FROM THE MEDIA

Reuters: German lawmakers challenge ECB court ruling

A cross-party group of German lawmakers want to work with the European Parliament to resolve a challenge from Germany’s top court to the European Central Bank’s flagship policy programme, reports Reuters. The German Constitutional Court last month gave the ECB three months to explain the proportionality of its bond purchases or risk losing Germany’s Bundesbank as a participant. According to Politico, a senior EU judge has expressed his "deep concern" about the recent landmark ruling and warned that it risks dismantling rule of law in the EU and potentially even the bloc itself. Read more Politico FAZ(€)

Euractiv: EU ministers to chart digital future post Covid-19

EU member states are set to sign off this week on a series of commitments to transform the bloc’s digital agenda, in the aftermath of Europe’s battle with the coronavirus that has once again highlighted the vital importance of digital technology, writes Euractiv. Entitled Shaping Europe’s Digital Future, nations on the bloc will back plans to accelerate the digital transformation as an “essential component of the EU’s response to the economic crisis generated by the COVID-19 pandemic.” Read more

FT: European economy ‘through the worst’ but activity still depressed

Europeans have begun to return to work, shopping and dining out, suggesting the worst of the economic damage inflicted by coronavirus pandemic lockdowns has passed, but overall activity remains well below normal standards, pointing to the long haul back to recovery the region faces. High-frequency data indicators such as mobility and consumer spending suggest that the sharp economic contraction that has gripped major European economies since March began to ease in May and early June, writes the FT. Read more (€)
 

Deutsche Welle: EU calls for greater regulation of US tech companies

The need in Europe for tighter rules on US internet giants has become "urgent," competition commissioner Margrethe Vestager said according to Deutsche Welle. Brussels is seeking submissions by September on its planned 'Digital Services Act.' Read more

FT: Threat from climate change to financial stability underestimated

Climate change poses a bigger threat to financial stability than the coronavirus pandemic and the rules on bank lending to fossil fuel groups must be tightened to address it, states a the activist group Finance Watch in a new report according to the FT. Read more (€)

FROM THE INSTITUTIONS

ECON Committee: Monetary Dialogue with ECB's Lagarde

Today, ECON Committee Members will have an exchange of views with President of the European Central Bank, Christine Lagarde, to discuss the latest monetary policy decisions of the ECB Governing Council. This meeting is the second monetary dialogue to take place in 2020, and will focus on the economic and financial perspectives at the global level and for the euro area, and on the ECB response to the coronavirus crisis aimed at supporting firms and families in the EU in these difficult times. Read more Live Webcast

ESMA: Guidance on the compliance function under MiFID II

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator published the final guidelines on the MiFID II compliance function. These guidelines replace the ESMA guidelines on the same topic issued in 2012 and include updates that enhance clarity and foster greater convergence in the implementation, and supervision, of the new MiFID II compliance function requirements. Read more

BIS: Central banks' response to Covid-19 in advanced economies

Latest Bank for International Settlements (BIS) bulletin Central banks’ response to Covid-19 in advanced economies shows how central banks in advanced economies reacted swiftly and forcefully to the Covid-19 pandemic, deploying the full range of crisis tools within weeks. The initial response focused primarily on easing financial stress and ensuring a smooth flow of credit to the private non-financial sector. Read more

IMF provided $235 bln in Covid-19 financing to 66 countries

The International Monetary Fund (IMF) provided emergency financing help to 66 countries since the beginning of the Covid-19 pandemic, IMF spokesperson Gerry Rice told reporters last week. The global coronavirus case count has surpassed 6.5 million with over 386,000 deaths, according to public health data compiled by Johns Hopkins University. Transcript of IMF Press Briefing

European Commission weekly schedule

European Central Bank weekly schedule

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

EU Parliament weekly schedule

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

TEST YOURSELF AGAINST THE FINLIT CHAMPIONS
 

 TUESDAY 16  JUNE: 
GRAND FINAL EUROPEAN MONEY QUIZ
 

Do you know how to manage your money? Do you know what it takes to become and remain financially resilient? To mark the close of the European Money Quiz 2020 season you are invited to join us for the GRAND FINAL quiz show on Tuesday 16 June at 14 CET. You will hear from this year’s national winners and can challenge them directly in this international online financial literacy competition.
 

Watch live at www.youtube.com/EuropeanMoneyQuiz

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ABOUT THE EUROPEAN BANKING FEDERATION
 

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