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    EC and ECB Reports Discuss Financial Integration in EU

    March 03, 2020

    EC published the 2020 edition of the Annual European Financial Stability and Integration Review. The review examines recent economic and financial developments and their impact on financial stability and integration in EU. The focus this year is on the banking sector and, in particular, on three main challenges it faces—the increased investments in certain assets, the emergence of cryptocurrencies, and the progress in relation to cross-border banking. In addition, ECB published a report, along with a statistical annex, on financial integration and structures in the Euro area. ECB also published remarks by Luis de Guindos, Vice-President of ECB, on the occasion of the publication of the report.

    The EC review this year combines different perspectives on the various structural changes that are taking place in the financial system in Europe. The Annual European Financial Stability and Integration Review presents an in-depth review of the impact and policy implications of the challenges on the financial industry and on banks in particular. The review focuses on the emergence of digital money, including cryptocurrencies and their impact on banks and the financial system. The review also analyzes cross-border-banking developments in EU, focusing on the implications and developments with respect to the macro-prudential measures and the Banking Union, including implementation of the Single Resolution Mechanism and the Bank Recovery and Resolution Directive. 

    The ECB report on financial integration and structures in the Euro area describes key structural developments such as the process of financial integration, changes in financial structure, and the process of financial development or modernization. It discusses selected financial-sector policies, notably policies related to the European Banking Union and Capital Markets Union and contributes to the debate on how European Economic and Monetary Union can be deepened. The report highlights that the last decade saw rapid growth in fintech entities. However, the sector lacks a statistical classification, which is key to being able to analyze it better and compare it with other sectors of the financial industry. Over time, further development of equity markets could make a significant contribution to decarbonizing EU economies. New ECB research suggests that countries with economies that have a funding structure more focused on equity than bank credit or other forms of debt have reduced their carbon footprints more than other countries in recent decades. Furthermore, non-bank financial intermediaries, of which investment and pension funds are the fastest growing type, now account for almost 60% of total euro area financial assets. The report notes that this deserves attention, as it could reflect not only financial development, but partly also a migration of risks from the banking sector to less regulated sectors.

     

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    Keywords: Europe, EU, Banking, Insurance, Securities, Financial Stability, Banking Union, Capital Markets Union, Climate Change Risk, BRRD, SRM, Resolution Framework, EC, ECB

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