📝EBF Morning Brief - Tuesday 4 July 2023: ECB's Nagel calls for more hikes and digs in for the battle

EBF MORNING BRIEF Tuesday 4 July 2023

FROM THE MEDIA

Reuters: ECB's Nagel calls for more hikes and digs in for the battle

As reported by Reuters, European Central Bank (ECB) policymaker Joachim Nagel reaffirmed the ECB had a way to go in raising interest rates and said it should also shrink its balance sheet in the coming years even if pushback against more credit tightening grows. Read more

Risk.net: Making banks investible again after this year’s turbulence

Following the failure of four US banks and the bail-in of Credit Suisse, panelists at an event organized by Risk.net discussed what is impacting banks’ investability and what measures banks and regulators might take to improve things. Read more

The Banker: Intelligence-sharing and collaboration critical under DORA

Against the backdrop of Russian-based hacktivists declaring war on Europe’s financial system, the passing of the EU’s Digital Operational Resiliency Act (DORA), and the potential threats posed by new technologies such as generative AI, FS-ISAC, the banking industry’s cyber risk information-sharing network, has established a European board of directors. FS-ISAC says its new Europe board of directors will help financial services firms better respond to cyber resiliency challenges, The Banker reports. Read more

MAIN EVENTS

Council Working Party of Financial Counsellors

Council Working Party on Tax Questions (Direct Taxation)

EBA and ECB ‘Major incident reporting under the PSD2’ workshop

European Parliament ‘European values: towards a more gender equal tax system’ event

Chatham House ‘Combatting climate change: NATO’s role in building climate resilience’ event

For a full-year overview of key financial regulation events: click here

FROM EBF MEMBERS

Finance Finland: Why would we need the ECB’s digital euro when euros are already digital?

The European Central Bank (ECB) is planning to launch a digital euro: a central bank digital currency that would complement coins and banknotes as a payment method. Finance Finland fails to see what additional value the digital euro would bring to the already functional and efficient monetary system. Read more

FBF: Statement by Philippe Brassac in Bercy

For Philippe Brassac, President of the French Banking Federation (FBF): "French banks are fully mobilized to respond in a personalized way to the needs of their customers affected by the recent riots. More than ever, we need proximity, usefulness, and solidity of banks to support the French economy". Read more (FR)

Finance Norway: Many residual value rescue missions this year

So far, 2023 has been a very active year for the residual value recovery service (RVR) with over a thousand assignments. Every year, RVR rescues millions worth in cooperation all over the country. Finance Norway has made a short film about the service. Read more (NO)

FROM THE INSTITUTIONS

ECB: Macroprudential policy as the financial cycle turns

The article published by the European Central Bank (ECB) discusses the role of macroprudential policy in the current environment. Although the euro area financial cycle is turning, banks remain profitable, vulnerabilities are still elevated, and financial stability risks have not yet materialized. Read more

ESMA: Second overview of national rules governing fund marketing

The European Securities and Markets Authority (ESMA) submitted to the European Parliament, the Council, and the European Commission its second report on national rules governing the marketing of investment funds under the Regulation on cross-border distribution of funds. Read more

EIOPA: Changes to the minimum amount of professional indemnity insurance cover and financial capacity intermediaries need under IDD

The European Insurance and Occupational Pensions Authority (EIOPA) has published its draft Regulatory Technical Standards (RTS) adapting the base euro amounts for the professional indemnity insurance (PII) cover and financial capacity of intermediaries under the Insurance Distribution Directive (IDD). Read more

FROM THE EBF

EBF: Basel III agreement to further strengthen resilience of European banking sector, while maintaining its ability to finance growth

The EBF notes the agreement reached by the Swedish Presidency of the EU with the European Parliament and the European Commission on the Banking Package, a core legislative piece that will transpose into EU law the Finalisation of Basel III as well as other prudential topics. Read more

EBF: Views on the digital euro, payment services and financial data access proposals

The EBF shared its reaction to three major digital finance proposals put forward by the European Commission: a legal framework for a digital euro, the Financial Data Access framework, and the Revision of EU rules on payment services. Read more

New EBF Vacancies! Work with us!

Visit our Vacancies page to learn more about the opening positions at the EBF. 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