Insight EU Finance Monitoring Weekly 18 – 22 November 2024

Here are the headlines from last week’s Insight EU Finance Monitoring, published on Friday night. We provide the headlines with a delay of several days, but you can access our real-time monitoring services by subscribing to one of our annual plans in the Insight EU Store (details below).

SUSTAINABLE FINANCE

• EU continues to be a global leader on sustainable finance

SEPA

• European Commission welcomes inclusion of Albania and Montenegro in the Single Euro Payments Area

FINANCIAL CYBER DEFENCE

• Building a solid cyber defence for the new geopolitical season – Piero Cipollone

ECB

• Follow the money: channelling savings into investment and innovation in Europe – Speech by Christine Lagarde
• The economic and human challenges of a transforming era – Speech by Christine Lagarde, President of the ECB
• Securing stability in an insecure environment: navigating a bottleneck economy – Frank Elderson
• Taking account of nature, naturally – Speech by Frank Elderson
• The transition towards a low-carbon economy: What supervision can contribute – Speech by Claudia Buch
• Introductory statement by Claudia Buch, Chair of the Supervisory Board of the ECB
• Further publications by the ECB
• Administrative Board of Review – Ten years of experience reviewing ECB supervisory decisions
• Philip R. Lane: Navigating a fragmenting global trading system: insights for central banks
• Navigating a fragmenting global trading system: insights for central banks (PDF)
• Isabel Schnabel: Reassessing monetary policy tools in a volatile macroeconomic environment (PDF)
• Euro area monthly balance of payments: September 2024
• Eurosystem response to EU Commission’s consultation on macroprudential policies for non-bank financial intermediation (NBFI)
• Financial Stability Review, November 2024
• Communication for financial crisis prevention: a tale of two decades
• Fit-for-55 climate scenario analysis
• Low firm productivity: the role of finance and the implications for financial stability
• Euro area financial stability vulnerabilities remain elevated in a volatile environment
• Philip R. Lane: The 2021-2022 inflation surges and the monetary policy response through the lens of macroeconomic models
• Luis de Guindos: Financial stability in the euro area

ARTIFICIAL INTELLIGENCE

• Speech by U.S. Fed Governor Bowman on artificial intelligence in the financial system

CAPITAL MARKETS UNION

• Empowering Europeans to invest for their futures – ESMA Chair Verena Ross
• Capital markets union: EU Council adopts revamped rules for EU clearing services

ESG RATINGS

• Environmental, social and governance (ESG) ratings: EU Council greenlights new regulation

ESAS

• Transition risk losses alone unlikely to threaten EU financial stability, “Fit-For-55” climate stress test shows
• The European Supervisory Authorities (EBA, EIOPA, ESMA – ESAs) publish Joint Guidelines on the system for the exchange of information relevant to fit and proper assessments

ESMA

• Verena Ross: Supervisory priorities for asset management in the next EU legislative cycle
• ESMA finalises its advice on the CSDR Penalty Mechanism
• ESMA proposes to move to T+1 by October 2027
• Further ESMA documents
• ESMA responds to the European Commission consultation on Non-Bank Financial Intermediation (NBFI)
• ESMA-EIOPA Letter on the Retail Investment Strategy

EBA

• The EBA appoints new Director to lead its Economic & Risk Analysis Department

EU PARLIAMENT REGISTER

• Draft agenda – Monday, 25 November 2024 – PE766.617v01-00 – Committee on Economic and Monetary Affairs, Committee on Civil Liberties, Justice and Home Affairs
• Minutes – Monday, 21 October 2024 – PE765.245v02-00 – Committee on Economic and Monetary Affairs
• Newsletters – 2024 – Committee on Economic and Monetary Affairs
• AMENDMENTS 1 – 314 – Draft report European Central Bank – annual report 2024 – PE765.337v01-00

EU COUNCIL REGISTER

• ST 16034 2024 ADD 1 COMMISSION STAFF WORKING DOCUMENT NGEU Green Bonds Allocation and Impact report 2024 – Part. 2/2
• ST 15131 2024 INIT Proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law – Fourth Presidency compromise proposal on Titles I, II, III, V and VIII

EU COMMISSION REGISTER

• Joint Proposal for a COUNCIL REGULATION amending Regulation (EU) No 833/201
• Joint Proposal for a COUNCIL REGULATION amending Regulation (EU) No 269/2014
• COMMISSION IMPLEMENTING REGULATION (EU) …/… laying down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to reporting related to asset-referenced tokens and to e-money tokens denominated in a currency that is not an official currency of a Member State
• REPLIES OF THE EUROPEAN COMMISSION TO THE EUROPEAN COURT OF AUDITORS’ – SPECIAL REPORT – “Urban pollution in the EU: cities have cleaner air but are still too noisy”
• COMMISSION DECISION setting up the group of experts on the design of the corporate data-mining and risk-scoring tool to prevent, detect, correct and follow-up irregularities including fraud, corruption, conflicts of interest and double funding

FINANCIAL STABILITY BOARD

• FSB Chair calls on G20 Leaders to implement agreed reforms fully

OECD

• Average tax revenues in the OECD remain steady as spending pressures grow

IMF

• Latest publications by the IMF
• IMF and Moldovan Authorities Reach Staff-Level Agreement on the Sixth Review under the Extended Credit Facility

BANK FOR INTERNATIONAL SETTLEMENTS

• Through stormy seas: how fragile is liquidity across asset classes and time?
• Take part in the BIS Innovation Hub’s 2025 Analytics Challenge
• Banks’ liquidity risk: what policy could do

GERMANY

• Europa gemeinsam voranbringen
• Further publications by Deutsche Bundesbank

UNITED KINGDOM

• The Bank of England launches consultation on Fundamental Rules for Financial Market Infrastructures

UNITED STATES

• Approaching Policymaking Pragmatically – U.S. Fed Governor Michelle W. Bowman
• Federal Reserve Board announces pricing, effective January 1, 2025, for payment services the Federal Reserve Banks provide to banks and credit unions
• Federal Reserve announces additional information about the periodic review of its monetary policy strategy, tools, and communications
• Federal Reserve Board invites comment on a report, as prescribed by law, that discusses the impact of a proposed international capital standard