EBF MORNING BRIEF Thursday 5 January 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 past peak inflation won’t throw ECB off rate-hike path Passing the peak in European inflation may be good news for consumers, businesses, and central bankers, but it’s too soon to sound the all-clear. According to Bloomberg, uncertainty around inflation remains elevated and the European Central Bank (ECB) is determined to bring inflation down much more. Read more
FT: Caveat emptor does not apply to crypto
Trading in unbacked digital assets should be treated like gambling, says Fabio Panetta, a member of the European Central Bank (ECB) executive board in a piece published by the Financial Times (FT). Unregulated crypto assets can be used for tax evasion, money laundering, terrorist financing, and have high environmental costs. 'That is why we cannot leave cryptos unregulated,' he writes. Read more
PYMNTS.com: European regulators turn up the heat on late payment fees to protect small businesses
European regulators are looking to clamp down on late B2B payments in 2023, PYMNTS.com reports. In the UK, the government announced the launch of a review into progress made in combating late business payments at the end of 2022, while the European Commission has included the revision of the late payments directive in its work program for 2023. 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 AEB: The importance of climate agreements The collaboration between the Netherlands and Spain in sustainable finance dates back to COP25, but it is now time to extend the framework and adopt practices that allow moving forward with more clarity and ambition. Promoting a framework for dialogue between the private and financial sectors would lead to very significant progress, says Juan Carlos Delrieu, Director of Sustainability of the Spanish Banking Association (AEB). Read more (ES)
Finance Latvia: Saving as a game
Saving undeniably requires discipline, which may deter some people from building financial savings or setting ambitious goals. But it can be made easier and more interesting by introducing different game elements. Finance Latvia recommends five ways to turn saving into a game and make it more exciting. Read more (LAT) UK Finance: Collaboration to deliver Consumer Duty faster By focusing on outcomes, Consumer Duty is moving away from checklist compliance. This however can lead to several problems, one being approach compliance. “There can be wide scope for interpreting a regulator’s requirements within the scope of the Consumer Duty,” says Eric Leenders from UK Finance. Read more |
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FROM THE INSTITUTIONS ECB: Fiscal policy: from free to affordable lunch Borrowing has become more expensive. But despite rising interest rates, government debt can remain on a sound path. The European Central Bank (ECB) Blog discusses what constitutes a favorable balance between debt costs and economic growth. Read more
EBA: List of financial conglomerates for 2022
The European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA) published the list of identified financial conglomerates for 2022. Read more
ESMA: 2022 ESEF XBRL taxonomy files and ESEF Conformance Suite
The European Securities and Markets Authority (ESMA) published the 2022 European Single Electronic Format (ESEF) XBRL taxonomy files and an update to the ESEF Conformance Suite to facilitate the implementation of the ESEF Regulation. Read more |
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FROM THE EBF
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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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