| EBF MORNING BRIEF Thursday 8 September 2022 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: Top European bankers warn on recession, China and US banks
Deutsche Bank Chief Christian Sewing warned that China was a considerable risk for the nation and that Europe needed big banks to fend off American competitors. Sewing's concern for the economic outlook was echoed by UniCredit Chief Executive Andrea Orcel, who said Europe faced a "relatively shallow" recession followed by a rebound in 2024 or later. As reported by Reuters, both agreed that European banks lacked scale and that consolidation would happen eventually. Read more
CNBC: ECB to unleash jumbo rate hike as economy slides in recession
The European Central Bank (ECB) is expected to frontload a series of rate hikes and sacrifice growth in the region due to the rising cost of living which is threatening to surge even higher. “A key take away from recent comments by ECB officials is that the hiking cycle will be less sensitive to recession than we thought,” said Deutsche Bank’s Chief Economist Mark Wall in a research note seen by CNBC. Read more
CoinDesk: Digital Euro to focus on personal use, EU officials say
A retail digital euro will only enable payments initiated by people, CoinDesk reports. The three immediate applications will be peer-to-peer payments; consumer-to-business payments in physical or online stores; and payments to or by governments. However, the central bank's digital currency could fail if it doesn't offer something more than what cash and credit cards do, industry representatives remarked. Read more |
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MAIN EVENTS
Thursday 8 September
Friday 9 September
For a full-year overview of key financial regulation events: click here
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FROM THE EBF MEMBERS
Finance Finland confronted the financial authorities with nesting sticks
Financial lobbyists met the financial authorities in the breeding ground for a nest match in early summer. In the game, the joint team of the Bank of Finland, the Ministry of Finance and the Financial Supervisory Authority and the financial industry team faced each other. "Considering how hard we threatened, it's hard to believe that we lost," commented Jussi Karhunen from Finance Finland who was organizing the match, when the final whistle sounded on the Kaisaniemi field. Read more (FI)
FBF: FBF partner of Forum Giverny, 1st annual CSR meeting
Maya Atig, Managing Director of the French Banking Federation (FBF) spoke about the theme: “How to accelerate the ecological and social transformation of companies through financing?". This was an opportunity to recall that the financing needs are enormous and the financing capacities of French banks are there. Read more (FR)
Finance Latvia: "RĪGAS SILTUMS" receives a loan of 25 million euros
"RĪGAS SILTUMS" has received financing from Swedbank in the amount of 25 million euros for the provision of working capital. According to Finance Latvia, this will significantly stabilize the financial flow of the company at a time when the prices of energy resources are undergoing very rapid changes. Read more (LAT) |
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FROM THE INSTITUTIONS
ECB: Kerstin af Jochnick: Climate risks for banks
Kerstin af Jochnick, Member of the Supervisory Board of the European Central Bank (ECB) wrote an article for the Eurofi Magazine on climate risks for banks. "From a prudential perspective, supervisors should be concerned about the extent to which banks’ exposures to physical and transition risks stemming from climate-related and environmental risks may affect the safety and soundness of individual entities," she wrote. Read more
BIS: The digital euro: An opportunity for Europe
Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank analysed the opportunities and risks that the possible introduction of a digital euro would entail. In his speech published by the Bank for International Settlements (BIS), he discussed "why" a digital euro is needed, “what” it could deliver and “when” a decision is expected. Read more
ESMA: Latest edition of the Spotlight on Markets Newsletter
The European Securities and Markets Authority (ESMA has published the latest edition of its Spotlight on Markets Newsletter. The publication features the second Trends, Risks and Vulnerabilities (TRV) Report of 2022 and ESMA's comments on the European Sustainability Reporting Standards. Read more |
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FROM THE EBF this month
New EBF Vacancies! Work with us!
Visit our Vacancies page to learn more about the opening positions at the EBF. 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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