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Bank of Japan Governor Ueda: when reviewing policy we will also consider upside risks to prices.

The European Commission is drawing up plans to break up the EU diplomatic service and transfer some functions of the European External Action Service (EEAS) into Commission departments, the Financial Times reports. Senior officials are reviewing which EEAS functions could be absorbed by existing Commission units. The EEAS, led by EU high representative for foreign and security policy Kallas, is under scrutiny by member states that judge it inadequate in crisis response. The proposals involve officials from the Commission secretary-general’s office and its legal and budget departments to reduce overlap and better align EU foreign work with Commission powers on trade, aid, digital regulation and technology. The plans are expected to be refined ahead of next month’s EU leaders summit; France and Germany want to use the meeting to discuss reform ideas.