EBF MORNING BRIEF      Monday 25 September 2023

FROM THE MEDIA

Reuters: Euro zone economy likely contracted this quarter

The eurozone economy is likely to contract this quarter and won't return to growth anytime soon, a survey seen by Reuters showed, as the dampening effect of central banks' long campaign of interest rate rises becomes clearer. Read more

Bloomberg: Dutch banks slide as parliament approves tax increase

According to Bloomberg, the Dutch parliament has approved a proposal to raise taxes on banks and add a levy on share buybacks. While it’s not clear if the motion will win over the Dutch senate, it adds to concern that European banks face stiffer taxes as governments look for funding for lower-income households that are being squeezed by inflation. Read more

Cointelegraph: Binance to delist stablecoins in Europe, citing MiCA

Binance said the cryptocurrency exchange plans to delist stablecoins in the European market by June 2024 in order to comply with standards laid out by MiCA. Cointelegraph has reached out to Binance for further comment on its anticipated action. Read more

MAIN EVENTS

• European Parliament Committee on Economic and Monetary Affairs

• Council Working Party on Financial Services and the Banking Union (Financial Services)

• Council Horizontal Working Party on Cyber Issues

• POLITICO 'Halfway through the Digital Decade: how far along is Europe’s digital transformation?' event

FROM EBF MEMBERS

NVB: Tax increases for businesses disastrous

Banks will be hit hard by a proposed 80% increase in bank taxes. The Netherlands is, hence, becoming less attractive as a business location; this carelessly endangers economic interests, according to the Dutch Banking Association (NVB). Read more (NL)

Febelfin: Profit tax proposal would affect the financing of the economy

Febelfin takes note of the proposal to introduce an “excess profit tax” on banks. A strong banking sector is vital to supporting the economy and society. An additional tax would limit the social role and power that banks have to support the economy. Read more (NL)

AEB: Bank Financing

With a credit balance of 1.7 trillion euros and a growth of 7.1%, the Spanish Banking Association (AEB) banks reached a historical maximum and are consolidating themselves as a key element to boost economic growth and prosperity. Read more (ES)

FROM THE INSTITUTIONS

ECB: Disinflation and monetary policy in the euro area

The European Central Bank's (ECB) restrictive monetary policy stance is providing considerable support to the required disinflation dynamics in order to ensure a timely return of inflation to our target, says Chief Economist Philip R. Lane. Read more

EBA: 2023 EU-wide transparency exercise

The European Banking Authority (EBA) launched its annual EU-wide transparency exercise, as part of its efforts to monitor risks and vulnerabilities and to reinforce market discipline. The EBA expects to publish the results at the beginning of December, together with the annual Risk Assessment Report (RAR). Read more

BIS: Tuomas Välimäki: Monetary policy implementation in a landscape of rising interest rates and a shrinking Eurosystem balance sheet

Tuomas Välimäki, Board Member of the Bank of Finland discusses the implementation of the European Central Bank (ECB)'s monetary policy in a speech published by the Bank for International Settlements (BIS). Read more

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

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

European Banking Federation