EBF MORNING BRIEF Wednesday 29 November 2023 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. Recommend the EBF newsletters to a colleague. Click here to sign up! |
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FROM THE MEDIA Reuters: Eurozone corporate lending contracts as economy shrinks Bank lending to businesses across the eurozone fell for the first time since 2015, data from the European Central Bank (ECB) showed. The 20-nation currency bloc's economy has struggled all year and is likely in a recession now, according to Reuters. Read more FT: UK bans vague ‘sustainability’ fund labels UK asset managers will be banned from using vague references to “sustainability” to market their funds, under new anti-greenwashing rules laid out by the Financial Conduct Authority (FCA). This approach could in the future be extended to portfolio managers, overseas funds, pension products, and financial advisers, the Financial Times (FT) reports. Read more CoinDesk: Digital Euro can end bank crises, is better than deposits A digital euro, unlike bank deposits, is a safe asset and could help end bank crises or deregulate banks altogether, according to former Bank of Spain Governor Miguel Fernández Ordóñez. As reported by CoinDesk, he added that a central bank digital currency (CBDC) could also let the European Central Bank (ECB) have "direct monetary policy." Read more |
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FROM EBF MEMBERS ABBL: Coalition agreement: many of the ABBL's proposals taken up There is broad agreement between the Government and the banking sector on the levers to be activated to strengthen the resilience of the economy and ensure prosperity. "The text of the 2023-2028 coalition agreement demonstrates the central role played by the financial center in our economy and the Government's desire to strengthen its competitiveness", Guy Hoffmann, Chairman of the Luxembourg Bankers Association (ABBL) said. Read more UK Finance: Enhancing financial crime The key takeaway from the Review of Anti-Fraud Controls and Complaint Handling in Firms is the importance of Compliance, Conduct, Complaints, and Financial Crime experts collaborating to share their collective knowledge and experience to continually review and optimize your response to financial crime. This is what Claire Rees, Client Manager at Jade ThirdEye writes in a blog for UK Finance. Read more LBA: Mixed financing facilitates sustainable investments Private investors, philanthropists, and public donors can work together to strengthen financing of the 17 UN Sustainable Development Goals. This is shown by an event organized by the Liechtenstein Banking Association (LBA) on “Blended Finance”. Read more (DE) |
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FROM THE INSTITUTIONS ECB: Tightening in perceived financing conditions The latest survey by the European Central Bank (ECB) shows that firms’ turnover continued to recover in the second and third quarters of 2023, despite high labor, interest, and production costs. Financing needs were unchanged, while the availability of external funds fell and financing conditions tightened. Read more BIS: Shaping the future financial system in the public interest In a speech on central bank digital currencies, Cecilia Skingsley, Head of the Bank for International Settlements (BIS) Innovation Hub underlines the importance of innovation for the public sector to shape the future financial system in a way that serves the public interest."Central banks need to make sure money continues to work," she said. Read more EP: Make the EU an attractive clearing hub while addressing risks The Economic and Monetary Affairs Committee of the European Parliament (EP) adopted new rules to curb third-country clearing risks, improve the competitiveness of the EU’s clearing services, and allow for EU supervision. MEPs aim to have an adequate supervisory framework and proposed that ESMA should directly supervise the EU CCPs. Read more |
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FROM THE EBF European Retirement Week: European associations set out recommendations to ensure pension adequacy for all During the launch of European Retirement Week in Brussels, the 14 European associations presented to EU policymakers key recommendations to ensure pension adequacy for all. The recommendations contribute to the debate on how to strengthen and ensure affordable and sustainable pension systems in the EU. Read more European Banks call for developing a shared vision for the financial sector to preserve Europe’s competitiveness The Board of the European Banking Federation (EBF) met in Madrid on 24 November 2023. It was the opportunity to reflect on the resilience built up over the last years, with a focus on recent advancements during the Spanish Presidency. It also allowed a discussion on the key areas where further progress is needed to enhance the competitiveness of the sector and the economy as a whole. Read more New 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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This newsletter is published by the EBF Mediacentre. For questions or suggestions contact v.barbieri@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
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