EBF MORNING BRIEF Wednesday 18 April 2024 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
FT: European banks will struggle to get much ‘strategic’ love
Excessive bank regulation is for the birds, reckons the European Banking Federation. At least that is what an avian-themed cartoon on the report’s cover suggests. As reported by the Financial Times (FT), the trade body wants the EU to recognise it as a “strategic sector”, ensuring that European lenders remain globally competitive. Read more Reuters: Confirmed eurozone inflation fall boosts ECB's June rate cut plan Euro zone inflation slowed across the board last month, reinforcing expectations for a European Central Bank interest rate cut in June, even as rising energy costs and a weak euro cloud the outlook, final data from Eurostat showed on Wednesday. Inflation in the 20 nations sharing the euro currency slowed to 2.4% last month from 2.6% in February, in line with a preliminary estimate released earlier this month. Read more
Euractiv: Letta: ESMA should supervise largest market players
Enrico Letta will tell EU leaders and heads of state on Thursday 18 April that the European Markets and Security Authority (ESMA) should start supervising the bloc’s largest financial sector firms and oversee the creation of a pan-European IPO venue for small and medium businesses, Euractiv reports. Read more |
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MAIN EVENTS
Thursday 18 April
Friday 19 April
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FROM EBF MEMBERS
VÖB: Positions for the 2024 European Election
The Association of German Public Banks (VÖB) published its positions for the 2024 European Election. The VÖB is advocating for a strong banking and financial sector to finance Europe's transformation and ensure its competitiveness. The proposals relate to “Regulation and Supervision”, “Efficient Capital Markets as a Source of Financing”, “Promoting, Funding, Financing” and “Digital Ecosystems to Strengthen European Sovereignty”. Read more
ABBL: Leading financial associations unite to simplify opening business accounts in Luxembourg
The Luxembourg Bankers' Association (ABBL) and the other leading financial institutions are fully conscious of the importance of the challenge some businesses and companies face in opening an account. They are assuming their responsibilities by joining forces in awareness-raising. A first common initiative in this field was a training session which gathered about 50 professionals on April 16th 2024. Read more
ABI: Letter to President Tinagli
The Executive Committee of the Italian Banking Association (ABI) unanimously decided to send a letter to the President of the ECON Commission, Professor Irene Tinagli. Of the sending of this letter, the President and Director General of the ABI immediately informed the Prime Minister, the Vice-Presidents of the Council, the Minister of Economy and Finance, and the Governor of the Bank of Italy. Read more (IT) |
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FROM THE INSTITUTIONS
ECB: Remuneration ceiling for euro area government deposits
The Governing Council of the European Central Bank (ECB) decided to adopt a single legal act setting out a uniform remuneration rate for non-monetary policy deposits held with the Eurosystem. This rate will be set at the €STR minus a spread of 20 basis points. Read more
European Council: Much more than a market
European Council President Charles Michel and Enrico Letta held a press conference on the high-level report on the future of the single market written by the former Italian prime minister, which is now available. Read more
BIS: The impact of artificial intelligence on output and inflation
AI adoption is already happening at breathtaking speed, in virtually all countries and industries. While AI is poised to have a profound impact on the economy, relatively little is known about its impact on employment and output across various industries, as well as its implications for growth and inflation in the short and long run. The Bank for International Settlements (BIS) finds that AI, by spurring productivity growth, significantly raises aggregate output, consumption and investment in both the short and long run. 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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