EBF MORNING BRIEF Thursday 3 June 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
Forbes: Europe’s digital banking industry enters its first restructuring wave
In recent years, Europe has witnessed a frantic arms race between its new generation of digital challenger banks. The number of platforms offering mobile-native banking services has proliferated into the dozens, with their high-growth business models driving an inflow of investor capital. According to Forbes, this rising tide of private financing activity has propelled UK fintechs Revolut and Monzo, and Germany’s N26, to unicorn status and driven the adoption of their services, as well as those of their peers, by tens of millions of customers. Read more
FT: Deal near on forcing companies to disclose climate risks, says Central Bank Chief François Villeroy de Galhau, French central bank governor, told the Financial Times (FT) that talks between government and central bank officials on new climate risk disclosure rules had progressed faster than expected and that an international framework could be agreed at November’s UN COP26 climate conference in the Scottish city of Glasgow. Read more (€)
EU Reporter: EIB/EC report: €10 billion investment gap in artificial intelligence and blockchain technologies is holding back the EU
The European Investment Bank (EIB) and European Commission (EC) published a new study on the state of play in artificial intelligence and blockchain technologies in the European Union, EU Reporter writes. The report shows that in comparison to major global competitors, the EU is falling behind in developing and deploying artificial intelligence and blockchain technologies. Read more |
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MAIN EVENTS TODAY AND TOMORROW
Thursday 3 June:
EBF Banking Union Steering Group virtual meeting Friday 4 June: For a full-year overview of key financial regulation events: click here |
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EBF BLUEPRINT
EBF presents recommendations for a fairer and
more efficient EU tax framework
The complexity of the withholding tax procedures is a major barrier to cross-border investments, and to the creation of the EU CMU. Our blueprint recommendations aim to ease that complexity for a fairer, and sustainable EU tax framework. Please find the full report HERE |
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FROM THE EBF MEMBERS
Finance Latvia: 15-Point Plan to promote financing 2021-2022
The 15-Point Plan to promote financing 2021-2022 developed by Finance Latvia shows the most important activities to be implemented by the end of next year. The plan identifies four main areas: promotion of lending, development of capital market, improvement of financial literacy, and enhancement of sustainable finance. It envisages the development of new products for financing green transition, development of competitive regulations on securitization and implementation of a collateral agent for issues of bonds and syndicated bank loans, creation of a sustainable financing platform, open innovations for sustainable solutions, development of a financial literacy programme for pupils and other activities. Read more
SBA: The future of the financial sector: from data banks to the data bank
The growing amount of digitally collected data and new technological possibilities increase the potential for systematic data use that both ensures data protection and enables new insights for clients and banks. Data management in day-to-day banking activities is indeed becoming increasingly important, and this has prompted the Swiss Bankers Association (SBA) to publish a guide on how to handle data in everyday business. Accompanying the publication, various blogs will be published here in the coming weeks. Read more (DE)
UK Finance: Time to change? A new agenda for ethnic minority entrepreneurship
Ethnic minority businesses (EMBs) play a vital role in the UK economy, yet rarely do they receive the recognition they deserve, UK Finance reports in its latest post. The entrepreneurial qualities of diverse communities will be needed in the post-Brexit and post Covid-19 era, and action is required to encourage and support the creativity and talent in the UK’s richly diverse ethnic minority communities. Read more |
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FROM THE INSTITUTIONS
European Commission: European Semester Spring Package
The European Commission has presented the European Semester Spring Package. It focuses on providing fiscal guidance to the Member States for 2022 and the medium term as they continue the process of gradually reopening their economies. Through its guidance, the Commission aims to help Member States strengthen their economic recoveries and make the best possible use of the Recovery and Resilience Facility (RRF). Read more
ECB: International use of the euro stable in 2020
This 20th annual review of the international role of the euro published by the European Central Bank (ECB) presents an overview of developments in the use of the euro by non-euro area residents. The international role of the euro is broadly stable, and it remains the second-most-used currency in the world after the US dollar. Half of all green bonds issued globally in 2020 were in euro, making it a key currency in international green bond markets. Read more
BIS: Andrew Bailey: Tackling climate for real - the role of central banks
Andrew Bailey, Governor of the Bank of England delivered a speech at the Reuters Events Responsible Business addressing the relevance of climate change and the transition to a net-zero economy to central banks as a way to preserve monetary and financial stability. "The effects of climate change, as well as the transition to a net-zero economy, create financial risks and economic consequences. The question is not if but where, to what extent, and how should we respond", he says. Read more |
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FROM THE EUROPEAN BANKING FEDERATION
EBA consultation on draft technical standards on Pillar 3 disclosures of ESG risks: EBF response
The European Banking Federation (EBF) responded to the European Banking Authority (EBA)'s consultation on draft technical standards on Pillar 3 disclosures of ESG risks by highlighting 5 key points. The response addresses Article 8 reporting requirements, the importance of the consistency of EU Regulations as well as the advised simplification of Pillar 3 disclosures and ITS requirements while recommending that EBA develops a Pillar 3 approach by building blocks. Read more
European Commission Delegated Act on the Taxonomy Article 8: EBF response
The European Banking Federation (EBF) published a response to the European Commission Delegated Act (DA) on the Taxonomy Article 8. EBF is proposing an alternative approach that will achieve the same objectives as the proposed DA, but provides for a better and fairer comparison of GAR, while providing full transparency to the market based on data availability and feasibility. 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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