| EBF MORNING BRIEF Wednesday 29 September 2021 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: Lagarde warns against overreacting to a transitory inflation shock
European Central Bank (ECB) President Christine Lagarde said the ECB should be wary of withdrawing stimulus too quickly in response to what is likely to be a “transitory” spike in inflation. There are “no signs that this increase in inflation is broad-based across the economy,” she said. Bloomberg reports that euro-area consumer-price growth is running at 3% - above the ECB’s 2% goal - and is expected to pick up further, before slowing again next year. Lagarde argued that half of the total inflation today is due to energy, while German taxes and the timing of sales periods are also playing a role. Read more
Finextra: BIS: CBDC and DLT combo outperforms correspondent banking system
A prototype of multiple central bank digital currencies (mCBDCs) developed by the Bank for International Settlements (BIS) and four central banks has demonstrated the potential of using digital currencies and distributed ledger technology (DLT) for cheaper and safer cross-border payments and settlements. According to Finextra, the project will continue to explore limitations, such as privacy controls, liquidity management, and the scalability and performance of DLT in handling large transaction volumes. Besides, it will incorporate policy requirements to ensure compliance with jurisdiction-specific regulations, including trials with commercial banks and other market participants. Read more
Reuters: Deutsche Boerse says relocation of euro clearing from London inevitable
Euro derivatives clearing was shifting from London to Frankfurt, showing how ending a heavy reliance on Britain after Brexit is feasible, Reuters reports. "It's not a question of if liquidity moves, but a question of by how much and when," said Philip Simons, global head of fixed income derivatives at Deutsche Boerse. Read more |
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COMING TOMORROW! European Banking Summit 2021:
BANKING ON THE FUTURE |
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 | "There is still a long road ahead but we are banking on Europe's future", Wim Mijs, EBF CEO said in presenting the key topics to be discussed at the European Banking Summit 2021. Covering digital transformation, European recovery, and sustainable transition, this event will present a unique opportunity to discuss the challenges and opportunities for the banking sector against the backdrop of the main upcoming regulatory changes.
Tomorrow, do not miss the chance to join experts, senior policymakers, and key industry stakeholders and network with renowned sector analysts, researchers, and key private and public actors. Register, HERE. |
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MAIN EVENTS For a full-year overview of key financial regulation events: click here |
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FROM THE EBF MEMBERS
FBF: Nicolas Théry, president of the FBF, answered questions from Les Echos during his back-to-school interview
Nicolas Théry, president of the French Banking Federation (FBF) gave his back-to-school interview at Les Echos. This has been an opportunity to return on the major issues that have marked recent months, those in the coming period while recalling the strategic importance of regulation for the sovereignty of the French banking model. Proximity, physical and digital, is the strength of the French model of relationship banking. Read more (FR)
Finance Denmark: Investment fraud
Investment fraud covers fraud cases where citizens have had their money robbed by criminals who have lured them into a trap. The criminals lure with false investment opportunities and thus make the victim transfer money to them. Finance Denmark offers advice on how to prevent it. Read more (DK)
UK Finance: Fraud teams can help banks solve the digital identity crisis
The Covid-19 pandemic has dramatically accelerated customer adoption of digital banking services. However, when customers are less digitally savvy, it’s easier for fraudsters to take advantage of their inexperience. Fraud teams can help by providing identity risk scores calculated from information that the bank holds internally, alongside data sourced from specialist third-party identity providers. This enables the bank to assess how confident it should be that the person on the other end of the internet connection is a genuine customer, not a fraudster. Read more |
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FROM THE INSTITUTIONS
ESMA to focus on supervision, sustainability, digitalization and the Capital Markets Union in 2022
The European Securities and Markets Authority (ESMA) published its 2022 Annual Work Programme (AWP), setting out its priority work areas for2022. Key areas of focus include: the exercise of new, and existing, supervisory powers for benchmarks and data service providers (DRSPs) as well as central counterparties (CCPs); its contribution to the European Union (EU) priorities on the development of the Capital Markets Union (CMU), sustainable finance and innovation; and the convergence of supervisory and regulatory practices across the EU. In addition, it will continue to monitor the impact of the United Kingdom’s withdrawal from the EU on the evolution of EU and global capital markets. Read more
ECB: Monetary policy during an atypical recovery
"The economy is back from the brink, but not completely out of the woods", Christine Lagarde, President of the European Central Bank (ECB), said at ECB Forum on Central Banking "Beyond the pandemic: the future of monetary policy". In her opening speech, Lagarde addressed the inflation process before the pandemic, the trends ahead on both the demand and supply side, the green transition, and the policy implications. Read more
European Council: Public Country-by-Country Reporting (CBCR) Directive
The Council has adopted its position on the public country-by-country reporting (CBCR) directive. CBCR directive aims to enhance the corporate transparency of big multinational companies. It will require certain multinational undertakings with revenue of more than €750 million to disclose publicly in a specific report the income tax they pay. Non-European multinationals doing business in the EU through subsidiaries and branches will also have to comply with the same reporting obligations as EU multinational undertakings. Read more |
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FROM THE EBF
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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