📝EBF Morning Brief - Thursday 20 March 2025: EU opens fiscal tap to secure Europe but warns against 'defense washing'

EBF MORNING BRIEF Thursday 20 March 2025

FROM THE MEDIA

POLITICO: EU opens fiscal tap to secure Europe but warns against 'defense washing'

The European Commission is allowing temporary fiscal flexibility for defense spending but warns against misuse of the relaxed rules, reports POLITICO. Read more.

Financial Times: EU to exclude US, UK, and Turkey from €150bn rearmament fund

A new €150bn EU defense fund will be limited to EU defense firms and select allies, excluding the US, UK, and Turkey unless they sign security agreements, reports the Financial Times. Read more.

The Banker: Why Germany’s fiscal shift will make European banks great again

Germany’s fiscal policy changes, including increased public investment, are expected to stimulate growth and benefit European banks, writes The Banker. Read more.

EVENTS

Thursday 20 March

Swiss National Bank: Monetary policy assessment – data release

Bank of England: Agents’ summary of business conditions (2025 Q1) – data release

European Council – meeting

Euro Summit – meeting

Friday 21 March

EIB: Meeting No. 580 of the Board of Directors – meeting

Bank of England: Consolidated worldwide claims (2024 Q4) – data release

ECB: Euro area monthly balance of payments (Jan. 2025) – data release

FROM EBF

EBF Press Release - Savings and Investments Union: The Path to Strengthening Europe’s Financial Future

The EBF welcomes the Communication on the Savings and Investments Union (SIU) by the European Commission on the 19th of March, a key step toward fostering sustainable and inclusive economic growth, competitiveness, and boosting vital financing for defence. By deepening capital markets and improving access to finance, the SIU can help ensure that European citizens, businesses, and households benefit from a stronger, more dynamic financial ecosystem. Read more.

New EBF Vacancy! Work with us!

Visit our Vacancies page to learn more about the opening. Read more

EBF Response to European Commission’s Call for Evidence on the Savings and Investments Union

The EBF welcomes the opportunity to contribute to the European Commission’s consultation on the Savings and Investment Union (SIU). By integrating the Banking Union and the Capital Markets Union, the SIU aims to strengthen Europe’s financial ecosystem and foster a more dynamic and resilient economy. Read more.

Recording and slides available! Exploring Basel III/IV: Scenarios for Financial Stability and Growth - March 5 at 4 PM

The implementation of the Basel III/IV capital reforms has become a political issue while banks are in the final straight. The balance between financial stability and competitiveness has taken over priority at a time when international relationships are being redefined. The US administration is re-evaluating its approach to the reforms, while, the UK has postponed the start of their adoption to 2027. Recording and slides here.

FROM EBF MEMBERS

Finance Denmark: The European Commission Sets the Direction for a Stronger Capital Market in Europe

Finance Denmark highlights the European Commission’s latest initiative to enhance and integrate European capital markets, promoting investment and economic growth. Read more (DA).

Association of German Banks: Europe Needs a Strong Savings and Investments Union

BdB calls for a unified European capital market to drive investment, improve financial stability, and ensure long-term economic growth. Read more (DE).

Estonian Banking Association: Youth Financial Literacy Online Conference – Do I Control Money, or Does Money Control Me?

Pangaliit hosts a financial literacy conference for young people, focusing on smart money management and long-term financial well-being. Read more (ET).

Banking & Payments Federation Ireland: Ireland’s First Cross-Sector Anti-Fraud Forum Chaired by BPFI Takes Place Today to Strengthen National Response to Financial Crime

BPFI leads Ireland’s first national anti-fraud forum, bringing together stakeholders to enhance collaboration in tackling financial crime. Read more.

FROM THE INSTITUTIONS

European Commission: Commission unveils Savings and Investments Union strategy to enhance financial opportunities for EU citizens and businesses

The Commission's SIU strategy aims to better channel savings into investments, improving capital market access, economic growth, and competitiveness. Read more.

Single Resolution Board: Technical meeting on public consultation for resolvability testing of banks

The SRB is holding a technical meeting as part of its public consultation on resolvability testing for banks, aiming to enhance crisis preparedness and resolution planning. 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