| EBF MORNING BRIEF Thursday 17 March 2022 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 Reuters: ECB puts Russians in EU, even residents, under scanner European Union regulators have told banks to scrutinize transactions by all Russian and Belarusian clients, including EU residents, to ensure that they are not used to circumvent Western sanctions against Moscow, three sources told Reuters. The instructions from European Central Bank (ECB) mean Russians and Belarusian residents in the EU face intense surveillance by their banks, which are on alert for big payments and deposits as well as new credit applications, the sources familiar with the matter said. Read more Finextra: EU proposes simpler rules for financial market settlement The European Commission has proposed changes to the Central Securities Depositories Regulation to enhance the efficiency of the European Union's settlement markets while safeguarding financial stability. The proposal included improving banking-type ancillary services. The proposal is a key component of the 2020 Capital Markets Union Action Plan, Finextra reports. Read more
VOX/CEPR: Public finances and climate change in post-pandemic era
One of the key challenges for the next decade is how to facilitate the green transition. Governments are expected to scale up public investment, buffer the costs of more severe weather-related shocks, and deploy other fiscal tools to facilitate a smooth private sector transition. This opinion column by VOX/CEPR discusses this year’s conference of the European Fiscal Board, where speakers had an open and inspiring exchange on how the greening challenge could be addressed in the future of the EU fiscal framework. Read more |
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MAIN EVENTS
Thursday 17 March
Friday 18 March
For a full-year overview of key financial regulation events: click here
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REGISTRATION OPEN European Money Week 2022 |
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 | This European Money Week, the EBF is inviting Europeans to test their financial skills though an online quiz and in the center of Brussels! Starting now, you can play online and share the quiz to supercharge Europe’s financial skills!
Do you have the right skills to make informed decisions about money?
Find it out!
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FROM THE EBF MEMBERS AEB: Public-private collaboration essential to bridge the digital divide The Spanish Bankers' Association (AEB) Director of Public Policy, María Abascal, asserts that the digital divide problem must be addressed collectively as a society, so "public-private collaboration is essential to move forward". Convinced of the need to cater to people's different rates of adaptation to technological advances, she stressed that "digitalization must be an option and not an imposition". Read more (ES) UK Finance: Average contactless payment increases by almost 30% December 2021 card spending data from UK Finance reveals that the average amount spent per contactless card transaction rose by almost 30 percent following the contactless spending limit increasing from £45 to £100 in October last year. In September, prior to the contactless limit increase, the average spend per contactless payment was £11.86, which increased to £15.30 in December. Read more Finance Denmark: Danish shares are not always a safe haven A cocktail of rising interest rates and war in Ukraine has triggered the first major downturn for investors since the Covid-19 shock of 2020, reports Finance Denmark. Rising interest rates and war are completely different types of risks than a global pandemic. The downturns hit differently and the best way to protect investments is to spread them. Read more (DK) |
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FROM THE INSTITUTIONS ECB: Remarks on the euro area economy Christine Lagarde, President of the European Central Bank (ECB), delivered a speech at the WELT Economic Summit in Berlin. As the war in Ukraine rages on, uncertainty about the outlook is increasing, said Lagarde, but we still expect the economy to grow robustly in 2022 in our baseline scenario, and inflation to settle around 2% in 2024. Read more
BIS: Basel Committee newsletter on AI/ML
The Bank for International Settlements (BIS) has published the Basel Committee's newsletter on artificial intelligence and machine learning (AI/ML). Banks are increasingly exploring opportunities for using AI/ML technology, which is expected to increase banks' operational efficiency and also facilitate improvements in risk management. Read more
ENISA: Standardisation conference on EU cybersecurity legislation
The European Standards Organisations (ESOs), joined forces with the European Union Agency for Cybersecurity (ENISA), to organize their annual conference focused on ‘European Standardisation in support of the EU cybersecurity legislation. In parallel to the conference, ENISA issued two reports on standardization in support of cybersecurity policy: the first on 'Risk Management Standards', and the second on '5G Cybersecurity Standards'. Read more |
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FROM THE EBF
EBF Response: ESMA Call for Evidence on Market Characteristics for ESG Rating Providers in the EU
While ESG providers remain largely unregulated, their influence is expected to grow considerably. According to the EBF, there are a series of underlying challenges, including discrepancies in ESG measurements and ongoing data quality problems. Read more
EBF supports AFME proposal for temporary changes to the CSDR penalties month-end process
The EBF supports the proposal made by the Association for Financial Markets in Europe (AFME) at the invitation of the Advisory Group on Market Infrastructures for Securities And Collateral (Ami-SeCo) of the European Central Bank (ECB) to set out temporary changes to the month-end processing timetable for CSDR late settlement penalties in order to mitigate and manage problems and delays registered by market participants in the context of the live phase started on February 1st, 2022. Read more
EBF Vacancies: Work with us!
Visit our Vacancies page to learn more about the opening positions at the EBF. 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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