(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 2-8 September 2022
Policy impacting Finance
IMF blog - Gaspar et al: European Fiscal Governance: A Proposal from the IMF : High debt and rising interest rates put a premium on improved governance to anchor fiscal policy in EU member states. Given the central role of fiscal policy in addressing both recent crises and future challenges, the call to reform fiscal governance in Europe resonates like never before.
CEPR: A stability fund for the euro area : A greater likelihood of external, asymmetric shocks from conflicts, climate change, or future pandemics all press the urgency of establishing a euro area fiscal stabilisation capacity that has long been called for by academics as well as European and international institutions.
ESMA: Russian war adds uncertainty and volatility to EU financial markets : The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today publishes the second Trends, Risks and Vulnerabilities (TRV) Report of 2022.
Keynote speech by Commissioner McGuinness on financial literacy at the Bruegel Annual Meetings : Why financial literacy is important, especially right now; What the European Commission is doing about it already; And what we are planning to do next.
Banking Union
BIS: Large exposures standard – Executive Summary : Microprudential objective of serving as a backstop to the risk-based capital regime by protecting banks from incurring large losses from the default of a single counterparty or group of connected counterparties
BIS: Liquidity bridges across central banks for cross-border payments : International banks and other payment service providers (PSPs) may incur the cost of holding liquidity and collateral in different currencies across multiple jurisdictions to facilitate intraday payments in large-value payment systems.
EBA calls for more proactive engagement between supervisors in anti-money laundering and counter-terrorist financing colleges : EBA finds that ongoing cooperation and proactive information exchanges between supervisors has not been fully achieved yet in all AML/CFT colleges.
IFAC Elevates Accountancy Profession’s Commitment to Fighting Corruption and Economic Crime : New Action Plan Supports Robust Anti-Corruption Ecosystem. The Action Plan for Fighting Corruption and Economic Crime sets out more than 30 specific actions for IFAC and the accountancy profession related to education, evidence-based policy, global standards, partnership, and thought leadership.
Capital Markets Union
EIOPA tracks progress on Solvency II data quality : The report demonstrates that the automated data quality processing solutions and advanced analytic tools together with built-in validations in the XBRL taxonomy have been effective in raising the quality of data.
Environmental, Social, Governance (ESG)
ICMA’s response to the 'Call for feedback on the Platform for Sustainable Finance's report on minimum safeguards : ICMA welcomes the draft report which provides proposed advice on the last missing component of the EU Taxonomy Regulation, the functioning of the minimum safeguards (MS)
BDB: Minimum Social Safeguards of the EU Taxonomy : The EU Platform on Sustainable Finance consulted its draft report on the Taxonomy’s minimum social safeguards. The German Banking Industry Committee provided comments to the consultation.
IOSCO: Education on sustainable finance helps protect investors against fraud and greenwashing : The report on Retail Investor Education in the Context of Sustainable Finance Markets and Products indicates securities regulators have increasingly focused on whether sustainable finance claims are accurate and if investors have the information they need to evaluate sustainable finance products.
EURACTIV: EU Parliament fights over sustainability criteria for insurance sector : In attempts to reach a common position on the review of prudential regulation for the European insurance sector, MEPs expressed starkly diverging opinions on whether and how to account for climate risks in the regulation.
Fin Tech Regulation
IMF blog: Reimagining Money in the Age of Crypto and Central Bank Digital Currency : The recent plunge in crypto assets has left investors numbed by losses and surely in doubt. But the future of money is undoubtedly digital. The question is, what will it look like?
The Economist: The future of crypto is at stake in Ethereum’s switch : Can decentralised networks reform themselves?
Economic Policies Impacting EU Finance
POLITICO: Brussels considers cutting Hungary out of global tax rate bill : The plan would involve a so-called enhanced-cooperation deal to circumvent Budapest’s veto.
Brexit and the City
FT: New UK chancellor Kwasi Kwarteng promises ‘Big Bang 2.0’ for City of London : Pledge of post-Brexit overhaul of regulation comes as some executives worry about reform of EU laws going too far
Brexit
LSE: Why an independent Scotland might have second thoughts about joining the EU : An independent Scotland would be a net contributor to the EU budget, and economic modelling for the Scottish Government suggests that Scottish exports of goods to the EU are back to where they would have been if Brexit had not happened, writes Derrick Wyatt.
UkandEU's Curtice: Why has Brexit becomes less popular?
EURACTIV: New UK minister rows back from NI protocol : UK Prime Minister Liz Truss’s new government has hinted at rowing back from a fight with the EU over Brexit, with the new Northern Ireland minister stating that the government is seeking a negotiated agreement with Brussels on the controversial Northern Ireland protocol.
