FROM THE MEDIA

Bloomberg: ECB’s Knot warns central bank could be underestimating inflation

European Central Bank policy maker Klaas Knot warned that policy makers may be underestimating the potential for accelerating inflation to become entrenched, and that emergency monetary stimulus should end around March 2022. While the ECB predicts that current elevated inflation rates are temporary -- driven by rebounding energy prices and supply shortages as the economy reopens -- the Dutch central bank governor said the outcome may be different, Bloomberg reports. Read more

EURACTIV: Global tax deal backed by 130 nations, Ireland and Hungary stay out

A total of 130 countries have agreed on a global tax reform ensuring that multinationals pay their fair share wherever they operate, the Organization for Economic Co-operation and Development (OECD) said. EURACTIV reports that some EU states refused to sign up, namely Ireland and Hungary. The agreement follows an endorsement by the G7 last month, and negotiations now move to a meeting of the G20 on 9-10 July in Venice, Italy. Read more FT

COINTELEGRAPH: The digital euro: Something Europe can’t afford to get wrong

Europe knows it will have to embrace a digital euro soon. To become a global digital leader and avoid dependence on American and Asian technological infrastructures, European policymakers and regulators have to make progressive decisions, COINTELEGRAPH reports. Read more

MAIN EVENTS

• European Parliament plenary session in Strasbourg

• Deutsche Bundesbank ‘Shaping ecological regulatory policy’ event

• Bank of England 'New Forms of Digital Money and Central Bank Digital Currencies' webinar

• CEPS ‘How to regulate crypto assets?’ webinar

• Council Financial Services Attachés

• EU Platform on Sustainable Finance ‘Practical Briefings on the EU Taxonomy’ webinar

• EBF Single Resolution Mechanism Expert Group virtual meeting

EBF BLUEPRINT

EBF presents recommendations for a fairer
and more efficient EU tax framework

The existing corporate tax framework adequately captures profits earned by banks, including where such profits are provided via digital mediums. 

The EBF Tax Blueprint advocates for fair European taxation of the Digital Economy. Read more

FROM THE EBF MEMBERS

FROM THE INSTITUTIONS

ECB: Enhanced outlook and emerging risk in the banking union

The worst phase of the pandemic is over, says Andrea Enria, European Central Bank (ECB) Supervisory Board Chair. But it is crucial not to lose sight of emerging risks such as increased leverage, complexity and opaqueness in financial markets. "The risk management practices of our banks are crucial for the ability of the economic system to make the best possible use of available resources along the path to recovery", he concluded. Read more

ESMA and EBA publish final guidance on fit and proper requirements

The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) published their revised joint Guidelines on the assessment of the suitability of members of the management body and key function holders. The Guidelines take into account the amendments introduced by the revised Capital Requirements Directive (CRD V) and the Investment Firms Directive (IFD), and their effect on the assessment of the suitability of members of the management body, in particular with regard to money laundering and financing terrorism risks, and gender diversity. Final Guidelines will apply from 31 December 2021. Read more

BIS: Luis de Guindos: Euro area banks in the recovery

Luis de Guindos, Vice-President of the European Central Bank (ECB) focuses on the banking sector and the financial system stability as a necessary condition for the recovery. "The post-pandemic world presents banks with new challenges but also with opportunities to overcome longstanding structural issues. [...] Greater domestic and cross-border consolidation in the sector could help enhance profitability and cost-efficiency while paving the way for a more integrated euro area banking sector", BIS' Luis de Guindos says. Read more
 

European Commission 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

FROM THE EUROPEAN BANKING FEDERATION 

European Commission’s public consultation on instant payments: EBF 

The EBF has responded to the European Commission’s public consultation on instant payments. Our response highlights that Pan-European instant payments can contribute to achieving a more integrated Single Market in retail payments. However, we consider of the utmost importance that the EU Commission clarifies its overall vision of a future EU payments landscape. The challenges of creating instant payment-based solutions should not be underestimated and it is important that the right incentives are in place to make instant payments competitive over time vis-à-vis other payment means. Read more

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European Banking Federation