EBF MORNING BRIEF Monday 4 October 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
Bloomberg: Euro area inflation surges to a 13-year high
According to Bloomberg, inflation in the euro area accelerated more than expected to the highest level in 13 years, adding fuel to a debate over how long the post-crisis spike will last. Consumer prices rose 3.4% in September, compared with an estimate for a 3.3% gain, according to figures released by Eurostat. A measure stripping out volatile components such as food and energy climbed to 1.9%, a rate not seen since 2008. Read more
FT: Central bank digital currencies may not replace crypto, BIS says
Central banks are jostling with private-sector operators of stablecoins to dominate digital money and protect consumers. Private digital assets could coexist with potential digital currencies operated by central banks, the Bank for International Settlements said in a report. According to the Financial Times (FT), the paper reflects growing anxiety among policymakers that the rapid growth of cryptocurrencies and private sector initiatives around payments could lead to central banks losing control of their money. Read more
Reuters: Lithuania speeds green transition, expects 10 bln euros investment
Lithuania will bring forward its target for using only green power to 2035, 15 years earlier than planned. The target for using at least 50% green power will be moved from 2030 to 2025, a move to get ahead of the European Commission's "Fit for 55" green goals plan. The country will see investments into green energy totaling 10 billion euros, the minister Dainius Kreivys told Reuters in an interview, including about 3.5 billion euros of investment from the private sector and significant financing from the EU funds. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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FROM THE EBF MEMBERS
ABI: Green pass: Transparent dialogue with trade unions
As part of the dialogue between the Italian Banking Association (ABI) and trade unions, the recent legislative provision making the Green pass mandatory for accessing the workplace was examined. ABI underlined the importance of the effective application of the measures to guarantee safety and the resumption of economic and social activities. "The constant and timely commitment of ABI and trade union organizations in following the evolution of the health situation and the application of the provisions of the law continues to be central", President of the ABI Labor and Trade Union Affairs Committee says. Read more (IT)
BdB: Cybercrime: Danger from the Internet is increasing
The threat posed by cybercrime is increasing worldwide. The Federal Office for Information Security (BSI) speaks of a “tense situation” in its current report on the IT security situation. The Association of German Banks (BdB) offers ten basic tips to protect against hacker attacks. Read more (DE)
Finance Finland: Concerns about the tight schedule of the Corporate Sustainability Reporting Directive
Finance Finland and the Finnish Financial Supervisory Authority (FIN-FSA) have expressed concern about the hurried schedule of the Corporate Sustainability Reporting Directive (CSRD), as this could adversely affect the quality of regulation. The financial sector requires information on the sustainability impact of financed companies in order to achieve its goals and obligations of sustainable development. Read more |
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FROM THE INSTITUTIONS
ESMA seeks stakeholder input on shaping advice on retail investor protection
The European Securities and Markets Authority (ESMA) publishes a call for evidence on a number of retail investor protection topics under MiFID II. These views will feed into ESMA’s technical advice to the European Commission (EC) on the development of its strategy for retail investment. Read more
EIOPA: Comment on Solvency II proposals from the European Commission
The European Insurance and Occupational Pensions Authority (EIOPA) welcomes the proposals of the European Commission on the review of Solvency II. EIOPA particularly welcomes the proposal to develop an Insurance Recovery and Resolution Directive, include the macroprudential perspective in Solvency II, enhance the proportionality principle, and give mandates for further action on sustainable finance. Read more
EU looks to make data sharing easier: Council agrees position on Data Governance Act
The EU member states agreed on a negotiating mandate on a proposal for a Data Governance Act (DGA). The Act would seek to set up solid mechanisms to facilitate the reuse of certain categories of protected public-sector data, increase trust in data intermediation services and promote data altruism across the EU. A European Data Innovation Board will be created to assist the Commission in enhancing the interoperability of data intermediation services and ensuring consistent practice. The Council has introduced some improvements in the Board’s tasks and structure. 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 EBF
Proposal for a regulation laying down harmonised rules on AI act: EBF response
The European Banking Federation (EBF) welcomes the opportunity to comment on the European Commission’s proposal for a Regulation laying down harmonized rules on Artificial Intelligence (AI Act). The Act aims to develop an ecosystem of trust for AI in the EU, which encourages investment, aims to strengthen competitiveness, and ensures that AI systems respect fundamental rights and EU values. It is essential for these rules to strike a balance between regulating high-risk AI use cases and supporting innovation, including proportionate requirements, no unjustified barriers or restrictions, and no duplication. Read more
ESMA consultation on RTS 1 & 2 under MiFIR: EBF high-level comments
The EBF would like to thank ESMA for the opportunity to comment on the proposed changes on RTS 1 & 2 under MIFIR. The EBF would like to share some concerns regarding this consultation on the following: mandate, timing, alignment between MAR and transparency requirements under MIFIR, and streamlining. Read more 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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