EBF MORNING BRIEF Tuesday 12 March 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
Reuters: ECB rate cut coming, but not just yet
As reported by Reuters, the European Central Bank (ECB) is increasingly confident that inflation is coming down, but should still hold off on an interest rate cut until June, said Slovak Governing Council member Peter Kazimir. The ECB held rates unchanged at a record high last week, but its chief Christine Lagarde said discussions over easing policy have begun and plenty of relevant information would become available by June. Read more
Bloomberg: Eurogroup president confident of CMU agreement
Eurogroup President Paschal Donohoe said he’s sure European finance chiefs will reach an agreement on a roadmap to take the bloc toward a capital markets union (CMU). “I’m very confident today that we will get a plan agreed,” he told Bloomberg on Monday. Read more
S&P Global Market Intelligence: French banks hopeful of lending income recovery after 2023 slump
According to S&P Global Market Intelligence, net interest income (NII) headwinds that prevented BNP Paribas, Crédit Agricole and Société Générale from profiting from higher rates are expected to ease. "For 2024, we expect revenues to increase by more than 5%, largely thanks to the strong rebound in NII in France", said SocGen CFO Claire Dumas. Read more |
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THE FIRST 2024 BANKING ESSENTIALS WEBINAR
Navigating the Green Asset Ratio: What can it tell us about the sustainability performance of banks?
Thursday 14 March 2024 | 3:00 - 4:00 PM (CET)
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Investors are demanding more sustainability related disclosure, and regulators are also closely monitoring the impact of climate change on companies and financial institutions. In principle, the GAR is a simple ratio quantifying EU Taxonomy-aligned assets as a percentage of total covered assets. As banks disclose their GAR alignment for the first time, what does it tell us about their sustainability performance and efforts to finance the green transition? Can GAR be considered an indicator of progress on meeting institutions’ sustainability commitments? In this upcoming webinar you can learn how to navigate GAR and also what to expect from the upcoming revision to improve its usability. |
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FROM EBF MEMBERS
LBA: Sustainability needs innovation and vice versa
The Liechtenstein Banking Association has committed to the implementation of the Sustainable Development Goals and sceptics may point out that Liechtenstein, as a small country, can hardly make a significant contribution. However, it is often forgotten that the country is characterised by a broadly diversified, export-oriented economic sector with a strong industrial base and an international financial centre. Read more (DE)
Finance Denmark: Ten years of financial literacy in schools
Since 2014, Finance Denmark's Money Week has offered financial literacy lessons to primary school pupils. This year, as many as 700 schools across the country have launched the activities. This means that interest rates, budgets and APR are being practised in classrooms so that students are equipped to handle their personal finances later in life. Read more (DK)
NVB: Damage from bank helpdesk fraud decreases by 45%
Damage due to bank helpdesk fraud fell by 45% by 2023 and the number of victims also dropped by 20% to almost 10,000 people. Banks are happy with the decline, but this form of scam remains a persistent problem as, according to the Dutch Banking Association (NVB), online fraud causes a lot of suffering and stress for victims. Read more (NL) |
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FROM THE INSTITUTIONS
ECB: The 21-22 inflation surges and monetary policy in the euro area
In 2021-22 inflation surged due to the direct and indirect effects of the energy shock, together with a set of pandemic-related factors and the Russian invasion of Ukraine. In this European Central Bank (ECB) blog, Chief Economist Philip R. Lane looks at the monetary policy actions taken by ECB in response to these extraordinary inflation shocks. Read more
European Council: Statement on the fiscal policy orientation for 2025
The Europeean Council Eurogroup welcomes the political agreement, which was reached in February 2024, on a comprehensive reform of the EU's economic governance framework and looks forward to its timely adoption by the co-legislators. Work is ongoing on preparing for the implementation of the revised framework, once in force. Read more
BIS: Monetary policy transmission in emerging markets
Doubts persist about the effectiveness of monetary transmission in emerging markets, but the empirical evidence is scarce due to challenges in identifying monetary policy shocks. This Bank for International Settlements (BIS) paper constructs new monetary policy shocks using novel analysts' forecasts of policy rate decisions. Using these shocks, it shows that monetary transmission in emerging markets operates similarly to advanced economies. Read more |
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FROM THE EBF
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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This newsletter is published by the EBF Mediacentre.
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