EBF MORNING BRIEF Wednesday 7 June 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: Eurozone inflation stubborn but ECB policy starting to work
Underlying price pressures in the eurozone may prove difficult to tame but monetary policy is showing effectiveness, and further rate hikes must be done step by step, Dutch central bank chief Klaas Knot said as heard by Reuters. Read more
FT: EU and UK need to overhaul securitization rules
Europe needs to urgently overhaul rules holding back securitization, as fresh data shows the continent’s shrinking market for bundling loans contracted by a further 7 percent last year. In contrast, the outstanding volume of US securitizations grew by 38.1 percent from 2014 to 2021, the Financial Times (FT) reports. Read more
CoinDesk: EU ‘crypto security’ debate turns new MiCA law on its head
A controversial study published by the European Parliament denied crypto should get special, lighter rules, arguing that they should be treated by default under a more heavy-handed regime designed for traditional stocks and bonds. As reported by CoinDesk, regulators worry the bloc’s Markets in Crypto Assets regulation (MiCA) has so many loopholes that it will offer few benefits, and could create a regulatory vacuum. Read more |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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FROM EBF MEMBERS
BPFI: Banking industry campaign for customers concerned about mortgage repayments due to cost of living pressures The country’s retail banks, non-bank lenders and credit servicing firms, in association with the Banking & Payments Federation Ireland (BPFI) are rolling out a nationwide awareness campaign encouraging customers to talk to their lender or credit services provider if they are concerned about their mortgage or other repayments such as credit cards or personal loans due to the current cost of living pressures. Read more SBA: Integration of ESG risks in the risk brochure The brochure “Risks inherent in trading financial instruments” by the Swiss Bankers Association (SBA) now includes financial risks in relation to sustainable development (ESG risks). The brochure is available in four languages. Read more (FR)
ABI: Stability and growth with rules that are adequate and proportionate to the current context
The XXIII edition of the "Supervision, Risks & Profitability" conference kicked off in Milan. The annual event by the Italian Banking Association (ABI) is dedicated to the analysis of the evolution of the European banking regulatory scenario and the critical elements to be addressed to avoid penalizing effects on the economy. Read more (IT) |
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FROM THE INSTITUTIONS ESMA: Money market funds stress tests The European Securities and Markets Authority (ESMA) published an article on the results of the Money Market Funds (MMFs) stress tests reported to ESMA. The scenarios show the capability of MMFs to meet redemption requests under adverse circumstances. Read more
ESRB: EU Non-bank Financial Intermediation Risk Monitor 2023
The European Systemic Risk Board (ESRB) published the EU Non-bank Financial Intermediation Risk Monitor 2023 (NBFI Monitor). For the first time, this edition extends the monitoring universe to crypto-assets and associated intermediaries. Read more
EC: Security Union
The European Commission (EC) welcomes a political agreement to provide law enforcement with better and faster access to financial information. This agreement is key in the fight against serious and organized crime. Read more |
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FROM THE EBF
EBF: Joint industry statement on the EU retail investment strategy The European financial and insurance sector supports the objective of the European Commission's Retail Investment Strategy (RIS) to boost retail participation in financial markets. While a full assessment is still on the way, we have been pleased to see a shift towards ‘digital-by-default’ communication, and an effort to streamline disclosures and promote financial literacy. However, many proposed measures are still far-reaching and raise multiple concerns. 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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