EBF WEEKLY + FINANCIAL REGULATION AGENDA
for the week starting Monday 21 February 2022 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 Recommend the EBF newsletters to a colleague. Click here to sign up! |
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The Eurofi Financial Forum 2022 takes place in Paris |
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On 23, 24 & 25 February 2022, European and international public authorities and representatives from the financial industry will gather in Paris for the Eurofi Financial Forum 2022. The challenges and conditions for relaunching growth in the Covid context as well as the major ongoing trends, including the global fragmentation, AML, ESG, the Digital Finance Strategy, and the Digital Euro will be part of the Forum agenda. Eurofi was created in 2000 to contribute to the strengthening and integration of European financial markets and organizes two events per year in association with the EU Presidencies. The next seminar will take place in Prague (7, 8 & 9 September 2022). Read more |
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FINANCIAL REGULATION AGENDA for next week
Monday 21 February
Tuesday 22 February EBF Financial Sanctions Expert Group online meeting
Wednesday 23 February The Eurofi High Level Seminar 2022 Council Working Party on Tax Questions (Direct Taxation) Thursday 24 February The Eurofi High Level Seminar 2022 ECB industry dialogue online meeting
Friday 25 February
The Eurofi High Level Seminar 2022 Council Working Party on Tax Questions (Indirect Taxation) Council informal meeting of ministers for the economy and finance For a full-year overview of key financial regulation events: click here |
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FROM THE MEDIA Finextra: UK regulators publish AI report The Bank of England and Financial Conduct Authority have concluded a year-long investigation into the role of data, model risk, and governance in the use of AI in financial services. The resulting report calls for clarity of regulatory expectations on the adoption and use of AI to foster innovation. According to Finextra, continued engagement between the public and private sectors is also recommended together with the creation of an industry consortium to help address challenges and create standards. Read more
VOX/CEPR: Financial education is effective and efficient
Financial education programs are sometimes dismissed claiming āmixed evidenceā on their effectiveness. This opinion column by VOX/CEPR analyses a full set of available randomized controlled trials evaluating the causal impact of financial education around the world to show that this claim is misleading. Financial education is effective in improving both knowledge and behavior, even adjusting for publication selection bias. Moreover, available estimates indicate these improvements come at relatively low costs. Read more
Reuters: ECB's Kazimir calls for ending bond-buying in August
European Central Bank (ECB) policymaker Peter Kazimir joined a growing camp of rate-setters in favor of ending the ECB's bond-buying program. Kazimir said the Asset Purchase Programme (APP) could end in August but this should not be seen as paving the way for an immediate interest rate hike, Reuters reports. Read more |
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FROM EBF MEMBERS Finance Finland: The financial sectorās preparedness practice continues The TIETO22 is a large-scale joint preparedness exercise focusing on the cybersecurity of the financial sector and is the biggest cross-sectoral joint preparedness exercise in cyber disruptions in Finland. Finance Finland does not take part in the exercise itself but has contributed to the design of payment-related scenarios. Read more
NVB: Quantum computer: prepare now, no crashes later
The enormous computing power of the quantum computer will have a broad and disruptive impact on our economy, as well as major consequences for current encryption and secure business processes, says Marco Doeland and Oscar Covers, cyber security experts at the Dutch Banking Association (NVB). The Dutch banking sector is well prepared for this "new millennium bug" and is sharing its expertise with other international parties. Read more (NL)
BFPI: Payments monitor
Online and mobile banking continued to surge ahead in 2021 with volumes increasing by almost 85% over the last five years according to the latest Payments Monitor Q4 2021 from Banking & Payments Federation Ireland (BPFI). The report also shows total card spending reached new heights in 2021 as consumers and businesses reduced their use of cash and increased their online spending and contactless payments in stores. Read more |
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FROM THE INSTITUTIONS ECB: Annual accounts for 2021 The annual accounts of the European Central Bank (ECB) reflect the financial position and results of the ECBās operations at year-end. In 2021, the ECB balance sheet grew to ā¬680 billion last year and a profit of ā¬192 million was recorded, which is distributed to the euro area national central banks. Read more
BIS: The regulatory response to climate risks
A recent publication by the Bank for International Settlements (BIS)'s Financial Stability Institute (FSI) outlines the need for authorities to review their prudential frameworks to take into full account the implications of climate-related financial risks for financial stability. Applying the current macroprudential framework to contain climate-related financial risks is likely to be ineffective and counterproductive for financial stability. Read more
FSB: Work priorities for 2022
The Financial Stability Board (FSB) published a letter from its Chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors laying out the FSBās policy work during 2022 to promote global financial resilience. Objectives include supporting financial market adjustment to a post-COVID world, reinforcing financial system resilience in light of the COVID experience, harnessing the benefits of digitalization while containing its risks, and addressing financial risks from climate change. Read more |
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FROM THE EBF this week
EBF response to BCBS Consultation āPrinciples for the effective management and supervision of climate-related financial risksā
The EBF has responded to the BCBS Consultation on the āPrinciples for the effective management and supervision of climate-related financial risksā. Read more
EBF and UNEP FI outline practical approaches to applying EU Taxonomy to bank lending
The European Banking Federation (EBF), together with the United Nations Environment Programme Finance Initiative (UNEP FI), has launched a report, āPractical approaches to applying the EU Taxonomy to bank lendingā, that explores practical approaches for banks who wish to use the EU Taxonomy. This initiative, supported by EY, follows a joint project that tested the application of the EU Taxonomy to core banking products. 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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This newsletter is published by the EBF Mediacentre.
For questions or suggestions contact v.barbieri@ebf.eu
European Banking Federation Avenue des Arts 56, B-1000 Brussels, Belgium
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