FROM THE MEDIA
 

Euractiv, FT: Eurozone struggles to forge deal over economic crisis 

Euro area ministers are struggling to forge a compromise on a comprehensive rescue package as southern member states push for the issuance of joint debt to help pay for the post-coronavirus recovery, says the FT. Finance ministers are due to hold a call on Tuesday afternoon at which they will attempt to agree an emergency package to cushion sovereigns, businesses and individuals from the pandemic. Euractiv reports that the European Commission over the weekend has approved a series of multi-billion-euro state support packages for Greece, Poland and Portugal to help soften the economic impact of the coronavirus through grants and loan guarantees. Bloomberg analyses all options on the table and expects finance ministers to agree on a toolbox of measures worth over half a trillion euros that leaders could potentially sign off on later in the week. Read more (€) Euractiv Bloomberg Politico
 

FT: Regulators free more than €450bn capital for lenders to fight virus

Financial regulators have freed up about €460 billion of capital for banks around the world to help them absorb the impact of the Covid-19 pandemic, according to calculations by the Financial Times. By relaxing capital requirements in the past few weeks, central bankers have aimed to keep credit flowing to businesses and households and mitigate the economic turmoil caused by mass quarantines put in place to slow the spread of the virus. Read more (€)
 

Sunday Times: UK politicians begin calling for delay of Brexit talks

A leading Brexiteer has called on Boris Johnson to seek an extension of the Brexit transition period, urging the prime minister to get on the front foot, reports the Sunday Times. Nick de Bois, a former Tory MP who served as chief of staff to Dominic Raab when the latter was Brexit secretary, says the public would find it “illogical” and “incomprehensible” to divert people and resources to Brexit trade talks in the middle of the pandemic. According to the FT, Britain has quietly obtained EU support to help cover the costs of repatriation flights from Japan, the US and Peru during the coronavirus crisis, taking advantage of a Brussels programme that subsidises efforts to bring back stranded nationals. Meanwhile, various media report the hospitalisation of British Prime Minister Boris Johnson after suffering persistent coronavirus symptoms 10 days after testing positive for the virus. Read more (€) FT(€) Reuters
 

PYMNTS: Switzerland leads SME lending programme

Switzerland is in the midst of an economic surge compared to other coronavirus-ravaged countries, with fast and efficient loans making the difference, reports PYMNTS. Applicants trying to get loans from Swiss institutions have a remarkably easy time of it compared to many comparable countries. Stories from applicants say they only had to take a minute or two to fill out and scan a single-page form for a liquidity lifeline. Read more FT(€)

EBF IN THE NEWS

EBF MEMBERS IN THE NEWS

FROM THE INSTITUTIONS

Council: EU budget to save lives through an EU solidarity instrument

The Council published a Communication from the Commission to the European Parliament, the European Council, the Council, the European Economic and Social Committee and the Committee of the Regions on the EU’s Coronavirus Response. The Commission proposes to redirect every available euro from this year’s EU budget to help save lives through a new EU solidarity instrument. This will ensure that €3billion is directed to supporting the Member States to manage the public health crisis. Read more

Commission: Proposal of amendment of the MFF 2014-2020

The Commission proposed an amendment of the Multiannual Financial Framework (MFF) 2014-2020 to include the mobilisation of the EU solidarity instrument of €3billion. Read more

ECB: Sweden joins ECB’s instant payments settlement platform

The European Central Bank, the Eurosystem and Sveriges Riksbank concluded a cooperation agreement offering Sweden access to the Eurosystem’s TARGET Instant Payment Settlement (TIPS) to support the Swedish instant payment service, called RIX-INST. Read more

ECON: Recommendations on the negotiations for a partnership with UK

The ECON Committee has published an opinion on the negotiations with the UK during the transition phase. It recalled that passporting rights will cease to apply between the EU and the UK at the end of the transitional period, following access to the European financial market must be based on equivalence decisions. It also stresses the need for an extension of the transition period. Read more

IMF speech: Georgieva’s participation in the WHO press briefing

"Never in the history of the IMF have we witnessed the world economy come to a standstill,” Kristalina Georgieva, managing director of the IMF, said at a news conference. Speaking at the World Health Organization’s headquarters in Geneva, Georgieva said that this was “humanity’s darkest hour, a big threat to the whole world and it requires from us to stand tall, be united and protect the most vulnerable of our citizens.” Read more

BIS: Covid-19, cash, and the future of payments

The BIS published a report on COVID-19, cash, and the future of payments. Developments could speed up the shift toward digital payments. This could open a divide in access to payments instruments, which could negatively impact unbanked and older consumers. The pandemic may amplify calls to defend the role of cash - but also calls for central bank digital currencies. Read more, Stefan Ingves's speech

Commission calendar for this week

Find out more about the 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 agenda

Find out more about the Parliament's engagements and activities for the upcoming week. Read more

Banking in a Digital World: Drivers and Trends
 

BANKING ESSENTIALS WEBINAR
 

 TUESDAY 19 MAY 15:30

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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.