FROM THE MEDIA

FT: The rise and fall of European investment banks in the US

The Financial Times, in today's Big Read, takes a close look at European investment banks in this U.S. Europe’s lenders have spent billions to crack the American market. But many have made a humbling retreat. European banks including HSBC, UBS, Credit Suisse and Deutsche Bank all have slimmed down their operations in the United States in the past decade. These cuts represent a dramatic retreat from the two decades when European banks went on an acquisition spree in the US in a bid to capture part of the world’s most lucrative banking and trading markets, says the FT. Read more (€)

Reuters: Central banks urge G20 to back cheaper payments `roadmap'

Reuters reports that Central banks will ask world leaders to back a “roadmap” for cutting the cost of cross-border payments, the Bank for International Settlements said. The BIS wants Group of Twenty (G20) leaders to get behind the plan, which is being drawn up regulators, central banks and treasury officials from across the world and will lay out steps to improve a payments system hindered by high costs. Read more

Bloomberg: High stakes for Spanish banks in EU court mortgage ruling

Spanish banks could face billions of euros in compensation claims if the European Union’s highest court delivers an unfavorable verdict on how they’ve been setting mortgage rates, says Bloomberg. The EU’s Court of Justice is expected to decide on Tuesday whether banks were sufficiently transparent with customers about why they were sold mortgages with interest rates based on a Spanish central bank index rather than the more widely used Euribor, which often resulted in thousands of euros in extra costs. Read more

Deutsche Welle: Slovakia opposition party wins parliamentary election

The center-right Ordinary People party emerged victorious in Slovakia's general election on Saturday, with voters responding to the party's pledge to push anti-corruption reform following the death of murdered journalist Jan Kuciak, report various media. Read more NYT Euractiv

MAIN EVENTS today

Coronavirus (COVID-19) update - Meetings and visits at EBF

*All events take place in Brussels unless stated otherwise

FROM THE INSTITUTIONS

ECB: Public spending at the effective lower bound

With monetary policy constrained by the effective lower bound, the debt sustainability implications of a fiscal expansion are a pressing concern, the latest Research Bulletin finds. Getting the timing of public spending increases right is critical to contain sustainability risks. Read more

BIS: Basel Committee meets to review risks and promote Basel III

The Basel Committee on Banking met on 26-27 February to review the risks impacting the banking system, advance a range of supervisory initiatives and to promote the implementation of Basel III. This review, which aims at being final in the course of the year, covered the financial stability implications of the coronavirus outbreak as well as vulnerabilities associated with leveraged loans and collateralised loan obligations (CLOs). It also discussed the recently established high-level Task Force on Climate-related Financial Risks. Read more

Council: Main results of the Competitiveness Council

The Council adopted a set of conclusions in the context of its better regulation agenda. These conclusions touch upon the quality of impact assessments, the need for policymakers to take into account the particular interests of small and medium-size enterprises, starts-ups and micro enterprises, as well as to improve methods of checking whether existing EU laws remain fit-for-purpose. Read more
 

European Commission calendar for this week

Find out more about the 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 agenda

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

EBF MEMBERS IN THE NEWS

Financial & Digital Literacy in the 2020s 
European Money Week Workshop
Tuesday 24 March, 14:00 to 18:00, EBF Meeting Centre 

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. 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.