EBF MORNING BRIEF Tuesday 27 August 2024 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
Euronews: EU inflation data in focus as ECB considers next interest rate move
According to Euronews, the Eurozone is set to release its first estimate of inflation for August, offering clues about the European Central Bank's (ECB's) interest rate decision in September. Read more FT: Novo Banco IPO would cement Europe’s periphery bank revival Portugal's Novo Banco (New Bank) may live up to its name for investors. The bank is what remains after the disastrous break-up and rescue of Banco Espírito Santo in 2014, which failed spectacularly and had to be put into resolution. With a lengthy government-backed rescue virtually complete, Novo Banco could be the first initial public offering of a European bank in years, the Financial Times (FT) reports. Read more Euractiv: ECB official’s speech offers little guidance on future rate path A hotly anticipated speech by European Central Bank (ECB) chief economist Philip Lane at the Jackson Hole annual central bankers’ summit in Wyoming on Saturday (24 August) failed to provide significant guidance on the ECB’s future rate path, analysts say. Read more |
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FROM EBF MEMBERS
Finance Denmark: Consultation response - proposal to reduce estate and gift tax
Finance Denmark welcomes the fact that an agreement has been reached which results in a reduction in inheritance and gift taxes. Inheritance taxes, in line with capital taxes, cause distortions that have negative effects on the economy - this applies to savings and labor supply. Inheritance taxes thus reduce the return on the fact that the bequeather creates and maintains values in the course of his life. Read more (DK)
Finance Latvia: Demographic trends and reduction of contributions in the 2nd level of pensions create risks for workers
Currently in Latvia the pension makes up only about 40% of the population's pre-retirement income, and forecasts show that, if current trends do not change significantly, its amount will drop to 30%, which is a significant drop in income. Read more (LV)
CBA: Confidence in the economy fell in August
Economic confidence further declined in August, reaching its lowest level since February this year. According to the Czech Banking Association (CBA), the decline in confidence continued both for households and entrepreneurs, but not for industry, where it increased slightly after a significant decrease in July. Read more (CZ) |
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FROM THE INSTITUTIONS
ECB: Survey of Monetary Analysts (SMA), September 2024
The European Central Bank (ECB) has published the Survey of Monetary Analysts (SMA) for September 2024. Read more
BIS: Covered interest parity: a forecasting approach to estimate the neutral band
In international finance, the concept of covered interest parity entails that the return of two assets, each denominated in a different currency, should be equal. According to the Bank for International Settlements (BIS), investors monitor deviations from parity because, if these are large enough, they can make a riskless profit through carry trades. Read more European Parliament: The right to disconnect from work Digital tools have increased efficiency and flexibility for employers and employees, but also created a constantly on-call culture, with employees being easily reachable anytime and anywhere, including outside working hours. Technology has made teleworking possible, while the Covid-19 pandemic and the lockdowns have made it widespread. Read more |
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FROM THE EBF
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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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This newsletter is published by the EBF Mediacentre.
For questions or suggestions contact r.hrelja@ebf.eu European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium
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