European Council published Eurogroup work program until June 2021. The work program builds on certain key priority areas including strengthening the Banking Union and policies to support recovery and long-term growth. The Eurogroup will continue to monitor the economic situation, policy response, and recovery needs after the COVID-19 pandemic. Given the current uncertain environment, the Eurogroup work program should be seen as indicative.
The recent crisis has shown that a well-functioning financial sector and a resilient Banking Union are key to financing the recovery for households and businesses. The Eurogroup has agreed that completing the Banking Union is a priority and it has recognized the necessity of taking Banking Union forward in a holistic manner and on a consensual basis. In the coming months, the Finance Ministers will focus on finalizing the agreement on the European Stability Mechanism (ESM) Treaty as well as on the early introduction of the common backstop to the Single Resolution Fund (SRF) on the basis of the forthcoming risk-reduction assessment by the EU institutions. Ministers will also make progress with the issue of liquidity in resolution and as a matter of priority will look into specific aspects of the crisis management framework.
The objectives of Capital Markets Union to support the financing of the economy and to strengthen market-based adjustment mechanisms in the euro area also merit consideration at Eurogroup. The Capital Markets Union can complement Banking Union and provide an alternative to bank-intermediated finance. In light of the impact of the current crisis, achieving these objectives is critical and will be fully supported by the Eurogroup. Next Generation EU, including its emphasis on green and digital agenda, will be a key element in supporting the recovery of member states. The Eurogroup will play an important role in fostering consistency and coherence between national policies, the use of the new EU financing tools, and euro area priorities. The Eurogroup will seek to align reform with the goals of a green transition and a digital future. The Eurogroup will continue to discuss policies that address longer-term challenges, such as higher and targeted investment in the green and digital transitions, and structural reforms to support growth potential, with a view to fostering mutual learning and spreading best practices.
Keywords: Europe, EU, Banking, Securities, Banking Union, Capital Markets Union, COVID-19, SRF Backstop, Eurogroup, Work Program, Work Program, Resolution Council, ESG, European Council
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleESMA Updates Q&A on Securitization Regulation in October 2020
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.