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In 2022, the European Union–Association of Southeast Asian Nations (ASEAN) dialogue partnership celebrated its 45th anniversary. The same year saw the 55th anniversary of the founding of ASEAN. The ASEAN region currently collectively amounts to the world's fifth largest economy, a dynamic economic area home to more than 680 million consumers. To secure better access to opportunities in the region's market, the European Union (EU) started negotiations with ASEAN for a region-to-region free trade agreement ...

This study looks at potential windfall profits for the four banking acquisitions in 2023. Based on accounting figures, an FT article states that a total of USD 44bn was left on the table. We see accounting figures as a misleading analysis. By estimating marked-based cumulative abnormal returns (CAR), we find positive abnormal returns in all four cases which when made quantifiable, are around half of the FT’s accounting figures. Furthermore, we argue that transparent auctions with enough bidders ...

Inflation has surged and then declined in broadly similar ways in the euro area and the United States, because it has been driven by the impact of the pandemic and its aftermath. Yet, specific differences reflect how monetary and fiscal policies responded as well as the impact of the Russian invasion of Ukraine. The central banks face whole new challenges as they prepare to navigate the next phase now that inflation has rapidly declined, but also further along. This document was provided by the ...

The European Central Bank and Federal Reserve have taken similar approaches to tightening monetary policy to tackle high inflation. However, relative to the US, euro area inflation has been driven more by supply shocks and less by strong demand. The euro area economy is also weakening while the US economy is still growing solidly. Markets expect the Fed to ease more than the ECB in 2024 but falling inflation and a weak euro area economy may see the opposite occur. This document was provided by ...

Under the stress test of the inflation process, the two central banks' stances across the Atlantic share similarities but show also significant differences. Similarities and differences are reflected also in inflation dynamics in the US and the euro area. Differences are mainly due to the mix of factors that originated the take-off of inflation, some structural features of the economies, the institutional contexts and associated fiscal stances. This document was provided by the Economic Governance ...

In four recent international bank resolution cases other banks stepped in and took over (part of) the failing banks. This position paper argues that public authorities’ aim to quickly find a buyer may have made them accept prices that were “too low”, thereby imposing losses on the state and on deposit guarantee schemes. Keeping failed banks longer in receivership, writing off their truly bad parts, and thereafter selling them in an auction may be welfare enhancing and more cost-effective in the end ...

In an increasingly challenging geopolitical environment, the notion of economic security is gaining traction. The May 2023 G7 summit produced, for the first time, a dedicated statement on the topic and the EU adopted its first strategy in June 2023. G7 countries are also expanding the range of measures tackling complex security risks.

Sovereign debt has been a longstanding challenge for Argentina's governments. As recently as 2022, Argentinian President Alberto Fernandez secured an outline deal with the IMF to restructure US$44.5 billion of debt from a record 2018 bailout. In fact, since 2001, Argentina has defaulted on its international sovereign debt three times –the first time in December 2001 in the midst of a very serious financial crisis, in 2014, in the middle of a battle against holdout creditors and again in 2020, in ...

Leaders met in New Delhi, India, for the 18th summit of the G20, the intergovernmental forum for international economic cooperation of the world's major economies. The 2-day meeting (9 to 10 September 2023) hosted by the Indian G20 presidency took place at a time of increasing political and economic rivalry, in which the world's leading and emerging economies are shaping new alliances around the globe. The themes chosen by the Indian presidency and the decision taken by the G20 leaders to grant permanent ...

The 2023 G20 Summit will take place in New Delhi, India, on 9 and 10 September. In preparation for the summit, the G20 Presidency has focused on six priorities consistent with those of the G7, namely green development, inclusive growth, progress on the United Nations sustainable development goals (SDGs), technological transformation, multilateral institutions for the 21st century, and women-led development. The G20's informal nature makes it a vital global platform, gathering the leaders of all major ...