EBF MORNING BRIEF Monday 19 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. Recommend the EBF newsletters to a colleague. Click here to sign up! |
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FROM THE MEDIA FT: Will the ECB shift its monetary stimulus guidance? The European Central Bank meets on Thursday just two weeks after agreeing on its first strategic overhaul in almost two decades in what promises to be a lively debate among members over what guidance it should give on the path of interest rates and bond purchases, FT reports. The 19-month-long strategic review concluded with the 25 members of the central bank’s governing council agreeing to tolerate some overshooting of its simplified and slightly higher 2 per cent inflation target, in an attempt to avoid being trapped in a low rate, low inflation world. Read more (€) EU Reporter: Digital euro: Commission welcomes the launch of the digital euro project by the ECB The Commission welcomes the decision by the Governing Council of the European Central Bank (ECB) to launch the digital euro project and start its investigation phase. This would support a number of policy objectives set in the Commission's digital finance and retail payments strategies, EU Reporter says. Based on technical cooperation, the Commission will work closely with the ECB and the EU institutions throughout the investigation phase in analyzing and testing the various design options in view of policy objectives. Read more Forbes: Three Little Birds - When Lawyers Run Central Banks Jay Powell, Christine Lagarde and Haruhiko Kuroda are the three little birds of central banking singing sweet songs of unlimited money. They want you to believe there is nothing to worry about when it comes to inflation or the stock market. Powell is the Chair of the US Fed, Lagarde is the President of the European Central Bank, and Haruhiko Kuroda is the Governor of the Bank of Japan. Importantly, they are our most important economic policy makers but are professional lawyers (Kuroda is actually both a lawyer and an economist), and for the first time it seems that a PhD in economics is less important for economic policy making than a doctorate in law, Forbes reports. 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 THE EBF MEMBERS Finance Denmark: Consultation response to the Financial Stability Board on targets for international payments The Financial Stability Board has drawn up a roadmap to advance the G20's agenda of promoting faster, cheaper, and more transparent international payments while ensuring greater inclusion in the global payments market. Finance Denmark supports the initiative while highlighting the need to focus on payments to countries outside the EU and setting objectives to support the international standardization of payment formats and the international harmonization of legislation. Read more (DK) ABI: Monthly report The Italian Banking Association (ABI) published its monthly report for June 2021. In June 2021, loans to households and non-financial corporations were up by +4.0%. while interest rates on new loans remained at record low levels. Total funding grew by +6.8% while deposits increased by almost 145 billion euro compared to the previous year. On the other hand, medium and long-term funding, i.e. through bonds, decreased by over 18 billion euro in absolute terms, over the last 12 months. Read more (IT) UK Finance: Operational resilience: the story so far After the release of the UK supervisory authorities’ operational resilience policy statements, UK Finance has continued its work to ensure that firms are appropriately prepared for the first major milestone in March 2022. UK Finance conducted the first in a series of peer benchmarking surveys to capture industry trends across all areas of the policy statements, and compare progress. Hearing from 70 members, the results gave firms a means to compare progress across the statements and helped shape a series of initiatives. Read more |
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FROM THE INSTITUTIONS ECB: A conversation about female empowerment, the need for an inclusive recovery and transatlantic cooperation How can we foster the economic empowerment of women after the coronavirus crisis? And what role does transatlantic cooperation play in shaping a more inclusive recovery? European Central Bank (ECB) President Christine Lagarde, EU Commission President Ursula von der Leyen and US Secretary of the Treasury Janet Yellen discussed this in the latest episode of the ECB Podcast, hosted by Katie Ranger. Listen here ESMA: Third report on CSDR implementation The European Securities and Markets Authority (ESMA) has published its CSDR Report on the provision of banking-type ancillary services by central securities depositories (CSDs). The report contains suggestions to enhance the authorization process for CSDs, and it includes proposals to facilitate the provision of banking-type ancillary services by non-banking CSDs; in particular to enable them to offer settlement services in foreign currencies. Read more ESRB: Opinion regarding the Estonian notification of an extension of the period of application of a stricter national measure The European Systemic Risk Board (ESRB) assessed as justified, proportionate and efficient the Estonian decision to extend for an additional two years the period of application of its existing stricter national measure for credit institutions using the internal ratings-based (IRB) approach. 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 Joint Association Letter on the implementation of the CSDR Settlement Discipline Regime EBF together with fifteen trade associations, representing buy-side, sell-side and market infrastructures, wrote to ESMA and the European Commission regarding the timeline for implementation of the mandatory buy-in rules as part of the CSDR Settlement Discipline Regime. The Joint Associations welcome the Report from the Commission on the CSDR Review published in July 2021 and fully support the Commission’s intention to consider amendments to the mandatory buy-in regime, subject to an impact assessment. 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. If you do not want to receive the EBF Morning Brief click here. For questions or suggestions contact f.indaco@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
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