| EBF MORNING BRIEF Monday 19 October 2020 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
Le Monde: Lagarde asks EU governments not to stop support too soon
Christine Lagarde, la présidente de la BCE appelle, dans un entretien au 'Le Monde', les gouvernements européens à ne pas retirer trop tôt leurs soutiens à l’économie.Christine Lagarde: "Les nouvelles restrictions pèsent sur la reprise". We will keep a close watch on economic indicators throughout the autumn, our central scenario foresees an 8% average fall in euro area GDP in 2020. If the situation deteriorates, our projections will obviously be gloomier, she told the French daily. "If more has to be done, we will do more." Read more ECB version FR ECB version EN
Deutsche Welle: Europe's banks struggle to survive a second wave
Although the current crisis was not triggered by the financial sector, the fallout from a prolonged second wave is a bigger threat to banks than the eurozone debt crisis, Deutsche Welle reports. The sector is preparing for a spike in bad loans. Read more
FT: Eurozone budget deficits rise nearly tenfold to counter pandemic
Eurozone governments plan to go deeper into the red than ever before this year, racking up budget deficits of close to €1 trillion as they splash out on emergency measures to counter the coronavirus crisis, the Financial Times reports. Draft budget plans published by member states on the European Commission website indicate the 19-country bloc will slide to an aggregate fiscal deficit of €976bn, equal to 8.9 per cent of gross domestic product this year, according to Financial Times calculations. Read more (€) |
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MAIN EVENTS today For more events check the EBF planning calendar HERE
*All events take place in Brussels unless stated otherwise
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Join and register for free EBF CYBERSECURITY & RESILIENCE:
THE BASIS OF IT ALL IN DIGITAL INNOVATION ONLINE conference, Thursday 22 October, 15:30 CEST |
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 | The conference is devoted to cybersecurity and resilience, the basis underlying every field of digital innovation. Taking place during the European Cyber Security Month and building upon the previous annual editions of the (physical) EBF Cybersecurity Conference, this year’s digital event aims to provide to explore the rapidly evolving cyber trends and challenges for banks. |
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FROM THE EBF MEMBERS
Febelfin: Are you having financial difficulties? Talk to your banker!
Are you experiencing financial problems as a result of the coronavirus crisis or do you have any questions? A golden tip: contact your banker in good time and talk about it. This way, your banker can discuss the options for your situation with you, Febefin writes in its latest post. Read more (FR)
ABBL: Training young people for tomorrow's finance
Le Centre de Documentation et d'Information sur l'Enseignement Supérieur (CEDIES) published, in collaboration with the Luxembourg Bankers' Association (ABBL), the new edition of the guide to banking and finance in Luxembourg. Read more (FR)
CBA: Banks continue to defer payments on an individual basis
Banks are already closely monitoring the financial situation of their clients and, if they detect a possible problem, they contact the client. "However, it is necessary for clients to go to the banks and in case they suspect that they could get into trouble with the repayment, they should contact their bank as soon as possible," says Tomáš Salomon, President of the Czech Banking Association (CBA). Read more (CE)
UK Finance: Digital Identity – the next chapter
Jonathan Middleton, UK Finance Principal, Technology and Digital Policy Delivery Coordination, blogged about what lies next for the digital identity ecosystem. Read more |
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FROM THE INSTITUTIONS
ECB: The recovery is weakening
The resurgence of coronavirus infections in a number of euro area countries is weakening the recovery, says Executive Board member Fabio Panetta in an interview conducted by Eirini Chrysolora for Kathimerini. This reinforces the need for prolonged support from macroeconomic policies. Read more
ECON committee: COVID-19 crisis must make the EU more resilient The Economic and Monetary Affairs Committee (ECON) in the European Parliament has voted on a resolution, which states that the response to the current COVID-19 crisis must make the EU more resilient. It includes the commitment to targeted spending decisions; deficit, debt and own resources; as well as efficient use and protection of state funds. The resolution was approved by 29 votes to 11, with 11 abstentions. It is scheduled for a plenary vote during the next plenary session, 19-23 October. Read more
UNEP FI: ECB Lagarde on sustainable finance market practices
The Global Roundtable Day 2 of the United Nations Environment Partnership Finance Initiative focused on sustainable finance market practices. ECB President Christine Lagarde warned that there is not enough green finance, and finance that claims to be green may not be green enough. More needs to be done because financial markets are probably not measuring risk properly and have not priced it in. She stated that out of €750 billion in bond issuance to be launched from early 2021 onwards to respond to the consequences of the pandemic, 30% will be a green investment. Read more
FSB publishes global transition roadmap for LIBOR
The Financial Stability Board (FSB) has published a global transition roadmap for LIBOR. The roadmap sets out a timetable of actions for financial and non-financial sector firms to take in order to ensure a smooth LIBOR transition by end-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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The European Banking Federation and fTLD Registry Services (fTLD) are partnering to educate the European banking sector about the cybersecurity role .BANK plays in protecting banks against Business Email Compromise (BEC) scams, phishing and spoofing attacks that lead to breaches, identity theft and financial fraud. fTLD administers the .BANK domain and the EBF has served on its Advisory Council since 2013. To learn more about the security benefits of .BANK, visit https://www.register.bank/ebf/ or contact fTLD at EBF@fTLD.com. |
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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. The EBF 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. |
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