FROM THE MEDIA

PYMNTS: EU regulators want single data market in Europe

In Europe, another regulatory salvo may be aimed at U.S. tech firms’ dominance across online platforms, and the collection and use of data, reports PYMNTS. The European Union is examining the creation of a single data market that would reportedly challenge tech firms such as Google and Facebook. According to a proposal circulating that is slated to be presented later in the month, “currently a small number of Big Tech firms hold a large part of the world’s data." Meanwhile, Euractiv says the United Kingdom will seek to diverge from EU data protection rules and establish their own ‘sovereign’ controls in the field, citing comments from Boris Johnson. Read more Euractiv

Reuters: Women leaders are good for business, says EU bank watchdog

Two thirds of smaller banks typically have only men as executive directors, while lenders with men and women in top roles were likely to be more profitable, the European Union’s banking watchdog said on Monday. Under EU rules from 2013, banks are required to have a policy on diversity that looks at gender, age, professional and educational background. Big lenders are also required to set a target for an under-represented gender, in practice women. Read more

Reuters: EU says financial relations with UK will be linked to trade deal

Access to the European Union market for Britain-based financial firms will be linked to the overall results of trade talks with London, EU chief negotiator Michel Barnier said on Monday as reported by Reuters. Britain and the EU will lose privileged access to their respective financial markets when the Brexit transitional period expires at the end of December. But in some sectors financial firms could remain able to operate across borders if rules are deemed to be equivalent. But even when equivalence does exist, the EU will remain free to grant access or not to specific sectors. Read more Deutsche Welle

FT: Brussels opens way for member states to halt EU enlargement talks

Brussels has set out plans to streamline the sprawling EU enlargement process and give member states stronger powers to halt or reverse accession talks, in response to concerns in Paris and other capitals, says the FT. The draft plan was triggered by a contentious French-led decision to stop North Macedonia and Albania from opening negotiations to join the bloc. Read more (€)

MAIN EVENTS today

• European Council: Informal meeting of competitiveness ministers

• ECB: Publication of Euro area bank interest rate statistics, Frankfurt

• Cambre event: #BrusselsCalling Media Debate on Climate & Sustainability

• EBF Hedge Accounting Working Group meeting

*All events take place in Brussels unless stated otherwise

FROM THE INSTITUTIONS

European Commission: Future EU-UK Partnership

European Commission has issued a recommendation to the Council to open negotiations on a new partnership with the United Kingdom. This recommendation is based on the existing European Council guidelines and conclusions, as well as on the Political Declaration agreed between the EU and the United Kingdom in October 2019. It includes a comprehensive proposal for negotiating directives, defining the scope and terms of the future partnership that the European Union envisages with the United Kingdom. Read more

EBA: Composition of management bodies in institutions

The European Banking Authority (EBA) issued a new benchmarking report on diversity practices in credit institutions and investment firms analysing the development since its 2015 diversity benchmarking exercise. Based on data as of September 2018, still many institutions, 41.61% out of 834, have not adopted a diversity policy. Read more

EBA: EU-Wide Stress Test Exercise

The European Banking Authority launched the 2020 EU-wide stress test, the fifth exercise since its establishment, and released the macroeconomic scenarios. The adverse scenario follows for the first time a ‘lower for longer’ narrative, a recession coupled with low or negative interest rates for a prolonged period. The EU real GDP would decline by 4.3% cumulatively by 2022, resulting in the most severe scenario to date. The EBA expects to publish the results of the exercise by 31 July 2020. Read more

EBF MEMBERS IN THE NEWS

FROM THE EBF
 

Vacancies at the European Banking Federation 

The European Banking Federation is seeking to recruit a Policy Advisor on Legal and Social Affairs, as well as trainees to support the work in the teams working on Prudential Policy & Supervision and Tax. Read more

BANKING ESSENTIALS webinar
Tuesday 18 February, 15:30 CET
 

Navigating AML Compliance: Opportunities & Challenges
by EBF and S&P Global Market Intelligence

Programme + registration

ABOUT THE EUROPEAN BANKING FEDERATION
 

The European Banking Federation is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF 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.