Insight EU Finance Monitoring Weekly 11 – 16 November 2024

EU BUDGET 2025

• EU Budget 2025: EU Commission welcomes deal between Council and Parliament
• EU Budget for 2025: EU Council position and background
• EU Budget 2025: MEPs reinforce EU programmes and manage borrowing costs

AUTUMN FORECAST

• Autumn 2024 Economic Forecast: A gradual rebound in an adverse environment
• Statement by EU Commissioner Gentiloni at the presentation of the Autumn 2024 Economic Forecast

CLIMATE FINANCE

• Mind the gap: What it takes to finance a greener future – Christine Lagarde, ECB President

INFRINGEMENT PACKAGE

• Reasoned opinions: The Commission urges BULGARIA, SPAIN, LATVIA, MALTA, PORTUGAL, and ROMANIA to fully transpose the Motor Insurance Directive
• The Commission decides to refer GERMANY to the Court of Justice of the European Union for failing to eliminate discriminatory tax treatment of reinvested capital gains on the sale of German real estate

ECB

• Contribution by Piero Cipollone, Member of the Executive Board of the ECB: Some like it hotter: The conditions for a cyclical recovery in euro area productivity
• Reassessing monetary policy tools in a rapidly changing world: Speech by Ms Schnabel, Member of the Executive Board of the ECB
• Further publications by the ECB
• Meeting of 16-17 October 2024
• Letter from the ECB President to Mr. Auke Zijlstra, MEP, on the digital euro
• Keep calm, but watch the outliers: Deposit flows in recent crisis episodes and beyond
• Banks and non-banks stressed: Liquidity shocks and the mitigating role of insurance companies
• Real effects of credit supply shocks: Evidence from Danish banks, firms, and workers
• Sound practices for managing intraday liquidity risk
• Civil Society Seminar: Digital euro – Maintaining the freedom to choose how we pay
• ECB Money Markets Conference 2024 – Welcome and Opening remarks
• ECB Money Markets Conference 2024 – Keynote Speech
• ECB Money Markets Conference 2024 – Market panel
• ECB Money Markets Conference 2024 – Session 1: Repo markets
• ECB Money Markets Conference 2024 – Session 2: Central bank balance sheet and operations
• ECB Money Markets Conference 2024 – Session 4: FX Market

ECB BANKING SUPERVISION

• Ten years of European banking supervision: Voices of EU VIPs

AML/CFT

• EP Think Tank Briefing – New EU regulation on preventing money laundering and terrorist financing

CBDC

• ECB: The impact of central bank digital currency on central bank profitability, risk-taking, and capital
• Deutsche Bundesbank: Europa braucht ein eigenes digitales Zahlungsmittel – Gastbeitrag von Burkhard Balz in der Börsen-Zeitung

FINANCIAL MARKETS

• European Capital Markets Institute: Why the EU should not compare itself to the US when it comes to financial markets

DORA

• The ESAs announce timeline to collect information for the designation of critical ICT third-party service providers under the Digital Operational Resilience Act

EIB

• EIB Working Paper 2024/06 – Intangible differences: Investment during the pandemic and the role of financial constraints

ESMA

• ESMA is collecting data on costs linked to investments in AIFs and UCITS
• Further ESMA documents
• ESMA-EIOPA Letter on the Retail Investment Strategy
• Ongoing ESMA consultations

EBA

• The EBA updates list of third-country groups and branches operating in the European Union and the European Economic Area
• The EBA publishes methodology, draft templates, and key milestones for its 2025 EU-wide stress test
• The EBA issues an Opinion in response to the European Commission’s proposed amendments to the EBA final draft technical standards on supervisory reporting and Pillar 3 disclosures
• The EBA issues final guidance on internal policies, procedures, and controls to ensure the implementation of Union and national sanctions
• The EBA consults on Guidelines on proportionate retail diversification methods
• EBA Questions and Answers

EIOPA

• EIOPA releases its Opinion on the scope of DORA in light of the review of the Solvency II framework
• EIOPA welcomes international agreement on a new global capital standard for insurers

EU PARLIAMENT REGISTER

• At a Glance – Study in Focus: EU contingent financial liabilities
• Briefing – Public hearing with Claudia Buch, Chair of the ECB / SSM Supervisory Boards
• In-Depth Analysis – Economic Dialogue with the President of the ECOFIN – 18 November 2024
• Briefing – Looking back at 10 years of Banking Union’s case law – PE 760.245 – Committee on Economic and Monetary Affairs
• In-Depth Analysis – Quarterly assessment of the ECB’s monetary policy stance – PE 760.267 – Committee on Economic and Monetary Affairs
• In-Depth Analysis – Assessing the ECB’s monetary policy stance by comparing tightening cycles – PE 760.266 – Committee on Economic and Monetary Affairs

EU COUNCIL REGISTER

• ST 15255 2024 INIT – Council Directive (EU) 2024/1265 of 29 April 2024 amending Directive 2011/85/EU on requirements for budgetary frameworks of the Member States
• ST 15235 2024 INIT Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending Directive 2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC
• ST 15266 2024 INIT Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms
• ST 15562 2024 INIT – European Semester 2025: Priorities in employment and social policy – Policy debate
• ST 15563 2024 INIT – Assessment of the Social Convergence Framework as implemented on a pilot basis in the 2024 European Semester cycle

EU COMMISSION REGISTER

• CORRIGENDUM to the annexes of Commission Implementing Regulation C(2024) 6597
• COMMUNICATION TO THE COMMISSION: Preliminary assessment of the third payment request of the Czech Republic
• COMMISSION IMPLEMENTING DECISION: Disbursement decisions for Cyprus
• REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the activities of IFRS, EFRAG, and PIOB in 2023
• COMMISSION REGULATION (EU) …/… amending Regulation (EU) 2023/1803
• COMMUNICATION TO THE COMMISSION: Positive assessments of Lithuania and Poland’s payment requests

FINANCIAL STABILITY BOARD

• FSB Europe Group discusses vulnerabilities and securitisation
• FSB assesses financial stability implications of artificial intelligence
• FSB reports on progress in climate-related disclosures

INTERNATIONAL MONETARY FUND

• Latest publications by the IMF

BANK FOR INTERNATIONAL SETTLEMENTS

• BIS Central Bank Research Hub: Latest publications
• Further BIS publications

U.S. FINCEN

• U.S. FinCEN Issues Alert on Fraud Schemes Involving Deepfake Media
• U.S. FinCEN Collaborations on combating illicit finance related to fentanyl trafficking

UNITED STATES

• U.S. Federal Reserve Chair Jerome Powell: Economic Outlook
• Speech by Governor Kugler on central bank independence and the conduct of monetary policy
• U.S. Federal Reserve Board invites comment on a report, as prescribed by law, that discusses the impact of a proposed international capital standard
• Senior Loan Officer Opinion Survey on Bank Lending Practices
• Federal Reserve Board invites comment on a report, as prescribed by law, that discusses the impact of a proposed international capital standard
• Supervision and Regulation Report

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