European Union (EU)
ECB supervision and the state of the eurozone’s banks
ECB banking supervision has passed the first stage of the Covid-19 test. But many challenges remain, including banks’ internal governance and data processing, excessive leveraged lending in some segments, and a lack of progress towards a more competitive…
Bank of Russia caps FX withdrawals and EU sanctions Belarus
Russian depositors can withdraw unlimited rubles but only up to $10,000 in foreign currency
People: FCA chair steps down; Esma chair steps up
UK FCA chairman to depart; Verena Ross to chair Esma; new boards for Ecuador’s central bank
More regulatory action on big tech may be needed – FSI paper
Actions so far may not be enough to address growing risks, says Financial Stability Institute
Swiss government sets parameters for climate reporting
Guidelines intended to bind large Swiss companies from the 2023 financial year
Eurozone fiscal deficit declines in Q1
Lower imbalance due to lower spending; revenue remained stable as a share of GDP
BoE officials welcome stronger post-Brexit regulatory powers
Andrew Bailey says UK must not become a “rule-taker” on financial services
BoE’s inflation target may hamper response to no-deal Brexit – IMF
Report urges BoE to bolster market communication in the event no deal is reached
BoE says banks can cope with Brexit and pandemic
But central bank warns EU actions are risking some disruption as transition period ends
Eurozone must not cut fiscal support too soon – IMF official
Environment favours public investment, but spending must be transparent, says fiscal affairs director Vítor Gaspar
Barbados governor hits back at AML ‘blacklisting’
Action by EU is “pernicious” amid pandemic and IMF programme, says Cleviston Haynes
EU sees huge appetite for new triple-A asset
‘Sure’ bonds offer the ECB a less controversial option for asset purchases
Frank Smets on the ECB’s strategy review
The ECB’s DG of economics explains how expectations, communication, fiscal dominance, climate change and the Fed’s actions will be factored into the ECB’s delayed strategy review
BoE welcomes temporary deal on post-Brexit clearing
‘Equivalence’ decision will avoid short-term cliff-edge for CCPs, as Brexit negotiations enter final stages
EU needs single anti-money laundering body, EBA says
EBA calls for EU to include investment and crypto-asset firms in scope of tougher AML/CFT laws
What makes for good financial supervision?
The Wirecard debacle has led to calls for more effective oversight in Europe. Andreas Dombret identifies four essential elements
European Commission pushes for €750 billion budget expansion
Shared financial resources designed to support weakest EU members while spreading cost
Book notes: Crisis spaces, by Costis Hadjimichalis
“Don’t buy this book, unless you are a dedicated Marxist”
Brexit opens opportunity for EU’s capital markets union – research
Future EU-UK relations limited by Brussels’ focus on preserving integrity of internal market
Was Draghi one of the great central bankers?
A look back at how Mario Draghi confronted the financial crisis and existential concerns about the euro
EU leaders pay tribute to Draghi as Lagarde takes ECB helm
Merkel, Macron and Mattarella praise outgoing central bank president as one of the fathers of the European project
Book notes: Economics for the common good, by Jean Tirole
The book should be well received amid the recent rise in populism
People: Lagarde and Mersch receive European Parliament backing
Majority of European Parliament votes in favour of new ECB president and supervisory vice-chair
FCA chief calls for EU to extend Brexit clearing exemption
Bailey also urges EU to grant equivalence determinations for UK trading venues