FROM THE MEDIA

FT: Eurozone business activity picks up despite surging inflation

Business activity in the eurozone picked up this month despite surging inflation driven by supply chain disruptions, rising energy costs, and higher wages, which together with a rebound in Covid-19 cases damped sentiment. Despite Ms. Schnabel’s comments on moderation in the recovery, the Financial Times (FT) has highlighted IHS Market data that shows that PMI increased from 55.8 to 54.2, stronger than forecasted. Read more

Bloomberg: ECB’s Knot says new lockdowns won’t delay stimulus wind-down

European Central Bank (ECB) Governing Council member Klaas Knot said new restrictions in parts of the euro area to battle record Covid-19 infections are unlikely to change the planned wind-down of monetary stimulus. While the measures “will surely have a moderating impact on economic activity, the impact on inflation will actually be more ambiguous, because it might also reinforce some of the concerns we have around supply bottlenecks,” Knot said in a Bloomberg TV interview. Read more

EURACTIV: Denmark, Italy, Portugal, Spain issue warning on DMA ahead of the ministerial meeting

The Danish, Italian, Portuguese, and Spanish embassies to the EU circulated a warning statement ahead of the Competitiveness Council that is set to adopt the EU’s Digital Markets Act (DMA) on 25 November. According to EURACTIV, the four countries stressed the “need for improvements” in the DMA while raising concerns that the regulation might be “watered down” in the upcoming interinstitutional negotiations. Read more

MAIN EVENTS

• Council Working Party on Tax Questions (Indirect Taxation)

• Council Horizontal Working Party on Cyber Issues

• 28th RegTech Convention

• Business Europe Financial Affairs Committee (Gonzalo Gasos, EBF Director of Prudential Policy & Supervision speaking)

For a full-year overview of key financial regulation events: click here

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FROM THE EBF MEMBERS

BPFI: Terms of Reference for the Banking Review Report

The Banking & Payments Federation Ireland (BPFI) has welcomed the publication of the Terms of Reference for the Banking Review Report which sets out to review the current landscape for the provision of retail banking services in Ireland. While assessing the current environment, the Terms of Reference also indicates that the study will look at how the retail banking sector has evolved with a view to exploring market trends and what they mean for the sector over the next 5-10 years. Read more

SBA: The Swiss financial sector: a major employer and an engine of the economy even in times of crisis

In its latest study, BAK Economics examines the economic importance of the Swiss financial sector. The added value generated by companies in this sector amounted to CHF 66.5 billion in 2020 or around 10% of Switzerland's economic performance. It even reached CHF 95.5 billion if we take into account the indirect effects throughout the value creation chain, the Swiss Bankers Association (SBA) reports. Read more (FR)

Finance Finland: The FFI Board met with key policy-makers in Brussels

Finance Finland’s Board of Directors visited the heart of EU decision-making in Brussels on 16–17 November. During the visit, the Finnish financial sector’s representatives discussed pertinent regulatory projects and the future development of EU fiscal policy with decision-makers and key stakeholders. Read more

FROM THE INSTITUTIONS

ESMA: 2020 annual report on the EU market abuse sanctions

The European Securities and Markets Authority (ESMA) has published its annual report on administrative and criminal sanctions, as well as other administrative measures, issued across the EU under the Market Abuse Regulation (MAR) in 2020. The Report found that National Competent Authorities (NCAs) and other authorities imposed a total of €17.5 million in fines related to 541 administrative and criminal actions under MAR. Read more

ECB: Digitalisation in European banking: No time like the present

The European Central Bank (ECB) has published a speech by Pentti Hakkarainen, Member of the Supervisory Board of the ECB, at the 28th RegTech Convention. "We see the competition that banks face becoming more intense, including via the rising trend of unbundling and re-bundling of traditional banking products by new market players. Likewise, we are keeping a close eye on banks’ digital transformation activity, recognizing that the success of this work will be key to banks’ ongoing business model sustainability", she says. Read more

EIOPA publishes annual report on the use of capital add-ons during 2020 under Solvency II

The European Insurance and Occupational Pensions Authority (EIOPA) published its Annual Report on the use of capital add-ons during 2020. The objective of the capital add-on measure is to ensure that the regulatory capital requirements reflect the risk profile of the solo undertaking or of the insurance group. Therefore, it is important that national competent authorities (NCAs) use it when needed, with the aim to ensure a high degree of supervisory convergence in its application. It is also important to maintain a level playing field regarding the setting of capital add-ons. Read more

FROM THE EBF

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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