EBF MORNING BRIEF Monday 18 November 2024 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
FT: Eurozone growth gap to widen with US, as Brussels cuts forecasts
The Eurozone economy is set to fall further behind the US, the European Commission said on Friday, as it downgraded its 2025 growth forecast for the region to 1.3 per cent, the Financial Times (FT) reports. Read more
Risk.net: EU bonds favoured over swaps as hedge for European debt
Bonds issued by the European Commission are increasingly being used as proxy hedges to European government bonds rather than using traditional euro interest rate swaps, with correlations shifting thanks to quantitative tightening and liquidity improvements in EU debt, writes Risk.net. Read more
Bloomberg: Euro Area to See Consumer Pickup But Risks Are High, EU Says
As Bloomberg reports, the euro area’s economic growth will pick up as obstacles to consumption and investment fade away, though geopolitics poses an increasing threat, according to the European Commission. Read more |
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MAIN EVENTS European Commission ‘EU Victims’ Rights Platform discusses digitalisation and victims’ rights’ online meeting Working Party on Financial Services and the Banking Union (Financial Services)
Council Horizontal Working Party on Cyber Issues |
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FROM EBF MEMBERS Czech Banking Association (ČBA): Interview with Economist Jan Vejmělek The Czech economy is expected to grow by 1% year-on-year this year. Next year, GDP is projected to accelerate by 2.3%. Compared to the previous forecast, the estimate for 2025 has been revised downward by nearly half a percentage point, mainly due to weaker developments abroad. Read more (CZ)
Spanish Banking Association (AEB): Kindelán: "Immediate revenue needs must not jeopardize the Spanish economy"
The president of the Spanish Banking Association (AEB), Alejandra Kindelán, has warned of the negative effects of the permanent bank tax on families and businesses. During her speech at the '31st Financial Sector Meeting' organized by Deloitte and ABC, she explained that the tax is a burden on the economy as it reduces the banking sector's lending capacity by €50 billion. Read more (ES) Finance Denmark: Investors' Purchases of Global Equity Funds Reach Record Levels Despite negative returns in most categories of investment funds leading up to the U.S. presidential election, new funds continued to flow into Danish retail funds in October. There remains significant interest in global equity funds, but in 2024, investors have also shown strong demand for Danish bond funds. Read more (DK) |
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FROM THE INSTITUTIONS
EIOPA: EIOPA releases its Opinion on the scope of DORA in light of the review of the Solvency II framework
The European Insurance and Occupational Pensions Authority (EIOPA) published its Opinion on the impact of the increased size thresholds regarding exclusion from scope of Solvency II as part of the Solvency II Review on insurance undertakings in the scope of the Digital Operational Resilience Act (DORA). Read more
EBA: The EBA publishes methodology, draft templates, and key milestones for its 2025 EU-wide stress test
The European Banking Authority (EBA) released the final methodology, draft templates, and template guidance for the 2025 EU-wide stress test, along with the milestone dates for the exercise. The stress test exercise will formally start in January 2025, following the release of the macroeconomic scenarios, with the results scheduled for publication in early August 2025. Read more
EC: Autumn 2024 Economic Forecast: A gradual rebound in an adverse environment
After a prolonged period of stagnation, the EU economy is returning to modest growth, while the disinflation process continues. The European Commission's Autumn Forecast projects GDP growth in 2024 at 0.9% in the EU and 0.8% in the euro area. Economic activity is forecast to accelerate to 1.5% in the EU and to 1.3% in the euro area in 2025, and to 1.8% in the EU and 1.6% in the euro area in 2026. 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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