📰 EBF Morning Brief - Friday 7 February

FROM THE MEDIA

Politico: Bruno Le Maire says no Brexit bargain on finance for fish

They chose to leave the EU so if they want to access our market, they will do it under our conditions,’ says French finance minister Bruno Le Maire. We must indeed find a deal on fishery access but there will be no grand bargain, Le Maire said at the POLITICO and L’AGEFI Finance Summit in Paris. I am totally against this idea, which would mean that we'd give in to finance, he added. Read more

Euractiv: Digital services face EU competition crackdown

The European Commission is mulling over measures to bolster competition rules for digital services in order to rein in the dominance of global tech giants, says Euractiv. In an leaked vision document it is stated that “existing laws that govern the behaviour of traditional industries need to be adapted to the specific circumstances under which new digital business models operate.” “It is important that the competition rules are fit for a world that is changing fast and increasingly digital,” the paper adds. Read more

Finextra: ECB runs AI coding marathon to extract supervisory insights

The European Central Bank has teamed up with digital innovation outfit Reply to run a 48-hour coding marathon focused on the application of AI and machine learning. Taking place in the last days of February at the ECB in Frankfurt, the supervisory data hackathon will gather more than 80 participants from the ECB, and other firms, reports Finextra. Read more

FT: Vestager pressed to accelerate revamp of EU competition rules

France and Germany sent a letter to EU antitrust commissioner Margrethe Vestager urging her to press ahead with reforming competition rules to promote Europe's corporate champions to counter China and the US, report various media. According to the FT, the complaint is a sign of growing impatience from Paris and Berlin, which have pushed for a rethink of the two-decade framework to allow the creation of bigger European companies following her decision to block the rail merger between Germany’s Siemens and France's Alstom. Read more (€) CNBC Politico

Deutsche Welle: EU accession of Balkan countries: Old aims, new rules

The European Commission is trying to do right by everyone. France will get a reformed accession process, and Balkan states are being offered potential membership, reports Deutsche Welle. France, the Netherlands and Denmark have been blocking the start of EU accession talks for North Macedonia and Albania since October. EU member states could have a more hands-on role in the enlargement process, after the EU Commission proposed tweaks to the accession process to mollify France's rejection to opening new talks, says EUObserver. Read more EUObserver

FROM THE INSTITUTIONS

ECB: Update on economic and monetary developments

The European Central Bank (ECB) has published its Economic Bulletin. The bulletin reports that that bank expects ongoing, but moderate, growth of the euro area economy, with the weakness of the manufacturing sector acting as a drag on the economy. Read more

European Parliament: Lagarde discusses the ECB’s policy revamp

ECB President Christine Lagarde, on Thursday fielded questions from the Economic and Monetary Affairs Committee on the review of the bank’s monetary policy. In her opening remarks, Ms Lagarde set out the ECB’s outlook for the Euro area characterised by sluggish growth and sought to justify how the ECB’s actions, within that economic environment, were pertinent. She then outlined the main reasons that made a review of the ECB’s monetary strategy necessary. Read more

ESMA sets out its strategy on sustainable finance

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, published its Strategy on Sustainable Finance. The strategy sets out how ESMA will place sustainability at the core of its activities by embedding Environmental, Social, and Governance (ESG) factors in its work. Read more

EBF MEMBERS IN THE NEWS

Belgium: The Brexit is a fact: what does this change for me?

The British Houses of Parliament gave its blessing and the European Parliament approved the Brexit agreement. With this, the United Kingdom took the final hurdle before its departure from the European Union on 31 January 2020. During an 11 month transition period, the EU and the UK will try to find an agreement on the new trading relationship between them. Read more (NL)

The Netherlands: Dutch Banking Association Policy Programme

Each year, the board of the Dutch Banking Association (NVB) adopts a policy programme which provides a brief outline of the context in which the NVB operates and the policy efforts that are planned. Read more (NL)

Norway: Non-life insurance premium statistics in 2019

The premium statistics for non-life insurance in the fourth quarter of 2019 are ready. Here you will find, among other things, the market shares for the individual insurance companies at the turn of the year. Read more (NO)

European Money Week Workshop
Tuesday 24 March, 9:00am to 13:30am
EBF, Meeting Centre
Financial & Digital Literacy in the 2020s’

To mark the 2020 European Money Week in Brussels the European Banking Federation invites you to join us for a half-day financial education workshop on Tuesday 24 March. Boosting financial literacy has become essential for the well-being of citizens from all ages and social groups, especially in an interconnected society where financial services are delivered digitally. Under the title ‘Financial and Digital Literacy in the 2020s’ we will bring together specialists, innovators as well as representatives of different parts of the economy. The sixth European Money Week begins on Monday 23 March and will see financial education events organized across Europe by national banking associations and the European Banking Federation, as well as national finals of the European Money Quiz across Europe. Read more

ABOUT THE EUROPEAN BANKING FEDERATION

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.