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Originally published on 19 April 2025
ECB
- ECB Governing Council: Monetary policy decisions on 17 April 2025
- ECB Monetary Policy Statement by ECB President Christine Lagarde and Vice-President Luis de Guindos
- ECB Blog: Low money market volatility benefits monetary policy transmission
- Survey on the Access to Finance of Enterprises: firms report lower interest rates amid reduced need for bank loans
- ECB Survey on the access to finance of enterprises
- Euro area bank lending survey
- Further ECB documents
- Euro area monthly balance of payments: February 2025
- Consolidated financial statement of the Eurosystem as at 11 April 2025
- April 2025 euro area bank lending survey
SECURITISATION
- EU Commission background on the EU securitisation market
INVESTEU
- EU Council agrees position to simplify InvestEU regulation to boost competitiveness
CAPITAL MARKETS
- The EU Commission launches a targeted consultation on obstacles to capital markets integration across the EU
- ECMI: Towards a unified supervision framework: Ensuring the success of the Savings and Investments Union
- EFAMA: The rise of active ETFs in Europe – A short overview
ESAS
- ESAs publish Joint Annual Report for 2024
EBA
- The EBA updates list of indicators used to perform risk assessments
- A material gender pay gap persists across EU banks and investment firms, the EBA observes in its Benchmarking Report
- Ongoing EBA consultations
- Consultation on Regulatory Technical Standards on on the threshold of activity at which Central Securities Depositories (CSDs) providing ‘banking-type ancillary services’ (EBA/CP/2025/05) – 14 Mar – 16 Jun 2025
- Consultation on proposed RTS in the context of the EBA’s response to the European Commission’s Call for advice on new AMLA mandates (EBA/CP/2025/04) – 6 Mar – 6 Jun 2025
- Consultation on amending ITS on benchmarking exercises (EBA/CP/2025/03) – 25 Feb – 26 May 2025
EIOPA
- Despite good returns, performance of retail investment products in insurance and pensions fails to outperform inflation
- Further EIOPA documents
- Joint Committee – Annual Report 2024
- Costs and past performance report
- Upcoming EIOPA events
- 14 May 2025: Public debates: ESAs online workshop with ICT third-party providers: CTPP designation and the preparatory phase for the oversight framework
- 12 Jun 2025: Public debates: Webinar on ESMA’s and EIOPA’s Annual Cost and Past Performance Report
- 3 Sep 2025: Conferences and summits: 9th Conference on Global Insurance Supervision: Global Insurance Supervision: Building Resilience in a Risk-Driven World
- Open EIOPA consultations
- Consultation on revised Guidelines on the treatment of related undertakings – Solvency II Review – Opening date: 3 April 2025 – Deadline: 26 June 2025, 23:59 (CEST)
- Consultation on Guidelines on exclusions from scope of group supervision – Solvency II Review – Opening date: 3 April 2025 – Deadline: 26 June 2025, 23:59 (CEST)
- Consultation on revised Opinion on Dynamic Volatility Adjustment (DVA) – Solvency II Review – Opening date: 3 April 2025 – Deadline: 26 June 2025, 23:59 (CEST)
- Consultation paper and impact assessment on EIOPA’s Opinion on AI governance and risk management – Opening date: 12 February 2025 – Deadline: 12 May 2025, 23:59 (CEST)
- Consultation on revised Guidelines on methods for determining the market shares for reporting – Opening date: 3 February 2025 – Deadline: 28 April 2025, 23:59 (CEST)
ESMA
- ESMA publishes implementing rules on Liquidity Management Tools for funds
- Further ESMA publications
- ESMA publishes latest edition of its newsletter
- Latest entries into the ESMA Library
- 16/04/2025 – ESMA30-379-2047 – Terms of Reference – Sustainability Standing Committee
- 16/04/2025 – ESMA43-1527801302-1748 – Terms of Reference – Senior Supervisors Forum
- 16/04/2025 – JC 2025 11 – Joint Committee Annual Report 2024
- 16/04/2025 – ESMA50-2085271018-4155 – Terms of Reference – Risk Standing Committee
- 16/04/2025 – ESMA22-1669215091-5983 – Terms of Reference – Proportionality and Coordination Committee
- 16/04/2025 – ESMA74-1505669079-9668 – Terms of Reference – Markets Standing Committee
- 16/04/2025 – ESMA32-492305124-39 – Terms of Reference – Issuers Standing Committee
- 16/04/2025 – ESMA35-1983731921-877 – Terms of Reference – Investor Protection Standing Committee
- 16/04/2025 – ESMA34-1273004364-1003 – Terms of Reference – Investment Management Standing Committee
- 16/04/2025 – ESMA75-223375936-6154 – Terms of Reference – Digital Finance Standing Committee
- 16/04/2025 – ESMA12-1406959660-2930 – Terms of Reference – Data Standing Committee
- 16/04/2025 – ESMA91-1525761655-4349 – Terms of Reference – CCP Policy Committee
- 15/04/2025 – ESMA Newsletter – Newsletter February and March 2025
- 15/04/2025 – ESMA24-229244789-5345 – SMSG advice on the Consultation Paper on Amendments to the RTS on Settlement Discipline
- 15/04/2025 – ESMA24-229244789-5297 – SMSG Advice on ESA’s Consultation Paper on Guidelines for the knowledge and competence under the Markets in Crypto Asset Regulation (MiCA)
- 15/04/2025 – ESMA70-155-11016 – List of designated authorities, payment systems and securities settlement systems
- 15/04/2025 – ESMA34-1985693317-1160 – Final Report on the Guidelines on LMTs of UCITS and open-ended AIFs
- 15/04/2025 – ESMA34-1985693317-1259 – Final Report on the Draft Regulatory Technical Standards on Liquidity Management Tools under the AIFMD and UCITS Directive
- 14/04/2025 – ESMA42-646012687-331 – ESMA Guidelines
- 14/04/2025 – ESMA42-110-812 – Notifications of Compliance with Guidelines – Overview Table
- Ongoing ESMA Consultations
- From 08/04/2025 to 16/06/2025: Consultation on the Draft technical standards to further detail the new EMIR clearing thresholds regime
- From 07/04/2025 to 30/05/2025: Consultation on the Technical Standards on the European Green Bond Regulation
- From 03/04/2025 to 03/06/2025: Consultation on the Draft implementing technical standards on the extension of the use of the alleviated format of insider lists
- From 03/04/2025 to 03/07/2025: MiFIR Review: Consultation Package 4 – transparency for derivatives, package orders and input/output data for the derivatives consolidated tape
- From 18/02/2025 to 19/05/2025: Consultation on the Guidelines on supplements which introduce new securities to a base prospectus
- From 17/02/2025 to 22/04/2025: Consultation on the Guidelines for the criteria on the assessment of knowledge and competence under MiCA
- From 13/02/2025 to 14/04/2025: Consultation on the Amendments to the RTS on Settlement Discipline
EIB
- The EIB Group at IMF/World Bank Spring Meetings: stepping up partnerships for win-win outcomes and collective security
EU PARLIAMENT REGISTER
EP ECON Committee
- Draft agenda – Wednesday, 23 April 2025 – PE772.206v01-00 – Committee on Budgets , Committee on Economic and Monetary Affairs
- Highlights – Joint BUDG-ECON public hearing on “InvestEU: lessons learned and future perspectives” – Committee on Economic and Monetary Affairs
- Question to the ECB – Financial impact of the introduction of a digital euro on European banks – PE772.063v01-00
- Question to the ECB – Claims by the Chair of the Supervisory Board of the ECB about the profitability of the digital euro for European Banks – PE772.061v01-00
- Minutes – Monday, 31 March 2025 – PE772.065v01-00 – Committee on Economic and Monetary Affairs
EP Opinions
- OPINION on the implementation report on the Recovery and Resilience Facility – PE766.877v02-00
- DRAFT OPINION on facilitating the financing of investments and reforms to boost European competitiveness and creating a Capital Markets Union (Draghi Report) – PE772.006v01-00
EP Think Tank Papers
- In-Depth Analysis – Assessing real estate risks and vulnerabilities. Hidden cracks in the financial system? – 16-04-2025
- In-Depth Analysis – How have European banks developed along different dimensions of international competitiveness? – 16-04-2025
- In-Depth Analysis – Invest EU Programme: functioning, performance and future challenges – 14-04-2025
EU COUNCIL REGISTER
- ST 7731 2025 INIT Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulations (EU) 2015/1017, (EU) 2021/523, (EU) 2021/695 and (EU) 2021/1153 as regards increasing the efficiency of the EU guarantee under Regulation (EU) 2021/523 and simplifying reporting requirements – Revised Presidency compromise text
- CM 2409 2025 INIT Meeting of the Antici Group (Simplification)
- CM 2443 2025 INIT Working Party on Civil Law Matters (Insolvency)
- CM 2335 2025 REV 1 Meeting of the Antici Group (Simplification)
- WK 3541 2025 INIT Presentation by the Commission services at the Working Party on Competitiveness and Growth (Internal Market – Late payment) meeting on 17 March 2025 – EU Payment Observatory Annual Report 2024, agenda item 3.
- ST 7163 2025 ADD 1 Proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law – Comments on Title VI
- ST 7300 2025 INIT Proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law – Emergency measures
- CM 2236 2025 INIT Proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law – Request for written contributions
- PE 6 2025 REV 1 DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL AMENDING DIRECTIVES (EU) 2022/2464 AND (EU) 2024/1760 AS REGARDS THE DATES FROM WHICH MEMBER STATES ARE TO APPLY CERTAIN CORPORATE SUSTAINABILITY REPORTING AND DUE DILIGENCE REQUIREMENTS
EU COMMISSION REGISTER
- COMMUNICATION FROM THE COMMISSION establishing guidelines for pre-issuance disclosure templates for issuers of bonds marketed as environmentally sustainable or of sustainability-linked bonds
- COMMISSION DELEGATED REGULATION (EU) …/… supplementing Regulation (EU) 2023/2631 of the European Parliament and of the Council by establishing the content, methodologies, and presentation of the information to be voluntarily disclosed by issuers of bonds marketed as environmentally sustainable or of sustainability-linked bonds in the templates for periodic post-issuance disclosures
- COMMISSION DELEGATED REGULATION (EU) …/… supplementing Regulation (EU) 2023/2631 of the European Parliament and of the Council by specifying the type of fees to be charged by ESMA to external reviewers of European Green Bonds, the matters in respect of which fees are due, the amount of the fees, and the manner in which those fees are to be paid
- COMMISSION DELEGATED REGULATION (EU) …/… supplementing Regulation (EU) 2023/2631of the European Parliament and of the Council by specifying rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities and Markets Authority on external reviewers
- COMMISSION IMPLEMENTING DECISION on the authorisation of the disbursement of the fifth instalment of the non-repayable support and the fifth instalment of the loan support for Greece
- COMMISSION IMPLEMENTING DECISION on the authorisation of the disbursement of the third instalment of the non-repayable support for Latvia
- COMMISSION IMPLEMENTING DECISION on granting an authorisation pursuant to the second paragraph of Article 5 of Council Regulation (EC) No 2271/96
- COMMISSION IMPLEMENTING DECISION granting an authorisation pursuant to Article 5 of Council Regulation (EC) No 2271/96
- COMMISSION IMPLEMENTING DECISION on granting an authorisation pursuant to Article 5 of Council Regulation (EC) No 2271/96
- COMMISSION IMPLEMENTING DECISION on granting an authorisation pursuant to Article 5 of Council Regulation (EC) No 2271/96
- COMMISSION OPINION in accordance with Article 19 of the Statute of the European Investment Bank
- COMMISSION OPINION in accordance with Article 19 of the Statute of the European Investment Bank
FSB
- FSB finalises the common Format for Incident Reporting Exchange (FIRE)
BANK FOR INTERNATIONAL SETTLEMENTS
- BIS Central Banks’ Research Hub
- Screen More, Sell Later: Screening and Dynamic Signaling in the Mortgage Market
- The Effect of the Great Recession on Student Loan Borrowing and Repayment
- Supply chain transmission of climate-related physical risks
- Let’s speak the same language: a formally defined model to describe and compare payment system architectures
- Labor Cost Passthrough: Evidence from Japanese Long-term Subnational Data
- How accurately do consumers report their debts in household surveys?
- Instant Payments in Czechia: Adoption and Future Trends
- Costs of training and the demand for apprentices
- Designing the Future of Money: The Case for Multiple CBDCs
- Macroprudential and monetary policy tightening: more than a double whammy?
- The Risk Sensitivity of Global Liquidity Flows: Heterogeneity, Evolution, and Drivers
- Tempting FAIT: Flexible Average Inflation Targeting and the Post-COVID U.S. Inflation Surge
- BIS Central Bankers’ Speeches
- Junko Nakagawa: Economic activity, prices, and monetary policy in Japan
- Kazuo Ueda: The Bank’s Semiannual Report on Currency and Monetary Control
- Jerome H Powell: Economic outlook
- Christopher J Waller: A tale of two outlooks
- Lisa D Cook: 2025 distinguished Alumna award acceptance remarks
- Jorgovanka Tabaković: Navigating industrial policy
- Jorgovanka Tabaković: Gender equality in financial institutions – the case of the National Bank of Serbia
- Tiff Macklem: Release of the Monetary Policy Report
- Dimitar Radev: Bulgaria’s forthcoming entry into the euro area is not just an important step in its European integration
- Darryl Chan: Opening remarks – International Conference on Generative Artificial Intelligence
- Ásgeir Jónsson: Speech – 64th Annual Meeting of the Central Bank of Iceland
- Petra Tschudin, Thomas Moser: Fast and available round the clock – what instant payments mean for households, companies and financial institutions
- François Villeroy de Galhau: A European approach to simplification – avoiding three misconceptions, and suggesting concrete milestones
- Claudia Buch: European banking integration – harnessing the benefits, containing the risks
- Swaminathan J: Shared vision, shared responsibility – strenghtening NBFCs
- Sharon Donnery: Resilience, risk and regulation – anchoring stability in a rules-based international order
- John C Williams: Uncertain times
- Michele Bullock: Women’s economic empowerment in Australia
- Klaas Knot: Stating the obvious – a central bankers perspective on resilience in times of uncertainty
IMF
- IMF Podcast: Toward a Better Balanced and More Resilient World Economy
- Empowering Data-Driven Policies Through Renewed Partnerships: Launching the D4D Fund Phase II
- IMF Fiscal Monitor – Chapter 2: Public Sentiment Matters: The Essence of Successful Energy Subsidies and Pension Reforms
- Further IMF publications
- How Rising Geopolitical Risks Weigh on Asset Prices
- Emerging Markets Face a Perfect Storm
- How to Build Public Support for Energy Subsidy and Pension Reforms
- Migration and Refugee Policies Steer People, and Economies, in New Directions
- Jordan — IMF Staff Reach Staff Level Agreement on the Third Review under the Extended Fund Facility and Make Progress Toward a Program Supported under the Resilience and Sustainability Facility
ITALY
- Publications by Banca d’Italia
- New releases of Occasional Papers of Banca d’Italia – 17 April 2025
- No. 931 – EU industrial policy between crises and the twin transition
- No. 930 – Data dependency, inflation projections and interest rate decisions
- No. 929 – Adoption and expected impact of Generative AI: Evidence from Italian households
- No. 928 – Underlying Composite Inflation (UCI): a novel indicator to track inflation developments
- No. 927 – Applying artificial intelligence to support regulatory reporting management: the experience at Banca d’Italia
- No. 926 – Energy price shocks and their effects on the main macroeconomic variables: a Bayesian SVAR analysis
- No. 925 – Here comes the flood: the climate risk of residential mortgages in Rimini
- No. 924 – The Great Divide: productivity dynamics in the United States and the euro area after the pandemic
- No. 923 – Migration flows and policies in Italy and in other European countries
- No. 922 – Comparing the systemic risk of Italian insurers and banks
- No. 921 – Market risk of securities held by Italian banks and insurance companies
- No. 920 – Country demographic and socio-economic structure and household consumption
- No. 919 – The Italian venture capital market
- No. 918 – The slowdown of productivity in the euro area and the role of input prices
- Hearing of Andrea Brandolini at the Joint Budget Committees of the Senate and the Chamber – Public Finance Document (DFP) 2025
- Andrea Brandolini participates in Hearing at the Chamber of Deputies
- Hearing of Andrea Brandolini at the Chamber of Deputies
- Testimony at the preliminary review of the Public Finance Document (DFP) 2025 (only in Italian) [pdf, 286.9 KB]
- No. 54 – Napoleonic Administrative Reforms and Development in the Italian Mezzogiorno
- Banca d’Italia publishes a compendium of customer protection laws and regulations
- Investigation Committee on the economic and social effects of the demographic transition [pdf, 337.2 KB]
- The Financial Market – Methodological Notes [pdf, 796.4 KB]
- The Public Finances: Borrowing Requirement and Debt – February 2025 [pdf, 4.2 MB]
- The Financial Market – February-March 2025 [pdf, 1.9 MB]
- Comments to main results – April 2025 [pdf, 326.1 KB]
GERMANY
- Bundesbank study: Wealth in Germany grows in nominal terms but declines in real terms, with no change in inequality
- April results of the Bank Lending Survey (BLS) in Germany – Demand continued to rise in all loan categories
SWITZERLAND
- Swiss National Bank: Fabian Fink, Thomas Maag and Alexander Wehrli: Digital asset market structure: lessons from and for the institutional foreign exchange spot market
USA
- Speech by U.S. Fed Governor Barr on cybersecurity in the banking system: Deepfakes and the AI Arms Race in Bank Cybersecurity
- Further publications by the U.S. Federal Reserve
- Federal Reserve Board requests comment on a proposal to reduce the volatility of the capital requirements stemming from the Board’s annual stress test results
- Acceptance remarks by Governor Cook at the 2025 Cal Alumni Club of Washington, D.C. Annual Reception
- Federal Reserve Board announces approval of application by United Community Banks, Inc.
- Agencies take action on appraisal requirements in an area affected by California wildfires and straight-line winds
- Consumer Credit – G.19
- FinCEN Issues Additional Frequently Asked Questions and Responses on Southwest Border Geographic Targeting Order
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