EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 12 July 2021 An overview of the main financial regulation and banking stories this week and a look ahead to key events for the upcoming week, brought to you by the European Banking Federation Recommend the EBF newsletters to a colleague. Click here to sign up! |
|
Eurogroup's Donohoe urges the implementation of the banking union |
|
|
|
EU Finance ministers will meet on Monday and Tuesday for the Eurogroup and the Ecofin's meetings. Leaders will exchange views on the international dimension of euro area economic and financial policies with Janet Yellen, the United States Secretary of the Treasury, and the Chairman of the European Fiscal Board (EFB), Niels Thygesen. The discussion is expected to focus on the economic recovery, banking, and financial stability issues besides the budgetary situation and prospects as well as the potential implications of a digital euro for citizens, businesses, and the Economic and Monetary Union. Paschal Donohoe, the President of the Eurogroup, will also brief ministers on the June Euro Summit, focusing in particular on the banking union discussions to prepare the work ahead. Read more Ecofin agenda |
|
Empowering Women in the Workplace, Marketplace and Community |
|
The WE EMPOWER Programme of the European Union, UN Women and ILO, and the UN Global Compact organize on Wednesday the "Women’s Empowerment Principles 101" webinar. The event will provide an overview of the Women’s Empowerment Principles (WEPs) and how the WEPs provide a strong framework to support companies when striving for gender equality in the workplace, marketplace, and community. EBF is committed to promoting gender equality and is a proud signatory of the WEPs. To find out more about the event register here. Visit also the EBF Women's empowerment webpage |
|
FINANCIAL REGULATION AGENDA for next week
Monday 12 July -
-
-
-
-
-
IBFed Financial Crime Working Group virtual meeting
Tuesday 13 July -
-
-
-
EBF Exco Financial Crime Strategy Group virtual meeting
Wednesday 14 July Thursday 15 July Friday 16 July Saturday 17 July For a full-year overview of key financial regulation events: click here |
|
SAVE THE DATE EUROPEAN BANKING SUMMIT:
BANKING ON THE FUTURE |
|
FROM THE MEDIA
Bloomberg: ECB unveils policy regime change that lets inflation overshoot
The European Central Bank (ECB) raised its goal for inflation and may let it overshoot the target for a while, giving officials more discretion in how to bolster the economy after years of lackluster performance. In the culmination of an 18-month review, policymakers agreed to seek consumer-price growth of 2% over the medium-term with a “symmetric” aim, Bloomberg reports. Read more
Reuters: Eurozone banks' bad loan ratio eases again, ECB data shows
The proportion of soured loans held by eurozone banks compared to total lending continued to shrink in the first quarter of the year, European Central Bank data shows, even as the outstanding amount of non-performing debt rose. As reported by Reuters, the non-performing loan ratio of the bloc’s biggest banks dropped to 2.54% from 2.63%. Read more
VOX/CEPR: Beyond the pandemic: From life support to structural change
COVID-19 triggered an unprecedented economic policy response in the EU. As the European Commission’s Summer 2021 Economic Forecast points to a quick return to the pre-pandemic output levels, VOX/CEPR focuses on the post-pandemic years. Will the recovery be short-lived, or will the COVID-19 crisis prove to be a transformative event? NextGenerationEU provides a unique possibility to turn the challenges of the crisis into opportunities. The first set of National Recovery and Resilience Plans give reasons for optimism, but much will depend on their implementation by the member states. Read more |
|
FROM EBF MEMBERS
FBF: IFOP study on "The French, their bank, their expectations"
The French Banking Federation (FBF) published the regional results of the second edition of its IFOP study on people's perceptions of French banks. Data shows that 89% of French people have a “good image” of their banks and 86% of their bank advisors. The figure drops to 61% on banks "in general". Proximity and territorial presence are indeed central values for French banks. Read more (FR)
UK Finance: Business finance ahead of unlocking
The UK Finance's latest Business Finance Review shows how SME finances have continued to evolve through the Covid-19 crisis. Observed trends included a continued demand for external finance, primarily new loans, but at more muted levels; ongoing growth in cash deposits as well as some early signs of increased repayment activity. Read more
BdB: ECB creates new room for maneuver
"With its new inflation target of 2 percent, the European Central Bank is gaining more leeway to be able to maintain its extremely expansionary monetary policy even when prices rise," said Christian Ossig, General Manager of the Association of German Banks (BdB) on the new ECB strategy. With the ECB's greater scope for shaping monetary policy, communication with market players becomes even more important. Read more (DE) |
|
FROM THE INSTITUTIONS
ECB: New Monetary Policy Strategy
The Governing Council of the European Central Bank (ECB) has published its new monetary policy strategy which includes a climate change action plan. The strategy review aims to make sure monetary policy strategy fits purposes, both today and in the future. With the overall intent to maintain price stability, the Governing Council aims for a 2% inflation target over the medium term while confirming that the Harmonised Index of Consumer Prices (HICP) remains the appropriate measure for assessing price stability. Read more
European Commission: EU standard for ‘green bonds’
Following the adoption of its proposed Green Bond Standard, the European Commission has launched a consultation. The initiative aims to attract more finance for sustainable investment by establishing an EU standard for ‘green bonds’, setting out clearly which assets and projects the money can be used for. Deadline for feedback is 2 September. Read more
European Parliament: ECON's draft agenda for the meeting on 13 July
The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has outlined its draft agenda for its meeting on 13 July. Items to be discussed include a vote on the provisional agreement on credit servicers and credit purchasers, a pilot regime for market infrastructures based on distributed ledger technology, the reform of the EU policy on harmful tax practices, and a public hearing on prospects of international cooperation in financial services with the Biden Administration. Read more |
|
FROM THE EBF this week
MIFID 2 Review – Market Structure: EBF priorities
The EBF is a true supporter of the EC Capital Markets Union Action Plan and the ambition to further integrate capital markets in the EU. We, therefore, welcome a review of MiFID II/MiFIR that is aimed at facilitating issuers’ and end-clients ' use of EU capital markets for the purposes of their financing and risk management. The EBF supports both multilateral and bilateral trading models to co-exist since they serve different functions and needs while welcoming a revision of the deferral regime. The SSTI thresholds for Sis should also be kept. However, worries concern the rise of market data costs since 2007. Read more
Strategy for Financing the Transition to a Sustainable Economy: EBF comments
The European Banking Federation (EBF) welcomes the publication of the Strategy for Financing the Transition to a Sustainable Economy by the European Commission. It strikes the right balance between acceleration towards reaching the goals of the Paris Agreement, as well as the SDGs, and consolidation of the previous regulatory structure. Having achieved the development of well-defined frameworks for disclosure, including through the existing Taxonomy Regulation, the emphasis is now on better defining the underlying incentives and substantive duties to accompany these disclosure requirements. Read more |
|
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 |
|
This newsletter is published by the EBF Mediacentre.
For questions or suggestions contact [email protected]
European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium
|
|
|
|
