| EBF MORNING BRIEF Wednesday 12 January 2022 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 Bloomberg: Nagel takes charge of Bundesbank with a warning on inflation risks New Bundesbank President Joachim Nagel warned that inflation may remain elevated for longer than currently expected, urging his colleagues at the European Central Bank (ECB) to be vigilant. As reported by Bloomberg, Nagel also said his arguments in the ECB’s Governing Council will follow the established Bundesbank line. Read more
AML Intelligence: EBF says AML Authority must bring ‘true value’ and calls for ‘paradigm shift’ in bloc’s battle against financial crime
The European Banking Federation (EBF) warned that the bloc’s new AML Authority must bring “true value” and does not become an after-the-fact reporting agency. While welcoming most of the Commission’s new anti-financial crime measures the EBF demands better intelligence-led approaches to AML strategy in the EU. Besides, the federation, led by CEO Wim Mijs, says the package misses the opportunity to address how information can be shared seamlessly between banks and law enforcement using technology. Read more
EURACTIV: EU delays deadline on green investment rules for nuclear and gas
The European Commission has delayed to later this month the deadline for experts to give feedback on plans to allow some natural gas and nuclear energy projects to be labeled as sustainable investments. Experts will have until 21 January to provide feedback on the draft proposal, EURACTIV says. Read more |
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MAIN EVENTS
For a full-year overview of key financial regulation events: click here
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REGISTRATION OPEN Cloud Computing Transformation in Financial Services: A look at Cloud Migration Strategy and Cloud Security Compliance webinar |
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 | Julian Schmüker, EBF Senior Policy Adviser - Digital Innovation will open the EBF/Reply joint webinar dedicated to Cloud Adoption in financial services. Drawing on the results of a survey conducted by Reply covering more than 100 financial institutions in the EU and the UK, this event will look at the main challenges around Cloud Migration as well as Security and Compliance considerations. |
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SECURE YOUR VIRTUAL SEAT NOW! |
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FROM THE EBF MEMBERS
Finance Norway: New agreement with Finansforbundet
Finance Norway and Finansforbundet have agreed on a new revised Main Agreement that will enter into force on 1 February 2022 and will expire in 2023. The agreement has a new structure and linguistic improvements have been made to increase clarity in areas such as cooperation, co-influence, and gender equality. Read more (NO)
UK Finance: Monthly Economic Insight
UK Finance has published its first Monthly Economic Insight of 2022. The publication takes a look at how 2021 finished up, and what forecasters are expecting for the UK and the wider global economy in 2022. Read more
BdB: Financial education is a contribution to maturity
"General education is intended to help people cope with their lives, understand the world better, and be able to reflect on problems and solutions. Today it is hard to imagine that this can be done without an economic and financial education," Dr. Dirk Loerwald, Professor of Business Education at the University of Oldenburg and Scientific Director of the Institute for Economic Education (IÖB) says to the Association of German Banks (BdB). Read more (DE) |
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FROM THE INSTITUTIONS
ECB: The pandemic cycle and inflation
Pandemic-related special factors led to unusually low inflation in 2020 and unusually high inflation in 2021, European Central Bank (ECB) Chief Economist Philip R. Lane tells Il Sole 24 Ore. 2022 is a transition phase: high inflation will be fading this year. Read more
European Commission: Joint framework for adults to improve individuals’ financial skills
The European Commission and the OECD’s International Network on Financial Education published a joint EU/OECD-INFE financial competence framework for adults. This framework will support the development of public policies, financial literacy programs, and educational materials by the Member States, educational institutions, and industries. Read more
BIS: Jens Weidmann: Speech marking the change in Office of the President of the Deutsche Bundesbank
Jens Weidmann, former President of Deutsche Bundesbank and Chair of the Board of Directors of the Bank for International Settlements (BIS) discusses financial stability in his speech marking the change in Office of the President of the Deutsche Bundesbank. "It's important to strengthen people's trust in the ability and will of the central bank to pursue without compromise its primary objective of monetary stability", he says. Read more |
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FROM THE EBF
EBF Feedback to the European Commission’s proposed AML Package
The EBF has provided feedback to the European Commission’s proposed AML Package. The EBF is fully supportive of the Commission’s overarching objective to address the ineffectiveness of the current EU AML framework. Bearing in mind the necessary lead-time and efforts to get the AML Package adopted and implemented, this momentum is a unique opportunity to improve the framework. Read more
EBF Response to Public Consultation on Guidance on the Rules Applicable to the Use of Public-Private Partnerships in The Framework of Preventing and Fighting Money Laundering and Terrorist Financing
The EBF has responded to the Commission consultation on guidance on rules for Public-Private Partnerships in the AML/CFT domain. The EBF stresses that information sharing in the context of fighting financial crime is critical in ensuring the effectiveness of the AML/CFT rules. Weaknesses in information sharing between obliged entities, financial intelligence units, and law enforcement authorities may inadvertently facilitate the activities of criminals who operate nationally or across borders. Read more
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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