EBF MORNING BRIEF Thursday 29 June 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: EU moves ahead with push to create digital euro for payments As reported by Bloomberg, the EU executive arm offered its vision for a digital euro that would facilitate payments but not serve as an investment tool. Separately, the commission proposed making banks, insurers, and funds share customer data with fintech in return for payment to spur the development of digital finance in the bloc. Read more
Reuters: EU lawmaker proposes ditching mandatory euro derivatives clearing quotas for now
EU plans to relocate clearing in euro-denominated derivatives from London to the bloc should be phased in with no mandatory quotas on banks initially, MEP Danuta Huebner said. According to Reuters, Huebner also proposed giving European Securities and Markets Authority (ESMA) more supervisory powers over EU clearing houses. Read more
FT: The case for a digital euro
Mairead McGuinness, European Commissioner for financial services, financial stability and Capital Markets Union wrote an op-ed in the Financial Times (FT) dedicated to the digital euro. While many harbor concerns over privacy, having a new way to pay throughout the eurozone would definitely help consumers, she said. Read more |
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MAIN EVENTS Thursday 29 June
Friday 30 June For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS
NVB: Much is still unclear about the digital euro
The bill published by the European Commission on a public digital euro leaves many questions unanswered. The Dutch Banking Association (NVB) wants more clarity about the design and impact of the digital euro, especially on the costs for citizens and businesses, the impact on privacy, and the consequences for financial stability. Read more (NL)
AEB: Facilitating the use of digital banking
The Spanish Banking Association (AEB) and Somos Digital Association have signed a collaboration agreement to promote the use of secure digital banking. The joint project will allow students to receive training on basic security guidelines to become familiar with the use of online banking applications. Read more (ES)
Finance Latvia: AI at the disposal of banks: experience of LPB Bank
Artificial intelligence (AI) is a great assistant, but not a full-fledged employee, says Antons Baltins, Head of the Sales and Regional Development Department of LPB Bank. In a conversation with Anton, Finance Latvia learned how AI can be useful in the banking sector, and in what direction smart assistants will develop. Read more (LAT) |
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FROM THE INSTITUTIONS
EC: Single Currency Package
The European Commission (EC) has put forward two proposals to ensure that people have both payment options, cash and digital when they want to pay with central bank money. Notably, a legislative proposal on the legal tender of euro cash and a legislative proposal establishing the legal framework for a possible digital euro. Read more
ECB: Legislative proposals on digital euro and cash
The European Central Bank (ECB) welcomes the European Commission's legislative proposals to safeguard the use of cash and provide people with access to a digital euro, to meet their evolving payment needs in the digital age. Read more
BIS: Fabio Panetta: Paradise lost? How crypto failed to deliver on its promises and what to do about it
"The public sector should adopt a determined position by establishing a comprehensive regulatory framework that addresses the social and environmental risks associated with crypto," says Fabio Panetta, Member of the Executive Board of the European Central Bank (ECB) in a speech published by the Bank for International Settlements (BIS). Read more |
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FROM THE EBF
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 New 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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