Insight EU Finance Monitoring Weekly 2 – 6 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).

EU ECOFIN COUNCIL

• Agenda of the Economic and Financial Affairs Council, 10 December 2024

EUROGROUP

• Agenda of the Eurogroup, 9 December 2024
• ‘The role of Ministries of Finance in the green transition’ – opening remarks by the Eurogroup President, Paschal Donohoe, at the Coalition for Capacity on Climate Action (C3A) Symposium

ECB

• MEPs quiz Lagarde amid gloomy economic environment
• Speech by Christine Lagarde, President of the ECB, at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
• How to turn European savings into investment, innovation and growth – Contribution by Christine Lagarde, President of the ECB to The Economist
• ECB announces new timeline for harmonisation of banks’ statistical reporting
• ECB Blog: Greece, Ireland, Portugal and Cyprus: Crisis and Recovery
• Further publications by the ECB
• Piero Cipollone: The case for a digital euro in the European payments landscape
• ECB announces new timeline for harmonisation of banks’ statistical reporting
• Euro area bank interest rate statistics: October 2024
• Consolidated financial statement of the Eurosystem as at 29 November 2024

DIGITAL EURO

• ECB publishes second progress report on the digital euro preparation phase

BANKING SUPERVISION

• Learning from the past, preparing for the future – Keynote speech by Patrick Montagner, Member of the Supervisory Board of the ECB
• ECB concludes asset quality review of J.P. Morgan SE

CAPITAL MARKETS UNION

• Capital markets Union: EU Council agrees to make consumers’ financial data more accessible

FINCEN

• FinCEN Invites Nominations for Membership on the Bank Secrecy Act Advisory Group
• US FinCEN Joins Agencies in Issuing A Statement on Elder Financial Exploitation

EIOPA

• EIOPA opens second batch of consultations on legal instruments after Solvency II review
• The IAIS elects Petra Hielkema as Vice Chair of the Executive Committee
• EIOPA calls for candidates to join its Consultative Expert Group on data use in insurance
• Further publications by EIOPA
• EIOPA publishes monthly technical information for Solvency II Relevant Risk-Free Interest Rate Term Structures – end-November 2024
• Monthly update of the symmetric adjustment of the equity capital charge for Solvency II – end-November 2024

ESMA

• ACER and ESMA cooperate to better protect businesses and consumers from abuse of the energy market
• Ongoing ESMA Consultations
• Further ESMA documents
• Joint EBA and ESMA Guidelines on the assessment of the suitability of the members of the management body of issuers of asset-referenced tokens and of crypto-asset service providers
• Verena Ross’ speech at FESE 50th Anniversary Celebration, 3 December 2024
• List of Authorised DLT Market Infrastructures
• ESAs Statement on DORA application

EBA

• The EBA publishes final standards on the specification of long and short positions under the derogations for market and counterparty risks
• EBA proposes criteria to appoint a central contact point for crypto-asset service providers to strengthen the fight against money-laundering and terrorism financing in host Member States
• Ongoing EBA Consultations
• Joint EBA and ESMA Guidelines on the assessment of the suitability of the members of the management body of issuers of asset-referenced tokens and of crypto-asset service providers
• Consultation on Regulatory Technical Standards on CCP to strengthen fight against financial crime
• Consultation on Technical Standards on structural foreign exchange under CRR
• Consultation on Guidelines on proportionate retail diversification methods

EU PARLIAMENT REGISTER

• EP Committee on Budgetary Control: highlights of the meeting on 9 December

EU COUNCIL REGISTER

• ST 14433 2024 INIT Revised ANNEX to the COUNCIL IMPLEMENTING DECISION amending Implementing of 28 July 2021 on the approval of the assessment of the recovery and resilience plan for Croatia
• ST 14435 2024 INIT ANNEX to the COUNCIL IMPLEMENTING DECISION amending Implementing Decision of 15 December 2022 on the approval of the assessment of the recovery and resilience plan for Hungary
• ST 14437 2024 INIT Council Implementing Decision amending Council Implementing Decision of 13 July 2021 on the approval of the assessment of the recovery and resilience plan for Slovakia
• ST 14650 2024 INIT Annex to the Council Implementing Decision amending the Council Implementing Decision of 29 October 2021 on the approval of the assessment of the recovery and resilience plan for Estonia
• ST 16463 2024 INIT Council Regulation (EU) 2022/1904 of 6 October 2022 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine
• ST 15349 2024 INIT Regulation (EC) No 1445/2007 of the European Parliament and of the Council of 11 December 2007 establishing common rules for the provision of basic information on Purchasing Power Parities and for their calculation and dissemination
• ST 15357 2024 INIT The Presidency and the incoming Presidency have prepared this roadmap to outline the key steps of the 2025 European Semester cycle. Delegations will find attached the European Semester roadmap, as prepared by the Presidency and incoming Presidency.
• ST 15492 2024 INIT Regulation (EU) 2023/734 of the European Parliament and of the Council of 15 March 2023 amending Regulation (EU) No 549/2013 on the European system of national and regional accounts in the European Union and repealing 11 legal acts in the field of national accounts
• ST 14614 2024 INIT Annex to the Council Implementing Decision amending Implementing Decision of 13 July 2021 on the approval of the assessment of the recovery and resilience plan for Austria
• ST 15989 2024 ADD 1 ANNEX to the COUNCIL IMPLEMENTING DECISION amending Implementing Decision of 28 July 2021 on the approval of the assessment of the recovery and resilience plan for Slovenia

EU COMMISSION REGISTER

• COMMISSION DECISION on the access admission to the Common Auction Platform for the auctioning of the allowances for the Social Climate Fund
• COMMUNICATION TO THE COMMISSION Communication from the Commissioner with responsibility for Economy and Productivity, Implementation and Simplification to the Commission asking the College to endorse the extension of the deadlines of submission of national medium-term fiscal-structural plans under Regulation (EU) 2024/1263 of the European Parliament and of the Council on the effective coordination of economic policies and on multilateral budgetary surveillance.
• COMMISSION IMPLEMENTING DECISION approving the Agreement for the implementation of the Ukraine Loan Cooperation Mechanism between the European Union and Ukraine

BANK FOR INTERNATIONAL SETTLEMENTS

• The ‘Clean Energy Transition’ and the Cost of Job Displacement in Energy-intensive Industries
• Four years into NextGenerationEU: what impact on the euro area economy
• Real Exchange Rates and the Global Financial Cycle
• Predicting College Closures and Financial Distress
• The Nature of Technological Change 1960-2016
• Further BIS publications
• Fabio Panetta: A European productivity compact
• Olli Rehn: The European economy under pressure – how is geopolitics impacting trade, finance and competitiveness?
• François Villeroy de Galhau: Some thoughts about monetary policy, the year to come, and the past ten years
• Klaas Knot: On phronesis and price stability
• Adriana D Kugler: A year in review – a tale of two supply shocks
• Jorgovanka Tabaković: The best investment in the future is investment in people, cooperation, and diversification
• Gent Sejko: Address – 10th meeting of the National Payment System Committee
• Jan Frait: Monetary policy, the “Great Macrofinancial Volatility” and the response of monetary theory in the first quarter of the 21st century
• Robert Holzmann: The euro in Central, Eastern and Southeastern Europe (CESEE)
• Joachim Nagel: Monetary policy in times of uncertainty and structural challenges
• Phil Mnisi: Statement – official opening ceremony of the COMESA Symposium
• Phil Mnisi: Closing remarks – IndabaX Award Ceremony
• Phil Mnisi: Statement – 28th meeting of the COMESA Committee of Governors of Central Banks
• Phil Mnisi: Statement – 44th meeting of the Bureau of the COMESA Committee of Governors of Central Banks
• Swaminathan J: Supervision amidst emerging risks
• Darryl Chan: Hong Kong focus – strengthening the International Financial Center Development
• Rajeshwar Rao: Mitigating climate change risks and fostering a robust ecosystem for sustainable finance
• Swaminathan J: Catalysing inclusive growth – strengthening partnerships for reaching the last mile
• Eddie Yue: Keynote speech – Greater Bay Area Fintech Talent Summit
• Christopher J Waller: Cut or skip?
• Philip R Lane: The 25th anniversary of the Euro50 Group – looking ahead to the 50th anniversary
• Michele Bullock: Economic conditions and the Reserve Bank of Australia’s transformation
• Fire sales of safe assets
• Bond supply, yield drifts and liquidity provision before macroeconomic announcements
• Monetary policy in the news: communication pass-through and inflation expectations
• Regulatory Consistency Assessment Programme (RCAP): Assessment of Basel Committee’s large exposures framework – Korea
• Regulatory Consistency Assessment Programme (RCAP): Assessment of Basel Committee’s Net Stable Funding Ratio standard – Korea
• Basel Committee finds Korea compliant with its Net Stable Funding Ratio standard and largely compliant with its large exposures framework
• Central bank digital currencies and fast payment systems: rivals or partners?
• Whither inflation targeting as a global monetary standard?
• Uncertain waters: can parametric insurance help bridge NatCat protection gaps?

UNITED STATES

• Cut or Skip? – Speech by Governor Waller on the economic outlook