EBF WEEKLY + FINANCIAL REGULATION AGENDA for the week starting Monday 27 November 2023 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 Reuters: ECB must resist the urge to cut rates early, Nagel says The European Central Bank (ECB) must resist any temptation to cut interest rates early as the most difficult part of fighting off the recent inflation surge could still be ahead, Bundesbank President Joachim Nagel said heard by Reuters. "For some months to come, the road ahead will probably be a bumpy one with many ups and downs," he added. Read more Bloomberg: Slovenia moves ahead on new tax on banks, companies Slovenia’s government approved a tax on banks and higher levies on companies to help fund reconstruction following the country’s worst natural disaster in three decades. The new legislation aims to impose a 0.2% tax on total banking assets, Bloomberg writes. Read more Finextra: UK funds are given green light for tokenization UK investment funds are able to progress their tokenization strategies after the publication of the first report from a government-backed industry working group. As reported by Finextra, funds must meet certain conditions to be eligible for tokenization. Read more |
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FINANCIAL REGULATION AGENDA for next week Monday 27 November Council Horizontal Working Party on Cyber Issues Tuesday 28 November European Parliament Committee on Economic and Monetary Affairs digital euro hearing Wednesday 29 November Thursday 30 November Council Horizontal Working Party on Cyber Issues European Parliament Subcommittee on Tax Matters Friday 1 December ECB Banking Supervision Forum (Christian Sewing, EBF President, speaking) Banca d’Italia, the Bank of England, and Banque de France ‘International Macroeconomics’ workshop |
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FROM EBF MEMBERS AEB: Banks reinforce their commitment to support their customers and provide solutions to society's major challenges “European banks play a vital role in enabling Europe's strategic autonomy and supporting future growth. We must work with policymakers towards a regulatory framework that allows the banking sector to remain resilient, profitable, and competitive while avoiding limiting the financing capacity of banks, essential for sustainable transformation and technological advances," said Wim Mijs, European Banking Federation (EBF) CEO, at the Spanish Banking Association (AEB) conference on the next EU legislative cycle. Read more (ES) SBA: The financial sector, a stable pillar of the Swiss economy According to a recent study, the financial sector in Switzerland, which accounts for 5.4% of employment, generates about 9.3% of gross value added. As the Swiss Bankers Association (SBA) points out, due to the financial sector's significant indirect impulses in other sectors, the overall effect is significantly higher. Read more (FR) Finance Finland: The financial sector's power to halt biodiversity loss Biodiversity loss and the financial sector’s potential to prevent it were discussed at the Finnish Finance Nature Summit organized by Finance Finland. During the event, panelists talked about the financial sector’s biodiversity measures and the relationship between European policy design and the sector’s nature action. Read more |
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FROM THE INSTITUTIONS ECB: Account of October monetary policy meeting The Governing Council of the European Central Bank (ECB) decided to keep interest rates unchanged in the face of still strong domestic price pressures, with past rate increases continuing to be transmitted forcefully into financing conditions. Read more BIS: Monetary policy, financial conditions, and real activity During the current monetary policy tightening episode, financial conditions co-moved closely with policy rates, especially in the initial stages but with some differentiation across countries. According to the Bank for International Settlements (BIS), financial conditions may continue tightening long after central banks stop raising policy rates, with possible implications for financial stability. Read more European Council: Digital skills and competencies and successful digital education and training: fit for the digital era The European Council has adopted a set of recommendations on the key enabling factors for successful digital education and training, and on improving the provision of digital skills and competencies in education and training. It provides guidance on how to prepare people to use technology creatively, safely, and responsibly. Read more |
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FROM THE EBF Joint Statement on Duplication in the Cyber Resilience Act The European Banking Federation (EBF), together with the European Association of Co-operative Banks (EACB), the European Savings Banks Group (ESBG), the Association for Financial Markets in Europe (AFME), and the European Payment Institutions Federation (EPIF) released a joint statement on the ongoing process of finalizing the trilogue discussions on the Cyber Resilience Act (CRA). Read more Industry statement calls for removing sovereignty requirements from European Cybersecurity Certification Scheme for Cloud Services (EUCS) The European Banking Federation (EBF) co-signed a joint statement on the ongoing process of developing a cybersecurity certification scheme for cloud services (EUCS). While the industry welcomes the objective of establishing a minimum set of security and trust criteria for cloud services, the drafting of EUCS should be a purely technical process detailing the technical requirements for such certification. 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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