These are the headlines of our weekly Insight EU Finance Monitoring, published last Friday night. We publish the headlines of our Insight EU Monitoring mails delayed by several days. To receive real-time monitoring emails, subscribe to our annual target group full-text services on the Insight EU Store page (more information below).
ECOFIN
- Agenda of the EU Economic and Financial Affairs Council, 8 October 2024
EUROGROUP
- Agenda of the Eurogroup, 7 October 2024
EU INFRINGEMENTS PACKAGE
- EU Commission infringement package in the field: Financial Stability, Financial Services and Capital Markets Union
- The Commission calls on HUNGARY and SLOVAKIA to correctly transpose the Transparency Directive
- The Commission calls on GERMANY, ITALY and AUSTRIA to correctly transpose the Insurance Distribution Directive
- The Commission calls on BULGARIA to correctly transpose the Motor Insurance Directive
- EU Commission infringement package in the field: Taxation and Customs Union
- The Commission calls on HUNGARY to abolish its retail tax regime to comply with the right of establishment
- The Commission calls on MALTA to provide effective assistance to recovery claims from other Member States
- The Commission calls on GERMANY to bring its rules on tax advantages regarding voluntary pension savings contracts (Riester-Rente) in line with EU law
- The Commission decides to refer SPAIN, CYPRUS, POLAND and PORTUGAL to the Court of Justice of the European Union for failing to notify measures transposing into national law the Council Directive (EU) 2022/2523 (Pillar 2 Directive)
ECB BANKING SUPERVISION
- Financial integration in the Baltics: lessons in resilience and transformation – Keynote speech by Claudia Buch, Chair of the Supervisory Board of the ECB
ECB
- Escaping stagnation: towards a stronger euro area – Speech by Isabel Schnabel, Member of the Executive Board of the ECB, at a lecture in memory of Walter Eucken
- ECB’s Lagarde quizzed by MEPs of economic and monetary affairs committee
- Hearing of the Committee on Economic and Monetary Affairs of the European ParliamentSpeech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
- Expectations surveys, central banks and the economy – Luis de Guindos, Vice-President of the ECB
- Further publications by the ECB
- Unraveling the drivers of energy-saving technical change
- ECB Survey of Monetary Analysts (SMA), October 2024
- Letter from the ECB President to Mr Stefano Cavedagna, MEP, on monetary policy
- How income expectations adjust to inflation – a consumers’ expectations-revealed pass-through
- The inflationary consequences of prioritising central bank profits
- Unraveling the drivers of energy-saving technical change
- Households and non-financial corporations in the euro area: second quarter of 2024
- Euro area quarterly balance of payments and international investment position: second quarter of 2024
- Euro area bank interest rate statistics: August 2024
SUSTAINABLE FINANCE
- Sustainable finance: from “eureka!” to action – Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Sustainable Finance Lab Symposium on Finance in Transition
- Seminar on supporting companies in applying the European Sustainability Reporting Standards (ESRS) – 15 November 2024
- The European Investment Bank Group’s contribution to the Sustainable Development Goals
DORA
- ESAs appoint Director to lead their DORA joint oversight
MIFIR
- ESMA launches new consultations under the MiFIR Review
- EFAMA: Joint association statement on MIFIR RTS 2 post-trade deferrals for bonds
ESMA
- ESMA 2025 Work Programme: Focus on key strategic priorities and implementation of new mandates
- ESMA announces next steps for the selection of Consolidated Tape Providers
- ESMA publishes latest edition of its newsletter
- Further ESMA documents
- List of Synthetic Securitisations notified to ESMA
- Ongoing ESMA Consultations
EBA
- EBA responds to EU Commission on eligibility and use of credit insurance
- The EBA publishes its Work Programme for 2025
- Ongoing EBA Consultations
EIOPA
- EIOPA opens first batch of consultations on technical standards after Solvency II Review
- EIOPA seeks feedback on measures aimed at strengthening the supervision of occupational pension funds’ liquidity management
- EIOPA publishes monthly technical information for Solvency II Relevant Risk-Free Interest Rate Term Structures – end-September 2024
- Monthly update of the symmetric adjustment of the equity capital charge for Solvency II – end-September 2024
EU PARLIAMENT REGISTER
- DRAFT REPORT on the proposal for a Council directive amending Directive 2006/112/EC as regards the electronic value added tax exemption certificate – PE763.197v01-00
- Newsletters – 2024 – Committee on Economic and Monetary Affairs
- Minutes – Monday, 23 September 2024 – PE763.272v01-00 – Committee on Economic and Monetary Affairs
EU COUNCIL REGISTER
- CM 4486 2024 INIT – Negotiations for an additional protocol to the Council of Europe Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from crime and on the Financing of Terrorism (CETS No. 198) – Preparation of the third session of negotiations (Strasbourg 14-16 October 2024) – Consultation of delegations
- CM 4496 2024 INIT – Ministers’ informal exchange with UK Foreign Secretary (FAC preparations) 5. Voluntary financial contributions under the European Peace Facility PROCEDURAL POINT 6.
- ST 13987 2024 INIT – Delegations will find in Annex the Presidency background note on the contribution of the energy sector to the competitiveness of the European Union – follow up to recommendations of the Draghi report in view of the TTE (Energy) Council on 15 October 2024. NOTE From: Presidency To: Permanent Representatives Committee/Council Subject: The contribution of the energy sector to the competitiveness of the European Union – follow up to recommendations of the Draghi report – Exchange of views
- CM 4465 2024 INIT – Working Party on Tax Questions (Direct Taxation) – AFTERNOON
- ST 14110 2024 INIT – Supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the requirements, templates and procedures for the handling of complaints relating to asset referenced tokens CONTEXT OF THE DELEGATED ACT Article 31(5) of Regulation (EU) No 2023/1114 on Markets in Crypto -assets (‘the MiCAR’) empowers the Commission to adopt, following submission of draft standards by the European Banking Authority (EBA), and in accordance with Articles 10 to 14 of Regulation No (EU) 1093/2010, delegated acts specifying the requirements, templates and procedures for handling complaints.
- ST 14111 2024 INIT – Supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the requirements, templates and procedures for the handling of complaints by the crypto – asset service providers of 1.10.2024 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regar d to regulatory technical standards specifying the requirements, templates and procedures for the handli ng of complaints by the crypto-asset service providers
- ST 14104 2024 INIT – This delegated act includes purely technical updates to the taxonomy according to which issuers whose securities are admitted to trading on EU regulated markets are legally obliged to use for marking up the IFRS consolidated financial statements within the annual financial reports. The ESEF taxonomy – last updated via the amending Delegated Regulation (EU) 2022/2553 – is based on the one developed by the IFRS Foundation and is periodically updated to reflect, amongst other developments, the issuance of new IFRS or the amendment of existing IFRS, the analysis of disclosures commonly reported in practice, as well as improvements to the IFRS taxonomy’s general content or technology.
EU COMMISSION REGISTER
- COMMISSION DELEGATED REGULATION (EU) …/… supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the requirements, templates and procedures for the handling of complaints by the crypto-asset service providers
- COMMISSION DELEGATED REGULATION (EU) …/… supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the requirements, templates and procedures for the handling of complaints relating to asset referenced tokens
- COMMISSION DECISION on a policy check under Article 23 of Regulation (EU) 2021/523 of the European Parliament and of the Council establishing the InvestEU Programme
- COMMISSION STAFF WORKING DOCUMENT EXECUTIVE SUMMARY OF THE EVALUATION InvestEU interim evaluation
- COMMISSION STAFF WORKING DOCUMENT EVALUATION InvestEU interim evaluation
- COMMISSION OPINION in accordance with Article 19 of the Statute of the European Investment Bank
- COMMISSION DECISION approving the Contribution Agreement and the Back-to-Back Guarantee for the Member State compartment between the European Union and the Kingdom of Spain under Regulation (EU) 2021/523 of the European Parliament and of the Council
- COMMISSION DECISION on the internal rules for the implementation of the Commission section of the general budget of the European Union
EIB
- EIB Working Paper 2024/04 – The impact of the digital and green transitions on investment inefficiency
- Navigating supply chain disruptions
BIS
- Latest publications by the Bank for International Settlements (BIS)
- Green Swan 2024: Impact of climate change on the real economy: what does it mean for business and for monetary policy?
- Quantum computing and the financial system: opportunities and risks
- Productivity in the post-pandemic world: old trend or new path?
- Monetary policy in an era of supply headwinds – do the old principles still stand?
- Thomas Jordan, Martin Schlegel, Antoine Martin: Introductory remarks by the Governing Board, Swiss National Bank news conference
- Sabine Mauderer: Welcome speech – 15th anniversary of the Deutsche Bundesbank’s representative office
- Vasileios Madouros: Enabling higher housing supply to bolster living standards, now and in the future
- Claudia Buch: Global rifts and financial shifts – supervising banks in an era of geopolitical instability
- Yannis Stournaras: The Greek experience in dealing with Non-Performing Loans and the challenges ahead for EU banks
- Olli Rehn: Old and new frontiers of the ESRB – systemic risk, non-banks and data analysis
- Lisa D Cook: Artificial intelligence, big data, and the path ahead for productivity
- Derville Rowland: The foundations for AML partnership in Ireland
- Basel Committee reports member jurisdictions making progress in implementing Basel III
- CB-LMs: language models for central banking
- Joachim Nagel: Interactions between monetary policy, regulation and financial markets
- Joachim Nagel: Opportunities and risks of digitalisation in geopolitically difficult times
- Monetary policy in the Americas
- Jerome H Powell: Economic outlook
- Jerome H Powell: Opening remarks – 2024 US Treasury Market Conference
- John C Williams: Ten years gone
- José Luis Escrivá: Ceremony of taking up of office as Governor of the Bank of Spain
- Adriana D Kugler: How we got here – a perspective on inflation and the labor market
IMF
- IMF Podcast: Yuval Noah Harari on Human Evolution and the AI Revolution
- Technical Assistance Report No. 2024/084 : Republic of Slovenia: Technical Assistance Report-Public Investment Management Assessment
- Working Paper No. 2024/212 : Measuring Soft Power: A New Global Index
- Further IMF publications
- Working Paper No. 2024/214 : Global Shocks Unfolding: Lessons from Fragile and Conflict-affected States
- Working Paper No. 2024/213 : The Economics of Decarbonizing Electricity Production
UNITED KINGDOM
- Innovation in Digital Assets in the Financial System and The Bank − Speech by by Sasha Mills, Executive Director, Financial Market Infrastructure, Bank of England
- The Bank of England: SIMEX 24 – A major market-wide simulation exercise to test the UK financial sector’s resilience to a major operational disruption
- Further speeches published by the Bank of England
- Cross-checking − speech by Huw Pill
- Enhancing our national asset: Maximising the value of data collections across the financial sector − speech by James Benford
- Latest publications by the Financial Conduct Authority (FCA)
- The end of LIBOR
- Digital Securities Sandbox opens for applications
- FCA begins criminal proceedings against two individuals for insider dealing
- FCA wins appeal in BlueCrest case
- FCA fines Starling Bank £29m for failings in their financial crime systems and controls
- FCA and PRA appoint new Chair of the FSCS
- Olumide Osunkoya pleads guilty to illegally operating crypto ATM network
GERMANY
- Deutsche Bundesbank: Germany’s international investment position at the end of 2023
- Further publications by Deutsche Bundesbank
- Benchmarking short term forecasts of regional banknote lodgements and withdrawals | Discussion paper 39/2024: Benedikt Sonnleitner, Jelena Stapf, Kai Wulff
- How climate risk will complicate central bankers’ jobs | Guest contribution in the Financial Times
SWITZERLAND
- WP – 2024-09-30 – Terhi Jokipii and Jayson Danton: A decade of low interest rates: impact on Swiss bank profitability
USA
- Speech by U.S. Fed Governor Bowman on building the community banking framework for the future
- Speech by U.S. Fed Governor Cook on AI, big data, and the path ahead for productivity
- Speech by Chair Powell on the economic outlook at the National Association for Business Economics Annual Meeting, Nashville, Tennessee
- Further information of the U.S. Federal Reserve
- Federal Reserve Board announces termination of enforcement action with Citigroup Inc.
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