European Commission (EC)
European presidents publish road map to closer union
Mario Draghi among senior officials to contribute to report calling for greater economic convergence, financial integration and ultimately more shared decision-making on fiscal policy
Euroclear and Clearstream granted time to agree joint road map
Both ICSDs intend to start a feasibility assessment for real-time settlement after the completion of Target2-Securities migration in June 2017
ECB looks for ‘quick wins’ to put momentum behind CMU
Eurosystem report on capital markets union emphasises need for the project to deliver early victories if it is to gather enough momentum to be a success
BoE outlines capital markets union proposals
Central bank sets out policy recommendations designed to deliver better functioning capital markets in Europe; argues institutional change, such as greater centralisation, is not necessary
European Commission looks to unshackle big data
In its quest to create a digital single market the commission plans to tackle restrictions on the free movement of data; champions transition to ‘open science’
MAS and Esma ink cross-border CCP clearing deal
MoU paves way for Singapore CCPs providing clearing services to European banks to obtain EU recognition while remaining subject only to MAS regulatory regime
EBA offers advice on determining ‘critical functions’ in resolution
Technical advice seeks to clarify EU resolution directive in setting out exactly which parts of a bank are essential for financial stability; bank resolution plans found to be lacking in some areas
EC vice-president urges ECB to play its part in historic investment push
Jyrki Katainen highlights need for policy co-ordination as public-private EU investment fund is announced; ECB's Constâncio suggests no decision on QE in December
ECB publishes letters between Trichet and Irish government
Letters relate to the period leading up to Ireland’s decision to enter an EU/IMF programme; ECB threatened to withhold access to ELA unless Ireland sought a bailout
European Commission approves Portuguese institution designed to finance SMEs
New development bank to finance SMEs until 2020, at which point the Commission will assess how the market has evolved; will have starting capital of €100 million
European Commission approves central bank’s BES intervention
Bankruptcy would have led to losses up to €28 billion; European Commission says central bank decision is ‘compatible with the internal market for reasons of financial stability’
European Banking Authority unveils framework for classifying high-quality securitisations
Consultation proposes system for classifying securitisations that are ‘simple, standard and transparent’ and therefore may benefit from more lenient regulation
Buba official warns against tapping ESM for investment
Andreas Dombret says using portion of ESM funds to finance investment in infrastructure would ‘greatly reduce effectiveness’ of rescue fund
Bulgaria tells Brussels it can't guarantee failed bank deposits
Enforcing bank contributions to a deposit guarantee fund would destabilise the country's banking sector, Bulgarian governor and finance minister tell European Commission
Lithuania cleared to adopt euro in 2015
Lithuania set to follow Estonia and Latvia into the eurozone; ECB gives seal of approval but warns it will be ‘challenging' to keep inflation low after joining
EC tackling final questions on CCP resolution
The European Commission is drawing up proposals on the recovery and resolution of CCPs, but a number of tricky questions still have to be answered
Troika warns Greek capital buffers may be insufficient
Troika's warning of ‘upside risks' if Greek banks are not ‘swiftly' recapitalised contrasts with optimistic statement put out by Bank of Greece on March 6
Europe's banking union gets single resolution mechanism
Compromise deal is reached over single resolution mechanism, which will have a fully mutualised resolution fund within eight years
Ukraine wins EU rescue package as finance ministry threatens debt restructure
European institutions will come up with €11 billion over the next five years; European Commission proposes international donor co-ordination mechanism
Cœuré defends Troika to European Parliament
ECB’s top negotiator with European Parliament defends the adjustment programmes shaped by the Troika and tells politicians not to ‘blame the fire brigade for the fire damage’
Barnier publishes bank split proposals
Europe’s 30 largest banks would be banned from engaging in proprietary trading and forced to separate other risk activities from their retail business under proposed reforms
Cœuré wants to fast-track resolution fund
Benoît Cœuré calls for single resolution fund to be established within five years; Axel Weber predicts that some of the eurozone banks will fail the ECB’s asset-quality review
Trichet calls on Troika to ‘gradually disappear’
Former ECB president Jean-Claude Trichet defends the central bank’s role in the Troika; says the group should be phased out as policy-makers move away from curing crises and towards preventing them
ECB deflects parliament questions on troika
European Central Bank publishes response to a European Parliament questionnaire on the financial assistance programmes brokered by the troika; Irish governor praises ‘rigorous adherence’ to fiscal goals