Covid shows Europe's fiscal rules are too outdated
EBF MORNING BRIEF Wednesday 3 February 2021
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: Europe’s economy fell again at year-end
The EU economy turned down again in the fourth quarter, declining 0.5 percent in an official estimate that keeps up pressure for government spending, writes Politico. For the euro countries, the quarterly drop was 0.7 percent compared to gross domestic product over the previous three-month period, according to Eurostat's flash estimate. Read more
Bloomberg: Covid shows Europe's fiscal rules are too outdated
One upshot of Covid-19 has been closer coordination between monetary and fiscal powers. This has led to a revolution in macroeconomic policy — one that countries should continue building upon. Just as central banks have been rethinking their frameworks, there is a strong case for governments to similarly reconsider their approach to fiscal policy, writes Elga Bartsch, head of macro research at the BlackRock Investment Institute. Read more(€)
ComputerWeekly: Nordic countries dominate online banking take-up
Nordics dominate online banking take-up in Europe, but the UK is not far behind, ComputerWeekly reports. Read more (€)
MAIN EVENTS today
Governing Council of the ECB: non-monetary policy meeting
European Investment Bank: Meeting of the Board of Directors
*All events take place virtually unless stated otherwise
FROM THE EBF MEMBERS
FFI: National strategy to promote financial literacy makes headway
Finance Finland (FFI) reports that the Bank of Finland has submitted a proposal to the Ministry of Justice for Finland's first national financial literacy strategy. The objective of the strategy is for Finns to have the world’s best financial literacy by 2030. The Finnish financial sector has had its sights set on a national strategy for several years and cheers this progress. Read more (FI)
FBF: French consumers trust their banks according to new IFOP survey
The French Banking Federation (FBF) publishes the second edition of its study "Les Français, leur banque, leurs attentes"1, conducted with the French Institute of Public Opinion (IFOP). Results show that French consumers are generally satisfied with the action of banks during the health crisis, particularly welcoming their availability and their role in supporting and relaunching the economy. Read more (FR)
Finance Norway: The future of Norwegian youth after the pandemic
In its new episode of "Finance lunch with Fåne and Staavi", Finance Norway invites Kjersti Haugland of DNB bank and Øystein Dørum of the Confederation of Norwegian Business and Industry (NHO) to discuss the future financial situation for Norway, the business community and consumers. Read more (NO)
FROM THE INSTITUTIONS
ECB: Euro area countries fiscal policy responses to the Covid-19 crisis
ECB published an article titled Euro area countries fiscal policy responses to the Covid-19 crisis. Strong fiscal responses early in the pandemic were crucial in limiting economic damage in the euro area, ECB’s researchers write. The recovery needs support from targeted fiscal measures that consider the pandemic’s path and effectiveness of policy instruments. Read more
EBA: Clarity on the implementation of selected Covid-19 policies
EBA published additional clarifications on the application of the prudential framework in response to issues raised as a consequence of the COVID-19 pandemic. Read more
BIS: Fintech regulation: how to achieve a level playing field
BIS published an occasional paper titled Fintech regulation: how to achieve a level playing field. The study explains how regulation should evolve to encourage fair competition between traditional banks and new fintech and big tech. Some advocate moving from an entity-based to an activity-based regulatory approach under the principle "same activity, same regulation", writes Fernando Restoy, Chairman of Financial Stability Institute. Read more
FROM THE EUROPEAN BANKING FEDERATION
Commission’s consultation on the Data Governance Act: EBF Response
EBF-UNEP FI report outlines path for application of EU Taxonomy
EBF, together with the United Nations Environment Programme Finance Initiative (UNEP FI), this week launched a report that for the first time assesses how the EU Taxonomy can be applied to core banking products. The report is based on case studies analysing transactions and existing client relationships across a large spectrum of sectors, economic activities and geographical locations. The launch include two live webinars. Recordings as well as the report are available here.ReutersEuractiv
The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF 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.
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