| EBF MORNING BRIEF Monday 12 July 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
FT: G20 ministers endorse carbon pricing to help tackle climate change
G20 finance ministers have collectively endorsed carbon pricing for the first time, describing the once contentious idea as one of “a wide set of tools” to tackle climate change. The issue of taxing carbon dioxide emissions has long divided G20 members, with the US in particular historically opposed, FT reports. Read more (€) Forbes: Successful use of Central Bank Digital Currencies can only happen with global cooperation and coordination It is critical for legislators, central bankers, and financial regulators to coordinate globally the implementation of Central Banking Digital Currencies (CBDC). According to the Central Bank Digital Currencies for Cross-Border Payments report for the G20, “aligning regulatory, supervisory and oversight frameworks for cross-border payments, AML/CFT consistency, Payment versus Payment (PvP) adoption and payment system access will be critical for cross-border CBDC use”, Forbes reports. Read more
ING Think: ECB minutes: The return of the rift
The minutes of the European Central Bank (ECB)’s June meeting show that the rift between hawks and doves is back with some ECB members arguing in favour of a small reduction of asset purchases. The point for reduced asset purchases was made on the back of more favourable financing conditions as well as an improved economic outlook, stressing that the PEPP was an emergency programme with a limited time span. Against the background of the announcement of the ECB’s strategy review, the 22 July meeting will be extremely interesting, according to ING Think. Read more |
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MAIN EVENTS -
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IBFed Financial Crime Working Group virtual meeting
For a full-year overview of key financial regulation events: click here |
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EBF DIGITAL EURO EVENT VIDEO RECORDING AVAILABLE |
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 | A Digital Euro will shape the financial and banking system for years to come and European banks stand ready to start this journey with the European Central Bank (ECB). At our last event, together with CEOs, policymakers, and private actors, we discussed the opportunities and challenges of CBDE as well as the potential ways forward in this increasingly digital environment. The video recording of the event is now available! Watch it here |
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FROM THE EBF MEMBERS
AEB: Money and growth
Authorities and banks have turned to families and companies to lessen the negative impact of the pandemic by compensating for lost income, providing the necessary liquidity in the best possible conditions and facilitating the payment of loans have been key to overcoming the crisis. This will also pave the way for a lasting and sustainable economic recovery once we have overcome the virus, José Luis Martínez Campuzano, spokesperson for the Spanish Banking Association (AEB) says. Read more (ES)
Finance Norway: Advice not no?
The pandemic has affected our economy with many people suffering from it. While 86% of households have either no or no major problems with paying an unexpected extra expense, unemployment has been at a record high this year. Some groups are indeed more vulnerable than others and NAV together with Finance Norway urge them to contact their bank to learn about the many tools banks provide to help. Read more (NO)
Finance Denmark: More homes for sale in June
After almost two years in which the supply of housing has largely fallen, more homes have come up for sale. The Danes now have 3% more houses and 10% more condominiums to choose from than the month before, Finance Denmark reports. However, the prices of both houses and condominiums remain high. Read more (DK) |
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FROM THE INSTITUTIONS
ECB: Account of the June monetary policy meeting
Risks to euro area growth were seen as broadly balanced, with uncertainties depending on the course of the pandemic, the account showed. The Governing Council of the European Central Bank (ECB) saw preserving favorable financing conditions over the pandemic period as essential to reduce uncertainty and bolster confidence. Read more
ESMA: Consult on review of transparency requirements under MiFIR
The European Securities and Markets Authority (ESMA) has launched a Consultation Paper on the review of the regulatory technical standards, RTS 1 equity and RTS 2, and non-equity transparency on transparency requirements under the Markets in Financial Instruments Regulation (MiFIR). The deadline for feedback is 1 October 2021. Read more
BIS: Central bank digital currencies for cross-border payments
Central bank digital currencies (CBDCs) have the potential to enhance the efficiency of cross-border payments, as long as countries work together. This is the main conclusion of a joint report released today by the Committee on Payments and Market Infrastructures, the BIS Innovation Hub, the International Monetary Fund (IMF) and the World Bank. The analysis highlights both the need for multilateral collaboration on macro-financial consequences as well as the importance of interoperability between CBDCs. Read more
European Commission weekly schedule
Find out more about the European Commission's engagement and activities for the upcoming week. Read more
European Central Bank weekly schedule Find out more about the ECB's engagements and activities for the upcoming week. Read more
European Parliament weekly schedule Find out more about the Parliament's engagements and activities for the upcoming week. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
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 while keeping the SSTI thresholds for Sis. However, worries concern the rise of market data costs since 2007. 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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