| EBF MORNING BRIEF Monday 17 May 2021 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.
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FROM THE MEDIA
WSJ: Central banks jump into the climate-change policy fray
Central banks, the most powerful financial institutions in the world, want to become the guardians of the environment as well. The central banks say climate change is a financial and economic risk. According to the Wall Street Journal (WSJ), they believe rising sea levels, more wildfires and bigger storms could cause shortages that spur inflation, the regulators’ traditional nemesis. Read more (€)
Reuters: Bankers quit London as Brexit relocations to EU step up
Investment banks are shifting more rainmakers out of London to financial centers across the European Union, accelerating the pace of moves after the pandemic and uncertainty over Britain’s access to the bloc slowed relocations. Read more
LSE: How Jean-Claude Juncker and Pierre Moscovici laid the groundwork for the EU’s post-Covid fiscal policy
The EU’s fiscal rules, which state that governments should run budget deficits no higher than 3% of GDP and maintain a public debt no higher than 60% of GDP, have been suspended during the Covid-19 pandemic and there are now growing calls for them to be reformed or abandoned altogether. Drawing on a new study from the London School of Economics (LSE), Frédéric Mérand documents how Jean-Claude Juncker, Pierre Moscovici, and other figures within the European Commission laid the groundwork for this paradigm shift in EU fiscal governance. Read more |
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MAIN EVENTS -
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European Parliament plenary session
For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS BdB: Ingo Beyritz: We don't get anywhere by trying to regulate details afterward In an interview with FinanzBusiness, Ingo Beyritz, Head of payment transactions at the Association of German Banks (BdB) talks about unequal treatment of banks and FinTechs by the PSD2 payment services directive and why there should be no regulatory competition in the EU. Read more (DE)
NVB: Efforts to broaden and accelerate climate investments
In order to achieve the Paris climate targets, more and faster climate investments must be made. The Dutch Banking Association (NVB) shares the conclusion of De Nederlandsche Bank (DNB). According to the DNB, the necessary investments will be made by private parties while governments are setting the preconditions for such investments with their climate policies. Read more (NL)
SBA: Major crises cannot be solved by politics alone
After five years, Herbert J. Scheidt, President of the Swiss Bankers Association (SBA) is stepping down this fall. In this interview with NZZ, he discusses why associations like the SBA are needed, why the industry has become safer despite billion-dollar accidents, and why he sees his ideal successor in former UBS CEO Marcel Rohner. Read more (DE) |
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FROM THE INSTITUTIONS
European Commission: Spring 2021 Economic Forecast
The Spring 2021 Economic Forecast projects that the EU economy will expand by 4.2% in 2021 and by 4.4% in 2022. This represents a significant upgrade of the growth outlook compared to the Winter 2021 Economic Forecast which the Commission presented in February. Read more
ECB: Central banks in a shifting world: takeaways from the ECB’s online Sintra Forum
The 2020 European Central Bank (ECB) Forum on Central Banking addressed some key issues, including the ongoing monetary policy strategy review while embedding them in discussions of major structural changes in advanced economies and the post-COVID recovery. It highlights the implications of climate change, the options for formulating the ECB's inflation aim, how to make a monetary policy framework robust to deflation or inflation traps, and the role of fiscal policy for the recovery. Read more
ESMA: Consultation on the MIFID II/MIFIR annual report
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has launched a consultation seeking input from market participants on its MiFIDII /MiFIR Annual Review Report under Commission Delegated Regulation (EU) 2017/583 (RTS 2). The consultation closes on 11 June 2021. Read more
European Commission weekly schedule
Find out more about the European Commission's engagement and activities for the upcoming week. Read more
European Central Bank weekly schedule Find out more about the ECB's engagements and activities for the upcoming week. Read more
European Parliament weekly schedule Find out more about the Parliament's engagements and activities for the upcoming week. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
ESAs Joint Consultation paper on Taxonomy-related sustainability disclosures (SFDR RTS): EBF response
The European Banking Federation has responded to the ESAs Joint Consultation paper on Taxonomy-related sustainability disclosures (SFDR RTS). Click on HERE to read the EBF full position.
Evaluation of the Consumer Credit Directive: EBF position
The Directive on Consumer Credit (CCD) provides a solid framework for fair access to credit for European consumers. EBF looks with concern to unregulated creditors and the consequences that they can bring to the stability and well-functioning of the market. All creditors should be supervised and required to respond to the same rules on consumer protection, Know Your Customer (KYC), Anti-money laundering (AML), and reporting requirements. 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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