📰 EBF Morning Brief - Monday 17 February

FROM THE MEDIA

Bloomberg: EU to launch grand plan on artificial intelligence, data

China might have data and the US might have money but Europe has purpose, writes Bloomberg while raising the curtain on this week's European Commission decision on its AI and data policy. The Commission on Wednesday will present its plan to compete with global rivals in the technology space. The plan will include new rules for artificial intelligence, possible legislation for gate-keeping platforms, plans to make data centers carbon-neutral as well as incentives for businesses to share information with the aim of forming data pools that bolster innovation. Read more Politico

Reuters: ECB negative rates not harmful to economy

The European Central Bank’s negative interest rate policy is not harming the euro zone economy but will not succeed in bringing inflation up to the central bank’s target, a Reuters poll of economists found. Policymakers cut interest rates to below zero percent in June 2014 to fight chronically low inflation and weak growth in the euro zone but the policy has been criticized, especially by banks, savers and pensioners whose incomes it has hit. Read more

FT: EU capital markets not fit for purpose

Morgan Stanley’s former second-in-command has warned that Europe’s capital markets are “not fit for purpose” and Brexit will make the situation worse, the FT reports. Colm Kelleher, one of Europe’s most senior bankers until he retired as president of Morgan Stanley last year, offered his brutal assessment at a private dinner in Dublin last week attended by officials from Ireland’s central bank, as well as international investors and finance executives. Read more (€)

FT: Eurozone weakness is a test for post-crisis policy

The Financial Times attempts to analyse the Eurozone conundrum in an editorial article. Recent figures suggest the Eurozone is teetering on the brink of recession. Challenging conditions for manufacturers and tensions about social reforms pressure EU's largest economies Germany and France. Overall, the Eurozone grew by just 0.1 per cent during the final quarter of 2019. The threats facing the Eurozone are no longer existential but this patch of weakness is a test of whether the bloc’s economy is now more resilient after a decade of crises and whether politicians can keep up. Read more (€)

MAIN EVENTS today

Start of the two-day: ECON Committee meeting

Council: Eurogroup. Appointment of the Eurogroup Working Group President

Council: EU Foreign Affairs Council

ENISA industry event 2020. EBF's Sergio Tringali attending

Bruegel conference: ‘The future of taxation in the EU: Tax solidarity’

EBIC Plenary Meeting

*All events take place in Brussels unless stated otherwise

FROM THE INSTITUTIONS

ECB: Interview with Enria, Chair of the Supervisory Board on Les Echos

The European Central Bank (ECB) has published the Interview with Andrea Enria, Chair of the Supervisory Board on Les Echos. The interview covers issues such as governance, transparency and the Banking Union. Read more

EBA acknowledges adoption of amended supervisory reporting standards

The European Banking Authority (EBA) acknowledged the adoption by the European Commission of the Implementing Act amending Regulation (EU) No 680/2014 (Implementing Technical Standards on Supervisory Reporting) with regard to COREP and FINREP changes. he amendments to the reporting framework will apply with different reference dates due to different application dates of the underlying regulatory requirements. The first reference date, concerning COREP changes, will be 31 March 2020. Read more

ESMA's response to Commission consultation on Benchmark Regulation

ESMA has also published its response to Commission Consultation on the review of the Benchmark Regulation (BMR). ESMA’s responses focus on the cessation of critical benchmarks, parity between EU and third-country benchmarks and transparency. Read more

European Commission calendar for this week

Find out more about the 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 agenda

Find out more about the Parliament's engagements and activities for the upcoming week. Read more

EBF MEMBERS IN THE NEWS

United Kingdom: Launch of the Community Access to Cash Pilots initiative

The Community Access to Cash Pilots is a new independent initiative which aims to help communities retain free access to cash as the UK shifts to an increasingly cashless society. The Chair of the Community Access to Cash Pilots, Natalie Ceeney CBE, is asking for communities to volunteer to take part in the pilots. Successful applicants will work alongside payments and customer experts to develop solutions that will help them to adapt to the changing payments landscape. Read more

Luxembourg: ABBL and its members team-up for social inclusion

Being able to manage money and understanding today’s complex socio-economic environment are fundamental skills necessary to enable everyone to make sound professional and private decisions to safeguard their financial security. Read more

Finland: Insurance guarantee schemes should be regulated nationally

​The question of whether insurance guarantee schemes should be regulated with a directive is once again on the table in the European Union. Insurance guarantee schemes protect customers’ receivables in the event of an insurer’s insolvency. The schemes are usually funded through insurance companies’ joint liability. Read more

BANKING ESSENTIALS webinar
Tuesday 18 February, 15:30 CET

Navigating AML Compliance: Opportunities & Challenges
by EBF and S&P Global Market Intelligence

Click here for more info and for registration

ABOUT THE EUROPEAN BANKING FEDERATION

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations. The EBF 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.