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 ‘adverse shocks’
The European Central Bank (ECB) has warned that European countries are “vulnerable to adverse shocks” 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 aren’t “operationally ready” 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
Wednesday 22 May
Thursday 23 May
Friday 24 May
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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 €12 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 €24 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
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