EBF WEEKLY + FINANCIAL REGULATION AGENDA for the week starting Monday 20 May 2024 An overview of the main financial regulation and banking stories this week and a look ahead to key events for the upcoming week, 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 FT: High debt levels put Europe at risk of âadverse shocksâ The European Central Bank (ECB) has warned that European countries are âvulnerable to adverse shocksâ from geopolitical tensions and persistently high interest rates because of their failure to keep reducing their public debt. As reported by the Financial Times (FT), the ECB said that many European governments had not fully reversed the support measures introduced to shield from the impact of Covid-19 and the war in Ukraine. Read more Reuters: Digitalisation of banking creates new risks As the Basel Committee of banking regulators says in a new report, the digitalisation and entry of Big Tech into finance create new vulnerabilities and amplify existing risks in the banking system that may need new rules to mitigate, Reuters reports. Read more The Banker: Lenders still struggling with the operational realities of open banking Three-quarters of global banks arenât âoperationally readyâ to engage in open banking, with traditional lenders lacking the tools of digital-first providers to be able to offer personalised services to customers, according to a study. As the Banker reports, while new open banking regulations have helped enable data sharing, 75 per cent of financial institutions are not yet prepared to take advantage of the technology, according to the third annual Digital Banking Experience report published recently by Sopra Banking Software. Read more |
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FINANCIAL REGULATION AGENDA for next week Monday 20 May Tuesday 21 May Council Working Party on the Environment Wednesday 22 May Council Working Party on the Environment Thursday 23 May Council Working Party on the Environment Friday 24 May Council Working Party on the Environment |
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FROM EBF MEMBERS Finance Denmark: Funds with Danish bonds are a hit with investors In the first four months of 2024, investors bought a net 11.2 billion. DKK in funds with Danish bonds. This is more than in the previous five calendar years combined. Finance Denmark reports that while Danish bonds are a hit among investors, there has been a sell-off in funds with foreign bonds. Read more (DK) BPFI: Payments Monitor for May 2024 The latest Payments Monitor from Banking & Payments Federation Ireland (BPFI) reveals that over âŹ12 billion was spent using mobile wallets such as Apple Pay or Google Pay, in the 12 months to March 2024. This made up more than half of the value of all contactless payments made during the same period with âŹ24 billion spent across all contactless payment methods, including mobile wallets and cards. Read more ABBL: Response to ESMA's MiCA consultations The The Luxembourg Bankers' Association (ABBL) responded to two public consultations by the European Securities and Markets Authority (ESMA) on policy mandates documents under the Markets in Crypto-Assets Regulation (MiCA) regulation. The consultations focused on reverse solicitation guidelines and the qualification of crypto-assets as financial instruments. ABBL's responses provide insights and recommendations that aim to refine the regulatory framework for crypto-assets in the EU. Read more |
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FROM THE INSTITUTIONS ECB: Financial stability vulnerabilities have eased but the outlook remains fragile The European Central Bank's (ECB) Financial Stability Review for May 2024 shows that Eurozone's financial stability benefited from an improving economic outlook, with inflation declining and investor confidence recovering. Yet, the outlook remains fragile. Read more BIS: Sixty years of global inflation, a post-Great Financial Crisis update The extent to which international factors shape the inflation process has significant bearing on formulating domestic policy and maintaining economic stability. According to the Bank for International Settlements (BIS), if inflation is associated with global factors, domestic policy tools may have less impact in controlling it, particularly in smaller and more open economies where external influences can be particularly strong. Read more ESRB: Report on operational policy tools for cyber resilience As part of its macroprudential strategy to advance system-wide cyber resilience, the European Systemic Risk Board (ESRB) published a report focusing on three groups of operational policy tools: for gathering, sharing and managing information, coordination and emergency and backup systems. Read more |
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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 |
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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 r.hrelja@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium |
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