(This e-mail provides the headers of a selection of the articles published this week. If you would like to upgrade to our Gold service and access all articles - with live links to the underlying news - please click on the button)
Articles from 14-20 January 2022
General Financial Policy
MEPs debated the French Presidency’s priorities with Emmanuel Macron : “Europe should become a cultural, democratic and educational power (...) we have the strength and the means”, he concluded.
EURACTIV: Centre-left Scholz and Sánchez far apart on EU fiscal rules : Sánchez had high expectations of Monday’s visit by Scholz, who took over from chancellor Angela Merkel last month, with sources saying he saw their closer “ideological fit” as a chance to rebuild Madrid-Berlin relations.
EURACTIV: Germany, France show divisions on EU budget rules : Germany and France laid out differing visions for the future of the European economy, signalling a fight later this year to overhaul the bloc’s strict rules on government spending.
CER: What Italy's Presidential election means for Europe : The election of a new Italian president could threaten the survival of Mario Draghi’s government of national unity, and will mark the beginning of the 2023 general election campaign.
BIS's Carstens speeech: Digital currencies and the soul of money : My main message today is simple: the soul of money belongs neither to a big tech nor to an anonymous ledger. The soul of money is trust. So the question becomes: which institution is best placed to generate trust?
European Parliament: Future of Europe: Conference Plenary discusses Citizens’ Panels’ recommendations : The Plenary will take stock of the 90 recommendations by the Panels on ‘European democracy / Values and rights, rule of law, security’ and ‘Climate change, environment / Health’.
Banking Union
EBA confirms the continued application of COVID-19 related reporting and disclosure requirements until further notice : Uncertainty of COVID 19 situation persists, and so the need to monitor exposures and the credit quality of loans with public support measures in those Member States, where those are still relevant.
Capital Markets Union
InsuranceEurope: EC’s Insurance Recovery and Resolution Directive must not be a “copy paste” from banking regulation : The EC’s proposals to implement a framework for recovery and resolution go beyond what is necessary given the extensive safeguards that are already in place to protect policyholders. In view of the specific characteristics of the insurance business and the existing instruments under Solvency II, there is no need for such an extensive IRRD.
AMCC publishes Report of the survey on corporate bond market microstructures and participant behaviours : While there are some gaps in the survey responses, the feedback may help in contributing to paint a picture of the different corporate bond market structures across key regional and national jurisdictions, as well as the market participant behaviours and drivers in times of market stress..
Environmental, Social, Governance (ESG)
EFAMA: CSRD - Why we need to get improved corporate sustainability data by 2024 : Investors, asset managers and civil society organisations call for the prompt implementation of the reform on corporate sustainability reporting and EU standards
Protecting Customers
OECD/Commission: Financial competence framework for adults in the European Union : The framework promotes a shared understanding of the financial competences adults need to make sound decisions on personal finance.
Fin Tech Regulation
IMF: Crypto Prices Move More in Sync With Stocks, Posing New Risks : There’s a growing interconnectedness between virtual assets and financial markets.... Crypto assets such as Bitcoin have matured from an obscure asset class with few users to an integral part of the digital asset revolution, raising financial stability concerns.
IOSCO consults on measures to address risks arising from digitalisation of retail marketing and distribution : Growth in digitalisation and use of social media is changing the way financial services and productsare marketed and distributed.
Economic Policies Impacting EU Finance
Vox: Revising the European fiscal framework, part 1: Rules : The authors of this column present a proposal to strengthen the European fiscal framework based on two elements: a revision of the fiscal rules, and a plan to create a European Debt Agency to absorb the debt accumulated during the pandemic.
POLITICO: Europe’s veto threatens to stall global tax reform : Estonia, Hungary and Poland are unhappy with plans to introduce a minimum global corporate tax rate of 15 percent by January 2023...Their finance ministers protested on Tuesday the planned timetable, which G20 countries agreed to in October as part of a wider overhaul of corporate tax rules.
Brexit and the City
Reuters: EU gives itself three more years to end euro clearing reliance on London : The European Union will extend permission for banks in the bloc to continue using clearing houses in London for a further three years from June while efforts to end "over-reliance" on Britain are stepped up, its financial services chief said on Tuesday.
ESMA December statement:ESMA concludes Tier 2 CCP assessment under Article 25(2c) of EMIR : Based on its assessment, ESMA concludes that it will not recommend to the EuropeanCommission to derecognise a Tier 2 CCP, or one of its services, at this point in time.
House of Lords: Central bank digital currencies: a solution in search of a problem? Report published: The report concludes there is no convincing case for why the UK needs a central bank digital currency (CBDC). The committee found that while a CBDC may provide some advantages, it could present significant challenges for financial stability and the protection of privacy.