EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 11 March 2024

An overview of the main financial regulation and banking stories this week and a look ahead to key events for the upcoming week, brought to you by the European Banking Federation

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FROM THE MEDIA 

FT: Lagarde signals June rate cut as ECB lowers inflation forecast

The European Central Bank (ECB) indicated June is the first month it could cut interest rates after lowering its inflation forecast, predicting it will reach its 2 % target next year. “We are making good progress towards our inflation target and we are more confident as a result,” said ECB president Christine Lagarde according to the Financial Times (FT). Read more

Finextra: BoE plans cloud-based data platform and AI pilots

The Bank of England (BoE) is building out a cloud-based data and analytics platform after an independent review found "nervousness" in adopting the technology, Finextra reports. Explaining the plan in a speech, BoE director for data and analytics transformation, James Benford, said that at its heart is a new cloud strategy and an "ambition to manage the Bank’s data on the cloud unless there is a strong reason not to". Read more

Bloomberg: ECB to avoid ‘Autopilot’ on rates once cuts begin

The European Central Bank (ECB) won’t necessarily lower interest rates at every meeting once cuts commence, according to Governing Council member Martins Kazaks. Monetary easing could include pauses along the way if conditions call for it, the Latvian central bank head told Bloomberg. While he didn’t exclude an eventual return to some form of forward guidance, he said it’s not appropriate now due to elevated uncertainty. Read more

FINANCIAL REGULATION AGENDA for next week

Monday 11 March

• Council Financial Services Attachés

• Council Eurogroup

• Council Working Party on the Environment

• European Parliament Committee on Economic and Monetary Affairs

• Deutsche Bundesbank, Bank of Austria and the Joint Vienna Institute ‘HR Issues in a Changing World’ event

• European Policy Centre ‘EU-Japan cooperation on economic security: Parallel paths, shared problems’ event

• Atlantic Council ‘Guarantees for climate finance in the World Bank-IMF agenda’ event

Tuesday 12 March

• Council Economic and Financial Affairs

• Deutsche Bundesbank ‘Cash demand planning’ course

• PIIE ‘Prospects for reform of emergency liquidity assistance to banks in the US’ event

Wednesday 13 March

• Council Financial Services Committee

• Council Working Party on Tax Questions (Indirect Taxation)

• Council Horizontal Working Party on Cyber Issues

• SME Observatory of the Belgian Federal Public Service Economy “Access to Finance for SMEs: Assessment and Perspectives” high level event (Sebastien de Brouwer, EBF Deputy CEO, & Burçak İnel, EBF Director of Financing Sustainable Growth, speaking)

• UNECE 'Sustainable Development' Regional Forum 2024

Thursday 14 March

• Council Working Party of Financial Counsellors

• Council Working Party on the Environment

• EBF & S&P 'Navigating the Green Asset Ratio (GAR): What can it tell us about the sustainability performance of banks?' webinar

• ESMA ‘Consolidated Tapes for market participants’ workshop

Friday 15 March

• Council Working Party on Tax Questions (Direct Taxation)

• Council Horizontal Working Party on Cyber Issues

• Council Working Party on the Environment

• EIB and Central Bank of Malta ‘EIB Investment towards the Green, Digital and Energy Transition in Small States’ conference

FROM EBF MEMBERS

FBF: Women and business creation 

In an uncertain economic climate, the desire to start a business has fallen by 15 points in 4 years. For the first time, working women are more motivated than men, but perceptions about the difficulties of starting a business remain, particularly in terms of access to finance. The French Banking Federation (FBF) has evidence that women are just as successful in business as men, and is working to promote greater equality. Read more (FR)

ABBL: European passport for depositary banks

In a recent decision, Brussels chose not to pursue the proposal for a 'European passport' for depositary banks. Initially hailed as innovative, the concept came under scrutiny because of potential market challenges and supervisory issues. This decision, applauded by The Luxembourg Bankers' Association (ABBL), gives priority to rationality and prudence, guaranteeing the quality of funds and protecting depositors. Read more

Finance Denmark: What do banks actually do for society?

The debate on the financial sector's contribution to common social challenges is rarely rosy. Finance Denmark is more than aware of this, but there is a need for balance and nuance. The financial sector does contribute, even in areas that we may not realise. Read more (DK)

FROM THE INSTITUTIONS

ECB: Advancing the capital markets union

Achieving a single market for capital is imperative for the Eurosystem. Urgent and decisive action is needed to make real progress in the integration and development of Europe’s capital markets. The European Central Bank (ECB) outlines the reasons for this. Read more

SRB: Tackling trading book risk in resolution

Banks’ trading activities can carry a substantial part of their total risk and be a channel of contagion in bank crises. A keen understanding of what’s in trading books and of how to wind them down post resolution while staying solvent is key for a resilient banking sector, says Sebastiano Laviola, Board Member at the Single Resolution Board (SRB). Read more

European Council: Late payment regulation

At the European Council, ministers discussed progress on the work to reach a common position on the late payment regulation. They exchanged their views on the basis of a document prepared by the Belgian presidency. The main points of discussion were the choice of the legal instrument and the binding 30 day payment periods. Read more

FROM THE EBF  

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