EBF MORNING BRIEF Tuesday 19 December 2023 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
Reuters: Easing too soon a bigger risk than high rates for too long
Any talk of the European Central Bank (ECB) cutting rates is still premature, although policymakers are increasingly confident inflation is on track to hit their 2% target, Slovak central bank chief Peter Kazimir said. Another ECB policymaker, Bostjan Vasle, told Reuters that the ECB would need at least until spring before it can reassess its policy outlook and that market expectations for a rate cut in March or April were premature. Read more
Euronews: Bank lending favors polluting sectors, ECB study finds
“Banks have a key role to play” in cutting the financial stability risk of emissions, said a new report by the European Central Bank (ECB) and the European Systemic Risk Board (ESRB), with high-emitting sectors over-represented in banks’ books. The report suggests an existing policy tool known as the systemic risk buffer could be used to target extra capital requirements to help the environment, Euronews reports. Read more
Finextra: EPI completes first account-to-account mobile transfers
The European Payments Initiative (EPI) has completed its first account-to-account instant payment transaction. As reported by Finextra, the inaugural transaction was sent to a French account using SCT Inst and the EPI's 'wero' digital wallet. Read more |
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NEW REPORT Decrypting the financial risks of climate change and biodiversity loss: a deeper understanding of ecosystem integrity and dependencies |
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The European Commission's Joint Research Centre (JRC), a key player in linking environmental challenges with economic risks, has published a series of Working papers that provide crucial insights into how climate and environmental challenges are intertwined with economic and financial risks.
This work has been crucial in shaping the report of the ECB/ESRB Project Team on climate risk monitoring established by the European Systemic Risk Board (ESRB), highlighting the JRC's role in advancing risk assessment and policy development. |
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FROM EBF MEMBERS
Finance Finland: The Open Finance proposal lacks concrete solutions
The European Commission published its legislative proposal for a regulation on a framework for financial data access (FIDA). Finance Finland appreciates the proposal’s objectives but fails to see how the framework would give rise to new products, services, and innovations. Problematic are the definitions and categories of customer data. Read more
SBA: Broad support for a mandate for Bilateral III agreements
More than two-thirds of Swiss voters are in favor of a negotiating mandate to develop bilateral agreements with the EU. This is shown by a new survey carried out on behalf of the Swiss Bankers Association (SBA). "Increasing restrictions on access to EU markets prevent banks from serving the needs of EU customers from Switzerland. It is therefore necessary to sustainably improve market access," says Roman Studer, CEO of the SBA. Read more (FR)
BdB: Survey: Business location under stress test
Many citizens see Germany as undergoing a 'stress test'. The representative survey by the German Banking Association (BdB) shows where respondents see the biggest problems and what measures they consider necessary. Read more (DE) |
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FROM THE INSTITUTIONS
ESRB: Joint report on climate risks
A report by the European Central Bank (ECB) and the European Systemic Risk Board (ESRB) finds banks are significantly exposed to high-emitting firms and households, with future climate risks underpriced and underinsured. Monitoring and managing risks using existing tools under a system-wide prudential approach can help us tackle this challenge. Read more
ECB: What a hotter climate means for monetary policy
The European Central Bank (ECB)’s mandate is to maintain price stability. So why do we talk about climate change? In this blog, the ECB shows how a hotter climate affects prices and the economy and discusses how this impacts the task of central banks. Read more
ESMA: The average cost of retail investment products declines but significant differences across EU Member States remain
The European Securities and Markets Authority (ESMA) published its sixth market report on the costs and performance of EU retail investment products. ESMA finds that the average costs of investing in key EU retail financial products have declined by the end of 2022. However, cost heterogeneity persisted across EU Member States. Read more |
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FROM THE EBF
EBF: Position on the European Commission’s FIDA
The EBF recognizes efforts by the European Commission to develop a strong European data economy through initiatives such as the Data Act and Data Governance Act. Under this horizontal framework is the proposed sectoral Regulation on Financial Data Access (FIDA). The proposal aims at promoting data-driven innovation in the financial sector, possibly opening new opportunities for customers while also increasing their control of how and with whom they share data, including through tools such as permission dashboards. Read more EBF: Data Protection Officers Forum reaches its fourth Edition The European Banking Federation (EBF) held the fourth edition of the Data Protection Officers Forum (DPO Forum) on Nov 30, 2023, in Brussels. The event brought together over 45 DPOs from 18 countries across Europe, along with representatives from Data Protection Authorities (DPAs), the European Commission, and other institutions. Read more New EBF Vacancies! Work with us! Visit our Vacancies page to learn more about the opening positions at the EBF. 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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This newsletter is published by the EBF Mediacentre.
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