EBF MORNING BRIEF Monday 9 January 2023 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
Reuters: EU financial services chief favors banning sales inducements on investment products
An EU ban on inducements for recommending sales of financial products could cut costs for retail customers by more than a third, the bloc's financial services chief Mairead McGuinness says. In a letter seen by Reuters to Markus Ferber, a senior member of the European Parliament, she backs scrapping inducements, which would trigger a fundamental change in banking business models. Read more
FT: Why is falling inflation unlikely to deter ECB from more rate rises?
Eurozone inflation fell back into single digits in December, with data showing the headline rate hitting 9.2 percent after annual price growth exceeded 10 percent for the previous two months. Yet the slowdown is unlikely to be enough to convince the European Central Bank (ECB) to stop raising interest rates just yet. According to the Financial Times (FT), for the ECB to change tack, rate-setters will want to see a substantial fall in the core rate and other measures of longer-term inflationary pressures, such as wage growth. Read more
Bloomberg: Europe’s coming bond avalanche will test the ECB
Governments need to increase their borrowing in 2023 at the same time as policymakers are tightening monetary conditions, writes Marcus Ashworth, a Bloomberg Opinion columnist covering European markets. Lagarde needs to step carefully in raising rates too sharply, as well as withdrawing central bank liquidity at the same time. 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 EBF MEMBERS Finance Denmark: Proposal for further harmonization of insolvency law The EU Commission has put forward proposals for directives to harmonize certain aspects of insolvency law. Finance Denmark supports initiatives that can ensure greater clarity about the legal position across borders in the EU and contribute to faster and more efficient insolvency procedures in the individual member states. Read more (DK) AEB: Commitment to inclusion Alejandra Kindelán, President of the Spanish Banking Association (AEB) sees financial education as the best formula for inclusion. Therefore, while the banking sector multiplies its innovation budgets and hires thousands of computer engineers to boost digitalization, it also reinforces and expands its financial and digital education projects. Read more (ES)
NVB: Fraudsters pose as NVB employees
The Dutch Banking Association (NVB) warns that more and more fraudsters are pretending to be NVB employees. Scammers try to convince victims to transfer money with an excuse about 'fraud on the account'. Please recall that the NVB (or any other agency) will never call you to transfer money or install a monitoring program on your computer. Read more (NL) |
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FROM THE INSTITUTIONS
EC: Interview with Charles Canonne
The European Commission (EC) has published the interview with the financial attaché at the EU delegation to the UK, Charles Canonne. He talks about his job, the UK’s plans to reform its financial services industry, and how the EU is seen in London. Read more
ESAs: List of financial conglomerates for 2022
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA, and ESMA - ESAs) published the list of identified financial conglomerates for 2022. Read more
BIS: Effective exchange rate indices
The Bank for International Settlements (BIS) has published its latest update on effective exchange rate indices. Statistics results from daily data. Read more |
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FROM THE EBF
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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.
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