EBF MORNING BRIEF Wednesday 27 April 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 Bloomberg: ECB officials urge tighter control of crypto space European Central Bank (ECB) officials are amplifying calls for tighter regulation of crypto-currencies, Bloomberg reports. “The growth of crypto-asset markets reveals society’s growing demand for digital assets and instant payments,” French Governing Council member Francois Villeroy de Galhau said. Still, “now is the time to ensure that crypto-assets are only used within clear, regulated boundaries and for purposes that add value to society.” Read more
Reuters: ECB has room for 2-3 rate hikes this year, says Kazaks
The European Central Bank (ECB) should raise interest rates soon and has room for up to three hikes this year, ECB policymaker Martins Kazaks told Reuters. The ECB has been rolling back support at a glacial pace for months but a surge in inflation is intensifying calls to finally end a nearly decade-long foray into ultra-easy monetary policy. Read more
PYMNTS.com: EU backed tighter M&A rules to protect EU targets
The Committee on International Trade at the European Parliament backed a proposal that could make the acquisition of EU companies by overseas firms lengthier and in some cases, more difficult. According to PYMNTS.com, the draft law was unanimously approved and would give the EU Commission the power to investigate and counteract market-distorting foreign subsidies granted to companies set to acquire EU businesses or take part in the EU public procurement. Read more |
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MAIN EVENTS Council Working Party on Tax Questions (Direct Taxation)
For a full-year overview of key financial regulation events: click here
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REGISTRATION OPEN New Technologies for KYC |
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| | The series of EBF and SAS masterclasses to explore the most advanced technology solutions for Anti-Money Laundering continues! Our experts will be back on Thursday 19 May to examine the ways new technologies can facilitate the Know Your Customer (KYC) and customer due diligence processes. During the event, we will delve into the legislative developments in the field and show how solutions such as digital identification and network visualization can improve the transparency and efficiency of customer onboarding. |
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FROM THE EBF MEMBERS SBA: Swiss Bankers Association joins Net-Zero Banking Alliance Since April 2022, the Swiss Bankers Association (SBA) has been a supporting institution of the Net-Zero Banking Alliance and recommends its members to sign up voluntarily for the net-zero alliances as well as other international sustainability initiatives. Net-zero alliances set targets for achieving a climate-neutral economy, and promote international coordination and disclosure in the area of climate change mitigation. Read more FBF: A guide to learn how to better control your budget To help individuals better manage money, the French Banking Federation (FBF) published a guide on 'Mastering my budget'. The guide helps to understand why it is important to keep a budget, how to establish it and how to manage a bank account. It also suggests ways to improve one's resources, limit expenses, and react in case of difficulties. Read more (FR) AEB: When the best financing is not enough Encouraging innovation has always been key to progress. This is precisely one of the objectives of European funds: to achieve solid, digital and sustainable growth. "But they need to be used properly, which requires greater public-private coordination," says JosĂ© Luis MartĂnez Campuzano, spokesperson for Spanish Banking Association (AEB). Read more (ES) |
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FROM THE INSTITUTIONS ECB: Consolidated financial statement of the Eurosystem The European Central Bank (ECB) released the consolidated financial statement of the Eurosystem for the week ending 22 April 2022. The net position of the Eurosystem in foreign currency increased by €0.6 billion to €328.5 billion. As a result of the Eurosystem’s open market operations and standing facilities, net lending to credit institutions rose by €158.2 billion to €1,634.7 billion. Read more FSB: External vulnerabilities in EMEs associated with US dollar funding The Financial Stability Board (FSB) has published a report on the interaction between US dollar funding and external vulnerabilities in emerging market economies (EMEs). The report forms part of the FSB’s work program on non-bank financial intermediation. Read more
BIS: What role should banks play in the twin digital and climate revolution?
The banking sector is currently facing the twin challenges represented by the digital and green transition, said Denis Beau, First Deputy Governor of the Bank of France in a speech published by the Bank for International Settlements (BIS). While these have the potential to weaken banks and the financial system, they can also be opportunities, he adds. Read more |
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FROM THE EBF
EBF Position on MIFIR Review
The review presented by the European Commission is of critical importance to increase the competitiveness of financial market actors operating in the EU and the attractiveness of the Union’s regulatory framework. With these objectives in mind, the EBF finds it regrettable that several of the MiFIR reform proposals both for the equity and the non-equity transparency regimes are based on expected benefits that were neither subject to an in-depth analysis nor to a comprehensive impact assessment. Read more
EBF response to EBA Discussion Paper on its preliminary observations on selected payment fraud data under the Payment Services Directive
The EBF has recently responded to the European Banking Authority (EBA)’s Discussion Paper on its preliminary observations on selected payment fraud data under the Payment Services Directive. The EBF’s response highlights that the data collected by the EBA reflects a low level of incidence of fraud, showing that the safety measures taken by European Payment Service Providers are adequate. Read more
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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