📝EBF Morning Brief - Wednesday 6 March 2024: Sticky services inflation emboldens ECB to resist calls for rate cuts

EBF MORNING BRIEF Wednesday 6 March 2024

FROM THE MEDIA

FT: Sticky services inflation emboldens ECB to resist calls for rate cuts

Hawkish policymakers at the European Central Bank (ECB) have been emboldened to resist calls for an imminent cut to interest rates at their meeting this week after inflation proved stickier than expected in February, the Financial Times (FT) reports. Read more

Reuters: UK watchdog to probe bank demands for personal guarantees from small firms

The UK market regulator will investigate whether small businesses face unnecessary barriers to growth due to banks' increasing demands for personal guarantees when applying for loans. According to Reuters, the Financial Conduct Authority said the Federation of Small Businesses, a consumer body, had reported that lenders' growing demands for personal guarantees was hurting small businesses and dissuading them from borrowing. Read more

The Banker: Risk culture change essential to avoid more bank failures

Banks must urgently rethink their approach to risk culture to prevent further Credit Suisse-style collapses, according to a February report published by the Association of Certified Chartered Accountants, a global professional accountancy body. The report reveals that current behaviours, particularly a lack of accountability, are major blind spots. The report highlights the role that behavioural science and accountancy professionals have in embedding new approaches to risk culture. Read more

MAIN EVENTS

Council Working Party on Financial Services and the Banking Union

Council Horizontal Working Party on Cyber Issues

Council Working Party on the Environment

EUROPEAN MONEY WEEK 2024

A decade of boosting Europe's financial education: what next?

Tuesday 19 March 2024 | 10:00 - 4:00 PM (CET)

In 2015, the European Banking Federation (EBF) launched the European Money Week, leading in promoting financial education across Europe. A decade later, we find ourselves in a very different landscape, where technologies like artificial intelligence (AI) and digital finance add layers of complexity while presenting both challenges and opportunities.

Against this backdrop, the 2024 European Money Week kicks off with a timely examination of Europe’s financial literacy landscape in the crucial lead-up to European elections. A great line-up of panels will delve into the intertwined threads of digital skills and financial awareness with a focus on the latest trends and strategies to empower citizens.

On March 19, join us in Brussels or online to hear from the leading voices in policy, academia, and the industry as they discuss where we are and what’s next for financial education in Europe. Do not miss the chance to build a more financially empowered future.

FROM EBF MEMBERS

BdB: AI in banks: how will new competitors and innovative services shape the banking business of the future?

Artificial intelligence (AI) is revolutionising our world and has already established itself as an indispensable tool in numerous sectors, the Association of German Banks (BdB) points out. AI is used in all areas of the value chain, from research and development to production and service, and its importance is also becoming increasingly visible in the financial sector. Hence, what structural impact will AI have on the financial sector? Read more (DE)

Finance Finland: Finnish positive credit register to be launched in April

As of April, Finnish credit institutions can use the national positive credit register information to assess the reliability of loan applicants. “The positive credit register provides a solid starting point for assessing a customer’s creditworthiness. It will also help curb excessive household debt, as the register shows if there are delays in the instalments of existing loans”, says Finance Finland’s Antti Laitila. Read more

Finance Denmark: Financial literacy in 700 school classes

As of Monday morning, budgets, interest rates and general financial understanding will be part of the agenda for almost 700 school classes across the country. They are participating in Finance Denmark's Money Week, which for the tenth year in a row is providing teaching materials to Danish schools. In addition, the classes have the opportunity to receive guest lectures from bankers who share their knowledge about personal finances. Read more (DK)

FROM THE INSTITUTIONS

ECB: Consolidated financial statement of the Euroystem

The European Central Bank (ECB) published the consolidated financial statement of the Eurosystem as at March 2024. Read more

EBA: Final Guidelines on national lists or registers of credit servicers

The European Banking Authority (EBA) published its final Guidelines on national lists or registers of credit servicers. The Guidelines are addressed to Competent Authorities managing the lists or registers and specify i) the content of the lists or registers, ii) how they should be made accessible, and iii) the deadlines for updating them. Read more

EIOPA: Monthly update of the symmetric adjustment of the equity capital charge for Solvency II

The European Insurance and Occupational Pensions Authority (EIOPA) has published the technical information on the symmetric adjustment of the equity capital charge for Solvency II with reference to the end of February 2024. Read more

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

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

European Banking Federation