Insight EU Finance Monitoring Weekly 9 – 14 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

• Main results of the EU Economic and Financial Affairs Council, 10 December 2024
• Taxation: EU Council introduces electronic VAT exemption certificate
• Taxation: EU Council adopts new rules for withholding tax procedures (FASTER)
• EU Council greenlights the amended RRF plans of Sweden, Slovenia, Denmark, and Belgium

EUROGROUP

• Main results of the Eurogroup, 9 December 2024
• Remarks by Paschal Donohoe following the Eurogroup meeting of 9 December 2024
• Remarks by EU Commissioner Dombrovskis at the Eurogroup press conference
• Eurogroup statement on the draft budgetary plans for 2025

ECB 

• ECB Monetary policy decisions on 12 December 2024
• Policy statement: Christine Lagarde, President of the ECB, Luis de Guindos, Vice-President of the ECB
• Decisions taken by the Governing Council of the ECB (in addition to decisions setting interest rates)
• Further publications by the ECB
• Euro area bank interest rate statistics: October 2024
• Consolidated financial statement of the Eurosystem as at 6 December 2024
• Letter from the ECB President to Mr Fabio de Masi, MEP, on the economic outlook and monetary policy
• Letter from the ECB President to Mr Fabio de Masi, MEP, on monetary policy
• Letter from the ECB President to Mr Fabio de Masi, MEP, on monetary policy
• The evolution of the supervisory reporting framework for the EU banking sector
• ESCB Legal Conference 2024
• Eurosystem staff macroeconomic projections for the euro area, December 2024
• Letter from Piero Cipollone to Aurore Lalucq, ECON Chair, on the second progress report on the digital euro preparation phase
• Cross-border payments: Opening remarks: Eurosystem’s initiatives on cross-border payments
• Cross-border payments: Work ahead: Market involvement and launch of call of interest
• Cross-border payments: Introduction to the TIPS cross-currency service
• Cross-border payments: Technical introduction to the cross-currency service in TIPS
• Cross-border payments: TIPS Fireside Chat
• Cross-border payments: Closing remarks

ECB BANKING SUPERVISION

• Upcoming banking supervision press conference of the ECB Banking Supervision
• ECB Banking Supervision: The outlook for less significant institutions

BENCHMARKS

• EU Commission welcomes political agreement on revamped rules for benchmarks
• EU Council background on on financial benchmarks deal
• EU Parliament on the deal reached on new rules for benchmarks

CAPITAL MARKETS

• Publications by the European Capital Markets Institute (ECMI)
• Gold-plating in Europe’s capital markets: Beyond compliance, towards harmonisation
• 2024 ECMI Annual Conference Report – Europe’s capital markets in transition: Driving competitiveness through innovation and sustainability
• Are the European Commission’s plans on financial services what the EU needs?
• Latest publications by EFAMA
• European asset managers on course to manage €33 trillion in 2024
• Asset Management in Europe: New report highlights growth of retail and passive investing, and how asset managers finance the European economy
• Financial Data Sharing (FiDA): Finding a sound approach for an effective Open Finance Framework
• Slower long-term fund inflows and strong demand for money market funds in Q3 2024
• EC Targeted consultation on the functioning of the EU securitisation framework

CRYPTO-ASSETS

• The EBA assesses potential benefits and challenges of tokenised deposits
• ESAs provide Guidelines to facilitate consistency in the regulatory classification of crypto-assets by industry and supervisors
• ESAs: Standardised test for crypto-assets
• Publications on Global Government Fintech
• UK council harnesses open banking tech for government payments to residents
• Trump combines AI and crypto in White House ‘czar’ role
• ‘Practical actions’ for government laid out in ‘roadmap’ to digitalise UK trade
• ECB publishes digital euro update as ‘prep phase’ passes half-way mark
• 60 jurisdictions have now implemented open banking rules: Cambridge analysis

FINANCIAL DATA ACCESS (FIDA)

• Financial Data Sharing: Finding a sound approach for an effective Open Finance Framework
• Capital markets Union: EU Council agrees to make consumers’ financial data more accessible

EIB

• Working Paper 2024/08 – Do financing conditions pose a threat to the performance and transformation of SMEs?
• Central, Eastern and South-Eastern Europe (CESEE) Bank Lending Survey: Second half of 2024
• The EIB Climate Survey

SAVING BANKS

• Nicolas Namias Elected President of the European Savings and Retail Banking Group (ESBG)

EIOPA

• EIOPA’s financial stability report sees insurers and pension funds weathering a complex and uncertain risk landscape
• Further publications by EIOPA
• EIOPA updates representative portfolios to calculate volatility adjustments to the Solvency II RFR term structures

ESMA

• ESMA consults on proposals to digitalise sustainability and financial disclosures
• ESMA consults on open-ended loan originating alternative investment funds
• ESMA puts forward Q&As on the application of the Guidelines on funds’ names
• ESMA appoints Carlo Comporti as a new member to its Management Board and reappoints the Chairs of its Standing Committees
• Join us for ESMA’s conference “Shaping the future of EU capital markets” on 5 February 2025
• Verena Ross’ speech at the ISDA Conference on ‘Completing the Carbon Pricing Framework’, 5 December 2024
• Ongoing ESMA Consultations
• Further ESMA documents
• Warning on Crypto-assets
• ESMA publishes latest edition of its newsletter
• ESMA consults on Technical Advice on Listing Act implications

EBA

• EU banks’ liquidity coverage ratio increased in June 2024, underpinned by growth in banks’ holdings of liquid assets
• Competent authorities have made significant progress in their approaches to tackling money laundering and terrorist financing, the EBA Report finds
• The EBA assesses potential benefits and challenges of tokenised deposits
• The EBA consults on draft technical standards that specify material changes and extensions to the Internal Ratings Based approach
• Ongoing EBA Consultations
• Consultation on Regulatory Technical Standards that specify material changes and extensions to the Internal Ratings Based approach
• 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

• DRAFT REPORT on the proposal for the appointment of the Chair of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism – PE766.896v01-00
• DRAFT REPORT on competition policy – annual report 2024 – PE765.240v01-00
• DRAFT REPORT on the proposal for a Council directive amending Directive 2011/16/EU on administrative cooperation in the field of taxation – PE766.712v01-00
• Draft agenda – Monday, 16 December 2024 – PE766.891v01-00 – Committee on Economic and Monetary Affairs , Committee on Civil Liberties, Justice and Home Affairs
• AMENDMENTS 27 – 206 – Draft opinion The screening of foreign investments in the Union and repealing Regulation (EU) 2019/452 of the European Parliament and of the Council – PE766.764v01-00
• Question to the ECB – Impact of renewable energy on inflation – PE766.755v01-00
• Minutes – Monday, 18 November 2024 – PE766.638v01-00 – Committee on Economic and Monetary Affairs
• Latest news – Committee on Economic and Monetary Affairs
• Video of a committee meeting – Wednesday, 4 December 2024 – 13:30 – Committee on Economic and Monetary Affairs
• Video of a committee meeting – Wednesday, 4 December 2024 – 09:45 – Committee on Economic and Monetary Affairs
• Newsletters – 2024 – Committee on Economic and Monetary Affairs
• Highlights – Exchange of views with Valdis Dombrovskis – Committee on Economic and Monetary Affairs

EU COUNCIL REGISTER

• ST 16620 2024 INIT Proposal for a COUNCIL IMPLEMENTING DECISION amending Implementing Decision (EU) (ST 10686/21 INIT; ST 10686/21 ADD 1) of 28 July 2021 on the approval of the assessment of the recovery and resilience plan for Cyprus
• ST 16919 2024 INIT Report from the Commission to the European Parliament and the Council: Report on the functioning of the VAT-based own resource system
• ST 15571 2024 INIT Regulation (EU) 2021/444 of the European Parliament and of the Council of 11 March 2021 establishing the Customs programme for cooperation in the field of customs and repealing Regulation (EU) No 1294/2013
• ST 16351 2024 INIT Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU
• ST 15460 2024 INIT Case before the General Court of the European Union: Case T-532/24 (Banque Havilland v European Central Bank) Validity of Article 4(3) of the Council Regulation No 1024/2013 establishing the Single Supervision Mechanism Council intervention before the General Court of the European Union in support of the European Central Bank.
• CM 5379 2024 REV 1 Financial Counsellors Working Party Meeting
• ST 15663 2024 INIT Directive (EU) 2023/959 of the European Parliament and of the Council of 10 May 2023 amending Directive 2003/87/EC establishing a system for greenhouse gas emission allowance trading within the Union and Decision (EU) 2015/1814 concerning the establishment and operation of a market stability reserve for the Union greenhouse gas emission trading system
• ST 16193 2024 INIT Proposal for a Regulation of the European Parliament and of the Council in a framework for Financial Data Access and amending Regulations (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010 and (EU) 2022/2554 – Mandate for negotiations with the European Parliament
• ST 16325 2024 INIT Conclusions on the progress achieved by the Code of Conduct (Business Taxation) Group during the Hungarian Presidency – Approval
• ST 16328 2024 INIT Code of Conduct Group (Business Taxation) – Report to the Council
• ST 16328 2024 ADD 1 Code of Conduct Group (Business Taxation) – Report to the Council
• ST 16328 2024 ADD 2 Code of Conduct Group (Business Taxation) – Report to the Council
• ST 16328 2024 ADD 3 Code of Conduct Group (Business Taxation) – Report to the Council
• ST 16328 2024 ADD 4 Code of Conduct Group (Business Taxation) – Report to the Council
• ST 16328 2024 ADD 5 Code of Conduct Group (Business Taxation) – Report to the Council
• ST 16328 2024 ADD 6 Code of Conduct Group (Business Taxation) – Report to the Council
• ST 16328 2024 ADD 7 Code of Conduct Group (Business Taxation) – Report to the Council

EU COMMISSION REGISTER

• COMMISSION DELEGATED REGULATION (EU) …/… supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying adjustment of own funds requirement and minimum features of stress testing programmes of issuers of asset-referenced tokens or of e-money tokens
• 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 IMPLEMENTING REGULATION (EU) …/… amending for the 344th time Council Regulation (EC) No 881/2002 imposing certain specific restrictive measures directed against certain persons and entities associated with the ISIL (Da’esh) and Al-Qaida organisations
• COMMISSION DECISION approving the Amendment and Restatement Agreement N° 2 to the Agreement between the European Union and the Nordic Investment Bank
• COMMISSION IMPLEMENTING DECISION on the authorisation of the disbursement of the second and third instalments of the non-repayable support and the second and third instalments of the loan support for Poland
• COMMISSION IMPLEMENTING DECISION on the authorisation of the disbursement of the second instalment of the non-repayable support and the second instalment of the loan support for Lithuania
• COMMISSION IMPLEMENTING DECISION on the borrowing of EUR 45 million on behalf of the European Union for the macro-financial assistance loan to the Republic of Moldova
• 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 IMPLEMENTING DECISION on the eligibility of the bilateral loan between Ukraine and the United States of America

BANK FOR INTERNATIONAL SETTLEMENTS

• Basel Committee publishes final guidelines for counterparty credit risk management
• Further BIS publications
• BIS Quarterly Review, December 2024 – media briefing
• BIS Quarterly Review, December 2024
• Targeted Taylor rules: some evidence and theory
• Savings-and-credit contracts
• Harnessing the power of Input-Output analysis for sustainability
• Regulating AI in the financial sector: recent developments and main challenges
• Aggregate debt servicing and the limit on private credit
• Adnan Zaylani Mohamad Zahid: Review and outlook of the Malaysian financial market
• Gabriel Makhlouf: Publication of the Financial Stability Review 2024:2
• One Who Hesitates Is Lost: Monetary Policy Under Model Uncertainty and Model Misspecification
• Quantifying the Recent Immigration Surge: Evidence from Work-Permit Applications
• Monetary policy pass-through to consumer prices: evidence from granular price data
• Inheritance Tax Avoidance Through the Family Firm
• Corporate Debt Structure over the Global Credit Cycle
• Revisiting Risky Money
• How Does Fiscal Policy affect the Transmission of Monetary Policy into Cross-border Bank Lending? Cross-country Evidence
• The Global (Mis)Allocation of Capital
• Credit Supply and Hedge Fund Performance: Evidence from Prime Broker Surveys
• Locked In: Rate Hikes, Housing Markets, and Mobility
• Corporate Green Pledges
• Financial Intermediation and Climate Change in a Production and Investment Network Model for the Euro Area
• Banking on Deforestation: The Cost of Nonenforcement
• Gender Gaps in the Federal Reserve System

FINANCIAL STABILITY BOARD

• FSB issues recommendations related to data flows and regulation and supervision of cross-border payments
• The Financial Stability Board invites cross-border payments market stakeholders to join its Taskforce on Legal, Regulatory and Supervisory matters
• FSB notes significant progress in monitoring, regulating and supervising crypto-asset activities in France
• FSB issues policy recommendations to enhance non-bank market participants’ preparedness for margin and collateral calls

GERMANY

• The Bundesbank’s Forecast for Germany: economy struggling with persistent headwindsInflation down to 2% from 2026 onwards
• Recent publications by the German Bundesbank
• Europe is under pressure | Interview with Frankfurter Allgemeine Zeitung
• Monetary policy in times of uncertainty and structural challenges | Speech at the European Stability Mechanism
• National Cash Forum launches new website for cash-related topics
• Macroeconomic and financial effects of natural disasters | Discussion paper 45/2024: Sandra Eickmeier, Josefine Quast, Yves Schüler
• The optimal inflation target: Bridging the gap between theory and policy | Discussion paper 44/2024: Klaus Adam, Henning Weber
• The ECB’s climate activities and public trust | Discussion paper 43/2024: Sandra Eickmeier, Luba Petersen
• What moves households’ expectations during a crisis? Evidence from a randomized information experiment | Discussion paper 42/2024: Norbert Metiu, Valentin Stockerl
• Eine starke Stimme für das Bargeld: das Nationale Bargeldforum | Gastbeitrag in „Der Sicherheitsdienst“, Ausgabe 4/2024
• Aktuelle Wirtschafts-, Finanz- und Kapitalmarktthemen aus Sicht der Bundesbank | Rede vor Unternehmerinnen und Unternehmern in Südbaden
• Geldpolitik in Zeiten der Ungewissheit und struktureller Herausforderungen | Rede auf der Veranstaltung des Europäischen Stabilitätsmechanismus (ESM)
• „Europa ist unter Druck“ | Interview mit der Frankfurter Allgemeinen Zeitung
• „Es ist wichtig, auf den Wachstumspfad zu kommen“ | Interview mit der Frankfurter Allgemeinen Zeitung

IMF

• Falling Private Debt: 2024 Global Debt Database
• Further publications by the IMF
• Breaking Latin America’s Cycle of Low Growth and Violence

UNITED STATES

• Federal Reserve Board provides technical clarification that its account access guidelines apply to excess balance accounts