Welcome to our Gold Friends weekly e-mail.
My highlights of a slower news week: Today is Brexit decision day for “Boris” – or perhaps not! But even if some “free trade deal” on tariffs and quotas is pulled out of the hat in a while, that will not stop the queues of trucks at Dover filling in Rules of Origin forms and other “EU standards” compliance forms.
Financial markets seem to regard the revival of the Covid pandemic with reasonable equanimity – even EU bank shares rallied slightly before falling back as SSM seniors continue to highlight the risk of their “severe scenario” materialising. That would be associated with NPLs exceeding those of the Great Financial Crash – perhaps hitting €1.4 trillion. However, sustainable corporate governance and central bank digital money maintain traction.
Graham Bishop
Articles from 9 October to 15 October 2020
General Financial Policy
EURACTIV: EU governments, parliament edge closer to deal on recovery plan : The European Union edged closer to a deal over the bloc’s budget and recovery package of €1.8 trillion after national governments offered concessions, but key differences remained. View Article
IMF: A Bridge to Economic Recovery: Be Aware of Financial Stability Risks : Despite a global economic crisis comparable only to the Great Depression, near-term financial stability risks have been contained with the help of unprecedented monetary policy easing and massive fiscal support across the globe. View Article
Banking Union
SSM: What are the priorities for ECB Banking Supervision amid the pandemic? : Conversation between Kerstin af Jochnick, Member of the Supervisory Board of the ECB, and Tuba Raqshan, Journalist for Asset News, at L’AGEFI Global Invest Forum in Paris View Article
SSM's Enria: Interview with Handelsblatt : Interview with Andrea Enria, Chair of the Supervisory Board of the ECB, by Yasmin Osman and Kathrin Jones, conducted on 5 October 2020 and published on 12 October 2020 View Article
ISDA Board Statement on the IBOR Fallbacks Supplement and Protocol: ISDA today published a statement from its Board of Directors on the forthcoming launch of the IBOR Fallbacks Supplement and IBOR Fallbacks Protocol. View Article
Capital Markets Union
EIOPA: Introductory statement of Gabriel Bernardino at hearing of the ECON Committee : In his introductory statement, Mr Bernardino touched on the steps taken to mitigate the impact of COVID-19, the broader implications for EIOPA's supervisory work and the role for insurance and pensions in the recovery. View Article
ESMA's Ross at AFME: review of the MiFID/ MiFIR framework and of the Market Abuse Regulation (MAR). : This conference is also very timely for me to raise two key topics you have discussed or will discuss in other sessions – the review of the MiFID/ MiFIR framework and of the Market Abuse Regulation (MAR). View Article
IAIS issues Draft Application Paper on the Supervision of Climate-related Risks in the Insurance Sector for public consultation: The IAIS is now seeking feedback on this draft Application Paper through public consultation View Article
Environmental, Social, Governance (ESG)
BETTER FINANCE Response to the EC Consultation on EU Green Bond Standards: the green bond market has been growing rapidly in the recent years. But several issues are affecting this market and eroding investor confidence in this financial instrument. View Article
Accountancy Europe welcomes EU sustainable corporate governance initiative: Accountancy Europe welcomes the EU initiative to further embed sustainability into the EU corporate governance framework and provided feedback on its roadmap. View Article
BETTER FINANCE feedback to the European Commission on Sustainable Corporate Governance: BETTER FINANCE warmly welcomes the European Commission initiative to improve the EU regulatory framework on company law and corporate governance. View Article
Accountancy Europe: EC roadmap on sustainable corporate governance: Accountancy Europe welcomes the opportunity to provide feedback on the European Commission’s Inception impact assessment on sustainable corporate governance. View Article
The Basel Committee's initiatives on climate-related financial risks: Mr Kevin J Stiroh, co-chair of the Task Force on Climate-related Financial Risks of the Basel Committee on Banking Supervision and Executive Vice President of the Federal Reserve Bank of New York, at the panel session on "New regulatory and policy landscape for sustainable finance", View Article
IASB: Hope for a New Paradigm—Sustainability Reporting: IFRS Foundation Trustee Teresa Ko asks whether there is a need for a global set of internationally-recognised sustainability standards, and what possible role the IFRS Foundation could play in their development. View Article
GRI: Rising trust in sustainability reporting around the world: Public opinion poll on social and environmental corporate performance. Research across 27 markets has found that trust in how companies communicate their sustainability performance has increased to a record 51% this year, with significant variations by country. View Article
Protecting Customers
BETTER FINANCE Response to the EC Consultation on the new Consumer Agenda : Corporate social responsibility and pro-environmentalism has gained importance among consumers too often providing incentives for producers to brand unsustainable products as green or environmentally friendly. View Article
Fin Tech Regulation
ECB's Panetta: A digital euro for the digital era : Introductory statement by Fabio Panetta, Member of the Executive Board of the ECB, at the ECON Committee of the European Parliament. The quest to ensure that means of payment are fit for purpose has characterised economic history. View Article
BIS: Central bank digital currencies: foundational principles and core features: Joint report by The Bank of Canada, European Central Bank, Bank of Japan, Sveriges Riksbank, Swiss National Bank, Bank of England, Board of Governors of the Federal Reserve and Bank for International Settlements. View Article
FT: France and Netherlands join forces to back EU move against tech giants: Joint position paper says breaking up large companies is ‘on the table’ View Article
EIOPA finalises Guidelines on Information and Communication Technology Security and Governance: The European Insurance and Occupational Pensions Authority (EIOPA) finalised the Guidelines on Information and Communication Technology (ICT) Security and Governance. View Article
Insurance Europe: Improvements to eIDAS framework needed to promote trusted digital identities for all Europeans : Digital identities and the associated processes of authentication and authorisation are an essential component of the digital single market and of national and European economies View Article
ESBG: EU digital identity : ESBG welcomes development of EU Digital ID Scheme (EUID), provides ideas to further unleash cross-border transaction activity View Article
Insurance Europe: New EC consumer agenda opportunity to ensure EU rules meet needs and expectations of greener consumers in a digital world : Insurance Europe has today published a position paper in response to a consultation conducted by the European Commission on its new consumer agenda. View Article
Broadening the International Role of the Euro
Bruegel: For the euro there is no shortcut to becoming a dominant currency: As an international currency, the euro has always been a distant second to the dollar. The idea of a greater international role for the euro has been floated, but without major institutional reform, the euro will not become a dominant currency. View Article
Brexit
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Der Spiegel@ A Looming Disaster - Brexit Threatens to Become the Messiest of Messy Divorces : Britain will be leaving the EU common market at the end of the year and there are still important issues to be hammered out. Both sides could be facing a disaster in the form of huge traffic jams, job losses and rising prices. View Article
FT: European businesses urge UK trade deal to avoid ‘brutal split’ : German, Italian and French groups call on leaders to explore all possible options View Article
FT: UK lawyers and accountants risk losing in EU deal, warns report : Professional services ignored in negotiations, Lords committee says View Article
CRE: UK mitigates ‘most’ risks for post-Brexit financial services but some gaps for EU clients : However, it warned that “some disruption” remains a possibility for EU-based clients, although this would not pose any risk to financial stability. View Article
EIOPA calls on insurance sector to complete preparations for the end of the UK transition period : All Union primary and secondary law will no longer apply to the United Kingdom, including the Solvency II Directive as well as the Directive on Insurance Distribution (IDD). View Article
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