EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 7 November 2022

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

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FROM THE MEDIA 

Reuters: EU could fall foul of global banking rules, regulators warn

The EU could fall foul of global banking rules if proposed changes that would make them looser are passed, the EU's top banking regulators say. According to Reuters, EU states and the European Parliament are scrutinizing proposals from the Commission to implement the final leg of the Basel III accord, including a delay of its implementation from next year to 2025 and several changes designed to save European banks some capital. Read more

FT: ECB raises concerns over Spain’s proposed windfall bank tax

The European Central Bank (ECB) has criticized Spain’s proposed windfall tax on its banks, warning it could damage the capital position of lenders, disrupt monetary policy, and prove difficult to enforce. As reported by the Financial Times (FT), commercial lenders have said the fact the government wants to stop them from passing the cost of the tax on to clients is incompatible with EU rules and potentially destabilizing. Read more

Bloomberg: Lagarde says ‘mild recession’ won’t tame inflation

European Central Bank (ECB) President Christine Lagarde warned that a “mild recession” is possible but that it wouldn’t be sufficient in itself to stem soaring prices, Bloomberg reports. While a contraction isn’t her “baseline” scenario, Lagarde’s Latvian colleague, Martins Kazaks, said he expects one in the coming months. Executive Board member Fabio Panetta, meanwhile, warned about the economic risks of rapid rate rises. Read more

EBF and FBF joint side event at COP27

Net zero in a new reality, one year after GFANZ

9 November / 16:30 -17:30 (CET)

Despite current geopolitical and macroeconomic disruptions, European banks remain fully committed to Net Zero.

But what do banks’ Net Zero commitments mean in practice? And what is success depending on at this stage? Next Thursday, do not miss our side event at COP27 with the French Banking Federation (FBF) to listen to CSO from two major European banks, and banking associations as they discuss these key questions. During the event, we will also present exclusive insights from the new EBF/EY joint report on the effects of current geopolitics and macroeconomics on the transition.

FINANCIAL REGULATION AGENDA for next week

Monday 7 November

• Eurogroup

• Council Working Party on Financial Services and the Banking Union (Financial Services)

• European Parliament Committee on Economic and Monetary Affairs

• Joint meeting of the European Parliament Committee on the Environment, Public Health and Food Safety, the Committee on Budgets and the Committee on Budgetary Control

• European Commission 'High level conference: Towards a legislative framework enabling a digital euro for citizens and businesses' event

Tuesday 8 November

• Economic and Financial Affairs Council

• EESC ‘Gender-based investments in national Recovery and Resilience Plans’ hearing

• EESC ‘The future of Cohesion policy programs after 2027: What kind of Cohesion policy does Europe need?’ event

• Deutsche Bundesbank symposium 2022

• Deutsche Bundesbank ‘Machine learning, artificial intelligence and big data — the perspective of central banks’ event

• Banca d’Italia, Bank of England and Banque de France 'The US dollar as a global currency: challenges and perspectives' macroeconomics workshop

• Konrad Adenauer Foundation 'The Single Market Emergency Instrument - hit the bull's eye or overstretched?' webinar

• Accountancy Europe 'EU anti-money laundering reforms: building a resilient framework' event

• EFAMA 'Sustainable Finance Literacy: The Next Challenge for Investor Education' event

• CEPS Intereconomics Annual Conference

• European Institute 'Compliance & Regulation Roundtable 2022' event

Wednesday 9 November

• European Parliament plenary session (Brussels)

• Council Financial Services Committee

• Council Financial Services Attachés

• ECB Governing Council non-monetary policy meeting

• Deadline for submissions on the ECB consultation on the draft guide to qualifying holding procedures

• Council Horizontal Working Party on Cyber Issues

• European Banking Federation (EBF) and French Banking Federation (FBF) COP 27 side event: 'Net zero in a new reality, one year after GFANZ' webinar (EBF CEO Wim Mijs speaking)

• Euro Crowd 'CrowdCon: Next Level – Expanding the Capital Market Union' event (Burçak İnel, EBF Director of Financing Sustainable Growth speaking)

• PIIE ‘Financial stability and policy risks in the euro area’ event

• European Internet Forum ‘Digital currencies: the Digital Euro and Cryptocurrencies’ event

• European Data Economy Conference 2022

• CEPS 'ECMI 2022' Annual Conference

• Association of German Chambers of Industry and Commerce 'New Congress - America has the choice -What implications for economic relations with Germany and the EU?' event

• Financial Times 'From Egypt to the World: Financing the Net-zero Transition' event

• Financial Times 'Climate Capital at COP: Using Tech and digital tools to achieve Net-zero' event

• Financial Times 'Rewiring the financial system to deliver a Net-zero economy' event

Thursday 10 November

• Council Working Party on Tax Questions (Indirect Taxation)

• Council Working Party on Financial Services and the Banking Union (Financial Services)

• Bruegel ‘Rewriting the rulebook of the EU fiscal framework’ event

Friday 11 November

• Economic and Financial Affairs Council (Budget)

• Council Working Party on Financial Services and the Banking Union (Financial Services)

For a full-year overview of key financial regulation events: click here 

FROM EBF MEMBERS

BPFI: Sustainable finance report

As energy costs continue to soar, new research from Banking & Payments Federation Ireland (BPFI) shows that two-thirds (64%) of consumers have carried out at least one significant energy efficiency home improvement with 42% planning to do at least one in the next three years. Also the BPFI Sustainable Finance Report sets out key recommendations to enable scaling up of green finance to households and businesses. Read more 

SBA: The best reaction to the "perfect storm"

In the new edition of the Swiss Bankers Association's (SBA) podcast "Voices from the Financial Center", Claude Maurer, Chief Economist at Credit Suisse explains how investors should react to the current economic turbulences. According to him, the best remedy in times of uncertainty is risk diversification. In other words, risk diversification is the best reaction to a "perfect storm". Read more (DE)

BdB: Buy now, pay later – a debt trap?

Online shopping is enjoying great and increasing popularity, especially in times of the pandemic. According to the Association of German Banks (BdB), payment after receipt of the goods is the preferred means of payment for Germans. The downside of the possibility of postponing payment is that it can develop into a consumption trap. Read more(DE)

FROM THE INSTITUTIONS

ECB: The euro area economy and the energy transition

Energy price developments and the ensuing energy crisis are posing challenges. 'We are committed to doing our part to address climate change and promote the green transition, as this is necessary for price stability,' says European Central Bank (ECB) Vice-President Luis de Guindos. Read more

EBA: Assessment of the application of the supporting factor to infrastructure lending

The European Banking Authority (EBA) published a Report, which analyses some qualitative as well as quantitative aspects of the lending trends and riskiness of infrastructure loans that have benefitted from a capital reduction due to the introduction of the so-called infrastructure supporting factor (ISF) under the Capital Requirements Regulation (CRR). Read more

EIOPA: Sustainability: a key issue for EIOPA

Petra Hielkema, Chair at the European Insurance and Occupational Pensions Authority (EIOPA), discussed the impact of climate change-related risks on insurers and on the resilience of societies. In her speech, she explored what insurers can do to strengthen resilience and how EIOPA promotes a proactive approach to the management of sustainability issues. Read more (DE)

FROM THE EBF  this week

Joint Statement: Proposals for the Platform Workers Directive

Major industry representatives are concerned by the direction that the European Parliament is taking in negotiations over the Platform Workers Directive, which reclassifies self-employed collaborators in the EU as digital platform workers. Read more

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