The European Union’s (EU) banking, insurance, pensions and securities sectors continue to face a range of risks, the latest report on “Risks and Vulnerabilities in the EU Financial System” published recently by the Joint Committee of the European Supervisory Authorities (ESAs) shows. The European Union’s (EU) banking, insurance, pensions and securities sectors continue to face a range of […]
Making electronic payments and online banking safer and easier for consumers
New EU measures to make electronic payments and e-banking easier and safer for consumers. 1. Payment Services Directive The revised Payment Services Directive (PSD2) aims to further modernise Europe’s payment services for the benefit of consumers and businesses. It promotes the development of innovative online and mobile payments, safer payments and better consumer protection. At […]
The ECB issues recommendations on the transition from EONIA to €STR for cash and derivatives products
The private sector working group on euro risk-free rates has published a report containing a set of recommendations addressing the impact of the transition from the euro overnight index average (EONIA) to the euro short-term rate (€STR). The recommendations take an operational and valuation perspective, taking into account EONIA’s wide use as a reference rate […]
As market matures, Central Banks conclude that a formal gold agreement is no longer necessary
The European Central Bank (ECB) and 21 other central banks that are signatories of the Central Bank Gold Agreement (CBGA) have decided not to renew the Agreement upon its expiry in September 2019. Signatories of the fourth Central Bank Gold Agreement no longer see need for formal agreement as market has developed and matured. Signatory […]
Croatia declares its intention to join the euro area
In the margins of the Eurogroup meeting, representatives of the eurozone member states, the European Central Bank (ECB) and Denmark met in the presence of the European Commission and Croatia to discuss prospects of Croatia’s participation in the ERM II. Croatia’s intention to join ERM II shows that the eurozone is a solid anchor of […]
State aid: Commission approves prolongation of Greek bank guarantee scheme
The European Commission has authorised the prolongation of the Greek guarantee scheme for credit institutions until 30 November 2019 under EU State aid rules. The liquidity situation of the Greek banks is gradually improving, but challenges still remain. In this context, the Commission has found that the prolongation of the guarantee scheme is in line […]
Next International EU-Japan Summit
The EU-Japan summit, which will be taking place today 25th of April, will bring together EU and Japanese leaders to discuss trade, strategic cooperation, and preparations for the G20 summit. The EU will be represented by Donald Tusk, President of the European Council, and by Jean-Claude Juncker, President of the European Commission. Japan will be […]
State aid: €385 million support for production of electricity from renewable sources in Lithuania
The European Commission has approved, under EU State aid rules, a scheme to support electricity production from renewable energy sources in Lithuania. The measure, open to all types of renewable generation, will contribute to the EU environmental objectives without unduly distorting competition. On 1 May 2019, Lithuania will introduce a new aid scheme to support […]