| EBF MORNING BRIEF Wednesday 7 April 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 CNBC: IMF increases global growth forecast, says crisis end is ‘increasingly visible' The latest round of fiscal stimulus in the U.S., along with vaccine rollouts across the world, have made the organization more confident about the global economy this year. The IMF expects the world economy to grow by 6% in 2021, up from its 5.5% forecast in January. Read more IMF Global Economic Outlook FT: Italian and French banks revive ‘doom loop’ fears with bond buying Italian and French banks’ exposure to the sovereign debt of their own countries has hit record highs since the pandemic started, reviving fears about the sector’s links to increasingly indebted governments. Domestic government securities and loans held by eurozone banks rose more than €140bn to just over €2.1tn in the year to February, according to Financial Times calculations based on data from the European Central Bank. Read more (€) S&P: Danish bank M&A wave to continue after 'eye-opening' deal activity in 2020 Four merger announcements toward the end of 2020 marked the beginning of a wave of consolidation in the Danish banking sector that analysts believe will continue in 2021. Future deals may, however, not offer the same opportunities for value creation due to recent share price gains. Read more |
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MAIN EVENTS today For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
FBF: Review of one year of bank commitments to businesses
On 25 March 2020, when the health situation forced companies to stop their activity abruptly, French banks, together with the public authorities, set up the State-guaranteed loan (PGE). This loan, distributed at cost price by the banks, benefited 669,883 companies as of 19 March, for a total of more than €135.9 billion. According to the French Banking Federation (FBF), the banks remain, one year later, mobilized for their clients, they continue to accompany them and build their recovery with them. Read more (FR)
FFI: European insurers issue a joint declaration on AI
Employer and employee organisations in the European insurance sector have signed a joint declaration on the use of artificial intelligence in the insurance sector. The organisations agree that AI has the potential to improve employee working conditions, increase customer satisfaction, and streamline internal company processes, Finance Finland (FFI) reports in its latest post. Read more UK Finance: Digital trust: the cornerstone to an equitable future Rob Campbell, Head of Product and Industry Marketing at Callsign, discussed with UK Finance, the importance of ensuring the foundation of trust in digital identity is structurally sound. Read more |
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FROM THE INSTITUTIONS
International Monetary Fund Growth Forecast - April 2021
The International Monetary Fund (IMF) has published its revised global economic outlook. The Euro Area is forecast to grow by 4.4% in 2021 and 3.8% in 2022. Read more
FSB Letter to G20 Finance Ministers and Central Bank Governors
The Financial Stability Board (FSB) has published Chair Randal K. Quarles’ letter to G20 Finance Ministers and Central Bank Governors ahead of their virtual meeting on 7 April. He highlights an FSB report which states that the withdrawal of support measures before the macroeconomic outlook has stabilised could be associated with significant immediate risks to financial stability. Read more
ESMA updates its Q&As on MiFID II and MiFIR transparency topics
ESMA has introduced changes to one of its Q&A on tick sizes to reflect the amendment introduced in Article 49(1) of MiFID II which excludes Large in Scale transactions from the mandatory tick size regime. Read more |
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FROM THE EUROPEAN BANKING FEDERATION EBF Counting Everyone In campaign: Key takeaways EBF collected key messages that have been shared during the EMW campaign 'Counting Everybody In'. Make sure to go through the list and do not miss any takeaways on financial literacy click here. If you missed our seminars dedicated to financial literacy and security for the elderly, women and young people, you can find all the recordings at http://ebf.eu/ebf-events/ |
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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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