EBF MORNING BRIEF Thursday 16 November 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
Reuters: ECB to prevent post-Brexit 'empty shells'
The European Central Bank (ECB) plans to deepen its scrutiny of whether eurozone banking hubs set up in response to Brexit rely too heavily on London for services such as M&A and stock and bond issuance. As reported by Reuters, banks intend to set up a significant EU trading presence for European government bonds and euro-denominated swaps. Read more
Bloomberg: ECB’s Centeno sees concern about stagnating economy
European Central Bank (ECB) Governing Council member Mario Centeno said there are concerns over whether the euro-area economy will have a soft landing following a lack of growth in recent quarters. “I’m not worried about a recession, but I am concerned that downside risks may materialize,” Centeno told Bloomberg. Read more
FT: European Commission cuts growth forecasts
The EU economy will grow less than previously forecast this year, the European Commission said, as it unveiled fresh downgrades to its gross domestic product expectations owing to high inflation and sluggish business activity weighing on the bloc’s markets. Both the EU and the eurozone would grow 0.6 per cent in 2023, the Financial Times (FT) reports. Read more |
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MAIN EVENTS
Thursday 16 November
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FROM EBF MEMBERS
Finance Denmark: Love can make you blind, scammers exploit this
Every year, Danes are tricked into thinking they have found love online. But the price to pay is high. Not only is it fake and orchestrated by scammers, but criminals profit millions from those they scam. This is what figures from Finance Denmark show. Read more (DK) BdB: "Be a banker yourself!" simulation game This year's edition of the "Be a banker yourself!" simulation game by the German Banking Association (BdB) brings together 2,577 pupils who will slip into the role of board members of their own virtual bank. As part of the game, they will follow share prices, set interest rates, and grant loans to understand macroeconomics in a practical way. Read more (DE)
Finance Latvia: The number of financial frauds prevented is rising
Although the number of prevented financial fraud cases is higher than those implemented, the amount of money defrauded from citizens is increasing. In October, €1.7 million was defrauded from customers of Latvia's four largest commercial banks, according to data compiled by Finance Latvia. Read more (LV) |
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FROM THE INSTITUTIONS
BIS: Digital fraud and banking: Financial stability implications
The Basel Committee of the Bank for International Settlements (BIS) issued a discussion paper on digital fraud and banking. The paper provides a high-level assessment of the supervisory and financial stability implications of digital fraud for the banking system. Its goal is to elicit feedback from a broad range of interested stakeholders. Read more
EC: Autumn 2023 Economic Forecast
The European economy has lost momentum this year against the background of a high cost of living, weak external demand, and monetary tightening. While economic activity is expected to gradually recover going forward, the European Commission (EC)'s Autumn Forecast revises EU GDP growth down compared to its summer projections. Read more ESRB: The transmission of macroprudential policy in the tails A paper by the European Systemic Risk Board (ESRB) estimates the causal effects of macroprudential policies on the GDP growth distribution for advanced European economies using a narrative identification strategy in a quantile regression framework. 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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