FROM THE MEDIA

RTE: 'Flow of EU-UK financial services 'will be less fluid' due to Brexit"

The flow of financial services between the European Union and Britain will be less fluid from January whatever happens in talks on a future free trade deal, the EU's financial services chief designate has said, reports Irish broadcaster RTE. "Under all circumstances, deal or no deal, trading in financial services will be different and less fluid as of the first of January next year," Mairead McGuinness told the European Parliament. Read more FT(€) Telegraph

FT: Fraying ECB consensus poses diplomatic challenge for Lagarde

In her debut press conference as European Central Bank president last December, Christine Lagarde promised to bring her “own style” to the job and make decision-making among her squabbling team of policymakers “as consensual as possible”, the FT's Martin Arnold observes. It is a pledge she has delivered on — but growing evidence that the consensus is fraying suggests that her diplomatic skills will be needed in the coming months, as the ECB seeks to steer the eurozone from a historic recession to recovery. Read more (€)

Crypto News Flash: ECB names 4 scenarios for digital Euro

The development of a digital euro continues to gather pace. Last Friday the European Central Bank (ECB) published a 50-page report in which it acknowledges its importance, reports Crypto News Flash. The report, drafted by the Task Force to create a central bank digital currency (CBDC), outlines the need for a digital euro, but also makes clear that it will complement an existing cash-based economy. Read more Coin Telegraph

MAIN EVENTS today

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Council of the EU: Videoconference of the Eurogroup

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Join us and interact with European and international experts, policymakers and stakeholders: How can European banks remain competitive in the EU and globally? What can regulators, supervisors and industry do together to foster innovation, security and resilience in financial services? What lies in the way from agile and cybersecure banks to an innovative and resilient financial ecosystem?

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FROM THE EBF MEMBERS

NVB releases the October Corona Monitor

Banks are ready for the second wave of Covid-19. "Banks can handle it and will soon be able to help companies that are fundamentally healthy when needed," says Chris Buijink at RTLZ, a Dutch business and financial news television channel, on the occasion of the publication of the tenth Dutch Banking Association (NVB) Corona Monitor Banks. Read more

UK Finance: Tech-backed continuous audit protect banks from fraud

How can tech-backed continuous audit protect banks from fraud? Caroline Winch from Confirmation, discusses this with UK Finance and explores why the auditing profession has been an important factor in the UK’s economic health over the decades. Read more

Bankenverband: ECB plans for digital €: many questions unanswered

The European Central Bank has published a report positioning itself on the digital euro, reports the Association of German Banks (Bankenverband). Andreas Krautscheid, Chief Executive of Bankenverband, commented on the plans of the European Central Bank: "With its position on digital central bank money, the ECB is sending an important signal. The digital euro is a topic of the future with the highest importance for the security and stability of European financial markets, but there are still highly relevant issues to be resolved. Read more (DE)

Swiss Bankers Association Open banking as a driver of innovation

Open banking offers an enormous opportunity to enable innovation not only through traditional products and services, but also to substantially expand one's own business model with new partners and ecosystems. The Swiss Bankers Association (SBA) has designed a complete framework with its interpretative regulations on open banking. This framework sheds light on all the key aspects that arise in the course of open banking issues and is therefore very useful. Read more (DE)

FROM THE INSTITUTIONS

Special European Council, 1-2 October 2020: Main results

On 1 and 2 October, EU leaders met in Brussels to discuss foreign affairs and the EU's economic base. On Friday, Covid-19, the single market, industrial policy and digital transition were on the agenda. Leaders were also updated on EU-UK relations and the MFF negotiations with the European Parliament. Read more

ECB intensifies its work on a digital euro

The European Central Bank (ECB) published a comprehensive report on the possible issuance of a digital euro, prepared by the Eurosystem High-Level Task Force on central bank digital currency (CBDC) and approved by the Governing Council. A digital euro would be an electronic form of central bank money accessible to all citizens and firms – like banknotes, but in a digital form – to make their daily payments in a fast, easy and secure way. It would complement cash, not replace it. The Eurosystem will continue to issue cash in any case. Read more Report ECB Fabio Panetta blogpost

ECON: Hearing of Commissioner-designate Mairead McGuinness

The Economic and Monetary Affairs Committee questioned Mairead McGuinness, the Irish candidate for the financial services portfolio, set to replace Phil Hogan. During her introductory speech, Ms McGuinness told MEPs that her guiding priority would be to put people front and centre of the roll-out of the EU’s financial services architecture. The financial system must be used to underpin a more inclusive society. Ms McGuinness also said she would prioritise lending to the real economy, especially SMEs. Read more

ESMA response: EC consultation on the EU Green Bond Standard

The European Securities and Markets Authority (ESMA), responded to the European Commission’s targeted consultation on the establishment of the EU green bond standard (GBS). ESMA highlights the importance of conducting a thorough impact assessment before the Commission adopts its final legislative proposal. It supports the development of a social EU Taxonomy as a prerequisite for reliable standards for social bonds. Read more

Brexit: Joint Statement by the EC President and UK Prime Minister

The President of the European Commission (EC), Ursula von der Leyen, and the UK Prime Minister, Boris Johnson, spoke about the state of play in the negotiations on the future relationship between the UK and the EU. They agreed on the importance of finding an agreement, if at all possible, as a strong basis for a strategic EU-UK relationship in future. They endorsed the assessment of both Chief Negotiators that progress had been made in recent weeks but that significant gaps remained, notably but not only in the areas of fisheries, the level playing field, and governance. They instructed their Chief Negotiators to work intensively in order to try to bridge those gaps. They agreed to speak on a regular basis on this issue. 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

UNEP FI Global Roundtable

FINANCING A RESILIENT FUTURE

Virtual event, 13-14 October, 14.00 CEST

UN Environment Programme Finance Initiative (UNEP FI) is hosting its 16th Global Roundtable virtually on 13–14 October 2020, in collaboration with Responsible Investor. UNEP FI’s biennial Global Roundtable (GRT) is a major global agenda-setting event on sustainable finance. Held under the theme of “Financing a Resilient Future”, the GRT will bring together decision-makers, experts and thought leaders on a virtual event platform, and help shape approaches to integrating environmental, social and governance (ESG) issues and accelerating sustainable banking, insurance and investment. To find out more and register please visit: unepfi.org/grt2020

FROM THE EUROPEAN BANKING FEDERATION

ECB consultation on banking sector consolidation: EBF response

The EBF fully supports the intention of the ECB to achieve clarification and transparency on its supervisory approach to notifications of proposed acquisitions and applications for permission for a business combination. As the ECB rightfully indicates, decisions for consolidation belong to market participants. Nevertheless, the ensuing supervisory examination is a crucial step in the success of such transactions. The publication of an ECB guide should add clarity to the process. Read more

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.

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