EBF MORNING BRIEF Tuesday 9 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
Bloomberg: ECB jostling over summer cuts has already begun
European Central Bank (ECB) interest-rate setters are starting to position themselves for the next debate as a first cut in June becomes increasingly certain and inflation continues to slow. The question the members of the Governing Council eventually need to settle is whether to follow their initial foray into monetary easing with another move at their July policy meeting — or wait at least until September. Read more The Banker: UBS prepares for Switzerland’s ‘too big to fail’ regulation UBS’s intervention in rescuing Credit Suisse a year ago has raised concerns among Switzerland’s regulators about the stability of the country’s financial sector. As reported by The Banker, the Swiss government is due to publish its proposals for regulating banks this month that are deemed “too big to fail”, potentially subjecting UBS, as the country’s only remaining big bank, to stricter operational standards. Read more
Finextra: ECB preps DLT trials for wholesale central bank money settlement
The European Central Bank (ECB) has put together a host of participants for exploratory work on the use of distributed ledger technology to settle wholesale transactions in central bank money, Finextra reports. Read more |
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FROM EBF MEMBERS
AEB: Robust and sustainable
"Decarbonisation is one of the great challenges facing Europe in the future, but it is not the only one. It comes on top of geopolitical challenges and the need for greater investment in technology to increase competitiveness and economic resilience", says José Luis Martínez Campuzano, spokesman of the Spanish Banking Association (AEB). Read more (ES)
Finance Norway: New financial supervision law
The Ministry of Finance has submitted a proposal for a new Financial Supervision Act to the Storting. The proposal is largely in line with the Financial Supervision Act Committee's consultation draft, and Finance Norway supports the main features. Read more (NO)
UK Finance: The increasing pressure of regulatory change
KPMG has just published the fourth edition of the biannual Regulatory Barometer. As noted by UK Finance, it provides a measure of the regulatory change pressure faced by financial services firms in the UK and EU. From March 2023 to March 2024, there has been a small increase in the aggregate score which now stands at 7.3 (out of 10), up from 7.2 in September 2023, reflecting the sustained regulatory burden facing the industry. Read more |
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FROM THE INSTITUTIONS
ECB: Tightening of financing conditions moderates
The European Central Bank (ECB) reports that the results of the 30th round of the Survey on the Access to Finance of Enterprises (SAFE) suggest that euro area firms’ financing conditions tightened further in the first quarter of 2024, but less so than in the fourth quarter of 2023. Read more
BIS: Inflation, monetary policy and digital currencies
"We have probably been a little too comfortable with low inflation rates over the previous three decades. Recently, we have been reminded that we need to be prepared for surprising spikes in inflation at any time", says Augustin Carstens, General Manager of the Bank for International Settlements (BIS), in an interview with Frankfurter Zeitung. Read more (DE)
European Commission: Data Hub - Call for proposals
The European Commission wants to promote data sharing to foster innovation in Europe’s financial sector. This call for proposals targets financial companies seeking to access datasets held by financial supervisors, to test new applications and train AI models. The objective of this call for proposals is to collect information on what type of data held by supervisory authorities could be useful for financial companies to test new applications and train AI models. 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 EBF Tax Conference 2024: “Banks as Taxpayers and as Auxiliaries to Tax Authorities in the Digital Era” On 23 January 2024, the European Banking Federation (EBF), in collaboration with sponsors Deloitte, EY, KPMG and PwC, held a landmark event on Banks as Taxpayers and as Auxiliaries to Authorities in the Digital Era. The conference brought together leading experts and policymakers to discuss developments in the EU tax landscape and associated implications for financial institutions and financial markets. 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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