EBF MORNING BRIEF Tuesday 21 February 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 POLITICO: The euro’s biggest shakeup Eurozone central bank governors will gather to thrash out how to sell a digital upgrade of the euro project to a skeptical public. Debate surrounding the pros and cons of adopting a central bank digital currency (CBDC) has so far been largely confined to technocratic or academic circles. According to Politico, policymakers now want to shift discussion about a digital euro away from academics and conspiracy theorists. Read more Reuters: EU calls for fast-track crypto capital rules for banks Tough capital rules for banks holding cryptoassets must be fast-tracked in the European Union's pending banking law if Europe wants to avoid missing a globally-agreed deadline, Reuters reports. The global Basel Committee of banking regulators from the world's main financial centres has set a January 2025 deadline for implementing capital requirements for banks' exposures to cryptoassets such as stablecoins and bitcoin. Read more Finextra: FSB says many stablecoins will not meet future regulatory standards The Financial Stability Board (FSB) has warned that many existing stablecoins would fail to pass muster under new risk management rules currently being formulated, Finextra reports. The FSB Chair, Klaas Knot, emphasised the critical nature of regulatory oversight, pointing out that the failure of a key intermediary in the crypto-asset ecosystem can quickly transmit risks to other parts of that ecosystem provoking a spill over effect onto the broader financial system. Read more |
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MAIN EVENTS Council Working Party on Tax Questions Direct Taxation For a full-year overview of key financial regulation events: click here |
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ONLY TWO DAYS LEFT TO REGISTER The Advent of DORA: What changes will the next 24 months bring? Only a few days left to our Digital Thursday on the recently adopted Digital Operational Resilience Act (DORA)! In partnership with Deloitte, we will bring together banks, regulators and other cybersecurity experts to discuss how DORA shapes the sector’s cybersecurity landscape and how its requirements can be realistically implemented in practice. |
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FROM EBF MEMBERS NVB: Climate improvement: banks in action Banks will take an important step in the Financial Sector Climate Commitment, publishing their own action plan with concrete goals and steps to reduce CO2 emissions in its portfolio. In part four of the Dutch Banking Association (NVB) series of seven questions to Banks, Patricia Alblas, ESG Officer at Achmea Bank claimed: "We see the greatest opportunities in collaboration. Individual parties are not going to solve the climate crisis". Read more(NL) ABBL: Jerry Grbic at Avaloq's 15 anniversary In a fireside chat with Thomas Fischer, Avaloq’s Chief Banking Operations Officer on the Swiss company's 15th anniversary, Jerry Grbic, CEO of the Luxembourg Bankers' Association (ABBL), highlighted the role of facilitator that the ABBL intends to play between the banking and fintech worlds. Read more
AEB: Joining the SERES Foundation
The Spanish Banking Association (AEB) has signed its adhesion to the SERES Foundation as part of its commitment to generate value for society and face current social challenges. “It is a very important agreement for the AEB and for the sector because we absolutely share the founding and social objective of SERES: to improve the social reality of our country”, said Alejandrda Kindelán president of AEB. Read more(ES) |
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FROM THE INSTITUTIONS BIS: Crypto shocks and retail losses The latest Bulletin published by the Bank for International Settlements (BIS) addressed three main issues surrounding the crypto market. First, it investigates trading behaviour by large and small investors around the world during the Terra/Luna and FTX meltdowns. Second, it assesses whether users made or lost money on their investments on average. And third, it analyses whether the market turmoil in crypto and DeFi in 2022 had any discernible effects on financial conditions in the broader financial markets outside the crypto universe. Read more EIOPA: Sustainability and digitalisation are high on the agenda In an interview with European Pensions, Petra Hielkema, Chair of the European Insurance and Occupational Pensions Authority (EIOPA) spoke about diversity, sustainability and digitalisation within Europe's pension sector. In addition, she mentioned the implementation of the Digital Operational Resilience Act (DORA) as a key challenge that will bring benefits for the industry. Read more
SRB: EU and Banking Union Law in a European and global context
The Single Resolution Board (SRB) will hold its second legal conference on Thursday, 27 April 2023. The virtual conference will be organised around a number of expert panels made up of senior legal practitioners in the field, distinguished judges and globally eminent academics. A range of topical legal issues pertinent to both EU and Banking Union law will be discussed. Read more |
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FROM THE EBF EBF: An EU framework for financing the transition The EBF has published the paper ‘’An EU framework for financing the transition’’. The EBF calls for the European Commission to define a transition framework with science-based sectoral transition pathways and roadmaps while taking into account developing market initiatives. Read more
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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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