EBF MORNING BRIEF Thursday 2 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
FT: The world needs a better cross-border payments network
Improving cross-border payments is a complex challenge that requires concerted efforts from public and private stakeholders. Such efforts could pave the way for a global network of fast systems that enable instant, low-cost, transparent, and easy-to-access cross-border payments. This is what Fabio Panetta, a member of the European Central Bank (ECB)'s executive board writes in an opinion piece published by the Financial Times (FT). Read more
Cointelegraph: Spain to implement MiCA six months ahead of deadline
The Spanish Ministry of Economy and Digital Transformation reported that the first comprehensive EU crypto framework, the Markets in Crypto-Assets (MiCA) Act, will come into force on a national level in December 2025. As reported by Cointelegraph, Spain wants to shorten the transition period to 18 months to “provide legal certainty and greater protection for Spanish investors in this type of assets.” Read more
Bloomberg: ECB rate cuts would need a dramatic shift in the economy
The European Central Bank (ECB) would need to see a “very dramatic turnaround” in the region’s economic prospects to lower interest rates, according to ECB Governing Council member Martins Kazaks. The remarks come against a backdrop of a potential first recession since the pandemic in Europe, Bloomberg reports. Read more |
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MAIN EVENTS
Thursday 2 November
Friday 3 November
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FROM EBF MEMBERS
NVB: Accelerating the transition of healthcare together
The healthcare sector is transitioning to remain accessible, manageable, and affordable for everyone. Banks would like to fulfill their role as financiers of the sector during this transformation. That is why the Dutch Banking Association (NVB) is organizing a dinner to exchange ideas about how the transition can be accelerated and how the financeability of the healthcare sector can be guaranteed. Read more (NL)
CBA: The domestic economy fell by 0.6% year-on-year in Q3
In the third quarter of this year, according to the preliminary estimate published by the CZSO, the domestic economy fell by 0.3% quarter-on-quarter, while it stagnated in the previous quarter, and fell by 0.6% year-on-year. This is what figures published by the Czech Banking Association (CBA) suggest. Read more (CZ)
ABI: 99th World Savings Day
The Italian Banking Association (ABI) published the speech by its President, Antonio Patuelli. "The independence, impartiality and very high qualification of the Bank of Italy are founding values of Italy's solidity," he says. Read more (IT) |
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FROM THE INSTITUTIONS
ECB: Appointment of Claudia Mann as Director of General Statistics
The Executive Board of the European Central Bank (ECB) has appointed Claudia Mann as Director of General Statistics. Ms. Mann will lead the Directorate of General Statistics and steer the management and governance of data at the ECB to meet user demands in a digital and globalized world characterized by rapid financial innovation. Read more
BIS: Project mBridge: Multi-CBDC platform for cross-border payments
Project mBridge experiments with a multi-central bank digital currency (multi-CBDC) common platform for wholesale cross-border payments. According to the Bank for International Settlements (BIS), Project mBridge's platform is underpinned by custom-built distributed ledger technology (DLT), a set of comprehensive legal rulebook documents, and a fit-for-purpose governance structure. Read more
EP: EU taxonomy: green investments to boost sustainable finance
The European Green Deal, the EU's flagship climate action initiative, sets the goal of zero net emissions by 2050. To achieve this goal, the EU must invest in new technologies, but public investment will not be sufficient, and private investors will have to finance climate-friendly projects. As the European Parliament (EP) points out, this requires clear criteria, otherwise, some funding could be directed to 'greenwashing' projects. Read more |
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FROM THE EBF EBIC calls for postponement of the Basel III EU implementation date The European Banking Industry Committee (EBIC) submitted a joint letter to the co-legislators asking for a postponement of the Basel III implementation date in the EU. Given the substantial and comprehensive nature of the forthcoming legislative changes, a minimum of 18 months between the publication of CRR III rules in the Official Journal of the EU and the effective implementation date of the new rules will be necessary. 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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