EBF MORNING BRIEF Monday 10 June 2024 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
Bloomberg: ECB can’t pre-commit amid uncertain price outlook
The European Central Bank (ECB) is facing high uncertainty about the consumer-price outlook and needs to stay cautious about borrowing costs, according to Executive Board member Isabel Schnabel. “As the future inflation outlook remains uncertain, we cannot pre-commit to a particular rate path,” she said as quoted by Bloomberg. Read more
Reuters: Banks say growing reliance on Big Tech for AI carries risks
The boom in artificial intelligence (AI) will increase banks' dependence on big U.S. tech firms, creating new risks for the industry, European banking executives said. As reported by Reuters, excitement around using artificial intelligence in financial services has soared since the launch of OpenAI's viral chatbot ChatGPT in late 2022. Read more
FT: ECB policymakers warn against ‘autopilot’ approach to rate cuts
Accordinding to the Financial Times (FT), a number of European Central Bank (ECB) policymakers have called for a cautious approach to further interest rate cuts a day after it lowered borrowing costs for the first time in five years. Joachim Nagel, the head of Germany’s central bank, said the ECB was “not driving on autopilot” when considering further rate cuts as the Bundesbank raised its forecast for inflation this year. Read more |
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THE SECOND 2024 BANKING ESSENTIALS WEBINAR
Payback time: Assessing credit risk at Europe's banks
in an uncertain climate
Thursday, 13 June 2024 | 2:00 - 3:00 PM (CET) . |
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 | European banks have enjoyed strong profits recently on the back of higher interest rates, but credit risk is increasingly in the spotlight. Consumers and businesses are struggling
with higher costs following the recent surge in inflation, putting pressure on loan repayments, while banks’ exposure to risky areas such as leveraged loans
and commercial real estate is a cause of concern for markets.
Join our panel as we discuss the current state of credit risk and asset quality
in Europe, how some economies have rid themselves of huge bad
loan burdens, and where things go from here.
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FROM EBF MEMBERS BdB: Transition is becoming increasingly important Initially, the EU legal framework for sustainable finance focused on which economic activities were considered green through the EU taxonomy. It soon became clear that this approach was not sufficient. According to the Association of German Banks (BdB), the focus is therefore increasingly shifting to how companies and thus the entire economy can become more sustainable - the transition. Read more (DE)
Finance Denmark: Supporting recommendations to strengthen the global competitiveness of Danish companies
The Business Forum for Global Risks submitted its recommendations to Business Minister Morten Bødskov. The forum was set up to advise the government on areas considered critical for the global competitiveness of Danish companies, and to provide concrete recommendations to reduce their vulnerabilities to global risks. Read more (DK)
HUB: Three elements for success in sales: knowledge, skills & identity
As part of the project for the education of small beginner entrepreneurs called "Finance for new generations" organized by the Croatian Bank Association (HUB) with the support of the European Investment Bank, the fifth of a total of thirteen planned workshops for the education of beginner entrepreneurs was held. Read more (HR) |
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FROM THE INSTITUTIONS
ECB: Why we adjusted interest rates
The decline in inflation allowed us to lower our interest rates, writes European Central Bank (ECB) President Christine Lagarde. As the guardian of the euro, we are committed to ensuring low and stable inflation for the benefit of all Europeans. Read more
ESAs: Joint Annual Report for 2023
The Joint Committee of the European Supervisory Authorities (ESAs) published its 2023 Annual Report, providing an account of the joint work completed over the past year. Through the Joint Committee the ESAs explore and monitor potential emerging risks for financial markets participants and the financial system as a whole. Read more BIS: Literature review on financial technology and competition for banking services The extent to which financial technology will shape the banking industry depends in part on the nature of competition for banking services that arises from innovation by incumbent banks and the entry of new players. This Bank for International Settlements (BIS) paper presents a review of the growing body of economic literature on financial technology and competition for banking services. Read more |
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FROM THE EBF
New EBF Vacancies! Work with us!
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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This newsletter is published by the EBF Mediacentre.
For questions or suggestions contact r.hrelja@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium
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