Insight EU Finance Monitoring Weekly 25 – 29 November 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).

ECB

• Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates) – November 2024
• ECB Consumer Expectations Survey results – October 2024
• Monetary policy under uncertainty – Keynote speech by Philip R. Lane, ECB
• Interview with Christine Lagarde, President of the ECB, conducted by Roula Khalaf, Patrick Jenkins, and Olaf Storbeck of the Financial Times (25 November 2024)
• Bloomberg Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Mark Schrörs and Alexander Weber
• ECB Blog: Financial intermediation beyond banks: taking a macroprudential approach
• Going NUTS: the regional impact of extreme climate events over the medium term
• Further publications by the ECB
• Philip R. Lane: The 25th anniversary of the Euro50 Group: looking ahead to the 50th anniversary
• Monetary developments in the euro area: October 2024
• Testimonials from trainees in banking supervision
• When Gen Z wrote the script on traineeships in Banking Supervision
• Focus Session (virtual) – Cross-border payments: TIPS for getting there
• ECB conference on financial stability and macroprudential policy:
  • Banks’ Foreign Homes
  • Keynote speech
  • Financial stability analysis…
  • LASH risk and Interest Rates
  • Welcome address
  • From losses to buffer
  • Payout Restrictions and Bank…
  • Private Debt versus Bank Debt
  • Diverging Banking Sector…
  • Central bank communication on…
  • Unintended Consequences of QE…
  • The zombie lending channel…
• The macroeconomic effects of liquidity supply during financial crises
• Navigating financial stability in uncertain times
• Focus session (virtual) – Eurosystem Collateral Management System

EUROSYSTEM

• ECB announces changes to the Eurosystem collateral framework to foster greater harmonisation
• Norway joins TIPS and adds Norwegian krone to Eurosystem’s instant payment service

BANKING SUPERVISION

• Objects in the rearview mirror are closer than they appear – Keynote speech by Elizabeth McCaul, Member of the Supervisory Board of the ECB
• What lies ahead for the European banking sector? Conversation between Anneli Tuominen, Member of the Supervisory Board of the ECB, and Kian Abouhossein, Managing Director at JP Morgan
• EBSG: National windfall taxes on the banking sector impact lending capacity to corporates and individuals

EU COURT OF JUSTICE

• Euro Interest Rate Derivatives: EU General Court judgment in Case T-561/21 HSBC

EIB

• EIB Working Paper 2024/07 – How regional spillovers shape EU firms’ climate investments

EIOPA

• EIOPA elects new Vice-Chairperson and two new Members of its Management Board
• EIOPA seeks feedback on its proposal for the development of a natural catastrophes tool to raise awareness on potential risks and on prevention measures
• Further publications by EIOPA
• EIOPA feedback to EU COM Consultation Paper on “Assessing the adequacy of macroprudential policies for Non-Bank Financial Intermediation (NBFI)
• Joint Guidelines on the exchange of information relevant to fit and proper assessments

ESMA

• ESMA announces further guidance on exclusion criteria for the selection of Consolidated Tape Providers
• Ongoing ESMA Consultations:
  • Draft technical advice concerning the Prospectus Regulation
  • Updating the CDR on metadata
  • Call for evidence on potential further steps towards harmonising rules on civil liability pertaining to securities prospectuses under the Prospectus Regulation
  • MiFIR: Consultation on the Review of RTS 22 on transaction data reporting and RTS 24 on order book data
  • Conditions of the Active Account Requirement under EMIR 3
• Further ESMA documents:
  • CSD Register
  • Compliance table on Guidelines on marketing communications under the Regulation on the cross-border distribution of funds
  • List of Synthetic Securitisations notified to ESMA

EBA

• EU banks continue to be robust although risks from geopolitical tensions and cyber threats remain significant, the EBA Report shows
• EU banks continue to meet their MREL, still 21 banks in their transition period report a shortfall
• EBA finds Hungarian waiver for covered bonds justified
• Ongoing EBA Consultations
• EBA Final Questions
  • 2024_7052 Interest flows

EU PARLIAMENT REGISTER

• Highlights:
  • Public Hearing on “Financial services for women, and by women” – Committee on Economic and Monetary Affairs
  • Monetary Dialogue and Public Hearing with Christine Lagarde – Committee on Economic and Monetary Affairs
  • Public Hearing with Dominique Laboureix, Chair of the Single Resolution Board – Committee on Economic and Monetary Affairs
• Question to the ECB – Sources for the recent anti-trust assessments by the ECB – PE765.251v01-00
• Draft Report on the European Semester for Economic Policy Coordination 2025 – PE766.678v01-00
• Minutes – Monday, 25 November 2024 – PE766.689v01-00 – Committee on Economic and Monetary Affairs, Committee on Civil Liberties, Justice and Home Affairs
• Draft agenda – Wednesday, 4 December 2024 – Thursday, 5 December 2024 – PE766.722v01-00 – Committee on Economic and Monetary Affairs

EU COUNCIL REGISTER

• ST 15109 2024 INIT – Draft Annotated Agenda – FSC 06 November 2024
• ST 15109 2024 REV 1 – Draft Annotated Agenda – FSC 06 November 2024

EU COMMISSION REGISTER

• Commission Implementing Regulation (EU) …/… laying down a common template and electronic reporting formats for the application of Directive 2013/34/EU of the European Parliament and of the Council as regards the information to be presented in reports on income tax information
• Commission Implementing Regulation (EU) …/… laying down implementing technical standards for the application of Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to standard templates for the register of information
• Commission Implementing Regulation (EU) …/… laying down implementing technical standards for the application of Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to supervisory reporting of institutions and repealing Commission Implementing Regulation (EU) 2021/451
• Commission Implementing Regulation (EU) …/… laying down implementing technical standards for the application of Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to public disclosures by institutions of the information referred to in Part Eight, Titles II and III, of that Regulation, and repealing Commission Implementing Regulation (EU) 2021/637
• Commission Implementing Regulation (EU) …/… laying down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to forms, formats, and templates for the crypto-asset white papers
• Commission Delegated Regulation (EU) …/… supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the content and format of order book records for crypto-asset service providers operating a trading platform for crypto-assets
• Commission Decision approving the HERA Invest Amendment Agreement N°1 relating to Annex I-D-4 – HERA Invest Top-Up Annex to the Agreement dated 7 March 2022 between the European Union and the European Investment Bank and the European Investment Fund on the EU Guarantee under Regulation (EU) 2021/523
• Communication to the Commission relating to a draft Commission Notice on the interpretation and implementation of certain legal provisions of the EU Taxonomy Environmental Delegated Act, the EU Taxonomy Climate Delegated Act, and the EU Taxonomy Disclosures Delegated Act
• Communication to the Commission Communication from Commissioner Gentiloni to the Commission in agreement with Executive Vice-President Dombrovskis on the partially positive preliminary assessment of the second payment request of Bulgaria pursuant to Regulation (EU) 2021/241
• Commission Decision approving the European Batteries Manufacturing Top-Up Agreement between the European Union and the European Investment Bank amending the Agreement dated 7 March 2022 between the European Union and the European Investment Bank and the European Investment Fund on the EU Guarantee under Regulation (EU) 2021/523
• Joint Proposal for a Council Regulation amending Regulation (EU) 2022/2309
• Commission Delegated Regulation (EU) …/… supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the manner in which crypto-asset service providers operating a trading platform for crypto-assets are to present transparency data
• Communication to the Commission on the intention to adopt with amendments the Commission Delegated Regulation supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the requirements for policies and procedures on conflicts of interest for issuers of asset-referenced tokens
• Communication to the Commission on the intention to adopt with amendments the Commission Delegated Regulation supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the requirements for policies and procedures on conflicts of interest for crypto-asset service providers and the details and methodology for the content of disclosures on conflicts of interest
• Commission Implementing Decision on approving the Loan Agreement between the European Union and Ukraine related to exceptional macro-financial assistance to Ukraine
• Commission Decision on a policy check under Article 23 of Regulation (EU) 2021/523 of the European Parliament and of the Council establishing the InvestEU Programme
• Commission Decision on a policy check under Article 23 of Regulation (EU) 2021/523 of the European Parliament and of the Council establishing the InvestEU Programme
• Commission Opinion on the request for amendments to Protocol No 5 on the Statute of the European Investment Bank, presented by the European Investment Bank on 28 August 2024
• Recommendation for a Council Recommendation with a view to bringing an end to the situation of an excessive deficit in Hungary
• Communication to the Commission – Communication from the Commissioner with responsibility for Economy 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
• Report from the Commission – Austria, Finland Report prepared in accordance with Article 126(3) of the Treaty on the Functioning of the European Union
• Commission Opinion on the Draft Budgetary Plan of Greece
• Commission Opinion on the Draft Budgetary Plan of Luxembourg
• Commission Opinion on the Draft Budgetary Plan of Lithuania
• Commission Opinion on the Draft Budgetary Plan of Slovenia
• Commission Opinion on the Draft Budgetary Plan of Slovakia
• Commission Opinion on the Draft Budgetary Plan of Estonia
• Commission Opinion on the Draft Budgetary Plan of Italy
• Commission Opinion on the Draft Budgetary Plan of Latvia
• Commission Opinion on the Draft Budgetary Plan of the Netherlands
• Commission Opinion on the Draft Budgetary Plan of Portugal
• Commission Opinion on the Draft Budgetary Plan of Germany
• Commission Opinion on the Draft Budgetary Plan of Ireland
• Commission Opinion on the Draft Budgetary Plan of Croatia
• Commission Opinion on the Draft Budgetary Plan of France
• Commission Opinion on the Draft Budgetary Plan of Cyprus
• Commission Opinion on the Draft Budgetary Plan of Finland
• Commission Opinion on the Draft Budgetary Plan of Malta
• Commission Opinion on the Draft Budgetary Plan of Croatia
• Commission Opinion on the Draft Budgetary Plan of France
• Recommendation for a Council Recommendation with a view to bringing an end to the situation of an excessive deficit in Slovakia
• Recommendation for a Council Recommendation with a view to bringing an end to the situation of an excessive deficit in Italy
• Recommendation for a Council Recommendation with a view to bringing an end to the situation of an excessive deficit in Poland
• Recommendation for a Council Recommendation with a view to bringing an end to the situation of an excessive deficit in France
• Recommendation for a Council Recommendation with a view to bringing an end to the situation of an excessive deficit in Malta
• Recommendation for a Council Recommendation with a view to bringing an end to the situation of an excessive deficit in Belgium
• Recommendation for a Council Recommendation with a view to bringing an end to the situation of an excessive deficit in Romania
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Cyprus
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Luxembourg
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Romania
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Poland
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Portugal
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of France
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Spain
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Czechia
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Estonia
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Sweden
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Malta
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Latvia
• Recommendation for a Council Recommendation setting the net expenditure path of the Netherlands
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Finland
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Spain
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Finland
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Greece
• Recommendation for a Council Recommendation endorsing the national medium-term fiscal-structural plan of Portugal
• Commission Staff Working Document – Post-Programme Surveillance – Spain, Autumn 2024 Accompanying the document Communication from the Commission Post-Programme Surveillance – Spain, Autumn 2024
• Communication from the Commission – Post-Programme Surveillance Report – Portugal, Autumn 2024
• Commission Staff Working Document – Post-Programme Surveillance Report – Portugal, Autumn 2024 Accompanying the document Communication from the Commission Post-Programme Surveillance Report – Portugal, Autumn 2024
• Commission Staff Working Document – Post-Programme Surveillance Report – Ireland, Autumn 2024 Accompanying the document Communication from the Commission Post-Programme Surveillance Report – Ireland, Autumn 2024
• Communication from the Commission – Post-Programme Surveillance Report – Ireland, Autumn 2024
• Communication from the Commission – Post-Programme Surveillance – Spain, Autumn 2024
• Commission Staff Working Document – Post-Programme Surveillance Report – Greece, Autumn 2024 Accompanying the document Communication from the Commission Post-Programme Surveillance Report – Greece, Autumn 2024
• Communication from the Commission – Post-Programme Surveillance Report – Cyprus, Autumn 2024
• Commission Staff Working Document – Post-Programme Surveillance Report – Cyprus, Autumn 2024 Accompanying the document Communication from the Commission Post-Programme Surveillance – Cyprus, Autumn 2024
• Communication from the Commission – Post-Programme Surveillance Report – Greece, Autumn 2024
• 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
• 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
• 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
• 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
• Communication from the Commission to the European Parliament, the Council, and the European Central Bank – 2025 European Semester: Bringing the New Economic Governance Framework to Life
• Communication from the Commission to the European Parliament, the Council, and the European Central Bank – 2025 European Semester: Bringing the New Economic Governance Framework to Life
• Communication to the Commission – Communication from Commissioner Gentiloni to the Commission in agreement with Executive Vice-President Dombrovskis on the positive preliminary assessment of the second payment requests of the Federal Republic of Germany pursuant to Regulation (EU) 2021/241
• Commission Staff Working Document – Fiscal Statistical Tables providing relevant background data for the assessment of the 2025 Draft Budgetary Plans Accompanying the documents Commission Opinions on the 2025 Draft Budgetary Plans of Croatia, Cyprus, Germany, Estonia, Greece, Finland, France, Ireland, Italy, Lithuania, Luxembourg, Latvia, Malta, the Netherlands, Portugal, Slovenia, and Slovakia
• Commission Implementing Decision – Approving the Loan Facility Agreement between the European Union and the Arab Republic of Egypt related to macro-financial assistance to the Arab Republic of Egypt
• Communication on a Loan Facility Agreement
• Communication to the Commission – Communication from Commissioner Gentiloni to the Commission in agreement with Executive Vice-President Dombrovskis on the positive preliminary assessment of the sixth payment request of the Italian Republic pursuant to Regulation (EU) 2021/241

FINANCIAL STABILITY BOARD

• FSB publishes 2024 G-SIB list
• FSB notes significant progress in strengthening the regulation and supervision of investment funds in Brazil

BANK FOR INTERNATIONAL SETTLEMENTS

• Further BIS publications
• Machine learning for anomaly detection in money services business outlets using data by geolocation
• Anna Seim: Neutral interest rate – meaning, limitations, and assessment
• Clare Lombardelli: Managing the present, shaping the future
• Gabriel Makhlouf: The tangle of ageing populations and productivity growth
• Sharon Donnery: Meeting the climate challenge
• Richard Byles: Update and outlook for the Jamaican economy
• David Ramsden: Back to the future 2 – keeping inflation close to the 2% target
• Aleš Michl: Remarks – 2024 Mexico City conference
• Klaas Knot: Geopolitics and economics – a high-traffic intersection
• Rajeshwar Rao: Reserve Bank of India – navigating 90 years of legacy, regulation, and aspiration
• Tuomas Välimäki: Drivers of inflation in a small open economy within a monetary union – experiences from Finland
• Elizabeth McCaul: Objects in the rearview mirror are closer than they appear
• Philip R. Lane: Monetary policy under uncertainty
• Claudia Buch: The transition towards a low-carbon economy – what supervision can contribute
• Swaminathan J: The Board’s role in navigating transformation
• Rhys R. Mendes: Sticking the landing – keeping inflation at 2%
• François Villeroy de Galhau: Towards a realistic simplification – untying some of the knots in European banking regulations
• Swaminathan J: MSMEs – bridging the credit gap through improving confidence in lending
• Shaktikanta Das: Sailing through turbulence – India’s tryst with financial stability
• Christine Lagarde: Follow the money – channelling savings into investment and innovation in Europe
• Yannis Stournaras: The role of the European Central Bank’s monetary policy in achieving a soft landing in the Euro area
• Frank Elderson: Securing stability in an insecure environment – navigating a bottleneck economy
• Olaf Sleijpen: From ding dong to bleep bleep – promoting innovative retail payments markets in a fragmented world
• Christopher Kent: The financial system and monetary policy in Australia
• Michelle W. Bowman: Artificial intelligence in the financial system
• Range of practices in implementing a positive neutral countercyclical capital buffer
• Basel Committee publishes a range of practices report on implementing a positive neutral countercyclical capital buffer
• BIS residential property price statistics, Q2 2024
• Jorgovanka Tabaković: Introductory address – 2024 Banking Law Conference
• Abdul Rasheed Ghaffour: A legacy of progress, a future of promise
• Richard Doornbosch: Welcome address – 2nd Annual Fintech Conference
• Christine Lagarde: The economic and human challenges of a transforming era
• Claudia Buch: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament
• Michael Theurer: The Deutsche Bundesbank’s 2024 Financial Stability Review
• François Villeroy de Galhau: Central banks and the unleashing of European growth
• BIS and Central Bank of Brazil announce winners of G20 TechSprint
• Technical amendment – Hedging of counterparty credit risk exposures
• Finalisation of various technical amendments
• Kevin Greenidge: The role of pension plans in a growing Barbadian economy
• Michelle W. Bowman: Approaching policymaking pragmatically
• Joachim Nagel: Joint European responses to the challenges we face
• Christodoulos Patsalides: The financial landscape in Europe – tailwinds and headwinds
• Erik Thedéen: Monetary policy in recent years and key issues ahead
• Frank Elderson: Taking account of nature, naturally
• Vasileios Madouros: Ireland’s role as a growing financial centre in Europe
• Petra Tschudin, Thomas Moser: The Swiss repo market at 25 – a success story for the financial centre and the Swiss National Bank
• Fabio Panetta: Back to the future – forward-looking considerations on monetary policy normalization
• Piero Cipollone: Building a solid cyber defence for the new geopolitical season
• Kazuo Ueda: Japan’s economy and monetary policy
• Luigi Federico Signorini: Inflation, inflation expectations, and policy – new perspectives
• John C. Williams: 100 years at 33 Liberty Street
• Lisa D. Cook: Economic outlook
• Olaf Sleijpen: When economists agree – the role of central banks in the green transition
• Adriana D. Kugler: Central bank independence and the conduct of monetary policy
• Central bank digital currencies: legal and system design considerations
• Philip R. Lane: The 2021-2022 inflation surges and the monetary policy response through the lens of macroeconomic models
• Jessica Chew Cheng Lian: Opening remarks – Launch of the Directors Remuneration Report 2024
• Michael Debabrata Patra: Communicating monetary policy
• Sharon Donnery: Evolving with the times, credit unions in a changing landscape
• Shaktikanta Das: Balancing inflation and growth – the cardinal principle of monetary policy
• Leong Sing Chiong: Achieving scale and impact in transition finance
• John C. Williams: X marks the spot – making missing markets
• François Villeroy de Galhau: Our two countries facing uncertainty
• Joachim Nagel: Geoeconomic fragmentation – handling inflation pressures and volatility, increasing resilience
• Fabio Panetta: Beyond fragmentation – economic resilience in a shifting world
• Shinichi Uchida: Challenges to the financial system during and after the pandemic and a way forward
• The rising tide of climate finance – scope to adjust prudential treatment
• Lesetja Kganyago: Tribute to the late former Finance Minister and Governor of the South African Reserve Bank, Tito Mboweni
• A note on aggregating preferences for redistribution
• Nonparametric local projections
• Labor market effects of worker- and employer-targeted immigration enforcement
• New evidence on the US excess return on foreign portfolios
• Unemployment insurance and macro-financial (in)stability
• Monetary policy interactions: The policy rate, asset purchases, and optimal policy with an interest rate peg
• The crowding-in effects of local government debt in China
• The changing nature of technology shocks
• How preferences, monetary policy, and household inflation
• Self-reinforcing glass ceilings
• Banks and non-banks stressed: liquidity shocks and the mitigating role of insurance companies
• Taming the curse of dimensionality: quantitative economics with deep learning
• The Beige Book and the business cycle: Using Beige Book anecdotes to construct recession probabilities
• Inflation and deflationary biases in the distribution of inflation expectations: Theory and empirical evidence from nine countries
• Inference based on time-varying SVARs identified with sign restrictions
• Practice makes perfect: Learning effects with household point and density forecasts of inflation
• Are friends of schools the enemies of equity? The interplay of school funding policies and external fundraising

UNITED KINGDOM

• Call for papers – Bank of England workshop on Credit Market Interventions

UNITED STATES

• Further publications by the U.S. Federal Reserve
• Minutes of the Federal Open Market Committee, November 6-7, 2024
• IFDP Paper: How Does Fiscal Policy affect the Transmission of Monetary Policy into Cross-border Bank Lending? Cross-country Evidence
• IFDP Paper: The Global (Mis)Allocation of Capital
• Federal Reserve Board announces approval of application by United Bankshares, Inc.
• Federal Reserve announces College Fed Challenge winners
• Federal Reserve announces additional information about the periodic review of its monetary policy strategy, tools, and communications
• Federal Reserve Board announces pricing, effective January 1, 2025, for payment services the Federal Reserve Banks provide to banks and credit unions
• Federal Reserve Board issues enforcement action with former chief executive officer of Heartland Tri-State Bank
• Federal Reserve Board issues enforcement actions with Small Business Bank and Industry Bancshares, Inc.