📰 EBF Morning Brief - Monday 17 May: Central banks jump into the climate-change policy fray

FROM THE MEDIA

WSJ: Central banks jump into the climate-change policy fray

Central banks, the most powerful financial institutions in the world, want to become the guardians of the environment as well. The central banks say climate change is a financial and economic risk. According to the Wall Street Journal (WSJ), they believe rising sea levels, more wildfires and bigger storms could cause shortages that spur inflation, the regulators’ traditional nemesis. Read more (€)

Reuters: Bankers quit London as Brexit relocations to EU step up

Investment banks are shifting more rainmakers out of London to financial centers across the European Union, accelerating the pace of moves after the pandemic and uncertainty over Britain’s access to the bloc slowed relocations. Read more

LSE: How Jean-Claude Juncker and Pierre Moscovici laid the groundwork for the EU’s post-Covid fiscal policy

The EU’s fiscal rules, which state that governments should run budget deficits no higher than 3% of GDP and maintain a public debt no higher than 60% of GDP, have been suspended during the Covid-19 pandemic and there are now growing calls for them to be reformed or abandoned altogether. Drawing on a new study from the London School of Economics (LSE), Frédéric Mérand documents how Jean-Claude Juncker, Pierre Moscovici, and other figures within the European Commission laid the groundwork for this paradigm shift in EU fiscal governance. Read more

MAIN EVENTS

Deadline for submissions on European Banking Authority consultation on guidance to assess breaches of the large exposure limits

Deadline for submissions on European Banking Authority guidelines on large exposure breaches

Council Working Party on Financial Services

European Parliament plenary session

For a full-year overview of key financial regulation events: click here

FROM THE EBF MEMBERS

BdB: Ingo Beyritz: We don't get anywhere by trying to regulate details afterward

In an interview with FinanzBusiness, Ingo Beyritz, Head of payment transactions at the Association of German Banks (BdB) talks about unequal treatment of banks and FinTechs by the PSD2 payment services directive and why there should be no regulatory competition in the EU. Read more (DE)

NVB: Efforts to broaden and accelerate climate investments

In order to achieve the Paris climate targets, more and faster climate investments must be made. The Dutch Banking Association (NVB) shares the conclusion of De Nederlandsche Bank (DNB). According to the DNB, the necessary investments will be made by private parties while governments are setting the preconditions for such investments with their climate policies. Read more (NL)

SBA: Major crises cannot be solved by politics alone

After five years, Herbert J. Scheidt, President of the Swiss Bankers Association (SBA) is stepping down this fall. In this interview with NZZ, he discusses why associations like the SBA are needed, why the industry has become safer despite billion-dollar accidents, and why he sees his ideal successor in former UBS CEO Marcel Rohner. Read more (DE)

FROM THE INSTITUTIONS

European Commission: Spring 2021 Economic Forecast

The Spring 2021 Economic Forecast projects that the EU economy will expand by 4.2% in 2021 and by 4.4% in 2022. This represents a significant upgrade of the growth outlook compared to the Winter 2021 Economic Forecast which the Commission presented in February. Read more

ECB: Central banks in a shifting world: takeaways from the ECB’s online Sintra Forum

The 2020 European Central Bank (ECB) Forum on Central Banking addressed some key issues, including the ongoing monetary policy strategy review while embedding them in discussions of major structural changes in advanced economies and the post-COVID recovery. It highlights the implications of climate change, the options for formulating the ECB's inflation aim, how to make a monetary policy framework robust to deflation or inflation traps, and the role of fiscal policy for the recovery. Read more

ESMA: Consultation on the MIFID II/MIFIR annual report

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has launched a consultation seeking input from market participants on its MiFIDII /MiFIR Annual Review Report under Commission Delegated Regulation (EU) 2017/583 (RTS 2). The consultation closes on 11 June 2021. Read more

European Commission weekly schedule

Find out more about the European Commission's engagement and activities for the upcoming week. Read more

European Central Bank weekly schedule

Find out more about the ECB's engagements and activities for the upcoming week. Read more

European Parliament weekly schedule

Find out more about the Parliament's engagements and activities for the upcoming week. Read more

FROM THE EUROPEAN BANKING FEDERATION

ESAs Joint Consultation paper on Taxonomy-related sustainability disclosures (SFDR RTS): EBF response

The European Banking Federation has responded to the ESAs Joint Consultation paper on Taxonomy-related sustainability disclosures (SFDR RTS). Click on HERE to read the EBF full position.

Evaluation of the Consumer Credit Directive: EBF position

The Directive on Consumer Credit (CCD) provides a solid framework for fair access to credit for European consumers. EBF looks with concern to unregulated creditors and the consequences that they can bring to the stability and well-functioning of the market. All creditors should be supervised and required to respond to the same rules on consumer protection, Know Your Customer (KYC), Anti-money laundering (AML), and reporting requirements. Read more

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