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Sustainable Finance: EU Commission adopts the ESRS

The Commission has today adopted the European Sustainability Reporting Standards (ESRS) for use by all companies subject to the Corporate Sustainability Reporting Directive (CSRD). This marks another step forward in the transition to a sustainable EU economy.

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31/07/2023

Estonia: IMF Executive Board Concludes 2023 Article IV Consultation

After a swift rebound from the pandemic in 2021, Russia’s war on Ukraine has triggered a sharp and broad-based downturn for Estonia. Exports have been the main driver, reflecting weaker external demand but private consumption has also weakened considerably as high inflation has weighed on real disposable income. Despite the contraction in output, labor market conditions remain tight.

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29/07/2023

Banks bonds’ holdings: EBA publishes findings of ad-hoc analysis

The European Banking Authority (EBA) today published findings of an ad-hoc analysis of unrealised losses on debt securities held at amortised cost in EU banks. This targeted analysis is part of the ongoing regular risk monitoring of the EU banking sector conducted by the EBA in collaboration with Competent Authorities.

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29/07/2023

EU-wide banking stress test: EBA publishes the results for 2023

The European Banking Authority (EBA) today published the results of its 2023 EU-wide stress test, which involved 70 banks from 16 EU and EEA countries, covering 75% of the EU banking sector assets. This stress test allows supervisors to assess the resilience of EU banks over a three-year horizon under both a baseline and an adverse scenario.

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29/07/2023

Hungary: EU Commission approves €2.36bn to support transition to a net-zero economy

The European Commission has approved a €2.36 billion (approximately HUF 880 billion) Hungarian scheme for accelerated investments in strategic sectors to foster the transition towards a net-zero economy, in line with the Green Deal Industrial Plan. The scheme was approved under the State aid Temporary Crisis and Transition Framework, adopted by the Commission on 9 March 2023 to support measures in sectors which are key to accelerate the green transition

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28/07/2023

ECB: Press conference by Christine Lagarde and Luis de Guindos

The outlook for economic growth and inflation remains highly uncertain. Downside risks to growth include Russia’s unjustified war against Ukraine and an increase in broader geopolitical tensions, which could fragment global trade and thus weigh on the euro area economy. Growth could also be slower if the effects of monetary policy are more forceful than expected, or if the world economy weakens and thereby dampens demand for euro area exports.

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28/07/2023

Shareholder Rights Directive II: EBA and ESMA assess needs for further progress

The European Banking Authority (EBA), jointly with the European Securities and Markets Authority (ESMA), today published a Report assessing the implementation of the Shareholder Rights Directive 2 (SRD2). This assessment, carried out in response to a European Commission’s request, identifies areas for further progress and provides detailed suggestions for policy action, in relation to the Directive’s effectiveness, difficulties in practical application and the appropriateness of the scope of application.

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28/07/2023

Italy: IMF Executive Board Concludes 2023 Article IV Consultation

The Italian economy has weathered well the effects of Russia’s war in Ukraine, growing by 3.7 percent in 2022. Private consumption rose robustly on recovery in employment, buoyant tourism, and extensive fiscal support of real purchasing power. Growth in services and construction offset weakness in manufacturing, especially in energy-intensive industries affected by high energy prices. Consumer prices increased, largely on surging energy prices, financial conditions tightened considerably and yields on

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27/07/2023

U.S. Fed sets new target range for federal funds rate

The Committee will continue to assess additional information and its implications for monetary policy. In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.

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26/07/2023
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