EBF MORNING BRIEF Monday 3 July 2023 Good morning. Here are the top news stories and events in European banking, financial regulation and EU policy, brought to you by the European Banking Federation.
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FROM THE MEDIA
Bloomberg: Euro area core inflation quickens again in setback for ECB
As reported by Bloomberg, euro-area core inflation re-accelerated in June, a setback for the European Central Bank (ECB) that may reinforce its determination to raise interest rates next month. Another rate increase in July is a “fait accompli,” according to ECB Vice President Luis de Guindos, who says the prospect of a move at the subsequent meeting in September is an open question. Read more
Reuters: Draft EU AI rules could hurt Europe, executives say
The proposed EU Artificial Intelligence legislation would jeopardize Europe's competitiveness and technological sovereignty, according to an open letter signed by more than 160 executives at companies seen by Reuters. Read more
FT: UK house prices tick up despite surging mortgage rates
UK house prices edged up unexpectedly between May and June, showing resilience in the face of surging mortgage rates, according to data. According to the Financial Times (FT), mortgage payments are rising while house prices remain high relative to earnings, making it difficult for households to save for a deposit. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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FROM EBF MEMBERS
BPFI: Industry briefing on digital euro
Banking & Payments Federation Ireland (BPFI) hosted an industry briefing on the digital euro following the publication by the European Commission of a legislative proposal underpinning the possible establishment of the digital currency. As the EU moves closer to the digital euro, financial stability and value to customers are key priorities for the banking sector. Read more
Finance Denmark: Sustainability information for investors must be made more understandable
Finance Denmark supports the European Supervisory Authorities' mission to simplify and make the information requirements on sustainability more understandable for investors. However, a number of changes are needed to succeed. Read more (DK)
ABBL: New rules for third-country branches
The Luxembourg Bankers' Association (ABBL) welcomes the political agreement reached by EU lawmakers on the new rules for Third Country Branches. Overall, the political agreement provides fair conditions for access to the European market while preserving the competitive position of European banks. Read more |
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FROM THE INSTITUTIONS
ESMA: Measures to reduce volatility in trading of energy derivatives
The European Securities and Markets Authority (ESMA) has published its Report on the implementation and functioning of the Intra-day Volatility Management Mechanism (IVM). Following an assessment, ESMA finds that they have been adequately set up. Read more
SRB: Annual Report for 2022
The Single Resolution Board (SRB) published its Annual Report for 2022. The publication details the work of SRB and highlights the progress made in making Europe’s banking sector more stable by ensuring all SRB’s banks are resolvable. The report will be officially presented at the European Parliament’s ECON committee later this month. Read more
EC: Financial services: Commission welcomes political agreement on Review of Markets in Financial Instruments Regulation
The European Commission (EC) welcomes the political agreement on the proposal for a review of the Regulation governing rules about the structure of the markets in financial instruments (MiFIR Review). The new rules increase global competitiveness, better integrate EU capital markets, and are a significant step toward a Capital Markets Union. Read more |
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FROM THE EBF
EBF: Basel III agreement to further strengthen resilience of European banking sector, while maintaining its ability to finance growth
The EBF notes the agreement reached by the Swedish Presidency of the EU with the European Parliament and the European Commission on the Banking Package, a core legislative piece that will transpose into EU law the Finalisation of Basel III as well as other prudential topics. Read more
EBF: Views on the digital euro, payment services and financial data access proposals
The EBF shared its reaction to three major digital finance proposals put forward by the European Commission: a legal framework for a digital euro, the Financial Data Access framework, and the Revision of EU rules on payment services. Read more
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ABOUT THE EUROPEAN BANKING FEDERATION
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from across Europe. The federation 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. Website: www.ebf.eu |
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