EBF MORNING BRIEF Wednesday 3 July 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: Lagarde hails small inflation fall despite stubborn services
European Central Bank (ECB) President Christine Lagarde welcomed a small fall in inflation last month as a step in the right direction, even as data on Tuesday showed prices for services continued to rise nearly twice as fast as the headline figure. The ECB began undoing its steepest ever streak of interest rate hikes last month after a major fall in inflation over the past 1-1/2 years but is in no hurry to lower borrowing costs further as progress from here appears to be slower. Read more
CNBC: Markets will be ‘upset’ if new French government does not commit to fiscal rules
French markets will be “upset” if the country’s new government does not adhere to the European Central Bank’s new fiscal rules, Luis de Guindos, the institution’s vice president, said on Tuesday. However, de Guindos stressed to CNBC that movements in the French bond market since a snap election was called had been “quite orderly,” despite a widening of spreads. Read more Bloomberg: ECB’s Makhlouf Sees Only One More Rate Cut This Year European Central Bank (ECB) Governing Council member Gabriel Makhlouf said he’s comfortable with just one more interest-rate reduction this year as he needs more time to gain confidence inflation is headed to the 2% target, Reuters reported. “I am comfortable with expectations of another cut,” he said as quoted by Bloomberg. Read more |
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MAIN EVENTS -
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Council Working Party on Energy
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FROM EBF MEMBERS
BdB: How are shares and funds taxed?
As an investor, you should also consider tax aspects when making your financial decisions, The Association of German Banks (BdB) recommends. However, you are not obliged to take any action: taxes due on capital gains are withheld by your custodian bank at the time of payment and transferred to the tax office. It is important to submit an exemption order to your bank to be able to use the saver's lump sum. Read more (DE)
UK Finance: Monthly Economic Insight - July 2024
This month's focus is on the shape of the UK economy that the next government will inherit after the 4th of July, as well as a quick summary of UK Finance priorities for the next parliament. While British eyes are on the UK ballot box, there are still plenty of elections to come in 2024 H2: let's have a look at international developments in 2024 so far. Read more Finance Latvia: Most people in Latvia use pension limits 2 and 3 The results of a survey conducted by Luminor banka show that 78% of Latvians save for their old age using pension level 2, while 31% make contributions to pension level 3. Atis Krūmiņš, Head of Asset Management and Pensions at Luminor, explains how Latvians choose to save for their old age. Read more (LV) |
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FROM THE INSTITUTIONS
ECB: Monetary policy in an unusual cycle
Our decisions have kept inflation expectations anchored, and inflation is projected to return to 2% in the latter part of next year, says President Christine Lagarde. At the European Central Bank (ECB) Forum on Central Banking, she elaborates on the challenges faced by policymakers in this unusual cycle. Read more
EBA: Call for caution amid rising geopolitical risks for the EU/EEA banking sector
The European Banking Authority (EBA) today published the spring edition of its risk assessment report (RAR). The report covers the EBA’s common risk assessment as well as the analysis of banks’ asset encumbrance and funding plan data, which had previously been published in two separate reports. It also includes specific chapters dedicated to EU/EEA banks’ Commercial Real Estate (CRE) exposures and EU/EEA banks’ interconnections with non-bank financial intermediaries (NBFIs). Read more EIOPA: Opinion on the supervision of captive insurers The European Insurance and Occupational Pensions Authority (EIOPA) published an Opinion regarding the supervision of captive (re)insurance undertakings, with a particular focus on intra-group transactions, the prudent person principle and governance. Read more |
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FROM THE EBF
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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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