome the Eclipse Foundation’s initiative to provide software security specifications aligned with open-source practices. We are convinced that by bringing together industry leaders, SMEs, researchers, and OSS experts, we will be able to develop processes that meet regulations while also supporting open development. We also expect these processes to serve as blueprints for the upcoming EU Data and AI Act and future regulations.” – Dr. Andreas Nauerz – Executive Vice President at Robert Bosch GmbH

    The Document Foundation
    “The Document Foundation participates in the Open Regulatory Compliance Working Group because it believes that the development of common best practices for the security of open source software is an important factor in the recognition of FOSS as a key element of the global information technology infrastructure and compliance with laws such as the Cyber Resilience Act in the EU.” – Italo Vignoli, Director at The Document Foundation

    FreeBSD Foundation
    The FreeBSD Foundation is proud to participate in the Open Regulatory Compliance Working Group. This initiative is key to helping developers and organisations continue innovating while navigating complex global regulations like the European Cyber Resilience Act. We believe collaboration within the open source community is essential to overcoming these challenges, and we’re excited to contribute to this important effort.” – Deb Goodkin, Executive Director of the FreeBSD Foundation

    Mercedes-Benz Tech Innovation GmbH
    “We support the mission of the Open Regulatory Compliance Working Group to help shape the future of secure software development in Europe, together with the European Commission, Open Source foundations and other industry players.” – Jochen Strenkert, Chief Engineer MB.OS

    Nokia
    “Open source communities and the software they produce are ever more important for the whole industry. This is exactly why for Nokia the wellbeing and sustainability of the open source communities is paramount. The European Union Cyber Resilience Act (CRA) brings potential new requirements to the open source communities. Nokia strongly believes that the targets of the EU CRA and the best outcome can only be achieved by the open source community having a strong voice in this process. We believe that the Open Regulatory Compliance Working Group is the way to achieve this. Therefore, Nokia is honoured to join the ORC WG. We are looking forward to working as part of the community to ensure getting the best possible outcome of the EU CRA for everybody.” – Jonne Soininen, Head of Open Source Initiatives at Nokia

    Obeo
    “As an SME with open-source in its DNA and a strategic member of the Eclipse Foundation, Obeo is thrilled to join the Open Regulatory Compliance Working Group. Collaborating with major industry players in critical and strategic sectors, we believe that open innovation is essential for navigating the evolving regulatory landscape. We stress the importance of new regulations recognizing the unique nature of this model to ensure that communities continue to thrive while complying with governmental requirements.” – Cédric Brun, President of Obeo

    The Open Source Initiative (OSI)
    “Compliance with the Cyber Resilience Act and other upcoming legislation poses a new challenge for the Open Source community. The Open Regulatory Compliance Working Group gives us an opportunity to find solutions together, and to work with lawmakers and regulatory bodies to help them better understand Open Source. We very much look forward to contributing to the working group.” – Stefano Maffulli, Executive Director at OSI

    Open Source Robotics Foundation (OSRF)
    “The OSRF is pleased to be involved in the Open Regulatory Compliance Working Group. As well as finding and creating best practices and methodologies for open-source projects to follow when complying with the EU’s new Cyber Resilience Act, the outputs of this working group will enable open-source projects, including in robotics, to also comply with other existing and future regulations that create a safer and more secure world for all. We are honoured to be working with other open-source foundations on this critical task.” – Geoff Biggs, CTO at the Open Source Robotics Foundation

    Payara Services Ltd
    “At Payara, we are proud to be an active participant in the Open Regulatory Compliance Working Group (ORC WG). By collaborating with other ORC WG members, we will contribute to the development of best practices, guidelines, and standards that will help the open-source community meet evolving regulatory requirements, starting with the European Cyber Resilience Act (CRA). We believe that the implementation of these regulations is essential for ensuring safer software and robust protection for users and enterprises worldwide. Our active participation in this working group underscores our dedication to keeping open-source solutions a trusted choice for companies globally.” – Steve Millidge, Founder at Payara Services Ltd

    The PHP Foundation

    “We’re delighted to be joining the Open Regulatory Compliance Working Group. With new regulations such as the Cyber Resilience Act (CRA) on the horizon, it’s great to be working with other Open Source foundations. We’ll share what we know about building secure software and learn from one another. Our goal is simple: to help make these new regulations work for everyone, without stifling the creativity that makes Open Source so great.” – Roman Pronskiy, Executive Director at the PHP Foundation

    Python Software Foundation

    The safety and security of Python is important to all our users for different reasons, but the recent Cyber Resilience Act (CRA) has created a sharp incentive to work on a collective understanding of best practices for all stakeholders. We appreciate the opportunity to share and collaborate on these topics with our open source peers via the Open Regulatory Compliance Working Group. — Deb Nicholson, Executive Director at Python Software Foundation

    Rust Foundation
    “The Rust Foundation is delighted to join the Open Regulatory Compliance Working Group. We look forward to working collaboratively with key Open Source and Industry stakeholders to ensure that emerging and evolving regulation is high quality, accommodating of the unique and valuable features of Open Source, and fit for purpose.“ – Rebecca Rumbul, Executive Director & CEO, Rust Foundation

    SCANOSS
    “Every day, we see the growing need for regulatory tools and robust supply chain security. SCANOSS is dedicated to providing the most comprehensive Open Source detection and SBOM solution, helping organisations mitigate risk and comply with regulations like the CRA. We are honoured to join the Eclipse Foundation in leading this effort to ensure the security and resilience of the open source software supply chain.” – Alan Facey, CEO at SCANOSS

    Siemens
    “Open source technologies are embedded in and vital to many of our solutions. Through our involvement in the Open Regulatory Compliance Working Group, we actively shape standards to ensure compliance with evolving regulations.” – Oliver Fendt, Senior Manager Open Source at Siemens

    Software Heritage
    “The mission of Software Heritage, launched by Inria and in partnership with UNESCO, is to collect, preserve and share all publicly available software source code. With over 50 billion software artefacts secured through the Software Hash Identifier (SWHID) specification, we guarantee long-term availability, ensure integrity, and enable traceability across the entire software ecosystem. As a foundational non profit open infrastructure for software integrity and compliance, we are excited to join the Open Regulatory Compliance Working Group to support the evolving regulatory landscape and ensure the open source ecosystem thrives.” – Roberto Di Cosmo, co-founder and director, Software Heritage

    About the Eclipse Foundation
    The Eclipse Foundation provides our global community of individuals and organisations with a business-friendly environment for open source software collaboration and innovation. We host the Eclipse IDE, Adoptium, Software Defined Vehicle, Jakarta EE, and over 415 open source projects, including runtimes, tools, specifications, and frameworks for cloud and edge applications, IoT, AI, automotive, systems engineering, open processor designs, and many others. Headquartered in Brussels, Belgium, the Eclipse Foundation is an international non-profit association supported by over 360 members. Visit us at this year’s Open Community Experience (OCX) conference on 22-24 October 2024 in Mainz, Germany. To learn more, follow us on social media @EclipseFdn, LinkedIn, or visit eclipse.org.

    Third-party trademarks mentioned are the property of their respective owners.

    Media contacts:
    Schwartz Public Relations for the Eclipse Foundation, AISBL (Germany)
    Gloria Huppert/Marita Bäumer
    Sendlinger Straße 42A
    80331 Munich
    EclipseFoundation@schwartzpr.de
    +49 (89) 211 871 -70/ -62

    Nichols Communications for the Eclipse Foundation, AISBL
    Jay Nichols
    jay@nicholscomm.com
    +1 408-772-1551

    514 Media Ltd for the Eclipse Foundation, AISBL (France, Italy, Spain)
    Benoit Simoneau
    benoit@514-media.com
    M: +44 (0) 7891 920 370

    The MIL Network –

  • MIL-OSI: 2024 HP Work Relationship Index Reveals AI Users Have Healthier Relationships with Work

    Source: GlobeNewswire (MIL-OSI)

    News Highlights

    • Only 28% of knowledge workers from various industries around the world have a healthy relationship with work, a one-point increase compared to 2023
    • AI usage among knowledge workers surged to 66% in 2024, up from 38% last year; and workers who use AI are 11-points happier with their relationship with work than their colleagues who don’t
    • At least two-thirds of knowledge workers desire personalized work experiences; and 87% would be willing to forgo a portion of their salary to get it
    • Only 44% of leaders have confidence in their human skills; female business leaders are significantly more confident than their male counterparts

    PALO ALTO, Calif., Sept. 24, 2024 (GLOBE NEWSWIRE) — Today, HP Inc. (NYSE:HPQ) released the second annual HP Work Relationship Index (WRI), a comprehensive study that explores the world’s relationship with work. The study, which surveyed 15,600 respondents across industries in 12 countries, reveals that work is still not really working. Only 28% of knowledge workers have a healthy relationship with work, a one-point increase compared to last year’s findings. However, new findings hone in on two potential solutions to improve relationships with work: AI and personalized work experiences.

    “We know employer and employee expectations have evolved and we believe smart technology is key to meeting the needs of today’s workforce,” said Enrique Lores, President and CEO of HP Inc. “The future of work will be unlocked by using the power of AI to create solutions and experiences that drive business growth and enable individuals to achieve personal and professional fulfillment.”

    Personalized Work Experiences Can Lead to Healthier Relationships with Work

    In its second year, the study continued to analyze aspects of people’s relationships with work, including the role of work in their lives, their skills, abilities, tools, workspaces and their expectations of leadership. This year, WRI reveals a major universal need from knowledge workers: personalized work experiences.

    At least two-thirds of workers expressed a desire for personalized work experiences, including tailored workspaces, access to preferred technologies and flexible working environments. These experiences are crucial for improving relationships with work, and have positive implications for both employees and businesses:

    • 64% of knowledge workers say if work was tailored or customized to personal needs and preferences, they would be more invested in their company’s growth.
    • 69% of knowledge workers believe it would enhance their overall well-being.
    • 68% of knowledge workers stated it would incentivize them to stay with their current employers longer.

    This desire for personalization is so strong that 87% of knowledge workers would be willing to forgo part of their salary for it. On average, workers would be willing to give up to 14% of their salary with Gen Z workers giving up as much as 19%.

    AI Opens New Opportunities for Knowledge Workers to Enjoy Work and Improve Productivity

    AI usage among knowledge workers has surged to 66% in 2024, up from 38% last year. Workers who use AI are seeing the benefits, including a healthier relationship with work:

    • 73% feel that AI makes their jobs easier, and nearly 7-in-10 (69%) are customizing their use of AI to be more productive, indicating AI could be an ingredient to unlocking a more personalized work experience.
    • 60% state that AI plays a key role in improving their work-life balance.
    • 68% say AI opens up new opportunities for them to enjoy work.
    • 73% agree that a better understanding of AI will make it easier to advance their careers.

    Further, knowledge workers who use AI are +11-points happier with their relationship with work than their colleagues who don’t. Therefore, there is an urgency to get AI into the hands of workers sooner rather than later as non-AI users have shown increased fear of job replacement by AI, with 37% expressing concern, a +5-point increase from last year.

    Business Leaders Lack Confidence; Female Leaders Emerge as a Bright Spot

    While at the global scale the index highlights little change, countries that saw an increase in their individual work relationship index saw slight improvement across the six key drivers of a healthy relationship with work – most notably the Leadership and Fulfillment drivers. This year’s index revealed that trust in senior leadership remains a critical factor in a healthy work relationship, but there is a disconnect between the recognition of the importance of human skills (e.g., mindfulness, self-awareness, communication, creative-thinking, resilience, empathy, emotional intelligence) and leaders’ confidence to deliver:

    • While more than 90% of leaders acknowledge the benefits of empathy, only 44% feel confident in their human skills.
    • Only 28% of workers consistently see empathy from their leaders, despite 78% valuing it highly.

    However, this year’s research uncovered a bright spot: female leaders. On average, female business leaders are +10-points more confident in their hard skills (technical, computer, presentation, etc.), and notably +13-points more confident in human skills than their male counterparts. Additionally, female business leaders’ confidence in both skills grew over the past year (+10-points in human skills, +4-points in hard skills), while confidence among male business leaders remained stagnant in human skills and decreased in hard skills (-3-points).

    For more information on the HP Work Relationship Index, please visit the WRI website and to access the full report, please visit the HP Newsroom.

    Methodology

    HP commissioned an online survey managed by Edelman Data & Intelligence (DXI) that fielded between May 10 – June 21, 2024 in 12 countries: the US, France, India, UK, Germany, Spain, Australia, Japan, Mexico, Brazil, Canada, and Indonesia. HP surveyed 15,600 respondents in total – 12,000 knowledge workers (1,000 in each country); 2,400 IT decision makers (200 in each country); and 1,200 business leaders (100 in each country).

    HP Inc. Media Relations
    MediaRelations@hp.com

    The MIL Network –

  • MIL-OSI Germany: German balance of payments in July 2024

    Source: Deutsche Bundesbank in English

    Current account surplus down
    Germany’s current account recorded a surplus of €16.0 billion in July 2024, down €4.6 billion on the previous month’s level. This was attributable to a lower goods account surplus and a higher deficit in invisible current transactions, which comprise services as well as primary and secondary income.
    The surplus in the goods account fell by €2.1 billion to €19.5 billion in July because expenditure increased more sharply than receipts. The deficit in invisible current transactions grew by €2.5 billion to €3.5 billion, which was chiefly due to the deficit in the services account widening by €3.1 billion (to €10.0 billion). This increase was primarily attributable to the overall rise in expenditure, with higher spending on IT services and charges for the use of intellectual property playing a key role here. Moreover, the deficit on the secondary income account expanded by €0.6 billion to €5.2 billion. While government and non-government expenditure fell, receipts declined even more sharply, mainly owing to lower general government revenue from current taxes on income and wealth. By contrast, net receipts on primary income went up by €1.2 billion to €11.7 billion. Although revenue went down, chiefly as a result of residents’ reduced receipts from portfolio investment and other investment income, expenditure decreased more strongly, with lower dividend payments to non-residents in particular contributing to this decline.
    Portfolio investment sees net capital exports
    Germany’s cross-border portfolio investment recorded net capital exports of €8.5 billion in July, after net capital imports of €3.5 billion in June. Domestic investors purchased foreign securities worth €19.2 billion net, adding foreign mutual fund shares (€9.9 billion), bonds (€5.8 billion), shares (€2.4 billion) and money market paper (€1.2 billion) to their portfolios. Foreign investors acquired German securities worth €10.7 billion net, purchasing bonds in particular (€21.2 billion) – these were exclusively public bonds on balance. They bought €0.6 billion net worth of mutual fund shares. By contrast, non-residents had net sales of money market paper (€9.9 billion) and parted with a small volume of shares (€1.1 billion).
    In July, transactions in financial derivatives resulted in net outflows of €5.9 billion (€4.8 billion in June).
    Direct investment generated net capital imports of €1.9 billion in July (following net capital exports of €3.5 billion in June). Foreign enterprises stocked up their direct investment funds in Germany by €8.2 billion. They increased their volume of intra-group loans (€6.7 billion) and also, to a limited extent, their equity capital (€1.5 billion). Viewed in terms of transactions, German foreign direct investment rose by €6.3 billion. German enterprises stepped up their equity capital abroad by €7.6 billion. With regard to intra-group credit transactions, redemptions predominated on balance (€1.3 billion).
    Other statistically recorded investment – which comprises loans and trade credits (where these do not constitute direct investment), bank deposits and other investments – registered net outflows of capital amounting to €24.7 billion in July (following €9.4 billion in June). The higher net claims of monetary financial institutions, which rose by €51.9 billion, made a particularly large contribution to this amount. Enterprises and households (€2.0 billion) and general government (€1.1 billion) likewise recorded net capital exports in July. The Bundesbank’s net external claims declined by €30.2 billion. This was due to lower TARGET claims on the ECB, which went down by €42.0 billion. However, the Bundesbank’s external liabilities in the form of currency and deposits also decreased at the same time.
    The Bundesbank’s reserve assets fell – at transaction values – by €1.2 billion in July.

    MIL OSI

    MIL OSI German News –

  • MIL-OSI Germany: Die deutsche Zahlungsbilanz in July 2024

    Source: Deutsche Bundesbank in English

    Current account surplus down
    Germany’s current account recorded a surplus of €16.0 billion in July 2024, down €4.6 billion on the previous month’s level. This was attributable to a lower goods account surplus and a higher deficit in invisible current transactions, which comprise services as well as primary and secondary income.
    The surplus in the goods account fell by €2.1 billion to €19.5 billion in July because expenditure increased more sharply than receipts. The deficit in invisible current transactions grew by €2.5 billion to €3.5 billion, which was chiefly due to the deficit in the services account widening by €3.1 billion (to €10.0 billion). This increase was primarily attributable to the overall rise in expenditure, with higher spending on IT services and charges for the use of intellectual property playing a key role here. Moreover, the deficit on the secondary income account expanded by €0.6 billion to €5.2 billion. While government and non-government expenditure fell, receipts declined even more sharply, mainly owing to lower general government revenue from current taxes on income and wealth. By contrast, net receipts on primary income went up by €1.2 billion to €11.7 billion. Although revenue went down, chiefly as a result of residents’ reduced receipts from portfolio investment and other investment income, expenditure decreased more strongly, with lower dividend payments to non-residents in particular contributing to this decline.
    Portfolio investment sees net capital exports
    Germany’s cross-border portfolio investment recorded net capital exports of €8.5 billion in July, after net capital imports of €3.5 billion in June. Domestic investors purchased foreign securities worth €19.2 billion net, adding foreign mutual fund shares (€9.9 billion), bonds (€5.8 billion), shares (€2.4 billion) and money market paper (€1.2 billion) to their portfolios. Foreign investors acquired German securities worth €10.7 billion net, purchasing bonds in particular (€21.2 billion) – these were exclusively public bonds on balance. They bought €0.6 billion net worth of mutual fund shares. By contrast, non-residents had net sales of money market paper (€9.9 billion) and parted with a small volume of shares (€1.1 billion).
    In July, transactions in financial derivatives resulted in net outflows of €5.9 billion (€4.8 billion in June).
    Direct investment generated net capital imports of €1.9 billion in July (following net capital exports of €3.5 billion in June). Foreign enterprises stocked up their direct investment funds in Germany by €8.2 billion. They increased their volume of intra-group loans (€6.7 billion) and also, to a limited extent, their equity capital (€1.5 billion). Viewed in terms of transactions, German foreign direct investment rose by €6.3 billion. German enterprises stepped up their equity capital abroad by €7.6 billion. With regard to intra-group credit transactions, redemptions predominated on balance (€1.3 billion).
    Other statistically recorded investment – which comprises loans and trade credits (where these do not constitute direct investment), bank deposits and other investments – registered net outflows of capital amounting to €24.7 billion in July (following €9.4 billion in June). The higher net claims of monetary financial institutions, which rose by €51.9 billion, made a particularly large contribution to this amount. Enterprises and households (€2.0 billion) and general government (€1.1 billion) likewise recorded net capital exports in July. The Bundesbank’s net external claims declined by €30.2 billion. This was due to lower TARGET claims on the ECB, which went down by €42.0 billion. However, the Bundesbank’s external liabilities in the form of currency and deposits also decreased at the same time.
    The Bundesbank’s reserve assets fell – at transaction values – by €1.2 billion in July.

    MIL OSI

    MIL OSI German News –

  • MIL-OSI Germany: Current monetary policy topics | Speech at the Commerzbank AG event “Geldpolitik in Zeiten der Inflation”

    Source: Deutsche Bundesbank in English

    Check against delivery.
    1 Words of welcome
    Ladies and gentlemen,
    I hope you have recharged your batteries after the summer and a holiday break, despite the eventful days we can look back on. Perhaps you are still relishing the sporting highlights you experienced from the comfort of your own armchair: the thrill of watching the Olympic Games and the Paralympics on TV at home.
    A “sports programme” of a somewhat different variety now awaits us: a broad repertoire of topics to cover in a short allotted speaking time. Let’s begin by discussing three questions that are always of crucial importance: Where is economy activity heading? Where is inflation heading? And where is monetary policy heading? These will be followed by three topics specific to monetary policy: balance sheet reduction, the changed operational framework for monetary policy, and monetary and fiscal policy interactions.
    2 Economic activity
    Let’s kick off with the economic situation as well as the outlook for the economy. German economic output shrank by 0.1% in the second quarter of this year, after expanding slightly at the beginning of the year. The main drags on activity were weak investment and the construction sector, but exports and private consumption contracted somewhat as well.
    Increased financing costs continued to squeeze investment activity, thus crimping domestic demand for industrial goods and construction work. Private investment also faced headwinds stemming from the intense uncertainty surrounding economic policy. On top of that, there was a countereffect in construction activity following the mild weather conditions in the first quarter. Moreover, industry in Germany is still feeling the pinch of weak foreign demand. Capacity utilisation in industry is now significantly below average, and that, too, is depressing investment.
    All these factors combined mean the domestic economy has been treading water since the start of Russia’s war of aggression against Ukraine more than two years ago. Stagnation might be more or less on the cards for full-year 2024 as well if the latest forecasts by economic research institutes are anything to go by.
    Hopes that industrial activity might pick up in the second half of the year have dimmed considerably according to the sentiment indicators observed in recent months. And consumer restraint is looking more stubborn than our Bundesbank experts were expecting when we published our Forecast for Germany in June. For all this, though, it is still true to say that sharply rising wages, easing inflation and robust labour market developments are opening up more and more scope for spending. Households could leverage that scope to gradually step up their consumption. Looking ahead to next year, the economic research institutes are expecting to see tentative economic growth of between ½ and 1%. The Bundesbank will be publishing its new Forecast for Germany in December.
    Ladies and gentlemen, one point I have stressed on multiple occasions in the past is that we should not talk our country down as a business location. That is not to say, of course, that we should not pinpoint weaknesses and resolutely tackle problems. An overly pessimistic mindset can be damaging. But what can also be damaging is viewing a situation through rose-tinted spectacles or blindly trusting that everything will somehow fix itself of its own accord. There is no doubt that Germany is not seeing as much investment as we would like. And industry is struggling with a difficult competitive environment. Barriers need to be dismantled here.
    At this point, allow me to make a passing remark in light of recent events: if businesses are to get to grips with – and finance – their future challenges, we will need banks that are strong and robust. In any possible mergers, what matters is that the institution that comes about as a result is one that fits that bill in the best possible way.
    As far as the topic of barriers is concerned, I do not wish to go beyond my allotted time. Allow me, then, to run through just some of the initiatives that could boost the attractiveness of a business location: cutting as much red tape as possible, and speeding up administrative procedures like approval processes. As for greening the economy, policymakers should ensure greater planning security. Digital infrastructure and education, in particular, are in need of improvement. In addition, politicians should act to boost the labour supply because staff shortages are bound to worsen further as demographic change makes itself felt.
    Headlines claiming that Germany is a millstone around the neck of the euro area[1] make for unpleasant reading. But the simple fact is that when the largest Member State’s economy is weak, the average across the bloc will be depressed as a result. The euro area economy as a whole has gained some traction in the first two quarters of this year (recording quarter-on-quarter growth rates of 0.3% and 0.2%, respectively). In their latest projections, ECB staff are forecasting modest economic growth of 0.8% in full-year 2024, rising slightly to 1.3% next year.
    The outlook is uncertain, particularly given what remains a tense geopolitical environment. Neither in Ukraine nor in the Middle East has the situation eased. The outcome of the presidential election in the United States is another source of economic uncertainty. Last week’s TV debate gave us a taste of what is to come.Europe might end up losing out if, say, the United States adopts a more protectionist trade policy, takes government action to support the country as a business location, or turns its back on multilateral cooperation (on issues such as climate action, NATO and the WTO).
    There’s good news as well, though: the labour market in the euro area is as robust as ever, as unemployment hit an all-time low of 6.4% in July. Germany’s economy hasn’t recovered yet, so its labour market hasn’t improved, but nor did it deteriorate significantly. Because firms in Germany have largely refrained from scaling back their workforces during the ongoing spell of economic weakness, they see little need overall for new hires. Even if they are certainly finding it difficult to fill vacancies in some areas.
    An analysis by the ECB has found that labour hoarding – that is, keeping staff in reserve – is still above pre-pandemic levels in the euro area. Because profit margins were high at times, firms were able to hoard staff to a greater extent or for longer than usual when the situation or outlook deteriorated, the ECB noted.[2]
    If profit margins now start to normalise, they will probably reduce the scope for firms to undertake labour hoarding. In addition, labour hoarding suggests that there will be fewer hires than usual as the economy recovers. Instead, productivity is more likely to rise. The new projections include an increase in euro area labour productivity of around 1% in both 2025 and 2026, following stagnation in the current year and a decline of just under 1% last year. Taken in isolation, this would dampen unit labour costs and thus inflation.
    3 Inflation
    This brings us to question number two concerning the outlook for prices. On this point, the focus is not only on the weak productivity growth observed so far, but also on the strong wage growth at the current juncture. For Germany, the latest wage deals have increased pay levels significantly. And relatively high wage settlements look set to be reached in the forthcoming pay negotiations as well. Understandably, the trade unions are looking to achieve lasting compensation for the real wage losses accumulated over the past three years.
    Because inflation compensation bonuses will only be exempt from taxes and social contributions until the end of this year, the trade unions are now stepping up their demands for permanent wage increases. The still high willingness to strike and persistent widespread shortage of labour suggest that wage growth will remain comparatively strong. The longer-term outlook, too, indicates that labour scarcity in Germany wil
    l remain a key factor driving robust wage growth and thus high inflation in the domestic economy.
    In the euro area, growth in negotiated wages slowed significantly in the second quarter. However, this was due in part to a one-off effect in Germany (owing to inflation compensation bonuses paid out in the previous year but absent this year). The persistent labour market tightness in the euro area means that a quick let-up in wage dynamics is unlikely.
    With wage pressures easing only slowly, the disinflation process is proving to be slow and arduous. Right now, inflation is not yet where we on the ECB Governing Council want it to be. Headline euro area inflation stood at 2.2% in August, down from 2.6% one month earlier. That significant decline mainly came about due to energy prices. Whilst it is true that German inflation – as measured by the Harmonised Index of Consumer Prices – has reached 2.0%, I’m afraid to say that, for the time being, that level is probably not yet here to stay. Services inflation in the euro area is still worryingly high, coming in at 4.1% at last count. Core inflation has eased only marginally, dropping to 2.8%.
    According to the latest ECB staff projections, euro area price inflation will be back at the 2% mark at the end of 2025. The journey there remains uncertain and include a few bends. For instance, inflation rates are expected to edge somewhat higher again towards the end of this year due to energy prices being in decline in the fourth quarter of last year.
    Overall, though, we have made huge advances towards safeguarding price stability. As the disinflation process plays out, inflation expectations have also receded the way we want them to, and the risk of higher inflation expectations has diminished in the view of markets and surveyed experts. This would suggest that inflation expectations are well anchored. It is now up to us on the ECB Governing Council to prove our staying power. If we achieve that, we will soon make it over the finishing line.
    4 Monetary policy
    The third question I asked at the beginning has basically been answered: the phase of steep tightening was followed by nine months of unchanged key interest rates, after which the ECB Governing Council subsequently loosened the reins somewhat in June and now again in September.
    We don’t know yet how things will unfold, but it is certain that key interest rates will not go back down as quickly and sharply as they went up! The intervals between the potential moves may vary depending on the incoming data, as monetary policy must remain tight enough for long enough to ensure that the inflation rate returns to the 2% target over the medium term. Assumptions to that effect about key interest rates also form the basis for the ECB’s projections.
    Ladies and gentlemen, public opinions on the best time for an interest rate move vary. This is due, not least, to the fact that the risks cannot be clearly quantified and that monetary policy time lags are impossible to measure with certainty. It is important for me to see inflation stable at the 2% target as soon as possible. To get there, we will not pre-commit to any path in our decisions going forward. Instead, we will continue to examine incoming data with an open mind. We are not flying on autopilot when it comes to interest rate policy.
    4.1 Reducing the balance sheet
    I will now turn to the three topics specific to monetary policy. The key interest rates are the central lever with which to adjust the monetary policy stance. In addition, gradual balance sheet reduction also influences the direction of monetary policy. This is because the length of the balance sheet is ultimately driven by previous accommodative non-standard measures.
    Banks’ repayment of loans under the longer-term refinancing operations has thus far been the primary contributory factor towards reducing the Eurosystem’s total assets. Remaining outstanding funds borrowed under targeted longer-term refinancing operations (TLTROs) are now only relatively small (around €76 billion). Next week will be the penultimate maturity date, and in December of this year the last repayments of funds borrowed under TLTROs will be made.
    Moreover, the Eurosystem’s large bond holdings are gradually declining, by an average of €25 to €30 billion per month (since July 2023), through the discontinuation of reinvestments under the APP, the largest such purchase programme. Since July of this year, reinvestments under the pandemic emergency purchase programme (PEPP) have been reduced by an average of €7.5 billion per month and will also be fully discontinued at the end of 2024.
    The process of significantly shrinking current total assets of just under €6,500 billion is not done just yet. So far, the markets have taken the Eurosystem’s balance sheet reduction (starting from a peak of over €8,800 billion) in their stride. I am confident about the future, too.
    On the ECB Governing Council, I am one of those who has been advocating for reducing the Eurosystem’s footprint in financial markets. This process will take time. It is closely linked to how monetary policy is implemented and passed through to the financial markets. That is why I now wish to briefly address, as the second of my three topics specific to monetary policy, the changes to the operational framework for implementing monetary policy adopted in mid-March.
    4.2 Changes to the operational framework for implementing monetary policy
    You might be thinking: what a dry, hard-to-digest topic, and right after lunch to boot! However, addressing these seemingly annoying details is worth the time and effort. This is because the new operational framework for implementing monetary policy will determine how central bank liquidity is provided to banks in the future and how short-term money market rates will evolve going forward.
    With excess liquidity in the banking system declining, but still high for the time being, little will change at first: we will continue to regularly lend central bank liquidity to banks at the quantities demanded and a fixed interest rate, with a wide range of bonds and other claims being eligible collateral for these loans. The reserve ratio for determining banks’ non-remunerated compulsory deposits with the Eurosystem remains unchanged at 1%.
    On this very day, the gap between the main refinancing operations rate and the deposit facility rate narrowed from 50 to 15 basis points. This operational adjustment will incentivise bidding in the weekly tenders. Short-term money market rates are therefore likely to continue to evolve in the vicinity of the deposit facility rate, given limited fluctuations. In the process, we will observe the compatibility of our operational framework with market principles.[3]
    The ECB Governing Council also agreed to introduce, at a later stage, new structural longer-term refinancing operations and a structural portfolio of securities. These transactions are intended to make a contribution to covering the banking sector’s structural liquidity needs. But that is a way off yet. That’s because, as already mentioned, banks’ excess liquidity and Eurosystem bond holdings are still very sizeable.
    We will now gain experience and gather insights. A review of the key parameters of the operational framework is scheduled for 2026. However, adjustments can be made earlier if necessary.
    4.3 Monetary and fiscal policy interactions
    My third topic specific to monetary policy, monetary and fiscal policy interactions, is a perennial theme. Generally, the combination of the two policy areas determines how accommodative or restrictive the overall effect on the economy is.
    In some times of crisis, such as during the coronavirus pandemic, monetary and fiscal policy can work together in the pursuit of their respective objectives. In times of high inflation, however, there may be potential for conflict. At the very least, fiscal policy should not undermine a restrictive monetary policy in the fight against inflation, but rather support it as much as possible.This year and next, the euro area fiscal stance is likely to have a roughly neutral effect, i.e. not generate any additional inflationary pressure. However, the expiry of crisis support measures is the reason why the deficit ratio is expected to decline. Seen from this perspective, fiscal policy is not restrictive.
    The ECB projects that the euro area debt ratio will remain close to 90%. In some Member States, government debt is worryingly high, with no signs of a trend reversal happening any time soon. Monetary policy should ignore this. This is because the Member States will have to be able to deal with the interest rate level that is warranted from a monetary policy perspective. Governments ought to brace themselves for higher interest rate levels.
    The new EU fiscal rules entered into force at the end of April. However, it is not yet clear what concrete requirements for fiscal consolidation will follow. In July, the existence of excessive deficits was established for seven countries, including the euro area countries France, Italy, Belgium, Slovakia and Malta. It will be crucial to implement the new rules in such a way that high debt ratios actually fall. This would require setting ambitious targets, and governments would then have to comply with them more ambitiously than in the past.
    Setting priorities will remain the key fiscal policy challenge at any rate And this will not get any easier if additional expenditure, for example for climate action, defence or in view of demographic pressures, is moved higher on the priority list.
    This is true even in Germany, where the debt ratio is no longer far from the 60% limit. In this case, it may indeed make sense to expand the fiscal scope somewhat by means of a moderate reform of the debt brake just as long as Germany complies with the European debt rules. The Bundesbank has put forward proposals to achieve that goal.
    5 Concluding remarks
    Ladies and gentlemen,
    After three questions and three topics, I would like to end with a triad. Democracy, freedom and openness are core values on which our society, our daily coexistence, and our prosperity are based. We are living in challenging times. This is exemplified by the elections in France and three eastern German federal states as well as, this coming November, in the United States. For the future, it remains to be hoped that we can maintain democracy, freedom and openness as a secure basis.
    Thank you for your attention.

    Footnotes:
    Konjunktur: Wirtschaft in Euro-Zone wächst – jedoch nicht in Deutschland (wiwo.de), Wirtschaft in Euro-Zone wächst trotz Bremsklotz Deutschland 0,2 Prozent (msn.com)
    European Central Bank, Higher profit margins have helped firms hoard labour, Economic Bulletin, Issue 4/2024, pp. 54‑58.
    See Nagel, J., Reflections on the Eurosystem’s new operational framework | Deutsche Bundesbank, speech at the Konstanz Seminar on Monetary Theory and Monetary Policy, 16 May 2024.

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  • MIL-OSI Germany: Executive Board consultation regarding the recommendation by the Bundesrat’s Financial Committee

    Source: Deutsche Bundesbank in English

    The consultation of the Deutsche Bundesbank’s Executive Board pursuant to section 7 (3) of the Bundesbank Act regarding the nomination of Dr Fritzi Köhler-Geib as a member of the Deutsche Bundesbank’s Executive Board took place on Tuesday, 17 September 2024.
    The Executive Board did not raise any objections. The outcome of the consultation has been communicated to the Bundesrat.

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  • MIL-OSI Germany: Invitation to bid multi-ISIN auction – Reopening of two Green German Federal securities

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

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  • MIL-OSI Germany: Invitation to bid Federal –Treasury discount paper (Bubills)

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

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  • MIL-OSI Germany: Reopening of Federal Treasury notes – Auction result

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

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  • MIL-OSI Germany: The Bundesbank invites the public to its Open Day in Frankfurt’s city centre

    Source: Deutsche Bundesbank in English

    The Bundesbank is once again offering the public a glimpse backstage. On 14 and 15 September, the German central bank is hosting an Open Day at its Regional Office in Hesse in Frankfurt’s city centre. We want to give everyone the opportunity to experience up-close how the Bundesbank operates. Our Open Day will offer entertaining and straightforward insights into the work we do day-in, day-out to ensure stable prices and a stable financial system, says Bundesbank President Joachim Nagel.
    President Nagel will be participating in interviews and discussions at the two-day weekend event, along with other Executive Board members. He will be joined on stage by Frankfurt’s Lord Mayor, Mike Josef, for a discussion of Frankfurt’s importance as a financial centre for Europe. Bundesbank experts will also take to the stage to talk with the audience about issues such as inflation, financial stability and a digital euro.
    History buffs will have the chance to visit an exhibition on the history of the Deutsch Mark in the former Reichsbank building. This will also be the venue for short talks about “From the Reichsbank to the Bundesbank”, a new study published in March on the history of the German central bank in the period from 1924 to 1970.
    Great prizes are up for grabs in the Bundesbank’s quiz show, and there will be live music to set the mood. Visitors will get another chance to touch a real gold bar in our popular gold room. A virtual reality cinema will enable the visiting public to experience areas otherwise inaccessible to them, such as the Bundesbank’s gold vault or the meeting room of the ECB Governing Council. In info tents spaced across the entire premises, our staff will be on hand to explain the Bundesbank’s many tasks, from A to Z.
    The street Taunusanlage, which borders the Regional Office premises, will be accessible for pedestrians on both days of the event. This will leave more space for visitors to really get to know the Bundesbank than at previous open days. A wide range of food and drink will be available in our food truck zone. In addition, the Regional Office canteen will open its doors to the public for the first time this year. Many of our stands are also aimed at younger visitors, who will have a chance to show off their sporting prowess at our football workshops on Taunusanlage, for example. They will also be able to touch counterfeit money and try out games on the theme of banking supervision.
    The Bundesbank experience will begin before you even reach the entrance. But visitors can also take a tour inside our main building – a real gem for fans of art and architecture, says Ulf Slopek, President of the Regional Office in Hesse.
    More information on the event and how to get there
    The Open Day will be held in Frankfurt’s city centre at the Bundesbank’s Regional Office in Hesse, Taunusanlage 5, from 11:00 to 18:00 on Saturday, 14 September and on Sunday, 15 September.
    Visitors can enter via the main entrance on Taunusanlage. Please be ready to provide a valid official photo ID and avoid bringing large bags to the event. Bags will be checked; they can be left for the duration of the event in a designated tent.
    The Regional Office in Hesse is located centrally in Frankurt’s city centre. The nearest public transport stops are Taunuslage, Willy-Brandt-Platz and Hauptbahnhof, which are only a few minutes’ walk away. We therefore ask visitors to use public transport wherever possible.
    There is barrier-free access to many activities, including the virtual reality cinema, the info tents, the kids’ area and the gold room. Sign language interpreting will be provided at a number of the on-stage interviews.
    The on-stage events will be shielded by a rain cover. The outdoor programme may be reduced in the event of heavy rain or storms. The indoor programme will continue as planned whatever the weather.

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  • MIL-OSI Germany: Auction result – Federal Treausury discount paper (Bubills)

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

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  • MIL-OSI USA: Deputy Administrator Isobel Coleman at Transforming Global Humanitarian Response for the 21st Century

    Source: USAID

    DEPUTY ADMINISTRATOR ISOBEL COLEMAN: Thank you, Secretary [Antony] Blinken, Foreign Secretary [David] Lammy, Mr. [Ilan] Goldfajn, and Mr. [Børge] Brende for bringing us together today. 

    As you all have emphasized, every year, global humanitarian needs reach record highs. Today, more than 80 percent of the countries where USAID works, encompassing roughly two billion people, are fragile or conflict-affected states. 

    Our humanitarian assistance spending in response to crises has tripled in the last decade, while development assistance has been flat.  

    In other words, we’re dedicating more and more of our resources to responding to crises – instead of investing in long-term efforts to prevent them. 

    This is not sustainable.

    The solution requires all of us – humanitarian, development, and peace practitioners, governments, and the private sector – to more effectively meet the staggering global humanitarian needs while continuing to drive development gains. 

    This is why, in January, USAID launched an Agency-wide initiative to align our humanitarian, development, and peace efforts across our policy, planning, and programming – so that even while responding to crises, we are also making critical investments in long term stability and prevention. 

    We are taking practical steps to change the way we work, such as conducting an information campaign to increase the use of existing award flexibilities, aligning our humanitarian and development strategic planning processes, and co-hosting a global forum with the UK, Germany, the World Bank, UNICEF, and WFP on social protection in fragility and conflict.

    USAID is also leveraging funding from the Global Fragility Act to facilitate the kinds of private investment that can be so pivotal to preventing and more sustainably addressing global humanitarian needs. 

    Today, I am pleased to announce that we have partnered with the US Development Finance Corporation to create a new specialized unit to focus on identifying promising investment opportunities in fragile environments – where investments are often more complicated, riskier, and time-consuming. 

    We are eager to partner with you in catalyzing these critical investments, which align with so many of the goals we’ve discussed today. 

    I commend this group for your commitment to breaking down silos and identifying more sustainable and cost-effective ways to address the staggering global humanitarian needs we face today. 

    USAID is committed to advancing this agenda with you. 

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  • MIL-OSI USA: USAID Joins PepsiCo, Unilever, Danone, McCormick & Company, and Nespresso to Launch Collaboration to Advance Women for Resilient Agricultural Supply Chains

    Source: USAID

    Today, USAID joined consumer goods multinational companies PepsiCo, Unilever, Danone, McCormick & Company, and Nespresso in launching a new public-private partnership that aims to accelerate gender equality and enhance environmental sustainability in agricultural supply chains. The new initiative, Advancing Women for Resilient Agricultural Supply Chains, aligns with the Women in the Sustainable Economy (WISE) initiative – a partnership launched by Vice President Kamala Harris in 2023 to bolster women’s economic security in sectors that address climate change. 

    With a planned, collective investment of $50 million to start – including over $11 million of USAID funding – this new agricultural supply chain initiative will help catalyze industry-level change through learning, scaling, and providing evidence on how supporting women in agricultural supply chains can help deliver environmental sustainability goals. The initiative will drive scale by bringing in new organizations and additional funds, with a total target of $90 million over the next five years. 

    In parallel, USAID also welcomed the Skoll Foundation as the newest partner to WISE through its support of the USAID-led Climate Gender Equity Fund – a public-private partnership with Amazon, Reckitt, the UPS Foundation, and the Visa Foundation that seeks to increase access to climate finance for women-led and women-benefiting organizations working at the forefront of climate action. Three of its newest grantees – Altree Capital, The Rallying Cry, and Villgro Philippines – were also announced. 

    Finally, Acumen, Germany, Heading for Change, the Republic of Cyprus, and the United Kingdom announced $339 million in new aligned commitments to advance the WISE Initiative through their independent efforts that advance WISE objectives. The Millennium Challenge Corporation, the U.S. International Development Finance Corporation, and the U.S. Department of Energy announced $289 million in additional aligned U.S. government commitments to the WISE initiative. In all, today’s announcements total $681 million in direct and aligned commitments – bringing the collective commitment of 33 governments, corporations, foundations, and civil society organizations to a total of over $2 billion towards the WISE Initiative. 

    For more information about the WISE Initiative, please visit ClimateLinks or email wise@usaid.gov.

    Advancing Women for Resilient Agricultural Supply Chains Women in the Sustainable Economy WISE

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  • MIL-OSI Germany: Announcement of a multi-ISIN auction – Reopening of two Federal bonds

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

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  • MIL-OSI Germany: Reopening Federal bond issue – Auction result

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

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  • MIL-OSI Germany: Invitation to bid by auction – Reopening of Federal Treasury notes

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

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  • MIL-OSI Germany: Invitation to bid – Federal Treasury discount paper (Bubills)

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

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  • MIL-OSI Germany: Announcement of auction – Reopening 7-year Federal bond

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

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  • MIL-OSI Germany: Invitation to bid for 6-months Bills of the European Stability Mechanism (ESM)

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

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  • MIL-OSI Germany: Announcement of auction – 6-months Bills of the European Stability Mechanism (ESM)

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

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  • MIL-OSI Germany: Reopening of two Green Federal securities – Auction result

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

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  • MIL-OSI Germany: Auction result – Federal Treasury discount paper (Bubills)

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

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  • MIL-OSI Germany: Announcement – Federal Treasury discount paper (Bubills)

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

    MIL OSI

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  • MIL-OSI Germany: Invitation to bid by auction – Reopening 10-year Federal bond

    Source: Deutsche Bundesbank in English

    A digital euro would be a digital form of central bank money, specifically the euro. It could be used by the general public in much the same way as cash, only in virtual form. Alongside cash, the Eurosystem would thus supply households with an additional form of central bank money that can be used quickly, easily and securely.

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