📝EBF Morning Brief - Monday 23 January 2023: Lagarde says China’s Covid reopening will push inflation higher

EBF MORNING BRIEF Monday 23 January 2023

FROM THE MEDIA

CNBC: Lagarde says China’s Covid reopening will push inflation higher

China’s decision to reopen its economy will increase inflation in Europe as they both compete for more energy, according to the European Central Bank (ECB) President. As reported by CNBC, there has been an extensive debate at the World Economic Forum about whether Beijing’s decision to end its zero-Covid policy will bring more or less inflation. Read more

Reuters: Frankfurt 'STIRs' up euro clearing battle with London

According to Reuters, Frankfurt is expanding derivatives clearing in an early test of how well EU ambitions to lure trillions of euros of business from London could work in practice. EU banks can continue clearing in London until June 2025, but industry officials say an extension is inevitable. Read more

Finextra: Danske Bank releases ambitious climate action plan

Danske Bank has released a detailed climate action plan setting goals for 2030 and 2050, Finextra reports. The plan maps out the bank’s sustainable goals and carbon emissions, pulling focus to the green transition. Read more

MAIN EVENTS

Council Working Party of Financial Counsellors

European Parliament Committee on Economic and Monetary Affairs

European Securities and Markets Authority hearing on the consultation on ESG terms in funds’ names

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

FROM EBF MEMBERS

BPFI: Customer Survey

New research by Banking & Payments Federation Ireland (BPFI) shows just 13% of remaining Ulster Bank/KBC Bank Ireland customers still need to open a new current account with a financial services provider. Customers who yet have to take action are being urged to act now to establish new banking arrangements. Read more

ABI: Tokenise Europe 2025

The European Commission and the Association of German Banks promote an initiative on the importance of tokenization which saw the participation of over 20 subjects, including the Italian Banking Association (ABI). Tokenization will be a key factor in making the EU more competitive and manifesting its strategic resilience in the coming years. Read more (IT)

NVB: Insights into mutual comparability of banks' climate reports

Banks have agreed to measure, report, and reduce the CO2 in their portfolios. But insights into the specific initiatives and measurement methods are required for clarity about the consistency and comparability of reports. The Dutch Banking Association (NVB) published a report mapping out how Dutch banks' reports relate to each other. Read more (NL)

FROM THE INSTITUTIONS

EC: SMEs: Consultations on the revision of the Late Payment Directive

The European Commission (EC) is launching an open public consultation to collect information on late or unfair payment practices and payment behavior in commercial transactions. The input from the consultation will inform the upcoming revision of the Late Payment Directive, which will form part of the ‘SME Relief Package'. Read more

ESMA temporarily disables submissions to consultations and hearings

The European Securities and Markets Authority (ESMA) will launch its revamped website on Tuesday, 24 January 2023. To allow a smooth transition and prevent the loss of any submissions, all open consultations and hearings will be temporarily closed for new entries between 22 January at 18:00 CET and 24 January 2023 at 10:00 CET. Read more

BIS: Funding for lending programmes

Funding for lending programmes (FFLs) seeks to facilitate the flow of credit to the economy by enabling banks to access low-cost funding from the central bank. The latest paper by the Bank for International Settlements (BIS) considers the goals and objectives of FFLs, their design aspects, and their effectiveness in achieving stated objectives. Read more

FROM THE EBF

EBF: ESAs Call for evidence on better understanding greenwashing

Sustainability has been attracting considerable and growing attention over the last few years. The resulting increased risk of wrongful greenwashing claims and potential reputational implications may finally deter financial institutions from increasing transition and sustainability financing. In this context, EBF supports the objective of a focused approach to greenwashing covering all sectors of the economy. Read more

EBF: Joint Business Statement on the due diligence proposal (CS3D)

The European business community supports an EU due diligence framework. However, it calls for realism, proportionality, and workability for this framework to truly enable and guide businesses in taking necessary steps towards more sustainable supply chains. This includes companies under the scope but also SMEs that will be impacted. 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