| EBF MORNING BRIEF Thursday 15 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.
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FROM THE MEDIA
Bloomberg: ECB starts next Digital-Euro stage with investigation phase
The European Central Bank took a major step toward a digital euro approving an “investigation phase” that could ultimately lead to a virtual currency being implemented around the middle of the decade. The next stage will last 24 months and aims to address key issues on design and distribution, the ECB said in a statement. Bloomberg also reports that a digital euro core infrastructure would be environmentally friendly, using “negligible” power compared to crypto-assets such as Bitcoin. Read more
Computer Weekly: EC approves pan-Nordic payments platform
The European Commission (EC) has approved the creation of a pan-Nordic payments platform, which will include the handling of payments across borders and in multiple currencies, almost instantaneously. Known as the P27 Nordic Payments platform, it was initiated in 2018 by six of the largest banks in the Nordic region. The collaboration project has now received merger approval from the EC, enabling it to start preparing to onboard customers in Sweden, Denmark and Finland, Computer Weekly's Karl Flinders reports. Read more AP: EU unveils tough climate rules, eyes tax on foreign firms The European Union unveiled new legislation to help meet its pledge to cut emissions by 55% over this decade, including a controversial plan to tax foreign companies for the pollution they cause. "The principle is simple: emission of CO2 must have a price, a price that incentivizes consumers, producers, and innovators to choose the clean technologies”, European Commission President Ursula von der Leyen said. As reported by Associated Press (AP), the aim of the “Fit for 55” legislation is indeed to ween the continent off fossil fuels and take better care of the environment by policy design. Read more |
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MAIN EVENTS
Thursday 15 July Friday 16 July Saturday 17 July For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
BdB: Digital euro and deposit tokens: Europe's money of tomorrow
Does Europe need an entirely new form of money? In a joint paper, the banking associations are submitting a proactive proposal on how, beyond the digital euro, an ecosystem of innovative forms of money can be created and further developed. Within this context, the Association of German Banks (BdB) supports the introduction of digital central bank money in the euro area to strengthen international competitiveness and serve as the basis for the emergence of new forms of money. Read more (DE)
Finance Denmark: Danish investment funds are heading for another record year
Although new investments in Danish investment funds in the first six months of 2021 did not reach the same level as in the first half of 2020, the inflow of new funds remains at a high level. Compared to the second half of 2020, the net purchase of Danish investment funds has increased by 65%, Finance Denmark reports. If the development continues for the rest of 2021, another record year will be set. Read more (DK)
ABI: Liquidity task force: loan moratoriums still active for 83 billion
As reported by the Italian Banking Association (ABI), there are still active moratoria on loans to the value of 83 billion euro while it amounts to over 184.3 billion euro the value of requests to the SME Guarantee Fund. The total volume of loans guaranteed by SACE reaches 26.4 billion euros in Italy. Read more (IT) |
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FROM THE INSTITUTIONS
ECB: Eurosystem launches digital euro project
The Governing Council of the European Central Bank (ECB) has decided to launch the investigation phase of a digital euro project. Following the decision, the President of the Eurogroup Paschal Donohoe joined the meeting, congratulated the Governing Council and expressed his full support for the project. "Our work aims to ensure that in the digital age citizens and firms continue to have access to the safest form of money, central bank money”, ECB President Christine Lagarde says. Read more
ESMA: Consultation on EMIR reporting guidelines
The European Securities and Markets Authority (ESMA), has launched a public consultation on its draft Guidelines for derivatives reporting under EMIR. The Consultation Paper includes draft Guidelines on a wide range of topics related to reporting, data quality and data access under EMIR Refit. The closing date for responses is 30 September 2021. Read more
BIS: Stress-testing banks for climate change: Comparison of practices Global and national financial authorities are increasingly taking action to require the financial industry to assess and manage climate risks. The Bank for International Settlements (BIS) published a paper discussing the challenges that emerge when trying to adapt traditional stress tests to banks' climate-related risks. These relate to data availability and reliability, the adoption of very long time horizons, uncertainty around future pathways of key reference variables covering physical risks, and relating to transition risks. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
Digital euro: EBF committed to actively participating in digital euro investigation
The European Banking Federation (EBF) expressed support for the investigation phase into the issuance of a digital euro by the European Central Bank (ECB). The project seeks to clarify the demand, design, and interaction of an electronic form of money with the European payments and banking system. For a digital euro to ultimately benefit the economy while safeguarding the stability of the financial system, the close collaboration of the ECB with the European banking sector in the newly launched investigation phase will be fundamental. 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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