📰 EBF Morning Brief - Wednesday 12 January: Nagel takes charge of Bundesbank with a warning on inflation risks

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

MAIN EVENTS

EIB Economics Conference

PIIE ‘Are index funds harmful for global financial stability?’ event

ETNO and USTelecom ‘Transatlantic Tech Partnerships: Competitiveness and Collaboration in Global Digital Markets’ event

CBI ‘Kicking off a year of action’ event

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

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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)

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

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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European Banking Federation