Insight EU Finance Monitoring Weekly 26 – 31 May 2025

Insight EU provides delayed access to the headlines from its specialized monitoring emails. For real-time updates and full monitoring services, consider subscribing to one of the annual plans available in the Insight EU Store.

This monitoring was originally published on 31 May 2025.

ECB

ECB Consumer Expectations Survey results – April 2025
Frankfurter Allgemeine Zeitung: Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Christian Siedenbiedel on 20 May 2025
Ta Nea: Interview with Luis de Guindos, Vice-President of the ECB, conducted by Leonidas Stergiou on 21 May 2025
ECB Blog: Monetary policy transmission: from mortgage rates to consumption
Further ECB documents
Monetary developments in the euro area: April 2025
Consolidated financial statement of the Eurosystem as at 23 May 2025
Private safe asset supply and financial instability

ECB BANKING SUPERVISION

Interview with Patrick Montagner, conducted by Revue Banque on 7 May 2025

DIGITAL ASSETS

EFAMA: First industry-led conference discusses concrete policy actions to turn Europe into a global hub for digital assets

AMLA

Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA): Executive Board Members Appointed

EBA

The EBA releases final technical package for its 4.1 reporting framework to support identification and assessment of crypto asset providers and the Pillar 3 data hub
EBA Consultations
22 May – 22 August 2025: Consultation on Implementing Technical Standards on amended disclosure requirements for ESG risks, equity exposures and aggregate exposure to shadow banking entities (EBA/CP/2025/07)
14 March – 16 June 2025: 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)
6 March – 6 June 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)

EIOPA

Ongoing EIOPA Consultations
Consultation on the proposal for Guidelines to specify further the criteria for the assessment of resolvability – IRRD
Consultation on the proposal for Guidelines on criteria for the identification of critical functions – IRRD
Consultation on the proposal for Guidelines on the removal of impediments to resolvability – IRRD
Consultation on the proposal for RTSs on criteria for pre-emptive recovery planning requirements and methods to be used when determining the market shares – IRRD
Consultation on the proposal for RTSs on the content of resolution plans and group resolution plans – IRRD

ESMA

Investor protection: ESMA urges social media companies to tackle unauthorised financial ads
ESMA assesses the risks posed by the use of leverage in the fund sector
ESMA renews the mandate of the Chair and the two Independent Members of the CCP Supervisory Committee
Ongoing ESMA Consultations
From 02/05/2025 to 20/06/2025: Consultation on the Technical Standards under the Regulation on the transparency and integrity of ESG rating activities
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

EU PARLIAMENT REGISTER

Highlights – Vote on ‘Financial activities of the European Investment Bank – annual report 2024’ – Committee on Economic and Monetary Affairs
Study – EU Banking Sector & Competitiveness- Framing the Policy Debate – PE 764.188 – Committee on Economic and Monetary Affairs

EU COUNCIL REGISTER

WK 10601 2020 INIT Presidency Non-Paper on Market Integration
WK 11151 2018 INIT Non-Paper on contractual recognition of bail-in (Article 55 BRRD) – Presentation
WK 11448 2019 INIT Tax challenges arising from the digitalisation of the economy
WK 14032 2020 INIT Proposal for a Council Directive on a Common Corporate Tax Base (CCTB) – Presidency steering note
WK 7156 2019 INIT International tax reform: way forward for the EU
WK 8212 2019 INIT Tax challenges arising from the digitalisation of the economy
WK 8515 2019 INIT Methodology for the economic analysis of the proposals on international corporate tax reform
WK 8545 2019 INIT Exploring the possible ways forward on the issue of Pillar 2 and its compatibility with EU law
WK 11999 2021 INIT Non-paper of the Commission services on the CSRD proposal – Empowerment to the Commission for the adoption of sustainability reporting standards via Delegated Acts
WK 16105 2022 INIT Directive on ensuring a global minimum level of taxation for multinational groups in the Union – State of play
WK 101 2022 INIT Proposal for a Directive of the European Parliament and of the COUNCIL amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting – MS comments on document 14268/21
WK 101 2022 ADD 1 Proposal for a Directive of the European Parliament and of the COUNCIL amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting – MS comments on document 14268/21
WK 101 2022 ADD 4 Proposal for a Directive of the European Parliament and of the COUNCIL amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting – MS comments on document 14268/21
WK 10242 2020 INIT DORA proposal and Impact Assessment – Commission presentation
WK 1025 2022 INIT Proposal for a directive on consumer credits – Position of Denmark on questions addressed to the Member States (WK 383/2022 INIT)
WK 1026 2022 INIT Proposal for a directive on consumer credits – Position of Sweden on questions addressed to the Member States (WK 383/2022 INIT)
WK 1029 2022 INIT Proposal for a directive on consumer credits – Position of Ireland on questions addressed to the Member States (WK 383/2022 INIT)
WK 1031 2022 INIT Proposal for a directive on consumer credits – Position of Bulgaria on questions addressed to the Member States (WK 383/2022 INIT)
WK 1034 2022 INIT Proposal for a directive on consumer credits – Position of Finland on questions addressed to the Member States (WK 383/2022 INIT)
WK 1052 2022 INIT Proposal for a directive on consumer credits – Position of Croatia on questions addressed to the Member States (WK 383/2022 INIT)
WK 1093 2022 INIT Proposal for a Directive of the European Parliament and of the COUNCIL amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting – Malta’s comments – WP meeting 20/01/2022
WK 11428 2020 REV 2 Amending directive accompanying the DORA and MiCA proposals – Consolidation of comments (13 MS)
WK 11741 2022 INIT MiCA – Revised Legislative Financial Statement from the Commission
WK 12462 2021 INIT Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting- follow-up meeting 14/10
WK 13547 2023 INIT Overview of EIOPA mandates in the IRRD
WK 13549 2023 INIT Possibilities how to best achieve the co-legislators’ objectives related to Articles 32, 33 and 33a
WK 13550 2023 INIT Commission services’ non-paper on solvent run-off: Net asset value becoming negative
WK 13772 2022 INIT MiCA – draft agreement, consolidated texts
WK 13773 2022 INIT MiCA – 4CT version 21 September
WK 13775 2022 INIT MiCA – 4CT version 20 July
WK 11918 2020 REV 1 Code of Conduct (business taxation) mandate
WK 1281 2021 INIT VAT rates – Presentation
WK 13807 2021 INIT Proposal for a Council Directive amending Directive 2006/112/EC as regards rates of value added tax – Presidency compromise text
WK 13937 2021 REV 1 Revised text of the Code of Conduct Group (Business Taxation)
WK 1745 2022 INIT Proposal for a Council Directive on ensuring a global minimum level of taxation for multinational groups in the Union (Chapters VI to VIII) – presentation by the European Commission

BANK FOR INTERNATIONAL SETTLEMENTS

BIS Central Bankers’ contributions
Kazuo Ueda: Opening remarks – BOJ-IMES conference 2025
Fatih Karahan: Recent economic and financial developments in Turkey
Asahi Noguchi: Economic activity, prices, and monetary policy in Japan
Gediminas Šimkus: Unlocking the power of motivation in Anti-Money Laundering
John C Williams: Uncertainty and robust monetary policy
John C Williams: Why Are You (Y* R* U*)
Clare Lombardelli: What if things are different?
Olaf Seijpen: Tough love – the importance of the internal audit function for central banks
Denis Beau: Fintechs and innovation as a key to controlling our economic destiny
Adriana D Kugler: Commencement remarks
Adriana D Kugler: Assessing maximum employment
Christopher J Waller: The role of economic research in central banking
Christine Lagarde: Earning influence – lessons from the history of international currencies
Philip R Lane: The communication of monetary policy decisions – incorporating risks and uncertainty
Isabel Schnabel: Keeping a steady hand in an unsteady world
François Villeroy de Galhau: A mobilising deadline for seizing “Europe’s moment”
Steven Maijoor: A race we cannot afford to lose – cybersecurity in an age of geopolitical tensions
Philip N Jefferson: Liquidity facilities – purposes and functions
Philip N Jefferson: Economic outlook
Andrew Hauser: Open the door and see the mountain – reflections from a recent trip to China
Jerome H Powell: Opening remarks – “Second Thomas Laubach Research Conference”
Michael S Barr: Artificial intelligence and the labor market – a scenario-based approach
Sabine Mauderer: Price stability and climate change
Klaas Knot: A true treasure – why we need diversity and inclusion in the financial industry
Lisa D Cook: A view on financial stability
Chiara Scotti: From magma to masterpiece – forging the future of cross-border payments
BIS Scientific Papers
The Rise of Generative AI: Modelling Exposure, Substitution, and Inequality Effects on the US Labour Market
The Bronx Is Burning: Urban Disinvestment Effects of the Fair Access to Insurance Requirements
What Drives Cyber Losses at U.S. Banks? Potential Statistical Markers
The Social Returns to Public R&D
An Information-Based Theory of Monopsony Power
Relieving Financial Distress Increases Voter Turnout: Evidence from the Mortgage Market
The Conventional Impulse Response Prior in VAR Models with Sign Restrictions
Mark Carlson’s The Young Fed: A Review Essay
Fast Posterior Sampling in Tightly Identified SVARs Using ‘Soft’ Sign Restrictions
Partial Identification of Heteroskedastic Structural Vector Autoregressions: Theory and Bayesian Inference
A Fresh Look at the Publication and Citation Gap Between Men and Women: Insights from Economics and Political Science
Token-Based Platform Governance
Bubbling Up? What Consumer Expectations Reveal About U.S. Housing Market Exuberance
The Phillips Curve’s and Relative Phillips Curve’s Slopes: Why So Different?
Skewed Interest Rate Expectations and Effects of Central Banks’ Market Operations: Empirical Findings Using Granular Transaction Data
How Phillips Curve Dynamics Enhance Business Cycle Synchronization Analysis in Central and Eastern Europe
A short drop or a sudden stop? Sanctions, trade shocks, and firms’ adjustment margins
Opioids and Post-COVID Labor-Force Participation
Asset Purchases in a Monetary Union with Default and Liquidity Risks
Health and long-term care insurance wealth in Austria
Rethinking GPR: The sources of geopolitical risk
Further publications by the BIS
BIS residential property price statistics, Q4 2024
Data science in central banking: enhancing the access to and sharing of data
Stablecoins and safe asset prices
Digital fraud – Executive Summary
Regulating and supervising cross-border payment service providers – Executive Summary
Financial regulation and growth: what should be the European policy priorities?
Trust and macroeconomic stability: a virtuous circle

FSB

FSB Regional Consultative Group for Asia meets in Colombo

IMF

Growth and Resilience in Central, Eastern, and Southeastern Europe in a More Fragmented World
Remarks by Commissioner Dombrovskis at IMF-Croatia National Bank joint conference on growth and resilience in central, eastern, and southeastern Europe
United Kingdom: IMF Staff Concluding Statement of the 2025 Article IV Mission
Italy: IMF Staff Concluding Statement of the 2025 Article IV Mission
IMF and Ukrainian Authorities Reach Staff Level Agreement on the Eighth Review of the Extended Fund Facility (EFF) Arrangement
Further IMF publications
Ulrike Malmendier on Making Germany Grow Again
Working Paper No. 2025/107 : Interest Rate Sensitivity Scenarios to Guide Monetary Policy
Working Paper No. 2025/105 : Scenario Synthesis and Macroeconomic Risk
Working Paper No. 2025/106 : Digitalization: A Catalyst for Intergenerational Occupational Mobility?
Working Paper No. 2025/108 : Cyclical Fiscal Multipliers: Policy Mix and Financial Friction Puzzle

GERMANY

The financial instability – Monetary policy nexus: Evidence from the FOMC minutes

UNITED STATES

Statement on U.S. Federal Reserve Chair Powell’s meeting with U.S. President Trump
Opening Remarks by Governor Adriana D. Kugler At the 2025 Federal Reserve Board Macro-Finance Workshop
Minutes of the U.S. Federal Open Market Committee, May 6–7, 2025
Further publications by the U.S. Federal Reserve
Baccalaureate remarks by Chair Powell at the Princeton University Baccalaureate Ceremony
Speech by Governor Cook on financial stability
Federal Reserve Board issues Economic Well-Being of U.S. Households in 2024 report
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances

Are you interested in receiving our Insight EU Finance Weekly regularly in in real-time?

Take a look at our offer:

Insight EU Premium subscription: ieu-monitoring.com/plans/subscribe
Targeted Insight EU Monitoring subscriptions: ieu-monitoring.com/ieu-store
Tailored and targeted Insight EU Monitoring offers: ieu-monitoring.com/order-form
FAQs for further information