Insight EU Finance Monitoring Weekly 28 October – 1 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).

EU ECOFIN COUNCIL

• Agenda of the Economic and Financial Affairs Council, 5 November 2024
• Background on the EU Economic and Financial Affairs Council on 5 November 2024

EUROGROUP

• Agenda of the Eurogroup, 4 November 2024

ECB

• Christine Lagarde: Interview with Le Monde, conducted by Eric Albert, Philippe Escande, and Béatrice Madeline on 28 October 2024
• Interview with ANSA: Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti
• Monetary policy and financial stability in the euro area: Introductory remarks by Luis de Guindos, Vice-President of the ECB, at a meeting with business group Hotusa
• Transcript of video recording for Finance and Biodiversity Day of the 16th United Nations Conference on Biological Diversity (COP16)
• ECB publishes consolidated banking data for end-June 2024
• Euro area bank interest rate statistics: September 2024
• ECB Podcast: The financial fallout from a warming world
• Further publications by the ECB
  • ECB publishes Economic Bulletin
  • Consolidated financial statement of the Eurosystem as at 25 October 2024
  • Euro area economic and financial developments by institutional sector: second quarter of 2024
  • Isabel Schnabel: The ECB’s monetary policy: towards price stability (PDF Slides)
  • Banks Lose – someone gains: Households’ unequal exposure to financial distress
  • The ECB’s accountability to the European Parliament 2019-2024: commitment in times of change
  • Economic Bulletin Issue 7, 2024
  • Decoding revisions in policy rate expectations: insights from the Survey of Monetary Analysts
  • The impact of special-purpose entities on euro area cross-border financial linkages
  • The link between oil prices and the US dollar: evidence and economic implications
  • The performance of Eurosystem/ECB staff projections for economic growth since the COVID-19 pandemic
  • Euro area fiscal position in 2024
  • Geopolitical fragmentation in global and euro area greenfield foreign direct investment
  • Geopolitics and trade in the euro area and the United States: de-risking of import supplies?
  • What consumers think is the main driver of recent inflation: changes in perceptions over time
  • The Survey on the Access to Finance of Enterprises: monetary policy, economic and financing conditions and inflation expectations
  • Asymmetric monetary policy spillovers: the role of supply chains, credit networks and fear of floating

DIGITAL EURO

• ECB blog post by Piero Cipollone: The digital euro: what’s in it for you?

ECB BANKING SUPERVISION

• Fading crises, shifting priorities: a supervisory perspective on the regulatory cycle – Keynote speech by Elizabeth McCaul, Member of the Supervisory Board of the ECB, at the conference on “EU banking regulation at a turning point”
• Letter from Claudia Buch, Chair of the Supervisory Board, to Mr. Eero Heinäluoma, MEP, on banking supervision

BANKING UNION

• EP Briefing: Looking back at 10 years of parliamentary scrutiny in the Banking Union

MULTILATERAL DEVELOPMENT BANKS

• Briefing – Multilateral development banks: State of play and reform proposals

PAYMENT FRAUD

• EBF: Unmasking the Payment Fraud Ecosystem – Best Practices & Collaboration

SUSTAINABLE FINANCE

• ESAs publish 2024 Joint Report on principal adverse impacts disclosures under the Sustainable Finance Disclosure Regulation
• The ESAs finalize rules to facilitate access to financial and sustainability information on the ESAP
• Bruegel policy brief: What can central banks do to take the Paris Agreement seriously?

ESMA

• ESMA makes proposals to streamline the prospectus area and seeks stakeholder input
• ESMA consults on amendments to MiFID research regime Investor protection
• Further ESMA documents
  • ESMA publishes data for quarterly bond liquidity assessment and the systematic internaliser calculations
  • ESMA to become direct supervisor for two additional data reporting services providers
  • Ongoing ESMA consultations

EBA

• EBA asks for input to entities falling within the scope of initial margin model authorisation under the revised European Market Infrastructure Regulation
• EBA consults on draft technical standards for structural foreign exchange positions
• Ongoing EBA Consultations
• 11 October – 11 November 2024: Consultation on draft Implementing Technical Standards on Pillar 3 data hub

EIOPA

• EIOPA Insurance Risk Dashboard shows overall stable risk assessment with market risks remaining a top concern
• EIOPA’s risk dashboard on occupational pension funds continues to show market risks as key concern

FINCEN/FATF

• FATF Identifies Jurisdictions with Anti-Money Laundering, Combating the Financing of Terrorism, and Counter-Proliferation Finance Deficiencies

EU PARLIAMENT REGISTER

• In-Depth Analysis – The new economic governance framework – PE 760.265 – Committee on Economic and Monetary Affairs
• Minutes – Monday, 14 October 2024 – PE765.139v01-00 – Committee on Economic and Monetary Affairs

EU COUNCIL REGISTER

• CM 4883 2024 INIT – PSD: Proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the Internal Market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC Doc. 11221/23 + ADD 1 (Annex)
• ST 14950 2024 INIT – Council Directive (EU) 2022/542 of 5 April 2022 amending Directives 2006/112/EC and (EU) 2020/285 as regards rates of value-added tax
• CM 4880 2024 INIT – Proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law
• CM 4841 2024 INIT – COUNCIL OF THE EUROPEAN UNION (Economic and Financial Affairs/Budget)
• ST 13789 2024 ADD 1 REV 1 – The reform with regard to structural adjustments to energy taxation
• ST 14663 2024 ADD 1 REV 2 – ANNEX to the COUNCIL IMPLEMENTING DECISION amending Implementing Decision of 8 September 2021 on the approval of the assessment of the recovery and resilience plan for Czechia
• ST 15077 2024 INIT – Proposal for a COUNCIL IMPLEMENTING DECISION amending Implementing Decision (EU) (ST 10160/21 INIT; ST 10160/21 ADD 1 REV 2) of 13 July 2021 on the approval of the assessment of the recovery and resilience plan for Italy (2)
• ST 15077 2024 ADD 1 – ANNEX to the Proposal for a COUNCIL IMPLEMENTING DECISION amending Implementing Decision (EU) (ST 10160/21 INIT; ST 10160/21 ADD 1 REV 2) of 13 July 2021 on the approval of the assessment of the recovery and resilience plan for Italy
• ST 14263 2024 ADD 1 – Council Decision on the conclusion of the Agreement between the European Union and the Kingdom of Norway amending the Agreement between the European Union and the Kingdom of Norway on administrative cooperation, combating fraud and recovery of claims in the field of value-added tax – Adoption = Commission statement
• ST 14851 2024 COR 1 Council Implementing Decision amending Decision 2009/791/EC authorising the Federal Republic of Germany to continue to apply a measure derogating from Articles 168 and 168a of Directive 2006/112/EC on the common system of value-added tax – Adoption
• CM 4845 2024 INIT Working Party on Tax Questions (Direct Taxation)
• ST 15008 2024 INIT – ESGAB annual report 2024 – Sixteenth annual report by the European Statistical Governance Advisory Body to the European Parliament and to the Council of the EU

EU COMMISSION REGISTER

• REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL EU Climate Action Progress Report 2024
• COMMISSION STAFF WORKING DOCUMENT Technical information accompanying the document REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL EU Climate Action Progress Report 2024
• Commission Implementing Decision – HFC Quota reference values 2025-2026
• Case PT/2024/2531: Weighted Average Cost of Capital for 2024 in Portugal – Article 32(3) of Directive (EU) 2018/1972
• Case DE/2024/2530: Market for wholesale local access provided at a fixed location – Ancillary collocation services and the weighted average cost of capital – Article 32(3) of Directive (EU) 2018/1972
• REPORT FROM THE COMMISSION TO THE COUNCIL Implementation report on the review of the DRM Directive
• REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on contingent liabilities arising from budgetary guarantees and financial assistance and the sustainability of those contingent liabilities Situation at 31 December 2023
• Proposal for a COUNCIL DIRECTIVE amending Directive 2011/16/EU on administrative cooperation in the field of taxation
• 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

IMF

• Latest publications by the IMF
• Global Financial Fragilities Mount Despite Rate Cuts and Buoyant Markets

BIS

• Latest publications by the Bank for International Settlements (BIS)
• Frank Elderson: Finance and Biodiversity Day of the 16th United Nations Conference on Biological Diversity (COP16) – transcript of video recording
• Luis de Guindos: Monetary policy and financial stability in the euro area
• Philip R Lane: Underlying inflation – an update
• Denis Beau: Perspectives on increasing prominence of digital money
• Denis Beau: Sustainability challenges in the missions and operations of the Bank of France
• Elizabeth McCaul: Fading crises, shifting priorities – a supervisory perspective on the regulatory cycle
• Elizabeth McCaul: Supervisory expectations on cloud outsourcing
• Claudia Buch: Bank profitability – a mirror of the past, creating a vision for the future
• Klaas Knot: Partly cloudy skies in the euro area, with a silver lining
• Klaas Knot: Want a strong financial system? Implement Basel III
• Fabio Panetta: Statement – meeting of the Development Committee
• Ida Wolden Bache: Monetary policy trade-offs in a small open economy – the case of Norway
• Empowering carbon accounting: from data to action
• Carbon prices and reforestation in tropical forest
• The future of finance
• Navigating uncharted waters: opportunities and risks for central banks
• Artificial intelligence and big holdings data: Opportunities for central banks
• A theory of economic coercion and fragmentation
• Trade fragmentation, inflationary pressures and monetary policy
• Pan Gongsheng: Strike the right balance and pursue high-quality development of the Chinese economy
• Arthur Yuen: The fintech catalyst – a new era of fintech growth in the Greater Bay Area
• Eddie Yue: Keynote address – Hong Kong FinTech Week 2024
• Anatomy of the VIX spike in August 2024
• Derville Rowland: Past, present and future of Exchange Traded Funds
• Andrew Bailey: The future of money and payments
• Alwyn Jordan: Shaping the Caribbean’s banking landscape
• Almost there – navigating the last mile of disinflation in Latin America
• A test of resolve: credible resolution following the 2023 banking turmoil
• Statistical release: BIS international banking statistics and global liquidity indicators at end-June 2024
• BIS global liquidity indicators at end-June 2024
• BIS and central bank partners demonstrate that policy compliance can be embedded in cross-border transactions with Project Mandala
• Project Mandala: Streamlining cross-border transaction compliance
• Inputs in Distress: Geoeconomic Fragmentation and Firms’ Sourcing
• From Micro to Macro Hysteresis: Long-Run Effects of Monetary Policy
• Does Unconventional Monetary and Fiscal Policy Contribute to the COVID Inflation Surge in the US?
• A statistical approach to identifying ECB monetary policy
• Reservation Wages Revisited: Empirics with the Canonical Model
• The Macroeconomics of Labor, Credit and Financial Market Imperfections

GERMANY

• Publications by Deutsche Bundesbank
• Who pays the greenium and why? A decomposition | Discussion paper 41/2024: Daniel Fricke, Christoph Meinerding
• A stable euro in a strong Europe | Karl Otto Pöhl Lecture to the Frankfurt Society for Trade, Industry and Science
• Exploring the Future of Cash in Germany — A Foresight Study | Guest contribution in Central Bank Payments News
• Fritzi Köhler-Geib joined the Bundesbank’s Executive Board as a new member
• Joachim Nagel elected to ESRB Steering Committee

SWEDEN

• The Riksbank’s business survey: “Hard to see any improvement in the near term”

UNITED KINGDOM

• Engaging with the machine: AI and financial stability − speech by Sarah Breeden

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