Europe faces a financial paradox. On the one hand, European citizens are diligent savers, with households holding over €37 trillion in financial assets. On the other, a large portion of this sits idly in cash and bank accounts earning modest, if any, returns. It’s time for a shift in mindset to empower more investment in Europe’s capital markets.
MEPs set the overall level of commitment appropriations for the 2025 draft budget at almost €201 billion, €1.24 billion more than the Commission’s proposal from last June.
The EU Council today adopted a financial assistance package to Ukraine, including an exceptional macro-financial assistance (MFA) loan of up to €35 billion and a loan cooperation mechanism that will support Ukraine in repaying loans for up to €45 billion provided by the EU and G7 partners.
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.
This transcript covers the IMF press briefing presenting the latest Global Financial Stability Report titled “Steadying the Course: Uncertainty, Artificial Intelligence, and Financial Stability”.
This week, EU Commissioners Paolo Gentiloni and Jutta Urpilainen are travelling to Washington DC to attend the 2024 Annual Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF).
Russia’s full-scale war against Ukraine continues with unabated intensity and far-reaching consequences for civilians. At the same time, Russia is spreading propaganda to try and portray the Russian economy as more well-functioning than it actually is. The Swedish Government commissioned the National Institute of Economic Research to analyse economic developments in Russia – with surprsing conclusions.
Strasbourg, 22 October 2024 The new loan is the EU’s contribution to the G7 support
Former Italian Prime Minister Enrico Letta presented his report on strengthening the EU’s internal market, outlining key areas in which the single market remains fragmented: telecommunication, energy, and finance. These areas need to be addressed to strengthen the EU’s competitiveness and security and to avoid becoming a “colony of the United States or China”.
Liechtenstein is a winter sports destination and the only doubly-landlocked country in Europe. Find out more about the IMF’s 191st member.
The IMF Board today completed the Fifth Review of the extended arrangement under the Extended Fund Facility (EFF) for Ukraine, enabling a disbursement of about US$1.1 billion (SDR 834.9 million) to Ukraine, which will be channeled for budget support.
The ECB’s focus as supervisors is on sustained profitability to ensure banks’ business models remain viable over time. Profitability metrics feed into our assessment of medium-term financial and capital trajectories as well as bank-specific distribution plans. This specifically requires banks to consider adverse scenarios in their capital planning which, while not part of the baseline, are still plausible.
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today a survey on Legal Entities Identifiers (LEIs), aiming to gather evidence on the impacts of including alternatives for reporting or record keeping requirements.
Early repayment of a mortgage loan: The consumer can recover part of the commission linked to the granting of credit if he or she has not been informed that this commission is not dependent of the duration of the contract. The same applies if the consumer has paid that commission in a single instalment when concluding the mortgage agreement.
Poland’s near-term outlook is positive and has improved relative to last year despite ongoing sluggish growth across Europe and Russia’s war in Ukraine. A consumption-led recovery is underway, and the outlook is further supported by recently unlocked NextGen EU Funds (NGEU). Inflation has declined helped by a tight monetary stance, and its descent to the target range by close to end-2025 is on track, provided prudent policies are maintained.
Today, the Expert Stakeholder Group set up under the Regulation governing rules about markets in financial instruments (‘MiFIR Review’) published reports on the main parameters of EU consolidated tapes. These tapes are centralised data feeds that aggregate prices and volumes of financial instruments (shares and bonds) from trading venues across all Member States into a single stream of information, equally accessible for everybody.
The ECB Governing Council today decided to lower the three key ECB interest rates by 25 basis points. Accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be decreased to 3.25%, 3.40% and 3.65% respectively, with effect from 23 October 2024.
The event followed the theme of “Empowering EU consumers: fair access to the future of financial services” and had three panels covering the topics of artificial intelligence (AI) in financial services, access to consumer centric products and services, and sustainable finance.
The Serbian authorities and IMF staff reached an agreement on the fourth and final review under the Stand-By Arrangement (SBA) and on a successor 36-month Policy Coordination Instrument (PCI) request. The PCI is a non-financing instrument designed to support strong economic policies. The agreement is subject to approval by the IMF Executive Board in December 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).
Türkiye’s sovereign ratings have been upgraded and country risk premia have halved. While now subsiding, still-high inflation expectations and sequential inflation suggest an insufficiently tight policy stance to reach the midpoint of the authorities’ inflation forecast range.
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