Thu. Sep 19th, 2024

Insight EU Finance Monitoring Weekly: 9 – 13 September 2024

Sep 16, 2024
euro, money, currency
Insight EU Finance Monitoring. Photo by geralt on Pixabay
ECB
  • ECB lowers its deposit facility rate by 25 basis points to 3.5 percent
  • Press Conference by ECB President Christine Lagarde and ECB Vice President Luis de Guindos
  • Building a resilient future: how Europe’s financial stability fosters growth and competitiveness – Speech by Claudia Buch, Chair of the Supervisory Board of the ECB, at the Eurofi Financial Forum 2024 in Budapest
  • ECB staff macroeconomic projections for the euro area, September 2024
EUROGROUP
  • Main results of the Eurogroup on 13 September 2024
  • Remarks by Paschal Donohoe following the Eurogroup meeting of 13 September 2024
EU BONDS
  • European Commission issues €10 billion in its 8th syndicated transaction of 2024
ESBG
  • European Savings and Retail Banking Group (ESBG) publishes new Manifesto for a competitive European banking sector
PEPP
  • EIOPA proposes a broad reform of the PEPP to tackle Europe’s pension gap and support the digital and green transitions
RISK MANAGEMENT
  • ESAs warn of risks from economic and geopolitical events
FINTECH
  • The fintech rulebook: how to navigate the crossover between finance and technology regulation?
EIB
  • Evaluation of EIB Group debt support for small businesses and mid-caps
EBA
  • ​EBA launches 2024 EU-wide transparency exercise
  • EBA issues revised list of ITS validation rules
  • Final EBA Q&As
  • 2024_7129 Maturity weighting of gross JTD amounts to calculate net JTD amounts
ESMA
  • Verena Ross’ Keynote speech at the EUROFI Financial Forum: Putting investors and companies at the heart of effective and attractive EU capital markets
  • ESMA publishes data for quarterly bond liquidity assessment and the systematic internaliser calculations
  • ESMA delivers opinion on global crypto firms using their non-EU execution venues
  • ESMA publishes latest edition of its newsletter
  • Call for papers: ESMA Research Conference on Environmental risks and ESG investing: securities market impact
  • ESMA updates the register of authorised European long-term investment funds (ELTIFs)
  • Ongoing ESMA consultations
EIOPA
  • ESAs’ Joint Board of Appeal dismisses appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority
EU PARLIAMENT REGISTER
  • ECON committee highlights for the week ahead
  • In-Depth Analysis – Recovery and Resilience Dialogue with the European Commission 16 September 2024 – PE 760.236 – Committee on Economic and Monetary Affairs
  • In-Depth Analysis – Recovery and Resilience Plans and the involvement of stakeholders – PE 760.237 – Committee on Economic and Monetary Affairs
  • In-Depth Analysis – Accountability of the European Banking Union – PE 760.238 – Committee on Economic and Monetary Affairs
  • In-Depth Analysis – 10 years of Banking Union case law – PE 760.235 – Committee on Economic and Monetary Affairs
EU COUNCIL REGISTER
  • ST 13214 2024 INIT  – 1. On 5 September 2024, the Secretary -General of the Commission, addressed a letter to the Council concerning the launch of the selection procedure for the new Director -General of the European Anti -Fraud Office (OLAF), asking for the Council’s opinion on the draft of the vacancy notice (see ANNEX 1). 3. The Permanent Representatives Committee is invited to approve the letter recorded in ANNEX 2, in accordance with Article 19(7)(k) of the Council’s Rules of Procedure.
  • ST 12084 2024 ADD 2 – Draft general budget of the European Union for the financial year 2025: Council position of 13 September 2024 TECHNICAL ANNEXES Annex 1: Breakdown by heading for “total expenditure” in the MFF headings Annex 2: Detail of breakdown by heading for “total expenditure” in the MFF headings Annex 3: Detailed changes in comparison with the DB 2025 as regards figures by MFF heading Annex 4: Administrative
  • ST 12081 2024 INIT – 2 to the general budget for 2024: Entering the surplus of the financial year 2023: Council position of 13 September 2024 I. INTRODUCTION On 9 April 2024, the Commission submitted to the Council draft amending budget (DAB) No 2 to the general budget for 2024 concerning the budgeting of the surplus resulting from the implementation of the budget year 20231.
  • ST 12084 2024 INIT – (b) Resilience and Values (sub-heading 2b of the MFF) ‒ establish the level of commitment appropriatio ns, targeting a total reduction of -EUR 808.58 million in the appropriations requested in the DB 2025 on a number of specific budget lines, including operational and support expenditure, related to: • 06 – Recovery and Resilience (-EUR 462.82 million, of which -EUR 6.57 million on the European Recovery and Resilience Facility and Technical Support Instrument, -EUR 456. ‒ for the other budget lines in this policy area, accept the level of both commitment and payment appropriations as proposed by the Commission; ‒ the margin available under heading 4 would be EUR 160.34 million.
  • ST 12084 2024 ADD 1 – The Council considers that this exceptional situation, which should not serve as a precedent for any future implementation of Point 18 of the IIA, allows the European Parliament and the Council, and the Commission when it draws up the draft budget, to depart by more than 15 % from the financial envelope of Union programmes, which constitute the prime reference amount for the European Parliament and for the Council during the annual budgetary procedure. To that end, taking into account the forecasts accuracy of the Member States where applicable and th e payments margin in the draft budget 2025 – mainly driven by sub -heading 2a, it expects the Commission to present in a timely manner updated figures concerning the state of affairs and estimates regarding 2025 payment appropriations.
  • ST 12081 2024 ADD 1 – TABLE 4 Determination of uniform rate and breakdown of own resource based on GNI pursuant to Article 2(1) point (d) of Decision (EU, Euratom) 2020/2053 (Chapter 1 4) Member State 1 % of gross national income Uniform rate of ‘additional’ own resource ‘Additional’ own resource at uniform rate TABLE 3 Breakdown of own resource accruing from plastic packaging waste pursuant to Article 2(1) point (c) of Decision (EU, Euratom) 2020/2053 (Chapter 1 7) Member State Plastic packaging waste that is not recycled (kg) Call rate per kg in EUR Gross contribution Lump -sum reduction Net contribution
  • ST 13188 2024 INIT – 1. On 19 July 20241, the Commission submitted to the Council draft amending budget (DAB) No 4 to the general budget for 202 3 concerning an update of revenue (own resources) and adjustments to some decentralised agencies2. 2. In order to allow the Council to adopt a position on this draft amending budget without delay, the Council has to decide, considering the urgency of the matter, to shorten, in accordance with Article 3(3) of its Rules of Proc edure, the eight -week period laid down in Article 4 of Protocol No 1 on the role of national Parliaments in the European Union.
  • CM 4158 2024 INIT – the draft general budget of the European Union for the financial year 2025 draft amending budget No 2/2024: Entering the surplus of the financial year 2023
  • ST 13242 2024 INIT – Text of the Financial Regulation following legal-linguistic finalisation
  • ST 13190 2024 INIT HAS DECIDED AS FOLLOWS: Sole Article The Council’s posit ion on draft amending budget No 4 of the European Union for the financial year 2024 was adopted on 23 September 2024 . Council Decision adopting the Council’s position on draft amending budget No 4 of the European Union for the financial year 2024
  • CM 4115 2024 INIT Tax policy aspects of the Report on t he Future of European Competitiveness (“Draghi report”) – Information from the Commission 7. Annual Report on Taxation 2024 – Information from the Commission
  • ST 12715 2024 INIT Directive (EU) 2024/1640 of the European Parliament and of the Council of 31 May 2024 on the mechanisms to be put in place by Member States for the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Directive(EU) 2019/1937, and amending and repealing Directive (EU) 2015/849
  • CM 3947 2024 REV 1 – Protection of the European Union’s financial interests and the fight against fraud: 2023 Annual Report – Presentation by OLAF and exchange of views doc. Report on the implementation and the results of the Pericles IV programme for the protection of the euro against counterfeiting in 2023 – Presentation by the Commission and exchange of views doc.
  • ST 13087 2024 INIT – Ms Verena ROSS, The Chair, European Securities and Markets Authority (ESMA) Ms Mairead McGuinness, Commissioner for Financial Stability, Financial Services and the Capital Markets Union, European Commission
EU COMMISSION REGISTER
  • COMMISSION DELEGATED REGULATION (EU) …/… correcting Commission Delegated Regulation (EU) 2017/2055 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange of information between competent authorities relating to the exercise of the right of establishment and the freedom to provide services of payment institutions
  • COMMISSION IMPLEMENTING REGULATION (EU) …/… amending Regulations concerning restrictive measures and setting out a single list for the Annexes to those Regulations containing the contact details of Member States’ competent authorities and the address for notifications to the European Commission
  • Commission Implementing Decision granting an authorisation under Article 5 par. 2 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
  • COMMISSION OPINION in accordance with Article 19 of the Statute of the European Investment Bank
BIS BRIEFS
  • House price responses to monetary policy surprises: evidence from US listings data
  • Non-bank lending and the transmission of monetary policy
  • Tiff Macklem: Rewired, recast and redirected – global trade and implications for Canada
  • Rashad Cassim: South African Reserve Bank’s Payments Study Report Launch
  • Clara Raposo: Do we still need banks?
  • Vasileios Madouros: Women in economics – how can we accelerate progress?
  • Shaktikanta Das: India at an inflection point – some thoughts
  • John C Williams: ‘E’ is for equipoise
  • Keeping the momentum: how finance can continue to support growth in EMEs
  • Which exchange rate matters to global investors?
  • Household Food Inflation in Canada
  • A High-Frequency Measure of Income Inequality
  • The Impact of Currency Carry Trade Activity on the Transmission of Monetary Policy (Maximilian Boeck, Alina Steshkova, Thomas O. Zörner)
  • How Much Does College Cost and How Does It Relate to Student Borrowing? Tuition Growth and Borrowing over the Past 30 Years
  • Let’s Get Physical: Impacts of Climate Change Physical Risks on Provincial Employment
  • Generative AI and labour productivity: a field experiment on coding
IMF BRIEFS
  • Denmark: IMF Executive Board Concludes 2024 Article IV Consultation
  • Working Paper No. 2024/193: Banking Law and Climate Change: Key Legal Issues
  • Working Paper No. 2024/192 : Central Banks and Climate Change: Key Legal Issues
  • Trade Balances in China and the US Are Largely Driven by Domestic Macro Forces
  • How to Awaken Europe’s Private Sector and Boost Economic Growth
  • Further IMF publications
  • United Kingdom-Montserrat-British Overseas Territory: Technical Assistance Report-Report on External Sector Statistics Mission (March 18–28, 2024)
  • Aggregate Shocks and the Formation of Preferences and Beliefs
  • A Gravity Model of Geopolitics and Financial Fragmentation
  • Beyond the Dikes: Flood Scenarios for Financial Stability Risk Analysis
  • Climate Policy Diffusion Across US States
  • Renewal of And Modifications To The New Arrangements To Borrow
  • Republic of Armenia: Technical Assistance Report-Corporate Income Tax Gap Estimation Based on Operational Audits
SPAIN
  • Papers published by Banco de España
  • Working Papers. The transmission of monetary policy to credit supply in the euro area
  • Occasional Papers. El informe Letta: un conjunto de recetas para dinamizar la economía europea
  • Working Papers. Constructing fan charts from the ragged edge of SPF forecasts
  • Working Papers. Bank supervision and non-performing loan cleansing
GERMANY
  • Papers published by the the Deutsche Bundesbank
  • Geopolitical risk perceptions | Discussion paper 37/2024: Yevheniia Bondarenko, Vivien Lewis, Matthias Rottner, Yves Schüler
USA
  • Agencies extend comment period on request for information on bank-fintech arrangements
  • The Future of Stress Testing and the Stress Capital Buffer Framework – Governor Michelle W. Bowman at the Executive Council of the Banking Law Section of the Federal Bar Association
  • The Next Steps on Capital – Federal Reserve Vice Chair for Supervision Michael S. Barr at the Brookings Institution
RUSSIA
  • Bank of Russia Governor Elvira Nabiullina explains interest rate rise to 19 percent

 

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