WASHINGTON, D.C. – The International Religious Freedom (IRF) Roundtable welcomes the announcement—made last night via the platform X—of Congressman Mark Walker’s selection by the Trump administration to serve as the next U.S. Ambassador-at-Large for International Religious Freedom.

As a long-standing, multi-faith, and non-partisan community of advocates committed to advancing freedom of religion or belief for all people, everywhere, the IRF Roundtable has long valued robust and constructive engagement with leaders who serve in this important role. The Ambassador-at-Large plays a critical part in promoting religious freedom as a core component of U.S. foreign policy and in championing the rights of religious and belief communities facing persecution worldwide.

Congressman Walker brings a deep understanding of the challenges facing religious communities globally and a demonstrated commitment to the cause of human dignity and liberty. His leadership in Congress, including efforts to support persecuted communities and engage diverse coalitions, has prepared him well for this vital position.

Born in Dothan, Alabama, in 1969, Mark Walker is a Baptist pastor and public servant who represented North Carolina’s 6th Congressional District in the U.S. House of Representatives from 2015 to 2021. During his tenure, he chaired the Republican Study Committee and served as Vice Chair of the House Republican Conference. Walker has been recognized for his efforts to build bipartisan coalitions in support of religious freedom, human rights, and international engagement.

“We are encouraged by the nomination of Ambassador-designate Walker and stand ready to support him as he steps into this pivotal role at a time when international religious freedom faces mounting challenges,” said Nadine Maenza, President of IRF Secretariat and Co-chair of the IRF Roundtable. “The IRF Roundtable remains committed to partnering with the Ambassador and the Office of International Religious Freedom to protect and promote the freedom of thought, conscience, religion, and belief for all.”

For over a decade, the IRF Roundtable has served as a space for civil society leaders, faith communities, survivors, and policy stakeholders to collaborate across deep differences and find common ground. We believe that cooperative engagement and persistent diplomacy—anchored in a shared commitment to freedom of thought, conscience, religion and belief—are essential to lasting progress.

We welcome this new chapter in U.S. leadership on international religious freedom and invite continued dialogue, collaboration, and momentum in the days ahead.

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About the IRF Roundtable:
The IRF Roundtable is a multi-faith, inclusive, and informal network of individuals from non-governmental organizations who gather regularly to discuss and advance the cause of international religious freedom. Our mission is to promote freedom of religion or belief for all people, everywhere, through respectful dialogue, strategic partnerships, and collective action.

First published HERE.

Christine Lagarde, President of the ECB,
Luis de Guindos, Vice-President of the ECB

Frankfurt am Main, 17 April 2025

Good afternoon, the Vice-President and I welcome you to our press conference.

The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission.

The disinflation process is well on track. Inflation has continued to develop as staff expected, with both headline and core inflation declining in March. Services inflation has also eased markedly over recent months. Most measures of underlying inflation suggest that inflation will settle at around our two per cent medium-term target on a sustained basis. Wage growth is moderating, and profits are partially buffering the impact of still elevated wage growth on inflation. The euro area economy has been building up some resilience against global shocks, but the outlook for growth has deteriorated owing to rising trade tensions. Increased uncertainty is likely to reduce confidence among households and firms, and the adverse and volatile market response to the trade tensions is likely to have a tightening impact on financing conditions. These factors may further weigh on the economic outlook for the euro area.

We are determined to ensure that inflation stabilises sustainably at our two per cent medium-term target. Especially in current conditions of exceptional uncertainty, we will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. In particular, our interest rate decisions will be based on our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. We are not pre-committing to a particular rate path.

The decisions taken today are set out in a press release available on our website.

I will now outline in more detail how we see the economy and inflation developing and will then explain our assessment of financial and monetary conditions.

Economic activity

The economic outlook is clouded by exceptional uncertainty. Euro area exporters face new barriers to trade, although their scope remains unclear. Disruptions to international commerce, financial market tensions and geopolitical uncertainty are weighing on business investment. As consumers become more cautious about the future, they may hold back from spending as well.

At the same time, the euro area economy has been building up some resilience against the global shocks. The economy is likely to have grown in the first quarter of the year, and manufacturing has shown signs of stabilisation. Unemployment fell to 6.1 per cent in February, its lowest level since the launch of the euro. A strong labour market, higher real incomes and the impact of our monetary policy should underpin spending. The important policy initiatives that have been launched at the national and EU levels to increase defence spending and infrastructure investment can be expected to bolster manufacturing, which is also reflected in recent surveys.

In the present geopolitical environment, it is even more urgent for fiscal and structural policies to make the euro area economy more productive, competitive and resilient. The European Commission’s Competitiveness Compass provides a concrete roadmap for action, and its proposals, including on simplification, should be swiftly adopted. This includes completing the savings and investment union, following a clear and ambitious timetable, which should help savers benefit from more opportunities to invest and improve firms’ access to finance, especially risk capital. It is also important to rapidly establish the legislative framework to prepare the ground for the potential introduction of a digital euro. Governments should ensure sustainable public finances in line with the EU’s economic governance framework and prioritise essential growth-enhancing structural reforms and strategic investment.

Inflation

Annual inflation edged down to 2.2 per cent in March. Energy prices fell by 1.0 per cent, after a slight rise in February, while food price inflation rose to 2.9 per cent in March, from 2.7 per cent in February. Goods inflation was stable at 0.6 per cent. Services inflation fell again in March, to 3.5 per cent, and it now stands half a percentage point below the rate recorded at the end of last year.

Most indicators of underlying inflation are pointing to a sustained return of inflation to our two per cent medium-term target. Domestic inflation has declined since the end of 2024. Wages are gradually moderating. In the last quarter of 2024 annual growth in compensation per employee stood at 4.1 per cent, down from 4.5 per cent in the previous quarter. Rising productivity also meant that unit labour costs grew more slowly. The ECB’s wage tracker and information from our contacts with companies point to a decline in wage growth in 2025, as also indicated in the March staff projections. Unit profits fell at an annual rate of 1.1 per cent at the end of last year, contributing to lower domestic inflation.

Most measures of longer-term inflation expectations continue to stand at around 2 per cent, which supports the sustainable return of inflation to our target.

Risk assessment

Downside risks to economic growth have increased. The major escalation in global trade tensions and associated uncertainties will likely lower euro area growth by dampening exports, and it may drag down investment and consumption. Deteriorating financial market sentiment could lead to tighter financing conditions, increase risk aversion and make firms and households less willing to invest and consume. Geopolitical tensions, such as Russia’s unjustified war against Ukraine and the tragic conflict in the Middle East, also remain a major source of uncertainty. At the same time, an increase in defence and infrastructure spending would add to growth.

Increasing global trade disruptions are adding more uncertainty to the outlook for euro area inflation. Falling global energy prices and appreciation of the euro could put further downward pressure on inflation. This could be reinforced by lower demand for euro area exports owing to higher tariffs, and a re-routing of exports into the euro area from countries with overcapacity. Adverse financial market reactions to the trade tensions could weigh on domestic demand and thereby also lower inflation. By contrast, a fragmentation of global supply chains could raise inflation by pushing up import prices. A boost in defence and infrastructure spending could also raise inflation over the medium term. Extreme weather events, and the unfolding climate crisis more broadly, could drive up food prices by more than expected.

Financial and monetary conditions

Risk-free interest rates have declined in response to the escalating trade tensions. Equity prices have fallen amid high volatility and corporate bond spreads have widened around the globe. The euro has strengthened over recent weeks as investor sentiment has proven more resilient towards the euro area than towards other economies.

The latest official statistics on corporate borrowing, which predated these market tensions, continued to indicate that our interest rate cuts had made it less expensive for firms to borrow. The average interest rate on new loans to firms declined to 4.1 per cent in February, from 4.3 per cent in January. Firms’ cost of issuing market-based debt declined to 3.5 per cent in February, but there has been some upward pressure more recently. Moreover, growth in lending to firms picked up again in February, to 2.2 per cent, while debt securities issuance by firms grew at an unchanged rate of 3.2 per cent.

At the same time, credit standards for business loans tightened slightly again in the first quarter of 2025, as reported in our latest bank lending survey for the euro area. As in the previous quarter, this was mainly because banks are becoming more concerned about the economic risks faced by their customers. Demand for loans to firms decreased slightly in the first quarter, after a modest recovery in previous quarters.

The average rate on new mortgages, at 3.3 per cent in February, increased on the back of earlier rises in longer-term market rates. Mortgage lending continued to strengthen in February, albeit at a still subdued annual rate of 1.5 per cent, as banks eased their credit standards and demand for loans to households continued to increase strongly.

Conclusion

The Governing Council today decided to lower the three key ECB interest rates by 25 basis points. In particular, the decision to lower the deposit facility rate – the rate through which we steer the monetary policy stance – is based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. We are determined to ensure that inflation stabilises sustainably at our two per cent medium-term target. Especially in current conditions of exceptional uncertainty, we will follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. In particular, our interest rate decisions will be based on our assessment of the inflation outlook in light of the incoming economic and financial data, the dynamics of underlying inflation and the strength of monetary policy transmission. We are not pre-committing to a particular rate path.

In any case, we stand ready to adjust all of our instruments within our mandate to ensure that inflation stabilises sustainably at our medium-term target and to preserve the smooth functioning of monetary policy transmission.

We are now ready to take your questions.

Europol supported an action led by the European Public Prosecutor’s Office (EPPO) in Berlin (Germany) and Vilnius (Lithuania), which involved around 1 000 police, tax and customs officers carrying out 200 searches in ten countries. The investigation targeted a vast criminal organisation active in smuggling badly damaged cars from the United States (US) into the European Union (EU), and selling them to end customers after superficial repair, while defrauding the payment of customs duties and committing large-scale value-added tax (VAT) fraud.

Apart for the budgetary damage to society, this criminal scheme also posed serious dangers to the safety of European consumers, who unknowingly bought hazardous vehicles for a high price. 10 suspects, including one of the suspected ringleaders of the criminal organisation, a Lithuanian citizen, were arrested. In addition, 18 other suspects were detained for questioning, all Lithuanian citizens. Key suspects of Russian nationality are also under investigation.

The investigation, code-named ‘Nimmersatt’ (‘Insatiable’ in German), extended from the US to Russia, with links to Canada, Hungary, Ireland and the United Kingdom (UK), as well as 11 EU countries. Investigative measures were conducted today and yesterday in Bulgaria, Estonia, Germany, Hungary, Latvia, Lithuania, the Netherlands, Portugal, Romania and Spain.

Wrecked cars, fake import papers, cosmetic repairs and tax fraud

Criminal organisations exploit the US market for cars damaged in accidents, which are often sold by insurance companies abroad or dismantled for scrap. The criminal group targeted by the EPPO-led investigation bought huge quantities of wrecked cars from US insurance companies at online auctions to then ship them to the EU. By using a network of sham companies and fake invoices to cover the origin of the cars, those vehicles arrived in the EU with their commercial history obscured.

The cars arrived at different ports, including Antwerp (Belgium), Bremerhaven (Germany), Klaipėda (Lithuania) and Rotterdam (the Netherlands). In order to evade a substantial part of the customs duties, the perpetrators presented false invoices to the custom authorities, declaring a much lower value than what they paid for the vehicles.

The cars were then transported by land to Lithuania, to be repaired in auto repair shops. However, based on the evidence, the repairs were only superficial, in order to make the cars appear as new and to pass the required technical certification procedures. Later, when the cars were sold to final customers in Germany and in other EU countries, they were presented as “never having had an accident” or “being fully and professionally repaired”, even when they had hidden damage – including missing airbags or other serious security issues. Less valuable vehicles were sold to Eastern European markets.

In Germany, according to the investigation, the vehicles were sold by car dealers linked to the criminal organisation. It is understood that they fraudulently applied reduced VAT, under the so-called ‘margin taxation scheme’. This provision allows resellers to pay VAT only on their profit margin (the difference between the price paid for the item and the price for which it is sold), when selling second-hand goods bought from private individuals. However, the companies under investigation applied this provision unlawfully, as the cars had been imported commercially, mainly from the US, and in some cases also from Canada. The suspected fraud also allowed the wrecked cars to be sold at a lower market price, thus causing unfair competition.

In Lithuania, the members of the organised crime group are believed to have used Lithuanian companies to also launder their profits from VAT fraud and payments in cash from car buyers. The investigation determined that the Lithuanian cell of the organisation used companies in Bulgaria, Estonia, Hungary, Latvia, Lithuania, the Netherlands and Romania to fraudulently conceal the true turnover of the trade in salvage cars. This Lithuanian cell was established in 2020 and headed by a Lithuanian national who was arrested in the course of this action. From Lithuania alone, at least 16 500 cars were sold for an amount of EUR 144 million.

Complex international criminal chain

Thanks to the joint efforts of the EPPO, Europol, Eurojust and national law enforcement authorities, the investigation uncovered an extremely complex criminal scheme with ramifications in 18 countries. The individuals targeted by this operation were the criminal organisation’s leading members from Russia and Lithuania, as well as suspects responsible for the import and transport of the vehicles as well as dozens of car dealers.

The damage caused by these criminal activities, which is still under assessment, is estimated to be at least EUR 31 million in unpaid VAT and customs duties. Freezing orders of up to EUR 26.5 million were granted. For the time being, bank accounts were frozen, and 116 cars worth approximately EUR 2.3 million were seized, as well as EUR 0.5 million in cash and luxury items.

Europol’s role

Europol collected and analysed contributions by its partners, with the outcomes shared as analytical reports (such as cross-references in Europol’s databases), travel intelligence reports (to support the monitoring of main suspects) or financial intelligence reports (to identify as wide a possible overview of the financial circuits of the criminal activity to facilitate asset recovery measures). On the action day, Europol established a virtual command post for communications between the investigation teams and the central command centre set up in the EPPO headquarters. One Europol expert with a mobile office was deployed to the central command centre while six Europol digital forensics experts were deployed to the actions in Lithuania and Latvia, supporting on the spot.

This investigation took place in the framework of an EMPACT Operational Action to combat organised crime groups involved in VAT fraud and other financial crime in the field of importation and trade of crashed cars from third countries (such as the US) into the EU. This EMPACT Operational Action is led by Lithuania and supported and coordinated by Europol from the very first instance when Lithuania shared information about this new modus operandi. 13 countries took part in a SIENA string that allowed them to share information about national investigations that would then develop into EPPO cases.

The EPPO is the independent public prosecution office of the European Union. It is responsible for investigating, prosecuting and bringing to judgment crimes against the financial interests of the EU. This investigation involved 16 European Delegated Prosecutors and counted on the support of the Dresden tax office in Germany, the Financial Crime Investigation Service (FCIS) in Lithuania, Europol, Eurojust and law enforcement forces from several countries. The cooperation with UK tax authorities was also crucial to the inquiry.

The investigation, code-named ‘Nimmersatt’ (‘Insatiable’ in German), extended from the US to Russia, with links to Canada, Hungary, Ireland and the United Kingdom (UK), as well as 11 EU countries. Investigative measures were conducted today and yesterday in Bulgaria, Estonia, Germany, Hungary, Latvia, Lithuania, the Netherlands, Portugal, Romania and Spain.Wrecked cars, fake import papers, cosmetic repairs and tax fraudCriminal organisations…

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